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Real Estate Investments (Tables) | 3 Months Ended
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Mar. 31, 2024
Real Estate Investments |
Summary of investments in owned properties | The following table summarizes our investments in owned properties at March 31, 2024 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Average |
​ | ​ | ​ | ​ | ​ | Percentage | ​ | Number | ​ | Number of | ​ | Investment |
​ | ​ | Gross | ​ | of | ​ | of | ​ | SNF | ​ | ALF | ​ | per |
Type of Property | ​ | Investment | ​ | Investment | ​ | Properties (1) | ​ | Beds (2) | ​ | Units (2) | ​ | Bed/Unit |
Assisted Living | ​ | $ | 733,901 | ​ | 54.6 | % | 76 | ​ | — | ​ | 4,421 | ​ | $ | 166.00 | ​
Skilled Nursing | ​ | ​ | 597,015 | ​ | 44.5 | % | 50 | ​ | 6,113 | ​ | 236 | ​ | $ | 94.03 | ​
Other (3) | ​ | ​ | 12,005 | ​ | 0.9 | % | 1 | ​ | 118 | ​ | — | ​ | ​ | — | ​
Total | ​ | $ | 1,342,921 | ​ | 100.0 | % | 127 | ​ | 6,231 | ​ | 4,657 | ​ | ​ | ​ | ​
(1) | We own properties in 23 states that are leased to 23 different operators.
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(2) | Includes three parcels of land held-for-use, and one behavioral health care hospital.
Schedule of assisted living portfolio property |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | ​ | Number | ​ | ​ | First | ​ | ​ | ​ | ​ | ​
Lease | ​ | ​ | ​ | of | ​ | of | ​ | ​ | of | ​ | ​ | Year | ​ | ​ | Lease | ​ | ​
Commencement | ​ | State | ​ | Property | ​ | Properties | ​ | ​ | Units | ​ | ​ | Rent | ​ | ​ | Term | ​ | ​
November 2023 | ​ | OK | ​ | ALF | ​ | 5 | (1) | ​ | 184 | ​ | $ | 960 | ​ | ​ | Three years | ​ | ​
January 2024 | ​ | CO, KS, OH, TX | ​ | ALF | ​ | 17 | (2) | ​ | 738 | ​ | ​ | 9,325 | ​ | ​ | Six years | ​ | ​
January 2024 | ​ | NC | ​ | ALF | ​ | 5 | (3) | ​ | 210 | ​ | ​ | 3,300 | ​ | ​ | Six years | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | 27 | ​ | ​ | 1,132 | ​ | $ | 13,585 | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | ​ | of | ​ | ​ | Sales | ​ | ​ | Net | ​ | ​
Year sold | ​ | State | ​ | Property | ​ | Properties | ​ | ​ | Units | ​ | ​ | Price | ​ | ​ | Proceeds (4) | ​ | ​
2023 | ​ | FL | ​ | ALF | ​ | 4 | ​ | ​ | 176 | ​ | $ | 18,750 | ​ | $ | 14,310 | (5) | ​
2023 | ​ | OK | ​ | ALF | ​ | 1 | ​ | ​ | 37 | ​ | ​ | 800 | ​ | ​ | 769 | ​ | ​
2023 | ​ | SC | ​ | ALF | ​ | 3 | ​ | ​ | 128 | ​ | ​ | 8,409 | ​ | ​ | 8,153 | ​ | ​
​ | ​ | ​ | ​ | ALF | ​ | 8 | ​ | ​ | 341 | ​ | $ | 27,959 | ​ | $ | 23,232 | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total | ​ | ​ | ​ | ​ | ​ | 35 | ​ | ​ | 1,473 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) | These communities were transitioned to an existing LTC operator. The new master lease includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. Rent increases to $984 in the second year, and $1,150 in the third year.
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(2) | These communities were re-leased to Brookdale under a new master lease. Rent escalates by approximately 2.0% annually. The new master lease includes a purchase option that can be exercised in 2029. We also agreed to fund $7,200 for capital expenditures for the first two years of the lease at an initial rate of 8.0% escalating by approximately 2.0% annually thereafter.
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(3) | These communities were transitioned to an operator new to us. Rent escalates by approximately 3.0% annually.
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(4) | Net of transaction costs and seller financing, if any.
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(5) | We provided seller financing collateralized by two of the Florida properties, with a total of 92 units. The $4,000 seller-financed mortgage loan has a two-year term, with a one-year extension, at an interest rate of 8.75%.
Summary of components of our rental income | The following table summarizes components of our rental income for the three months ended March 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​
​ | ​ | March 31, | ​
Rental Income | ​ | ​ | 2024 | ​ | ​ | 2023 | ​
Contractual cash rental income | ​ | $ | 30,951 | (1) | $ | 29,125 | (1)
Variable cash rental income | ​ | ​ | 3,381 | (2) | ​ | 3,284 | (2)
Straight-line rent | ​ | ​ | (550) | ​ | ​ | (465) | ​
Amortization of lease incentives | ​ | ​ | (233) | ​ | ​ | (209) | ​
Total | ​ | $ | 33,549 | ​ | $ | 31,735 | ​
(1) | Increased primarily due to $2,377 repayment of rent credit in connection with the sale of our interest in a consolidated joint venture (“JV), rental income from 2023 acquisitions and annual rent escalations, partially offset by property sales and transitioned portfolios.
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(2) | The variable rental income for the three months ended March 31, 2024, and 2023 includes reimbursement of real estate taxes by our lessees.
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Summary of information about purchase options included in our lease agreements | The following table summarizes information about purchase options included in our lease agreements (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Type | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Net Book | ​ | Option | ​
State | ​ | Property | ​ | Properties | ​ | ​ | Investments (1) | ​ | ​ | Value | ​ | Window | ​
California | ​ | ALF/MC | ​ | 2 | ​ | $ | 38,895 | ​ | $ | 32,542 | ​ | 2023-2029 | ​
Colorado/Kansas/Ohio/Texas | ​ | ALF/MC | ​ | 17 | ​ | ​ | 58,723 | ​ | ​ | 26,089 | ​ | 2029 | (2)
Florida | ​ | SNF | ​ | 3 | ​ | ​ | 76,669 | ​ | ​ | 76,669 | ​ | 2025-2027 | ​
Georgia/South Carolina | ​ | ALF/MC | ​ | 2 | ​ | ​ | 31,433 | ​ | ​ | 24,682 | ​ | 2027 | ​
North Carolina | ​ | ALF/MC | ​ | 11 | ​ | ​ | 121,321 | ​ | ​ | 121,321 | ​ | 2025-2028 | (3)
North Carolina | ​ | ALF | ​ | 5 | ​ | ​ | 14,404 | ​ | ​ | 6,844 | ​ | 2029 | (4)
Ohio | ​ | MC | ​ | 1 | ​ | ​ | 16,161 | ​ | ​ | 13,378 | ​ | 2024-2025 | ​
Ohio | ​ | ILF/ALF/MC | ​ | 1 | ​ | ​ | 54,758 | ​ | ​ | 52,946 | ​ | 2025-2027 | ​
Oklahoma | ​ | ALF/MC | ​ | 5 | ​ | ​ | 11,221 | ​ | ​ | 4,332 | ​ | 2027-2029 | (5)
Tennessee | ​ | SNF | ​ | 2 | ​ | ​ | 5,275 | ​ | ​ | 2,227 | ​ | 2023-2024 | ​
Texas | ​ | SNF | ​ | 4 | ​ | ​ | 52,726 | ​ | ​ | 50,036 | ​ | 2027-2029 | (6)
Total | ​ | ​ | ​ | ​ | ​ | $ | 481,586 | ​ | $ | 411,066 | ​ | ​ | ​
(1) | Gross investments include previously recorded impairment losses, if any.
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(2) | During 2023, we released 17 ALFs with a total of 738 units to Brookdale under a new six-year master lease. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information.
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(3) | During 2023, we entered into a JV that purchased 11 ALFs and MCs with a total of 523 units and leased the communities under a 10-year master lease. The master lease provides the operator with the option to buy up to 50% of the properties at the beginning of the third lease year, and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit IRR of 9.0% on any portion of the properties being purchased. For more information regarding this transaction see Financing Receivables below.
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(4) | During 2023, we transferred five ALFs with a total of 210 units from Brookdale to an operator new to us. The new master lease commenced in January 2024 and includes a purchase option that can be exercised in 2029. See above for more information.
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(5) | During 2023, we transferred five ALFs in Oklahoma with a total of 184 units from Brookdale to an existing operator. The new master lease commenced in November 2023 and includes a purchase option that can be exercised starting in November 2027 through October 2029 if the lessee exercises its four-year extension option. See above for more information.
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(6) | During 2022, we purchased four skilled nursing centers and leased these properties under a 10-year lease with an existing operator. The lease allows the operator to elect either an earn-out payment or purchase option. If neither option is elected within the timeframe defined in the lease, both elections are terminated. For more information regarding the earn-out see Note 8. Commitments and Contingencies.
Schedule of properties held-for-sale | The following summarizes our held-for-sale properties as of March 31, 2024 and December 31, 2023 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | Accumulated | ​
​ | ​ | State | ​ | Property | ​ | Properties | ​ | Beds/units | ​ | ​ | Investment | ​ | ​ | Depreciation | ​
At March 31, 2024 | ​ | TX | ​ | ALF | (1) | 2 | ​ | n/a | (1) | $ | 3,162 | ​ | $ | 2,773 | ​
At December 31, 2023 | ​ | WI | ​ | ALF | (2) | 1 | ​ | 110 | ​ | $ | 22,007 | ​ | $ | 3,616 | ​
(1) | These closed properties were sold subsequent to March 31, 2024.
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(2) | This community was sold during the three months ended March 31, 2024.
Summary of the carrying amount of intangible assets | The following is a summary of the carrying amount of intangible assets as of March 31, 2024 and December 31, 2023 (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, 2024 | ​ | December 31, 2023
​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Accumulated | ​ | ​ | ​ | ​
Assets | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net | ​ | ​ | Cost | ​ | ​ | ​ | Amortization | ​ | ​ | ​ | Net
In-place leases | ​ | $ | 11,155 | (1) | ​ | $ | (6,218) | (2) | ​ | $ | 4,937 | ​ | $ | 11,348 | (1) | ​ | $ | (6,109) | (2) | ​ | $ | 5,239
Tax abatement intangible | ​ | $ | 8,309 | (3) | ​ | $ | (578) | (3) | ​ | $ | 7,731 | ​ | $ | 8,309 | (3) | ​ | $ | (405) | (3) | ​ | $ | 7,904
(1) | Included in the Buildings and improvements line item in our Consolidated Balance Sheets.
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(2) | Included in the Accumulated depreciation and amortization line item in our Consolidated Balance Sheets.
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(3) | Included in the Prepaid expenses and other assets line item in our Consolidated Balance Sheets.
Schedule of developments and improvement projects | During the three months ended March 31, 2024 and 2023, we invested in the following capital improvement projects (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
Type of Property | ​ | 2024 | ​ | ​ | 2023 | ​
Assisted Living Communities | ​ | $ | 1,133 | ​ | ​ | $ | 1,548 | ​
Skilled Nursing Centers | ​ | ​ | 196 | ​ | ​ | ​ | 973 | ​
Other | ​ | ​ | — | ​ | ​ | ​ | 87 | ​
Total | ​ | $ | 1,329 | ​ | ​ | $ | 2,608 | ​
Schedule of property sold | The following table summarizes property sales during the three months ended March 31, 2024 and 2023 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Sales | ​ | ​ | Carrying | ​ | ​ | Net | ​
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Price | ​ | ​ | Value | ​ | ​ | (Loss) Gain (1) | ​
2024 | ​ | Florida | ​ | ALF | ​ | 1 | ​ | 60 | ​ | $ | 4,500 | ​ | $ | 4,579 | ​ | $ | (319) | ​
​ | ​ | Texas | ​ | ALF | ​ | 5 | ​ | 208 | ​ | ​ | 1,600 | ​ | ​ | 1,282 | ​ | ​ | (356) | ​
​ | ​ | Wisconsin | ​ | ALF | ​ | 1 | ​ | 110 | ​ | ​ | 20,193 | (2) | ​ | 16,195 | ​ | ​ | 3,986 | ​
​ | ​ | n/a | ​ | n/a | ​ | — | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (60) | (3)
Total | ​ | ​ | ​ | ​ | ​ | 7 | ​ | 378 | ​ | $ | 26,293 | ​ | $ | 22,056 | ​ | $ | 3,251 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2023 | ​ | Kentucky | ​ | ALF | ​ | 1 | ​ | 60 | ​ | $ | 11,000 | ​ | $ | 10,710 | ​ | $ | 72 | ​
​ | ​ | New Mexico | ​ | SNF | ​ | 2 | ​ | 235 | ​ | ​ | 21,250 | ​ | ​ | 5,379 | ​ | ​ | 15,301 | ​
Total | ​ | ​ | ​ | ​ | ​ | 3 | ​ | 295 | ​ | $ | 32,250 | ​ | $ | 16,089 | ​ | $ | 15,373 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(
(1) | Calculation of net gain includes cost of sales and write-off of straight-line receivable and lease incentives, when applicable.
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(2) | Represents the price to sell our portion of interest in a JV, net of the JV partner’s $2,305 contributions in the joint venture.
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(3) | We recognized additional loss due to additional incurred costs related to properties sold during 2023.
Schedule of investments in financing receivables | The following tables provide information regarding our investments in financing receivables (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Type | ​ | Number | ​ | Number | ​ | ​ | ​ | ​ | ​ | ​
Investment | ​ | ​ | ​ | of | ​ | of | ​ | of | ​ | ​ | Gross | ​ | ​ | LTC
Year | ​ | State | ​ | Properties | ​ | Properties | ​ | Beds/Units | ​ | ​ | Investments | ​ | ​ | Contributions
2023 | ​ | NC | ​ | ALF/MC | ​ | 11 | ​ | 523 | ​ | $ | 121,321 | ​ | $ | 117,490
2022 | ​ | FL | ​ | SNF | ​ | 3 | ​ | 299 | ​ | ​ | 76,669 | ​ | ​ | 62,344
​ | ​ | ​ | ​ | ​ | ​ | 14 | ​ | 822 | ​ | $ | 197,990 | ​ | $ | 179,834
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Type | ​ | Initial | ​ | Interest Income from Financing Receivables
Lease | ​ | ​ | of | ​ | Contractual | ​ | Three Months Ended March 31,
Maturity | ​ | ​ | Properties | ​ | Cash Yield | ​ | ​ | 2024 | ​ | ​ | 2023
2033 | (1) | ​ | ALF/MC | ​ | 7.25 | % | ​ | $ | 2,426 | ​ | $ | 2,345
2032 | (2) | ​ | SNF | ​ | 7.25 | % | ​ | ​ | 1,404 | ​ | ​ | 1,406
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 3,830 | ​ | $ | 3,751
(1) | The JV leased these communities back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options. The contractual initial cash yield of 7.25% increases to 7.5% in year three then escalates thereafter based on CPI subject to a floor of 2.0% and a ceiling of 4.0%. The JV provided the seller-lessee with a purchase option to buy up to 50% of the properties at the beginning of the third lease year and the remaining properties at the beginning of the fourth lease year through the end of the sixth lease year, with an exit Internal Rate of Return (“IRR”) of 9.0%.
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(2) | The JV leased the centers back to an affiliate of the seller under a 10-year master lease, with two five-year renewal options and provided the seller-lessee with a purchase option, exercisable at the beginning of the fourth year through the end of the fifth year.
Summary of investments in mortgage loans secured by first mortgages |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Type | ​ | Percentage | ​ | Number of | ​ | Investment
​ | ​ | ​ | ​ | ​ | ​ | Gross | ​ | of | ​ | of | ​ | ​ | ​ | ​ | ​ | SNF | ​ | ALF | ​ | per
Interest Rate | ​ | Maturity | ​ | State | ​ | Investment | ​ | Property | ​ | Investment | ​ | Loans (1) | ​ | Properties (2) | ​ | Beds | ​ | Units | ​ | Bed/Unit
7.5% | ​ | 2024 | ​ | MO | ​ | $ | 2,013 | ​ | OTH | ​ | 0.4 | % | 1 | ​ | — | (3) | — | ​ | — | ​ | $ | n/a
7.5% | ​ | 2024 | ​ | LA | ​ | ​ | 29,346 | ​ | SNF | ​ | 6.0 | % | 1 | ​ | 1 | ​ | 189 | ​ | — | ​ | $ | 155.27
7.5% | ​ | 2024 | ​ | GA | ​ | ​ | 51,111 | ​ | ALF | ​ | 10.5 | % | 1 | ​ | 1 | ​ | — | ​ | 203 | ​ | $ | 251.78
8.8% | ​ | 2025 | ​ | FL | ​ | ​ | 4,000 | ​ | ALF | ​ | 0.8 | % | 1 | ​ | 2 | ​ | — | ​ | 92 | ​ | $ | 43.48
7.8% | ​ | 2025 | ​ | FL | ​ | ​ | 16,706 | ​ | ALF | ​ | 3.5 | % | 1 | ​ | 1 | ​ | — | ​ | 112 | ​ | $ | 149.16
7.3% | ​ | 2025 | ​ | NC | ​ | ​ | 10,750 | ​ | ALF | ​ | 2.2 | % | 1 | ​ | 1 | ​ | — | ​ | 45 | ​ | $ | 238.89
7.3% (4) | ​ | 2025 | ​ | NC/SC | ​ | ​ | 58,519 | ​ | ALF | ​ | 12.1 | % | 1 | ​ | 13 | ​ | — | ​ | 523 | ​ | $ | 111.89
7.3% (4) | ​ | 2026 | ​ | NC | ​ | ​ | 34,043 | ​ | ALF | ​ | 7.0 | % | 1 | ​ | 4 | ​ | — | ​ | 217 | ​ | $ | 156.88
7.3% (4) | ​ | 2026 | ​ | NC | ​ | ​ | 826 | ​ | OTH | ​ | 0.2 | % | 1 | ​ | — | (5) | — | ​ | — | ​ | $ | n/a
8.8% (6) | ​ | 2026 | ​ | MI | ​ | ​ | 2,940 | ​ | UDP | ​ | 0.6 | % | 1 | ​ | — | (6) | — | ​ | — | ​ | $ | n/a
8.8% | ​ | 2028 | ​ | IL | ​ | ​ | 16,500 | ​ | SNF | ​ | 3.4 | % | 1 | ​ | 1 | ​ | 150 | ​ | — | ​ | $ | 110.00
10.8% (7) | ​ | 2043 | ​ | MI | ​ | ​ | 183,966 | ​ | SNF | ​ | 37.9 | % | 1 | ​ | 15 | ​ | 1,875 | ​ | — | ​ | $ | 98.12
9.8% (7) | ​ | 2045 | ​ | MI | ​ | ​ | 39,850 | ​ | SNF | ​ | 8.2 | % | 1 | ​ | 4 | ​ | 480 |  | — | ​ | $ | 83.02
10.1% (7) | ​ | 2045 | ​ | MI | ​ |  | 19,700 | ​ | SNF | ​ | 4.1 | % | 1 | ​ | 2 | ​ | 201 |  | — | ​ | $ | 98.01
10.5% (7) | ​ | 2045 | ​ | MI | ​ | ​ | 14,825 | ​ | SNF | ​ | 3.1 | % | 1 | ​ | 1 | ​ | 146 | ​ | — | ​ | $ | 101.54
Total | ​ | ​ | ​ | ​ | ​ | $ | 485,095 | ​ | ​ | ​ | 100.0 | % | 15 | ​ | 46 | ​ | 3,041 |  | 1,192 | ​ | $ | 114.60
(1) | Some loans contain certain guarantees and provide for certain facility fees.
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(2) | Our mortgage loans are secured by properties located in eight states with nine borrowers.
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(3) | Represents a mortgage loan secured by a parcel of land for the future development of a 91-bed post-acute SNF.
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(4) | Represents the initial rate with an IRR of 8%.
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(5) | Represents a mortgage loan secured by a parcel of land in North Carolina held for future development of a seniors housing community.
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(6) | During the third quarter of 2023, we committed to fund a $19,500 mortgage loan for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity, which initially funded the construction. In 2024, once all of the borrower’s equity was drawn, we began funding the commitment. Our remaining commitment is $16,600. The interest-only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds.
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(7) | Mortgage loans provide for 2.25% annual increases in the interest rate.
Schedule of mortgage loan activity | ​ ​ The following table summarizes our mortgage loan activity for the three months ended March 31, 2024 and 2023 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended March 31,
​ | ​ | 2024 | ​ | ​ | 2023 | ​
Originations and funding under mortgage loans receivable | ​ | $ | 3,128 | (1) | ​ | $ | 62,844 | (2)
Application of interest reserve | ​ | ​ | 14 | ​ | ​ | ​ | 1,149 | ​
Scheduled principal payments received | ​ | ​ | (125) | ​ | ​ | ​ | (125) | ​
Mortgage loan premium amortization | ​ | ​ | (2) | ​ | ​ | ​ | (2) | ​
Provision for loan loss reserve | ​ | ​ | (31) | ​ | ​ | ​ | (639) | ​
Net increase in mortgage loans receivable | ​ | $ | 2,984 | ​ | ​ | $ | 63,227 | ​
(1) | We funded the following:
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| (a) | $2,940 under a $19,500 mortgage loan commitment for the construction of an 85-unit ALF and MC in Michigan. The borrower contributed $12,100 of equity upon origination in July 2023, which was used to initially fund the construction. Our remaining commitment is $16,600. The interest-only loan term is approximately three years at a rate of 8.75%, and includes two, one-year extensions, each of which is contingent on certain coverage thresholds; and
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| (b) | $188 of additional funding under other mortgage loan receivables.
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(2) | We originated and funded the following:
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| (a) | $10,750 mortgage loan secured by a 45-unit MC located in North Carolina. The loan carries a two-year term with an interest-only rate of 7.25% and an IRR of 9.0%;
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| (b) | $51,111 mortgage loan investment secured by a 203-unit ILF, ALF and MC located in Georgia. We acquired a participating interest owned by existing lenders for $42,251 in addition to converting our $7,461 mezzanine loan in the property into a participating interest in the mortgage loan. The mortgage loan matures in October 2024 and our investment is at an initial rate of 7.5% with an IRR of 7.75%. We recorded $1,380 of additional interest income in connection with the effective prepayment of the mezzanine loan in the first quarter of 2023; and
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| (c) | $983 of additional funding under other mortgage loans receivable.

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