XML 57 R21.htm IDEA: XBRL DOCUMENT v2.4.0.8
Real Estate Investments (Tables)
 9 Months Ended
Sep. 30, 2013
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at September 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

 

$443,757

 

48.7%

 

67

 

8,188

 

—

 

$54.20

 

Assisted Living

 

390,105

 

42.8%

 

97

 

—

 

4,562

 

$85.51

 

Range of Care

 

43,907

 

4.8%

 

8

 

634

 

274

 

$48.36

 

Under Development (2)

 

20,883

 

2.3%

 

—

 

—

 

—

 

—

 

Schools

 

12,444

 

1.4%

 

2

 

—

 

—

 

—

 

Totals

 

$911,096

 

100.0%

 

174

 

8,822

 

4,836

 

 

 

_____________

(1)                We have investments in 26 states leased to 33 different operators.

 

(2)                Includes two MC developments with a total of 108 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 September 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

 

$ 29,650

 

$  4,212

 

 

$  9,748

 

$19,902

 

6

 

 

640

 

Assisted Living (1)

 

50,538

 

9,904

 

 

12,545

 

37,993

 

6

 

 

402

 

Totals

 

$80,188

 

$14,116

 (3)

 

$22,293

 

$57,895

 

12

 

 

1,042

 

__________

(1)                Includes the development of two memory care properties for a total of $19,553 and two assisted living and memory care combination properties for a total of $16,385, and the expansion of two assisted living properties for a total $14,600.

(2)                Excludes year 2013 funding for completed development of a 60-unit memory care property for $4,373, completed redevelopment of a skilled nursing property for $5,066, and $260 of capital improvement on three completed projects with no remaining commitments.  It also includes $6 funded under the commitment as marketing expense and $2,050 of land acquired for development.

(3)                In October 2013, we funded $3,054 under investment commitments.
Summary of acquisitions

The following table summarizes our acquisitions during nine months ended September 30, 2012 (dollar amounts in thousands, unaudited):

 

 

 

 

 

 

 

Total

 

Number

 

Number

 

Type of Property

 

Purchase
Price

 

Transaction
Costs

 

Acquisition
Costs

 

of
Properties

 

of
Beds

 

Skilled Nursing (1)

 

$79,100

 

$246

 

$79,346

 

4

 

 

522

 

 

Land(2)

 

1,882

 

120

 

2,002

 

—

 

 

—

 

 

Totals

 

$80,982

 

$366

 

$81,348

 

4

 

 

522

 

 

____________

(1)                Includes two skilled nursing properties with a total of 234 beds located in Texas. These properties were purchased separately for a total purchase price of $25,100.  Simultaneous with these purchases, we added these properties to an existing master lease with a third party operator at an incremental GAAP yield of 10.7%. Also, includes two 144-bed skilled nursing properties located in Ohio purchased for an aggregate purchase price of $54,000.  Simultaneous with the purchase, we leased the properties to an unrelated third-party operator at a GAAP yield of 10.1%.

(2)          We purchased a vacant parcel of land in Colorado for $1,882. Simultaneous with the purchase, we entered into a lease agreement and development commitment in an amount of $9,925 to fund the construction of a 60-unit memory care property. During the nine months ended September 30, 2013, we completed the construction of this property, as previously discussed.
Summary of investments in mortgage loans secured by first mortgages

The following table summarizes our investments in mortgage loans secured by first mortgages at September 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)

 

$26,251

 

63.9%

 

15

 

 

17

 

 

1,861

 

—

 

$14.11

 

Assisted Living

 

12,158

 

29.6%

 

3

 

 

8

 

 

—

 

211

 

$57.62

 

Range of Care

 

2,670

 

6.5%

 

1

 

 

1

 

 

99

 

74

 

$15.43

 

Totals

 

$41,079

 

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.