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Real Estate Investments (Tables) | 9 Months Ended
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Sep. 30, 2018
Real Estate Investments |
Summary of investments in owned properties | Owned Properties. The following table summarizes our investments in owned properties at September 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 |  | $ | 802,484 |  | 56.8 | % | 103 |  | — |  | 5,885 |  | $ | 136.36 |
Skilled Nursing |  |  | 569,141 |  | 40.2 | % | 73 |  | 8,919 |  | 261 |  | $ | 62.00 |
Under Development (2) |  |  | 31,602 |  | 2.2 | % | — |  | — |  | — |  |  | — |
Other (3) |  |  | 11,040 |  | 0.8 | % | 1 |  | 118 |  | — |  |  | — |
Total |  | $ | 1,414,267 |  | 100.0 | % | 177 |  | 9,037 |  | 6,146 |  |  |  |
| (1) |  | We own properties in 28 states that are leased to 29 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 nine months ended September 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) (3) |  | $ | 39,600 |  | $ | 65 |  | $ | 39,665 |  | 3 |  | 177
|  | Land (3) |  |  | 695 |  |  | 48 |  |  | 743 |  | — |  | —
Total |  |  |  | $ | 40,295 |  | $ | 113 |  | $ | 40,408 |  | 3 |  | 177
2017 |  | Assisted Living (4) |  | $ | 54,463 |  | $ | 341 |  | $ | 54,804 |  | 3 |  | 240
Total |  |  |  | $ | 54,463 |  | $ | 341 |  | $ | 54,804 |  | 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. Transaction costs per our consolidated statements of income and comprehensive income represents current and prior year transaction costs due to timing and terminated transactions.
| (2) |  | We acquired two MC in Texas.
| (3) |  | We entered into a joint venture (“JV”) to develop, purchase and own senior housing properties. During the second quarter of 2018, the JV purchased land for the development of a 78-unit ALF/MC in Oregon for a total anticipated project cost of $18,108. The non-controlling partner contributed $1,081 of cash and we committed to fund the remaining $17,027 project cost. During the third quarter of 2018, in a sale-leaseback transaction, the JV purchased an existing operational 89-unit ILF adjacent to the 78-unit ALF/MC we are developing for $14,400. The non-controlling partner contributed $2,857 of equity and we contributed $11,543 in cash. Upon completion of the development project, our combined economic interest in the JV will be approximately 88%. We account for the JV on a consolidated basis. See Note 7. Equity for further discussion related to our partnerships and non-controlling interests.
| (4) |  | We acquired an ALF and a MC in California. Additionally, we acquired a MC in Ohio.
Schedule of investment in development and improvement projects | During the nine months ended September 30, 2018 and 2017, we invested the following in development and improvement projects (in thousands):
|  | Nine months ended September 30, 2018 |  | Nine months ended September 30, 2017
Type of Property |  | Developments |  | Improvements |  |  | Developments |  |  | Improvements
Assisted Living Communities |  | $ | 19,251 |  | $ | 1,131 |  |  | $ | 10,366 |  | $ | 951
Skilled Nursing Centers |  |  | 6,466 |  |  | 500 |  |  |  | 3,573 |  |  | 1,357
Other |  |  | — |  |  | 432 |  |  |  | — |  |  | —
Total |  | $ | 25,717 |  | $ | 2,063 |  |  | $ | 13,939 |  | $ | 2,308
Schedule of completed projects | Completed Developments. The following table summarizes our completed developments during the nine months ended September 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 | Properties held-for-sale. The following table summarizes our properties held-for-sale as of September 30, 2018 (dollar amounts in thousands):
|  | Type |  | Number |  |  |  |  |  |  |  | Number
|  | of |  | of |  |  | Gross |  |  | Accumulated |  | of
State |  | Property |  | Properties |  |  | Investment |  |  | Depreciation |  | Beds/units
Florida (1) |  | SNF |  | 1 |  | $ | 2,497 |  | $ | 971 |  | 60
Texas |  | ILF |  | 1 |  |  | 5,746 |  |  | 1,916 |  | 140
Totals |  |  |  | 2 |  | $ | 8,243 |  | $ | 2,887 |  | 200
| (1) |  | Subsequent to September 30, 2018, we sold this 60-bed SNF for $5,000 and will recognize a gain of approximately $3,400.
Schedule of real estate investment property sold | Properties sold. The following table summarizes property sales during the nine months ended September 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 |  | Alabama |  | SNF |  | 2 |  | 285 |  | $ | 17,525 |  | $ | 3,272 |  | $ | 14,253
|  | Kansas |  | ALF | (1) | — |  | — |  |  | 350 |  |  | 346 |  |  | —
|  | Ohio and Pennsylvania |  | ALF |  | 6 |  | 320 |  |  | 67,500 |  |  | 16,352 |  |  | 48,445
Total 2018 |  |  |  |  |  | 8 |  | 605 |  | $ | 85,375 |  | $ | 19,970 |  | $ | 62,698
2017 |  | Indiana and Iowa |  | ALF |  | 4 |  | 175 |  | $ | 14,250 |  | $ | 8,726 |  | $ | 5,054
Total 2017 |  |  |  |  |  | 4 |  | 175 |  | $ | 14,250 |  | $ | 8,726 |  | $ | 5,054
| (1) |  | We sold land adjacent to an existing ALF community in Kansas.
Schedule of mortgage loans secured by first mortgage | The following table summarizes our investments in mortgage loans secured by first mortgages at September 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 |  | $ | 186,495 |  | SNF |  | 76.1 | % | 1 |  | 15 |  | 2,029 |  | $ | 91.91
9.2% |  | 2045 |  |  | 33,028 |  | SNF |  | 13.5 | % | 1 |  | 4 |  | 501 |  | $ | 65.92
9.4% |  | 2045 |  |  | 14,797 |  | SNF |  | 6.0 | % | 1 |  | 1 |  | 157 |  | $ | 94.25
9.5% |  | 2020 |  |  | 10,733 |  | SNF |  | 4.4 | % | 1 |  | 2 |  | 205 |  | $ | 52.36
Total |  |  |  | $ | 245,053 |  |  |  | 100.0 | % | 4 |  | 22 |  | 2,892 |  | $ | 84.73
| (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 nine months ended September 30, 2018 and 2017 (in thousands):
|  | Nine months ended September 30,
|  | 2018 |  | 2017
Originations and funding under mortgage loans receivable |  | $ | 20,530 | (1) | $ | 9,333
Pay-offs received |  |  | (1,086) |  |  | (16,665)
Scheduled principal payments received |  |  | (550) |  |  | (686)
Net increase (decrease) in mortgage loans receivable |  | $ | 18,894 |  | $ | (8,018)
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. Also, we funded additional loan proceeds of $7,125 under an existing mortgage loan for the purchase of a 126-bed skilled nursing center in Michigan. This incremental funding bears interest at 9.41%, fixed for five years, and escalating by 2.25% thereafter.

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