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Real Estate Investments (Tables) | 6 Months Ended
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Jun. 30, 2018
Real Estate Investments |
Summary of investments in owned properties | Owned Properties. The following table summarizes our investments in owned properties at June 30, 2018 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  |  |  |  |  | Average |
|  |  |  |  | Percentage |  | Number |  | Number of |  | Investment |
|  | Gross |  | of |  | of |  | SNF |  | ALF |  | per |
Type of Property |  | Investment |  | Investment |  | Properties (1) |  | Beds |  | Units |  | Bed/Unit |
Assisted Living |  | $ | 787,373 |  | 56.2 | % | 102 |  | — |  | 5,796 |  | $ | 135.85 |
Skilled Nursing |  |  | 578,030 |  | 41.2 | % | 75 |  | 9,204 |  | 261 |  | $ | 61.07 |
Under Development (2) |  |  | 25,077 |  | 1.8 | % | — |  | — |  | — |  |  | — |
Other (3) |  |  | 10,823 |  | 0.8 | % | 1 |  | 118 |  | — |  |  | — |
Total |  | $ | 1,401,303 |  | 100.0 | % | 178 |  | 9,322 |  | 6,057 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 30 different operators.
| (2) |  | Represents three development projects, consisting of a 143-bed SNF in Kentucky, a 78-unit ALF/MC located in Oregon and a 110-unit ILF/ALF/MC in Wisconsin.
| (3) |  | Includes three parcels of land held-for-use, and one behavioral health care hospital.
Summary of investments acquired | Acquisitions and Developments: The following table summarizes our acquisitions for the six months ended June 30, 2018 and 2017 (dollar amounts in thousands):
|  |  |  |  |  |  |  |  | Total |  | Number |  | Number
|  |  |  | Purchase |  | Transaction |  | Acquisition |  | of |  | of
Year |  | Type of Property |  | Price |  | Costs (1) |  | Costs |  | Properties |  | Beds/Units
2018 |  | Assisted Living (2) |  | $ | 25,200 |  | $ | 66 |  | $ | 25,266 |  | 2 |  | 88
|  | Land (3) |  |  | 600 |  |  | 36 |  |  | 636 |  | — |  | —
|  | Total |  | $ | 25,800 |  | $ | 102 |  | $ | 25,902 |  | 2 |  | 88
2017 |  | Assisted Living (4) |  | $ | 54,463 |  | $ | 277 |  | $ | 54,740 |  | 3 |  | 240
Total |  |  |  | $ | 54,463 |  | $ | 277 |  | $ | 54,740 |  | 3 |  | 240
| (1) |  | Represents cost associated with our acquisitions; however, upon adoption of ASU 2017-01, our acquisitions meet the definition of an asset acquisition resulting in capitalization of transaction costs to the properties’ basis. 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 two memory care communities in Texas.
| (3) |  | We entered into a partnership to own the real estate and develop a 78-unit assisted living and memory care community in Medford, OR for $18,108 and committed to purchase an existing operational 89-unit independent living community in Oregon. We anticipate acquiring the independent living community in the third quarter of 2018.
| (4) |  | We acquired a 107-unit ALF and a 73-unit MC for an aggregate purchase price of $38,813. Additionally, we acquired a 60-unit MC for $15,650.
Schedule of investment in development and improvement projects | During the six months ended June 30, 2018 and 2017, we invested the following in development and improvement projects (in thousands):
|  | Six months ended June 30, 2018 |  | Six months ended June 30, 2017
|  | Developments |  | Improvements |  |  | Developments |  |  | Improvements
Assisted Living Communities |  | $ | 14,653 |  | $ | 1,048 |  |  | $ | 7,198 |  | $ | 839
Skilled Nursing Centers |  |  | 3,970 |  |  | 500 |  |  |  | 1,957 |  |  | 1,356
Other |  |  | — |  |  | 215 |  |  |  | — |  |  | —
Total |  | $ | 18,623 |  | $ | 1,763 |  |  | $ | 9,155 |  | $ | 2,195
Schedule of completed projects | Completed Developments. The following table summarizes our completed developments during the six months ended June 30, 2018 (dollar amounts in thousands):
|  | Number |  | Type |  | Number |  |  |  |  |
|  | of |  | of |  | of |  |  |  |  | Total
Type of Project |  | Properties |  | Property |  | Beds/Units |  | State |  | Investment
Development |  | 1 |  | MC |  | 66 |  | Illinois |  | $ | 13,974
Summary of properties held-for-sale |
|  | Number |  | Type |  | Number |  |  |  |  |
|  | of |  | of |  | of |  |  |  |  | Total
Type of Project |  | Properties |  | Property |  | Beds/Units |  | State |  | Investment
Development |  | 1 |  | MC |  | 66 |  | Illinois |  | $ | 13,974
Properties held-for-sale. The following table summarizes our properties held-for-sale as of June 30, 2018 and December 31, 2017 (dollar amounts in thousands):
|  | Type |  | Number |  |  |  |  |  |  |  | Number
|  | of |  | of |  |  | Gross |  |  | Accumulated |  | of
State |  | Property |  | Properties |  |  | Investment |  |  | Depreciation |  | Beds/units
Texas |  | ILF |  | 1 |  | $ | 5,746 |  | $ | 1,916 |  | 140
Schedule of real estate investment property sold | Properties sold. The following table summarizes property sales during the six months ended June 30, 2018 and 2017(dollar amounts in thousands):
|  |  |  | Type |  | Number |  | Number |  |  |  |  |  |  |  |  |
|  |  |  | of |  | of |  | of |  |  | Sales |  |  | Carrying |  |  | Net
Year |  | State |  | Properties |  | Properties |  | Beds |  |  | Price |  |  | Value |  |  | Gain
2018 |  | Ohio and Pennsylvania |  | ALF |  | 6 |  | 320 |  | $ | 67,500 |  | $ | 16,352 |  | $ | 48,345
2017 |  | Indiana and Iowa |  | ALF |  | 4 |  | 175 |  | $ | 14,250 |  | $ | 8,726 |  | $ | 5,054
Schedule of mortgage loans secured by first mortgage | The following table summarizes our investments in mortgage loans secured by first mortgages at June 30, 2018 (dollar amounts in thousands):
|  |  |  |  |  |  | Type |  | Percentage |  | Number of |  | Investment
|  |  |  | Gross |  | of |  | of |  |  |  |  |  | SNF |  | per
Interest Rate (1) |  | Maturity |  | Investment |  | Property |  | Investment |  | Loans (2) |  | Properties (3) |  | Beds |  | Bed/Unit
9.5% |  | 2043 |  | $ | 186,496 |  | SNF |  | 79.0 | % | 1 |  | 15 |  | 2,043 |  | $ | 91.29
9.2% |  | 2045 |  |  | 25,326 |  | SNF |  | 10.7 | % | 1 |  | 3 |  | 375 |  | $ | 67.54
9.4% |  | 2045 |  |  | 14,300 |  | SNF |  | 6.0 | % | 1 |  | 1 |  | 157 |  | $ | 91.08
9.5% |  | 2020 |  |  | 10,056 |  | SNF |  | 4.3 | % | 1 |  | 2 |  | 205 |  | $ | 49.05
Total |  |  |  | $ | 236,178 |  |  |  | 100.0 | % | 4 |  | 21 |  | 2,780 |  | $ | 84.96
| (1) |  | The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 2.25%.
| (2) |  | Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have a 30-year term.
| (3) |  | We have investments in properties located in one state that includes mortgages to one operator.
Schedule of mortgage loan activity | The following table summarizes our mortgage loan activity for the six months ended June 30, 2018 and 2017 (in thousands):
|  | Six months ended June 30,
|  | 2018 |  | 2017
Originations and funding under mortgage loans receivable |  | $ | 11,654 | (1) | $ | 7,829
Pay-offs received |  |  | (1,086) |  |  | (16,665)
Scheduled principal payments received |  |  | (550) |  |  | (674)
Net increase (decrease) in mortgage loans receivable |  | $ | 10,018 |  | $ | (9,510)
During 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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