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Investment in Unconsolidated Joint Ventures (Tables) | 3 Months Ended
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Mar. 31, 2021
Investment in Unconsolidated Joint Ventures |
Summary of the preferred equity investments |
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​ | ​ | Type | ​ | Type | ​ | Total | ​ | ​ | Contractual | ​ | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | Preferred | ​ | ​ | Cash | ​ | ​ | of | ​ | ​ | Investment | ​ | ​ | Carrying | ​
State | ​ | Properties | ​ | Investment | ​ | Return | ​ | ​ | Portion | ​ | ​ | Beds/ Units | ​ | ​ | Commitment | ​ | ​ | Value | ​
Washington | ​ | UDP | ​ | Preferred Equity | (1) | 12 | % | ​ | 7 | % | ​ | — | ​ | $ | — | (1) | $ | 6,340 | (1)
Washington | ​ | UDP | ​ | Preferred Equity | (2) | 12 | % | ​ | 8 | % | ​ | — | ​ | ​ | — | (2) | ​ | 13,000 | (2)
Total | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | $ | — | ​ | $ | 19,340 | ​
(1) | Invested $6,340 of preferred equity in an entity that will develop and own a 95-unit ALF and MC in Washington and withheld $1,425 as a reserve. Our investment represents 15.5% of the estimated total investment. The preferred equity investment earns an initial cash rate of 7% increasing to 9% in year four until the internal rate of return (“IRR”) is 8%. After achieving an 8% IRR, the cash rate drops to 8% until achieving an IRR ranging between 12% to 14%.
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(2) | Invested $13,000 of preferred equity in an entity that will develop and own a 267-unit ILF and ALF in Washington and withheld $3,777 as a reserve. Our investment represents 11.6% of the estimated total investment. The preferred equity investment earns an initial cash rate of 8% until achieving an IRR ranging between 12% and 14%.
Summary of capital contributions, income recognized and cash interest received from investments in unconsolidated joint ventures | The following table summarizes our capital contributions, income recognized, and cash interest received related to our investments in unconsolidated joint ventures for the three months ended March 31, 2021 and 2020 (in thousands):
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​ | ​ | Type | ​ | ​ | ​
​ | ​ | of | ​ | ​ | Capital | ​ | ​ | Income | ​ | ​ | Cash Interest | ​
Year | ​ | Properties | ​ | ​ | Contribution | ​ | ​ | Recognized | ​ | ​ | Earned | ​
2021 | ​ | UDP | (1) | $ | — | (1) | $ | 112 | (1) | $ | 75 | (1)
​ | ​ | UDP | (2) | ​ | 8,000 | (2) | ​ | 177 | (2) | ​ | 89 | (2)
Total | ​ | ​ | ​ | $ | 8,000 | ​ | $ | 289 | ​ | $ | 164 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 | ​ | ALF/MC/ILF | (3) | $ | 58 | (3) | $ | 231 | (3) | $ | 231 | (3)
Total | ​ | ​ | ​ | $ | 58 | ​ | $ | 231 | ​ | $ | 231 | ​
(1) | During 2020, we provided a total preferred equity investment of $6,340 to a JV for the development of a 95-unit ALF and MC.
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(2) | During the first quarter of 2021, we funded the remaining $8,000 related to a $13,000 preferred equity investment commitment in an entity that will develop and own a 267-unit ILF and ALF in Washington.
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(3) | Relates to our preferred equity investment in Arizona discussed above. During 2020, the properties comprising the JV were sold.

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- Definition Tabular disclosure of the entity's capital contributions, income recognized and cash interest received related to investments in unconsolidated joint ventures. + References No definition available. + Details
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- Definition Tabular disclosure of the preferred equity investments. + References No definition available. + Details
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