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Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2013
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at June 30, 2013 (dollar amounts in thousands):

 

 

 

 

 

 

 

Number

 

Number of

 

Investment

 

Type of Property

 

Gross
Investments

 

Percentage of
Investments

 

of
Properties (1)

 

SNF
Beds

 

ALF
Units

 

per
Bed/Unit

 

Skilled Nursing

 

$454,021

 

49.7%

 

73

 

8,418

 

—

 

$53.93

 

Assisted Living

 

379,913

 

41.6%

 

96

 

—

 

4,502

 

$84.39

 

Range of Care

 

43,907

 

4.8%

 

8

 

634

 

274

 

$48.36

 

Under Development (2)

 

22,757

 

2.5%

 

—

 

—

 

—

 

—

 

Schools

 

12,444

 

1.4%

 

2

 

—

 

—

 

—

 

Totals

 

$913,042

 

100.0%

 

179

 

9,052

 

4,776

 

 

 

 

(1)             We have investments in 26 states leased to 35 different operators.

(2)             Includes a MC development with 60 units, two combination ALF and MC developments with a total of 158 units, and a SNF development with 143 beds.
Schedule of investment commitments

The following table summarizes our investment commitments as of June 30, 2013, excluding the $5,000,000 per year commitment, and year to date funding on our ongoing development, redevelopment, renovation and expansion projects (excludes capitalized interest, dollar amounts in thousands):

 

Type of Property

 

Investment
Commitment

 

2013
Funding (2)

 

Commitment
Funded

 

Remaining
Commitment

 

Number of
Properties

 

Number of
Beds/Units

 

Skilled Nursing

 

$29,550

 

$2,115

 

$7,651

 

$21,899

 

6

 

640

 

Assisted Living (1)

 

40,802

 

8,042

 

16,218

 

24,584

 

6

 

354

 

Totals

 

$70,352

 

$10,157 (3)

 

$23,869

 

$46,483

 

12

 

994

 

 

 

(1)             Includes the development of a 60-unit memory care property for $9,817 and two assisted living and memory care combination properties for a total of $16,385, and the expansion of three assisted living properties for a total $14,600.

(2)             Excludes $260 of capital improvement on three completed projects with no remaining commitments and includes $6 funded under the commitment as marketing expense.

(3)             In July of 2013, we funded $1,932 under investment commitments.
Summary of investments in mortgage loans secured by first mortgages

The following table summarizes our investments in mortgage loans secured by first mortgages at June 30, 2013 (dollar amounts in thousands):

 

 

 

 

 

Percentage

 

 

 

Number

 

Number of

 

Investment

 

Type of Property

 

Gross
Investments

 

of
Investments

 

Number
of Loans

 

of
Properties(1)

 

SNF
Beds

 

ALF
Units

 

per
Bed/Unit

 

Skilled Nursing (2)

 

$24,730

 

62.3%

 

15

 

17

 

1,861

 

—

 

$13.29

 

Assisted Living

 

12,202

 

30.8%

 

3

 

8

 

—

 

211

 

$57.83

 

Range of Care

 

2,736

 

6.9%

 

1

 

1

 

99

 

74

 

$15.82

 

Totals

 

$39,668

 

100.0%

 

19

 

26

 

1,960

 

285

 

 

 

 

(1)             We have investments in 8 states that include mortgages to 11 different operators.

(2)             Includes a mortgage and construction loan secured by a currently operating skilled nursing property and parcel of land upon which a 106-bed replacement property is being constructed. The agreement gives us the right to purchase the replacement facility for $13,500 during an 18 month period beginning on the first anniversary of the issuance of the certificate of occupancy.