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Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2014
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at March 31, 2014 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

 

Number

 

Number of

 

Investment

 

Type of Property

 

Gross
Investments

 

Percentage of
Investments

 

of
Properties (1)

 

SNF
Beds

 

ALF
Units

 

per
Bed/Unit

 

Skilled Nursing

 

$459,351

 

48.3%

 

68

 

8,264

 

—

 

$55.58

 

Assisted Living

 

407,232

 

42.8%

 

98

 

—

 

4,629

 

$87.97

 

Range of Care

 

43,906

 

4.6%

 

8

 

634

 

274

 

$48.35

 

Under Development (2)

 

27,395

 

2.9%

 

—

 

—

 

—

 

—

 

Other (3)

 

13,607

 

1.4%

 

2

 

—

 

—

 

—

 

Totals

 

$951,491

 

100.0%

 

176

 

8,898

 

4,903

 

 

 

 

(1)                We own properties in 27 states that are leased to 33 different operators.

 

(2)                Includes three MC developments with a total of 168 units, a combination ALF and MC development with 81 units, and a SNF development with 143 beds.

 

(3)                Includes two school properties and four parcels of land held-for-use.
Schedule of investment commitments

the following table summarizes our investment commitments as of March 31, 2014 and year-to-date funding on our development, redevelopment, renovation, and expansion projects (excludes capitalized interest, dollar amounts in thousands):

 

Type of Property

 

Investment
Commitment

 

2014
Funding (2)

 

Commitment
Funded

 

Remaining
Commitment

 

Number of
Properties

 

Number of
Beds/Units

 

Skilled Nursing

 

$30,150

 

$ 1,757

 

 

$14,514

 

$15,636

 

 

7

 

 

760

 

Assisted Living (1)

 

50,656

 

11,360

 

 

22,021

 

28,635

 

 

7

 

 

385

 

Totals

 

$80,806

 

$13,117

(3)

 

$36,535

 

$44,271

(3)

 

14

 

 

1,145

 

 

(1)                Includes the development of three MC properties for a total commitment of $30,256, one ALF/MC property for a total commitment of $5,800, and the expansion of three ALFs for a total commitment of $14,600.

(2)                Excludes funding for completed development of $450.

(3)                In April 2014, we funded $2,438 under investment commitments. Accordingly, we have a remaining commitment of $41,833.
Schedule of development, redevelopment, renovation, and expansion activity

Our construction in progress (or CIP) activity during the three months ended March 31, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

Properties

 

 

Projects

 

CIP
Balance at
12/31/13

 

Funded(1)

 

Capitalized
Interest

 

Conversions
out of CIP

 

CIP
Balance at
3/31/14

Development projects:

 

 

 

 

 

 

 

 

 

 

 

 

 

     Assisted living

 

 

5

 

$ 6,334

 

$ 4,541

 

$137

 

($8)

 

$11,004

     Skilled nursing

 

 

1

 

5,893

 

1,166

 

118

 

—

 

7,177

Subtotal

 

 

6

 

12,227

 

5,707

 

255

 

(8)

 

18,181

Redevelopment, renovation and expansion projects:

 

 

 

 

 

 

 

 

     Assisted living

 

 

3

 

8

 

6,819

 

52

 

—

 

6,879

     Skilled nursing

 

 

5

 

2,433

 

591

 

—

 

—

 

3,024

Subtotal

 

 

8

 

  2,441

 

  7,410

 

52

 

—

 

  9,903

Total

 

 

14

 

$14,668

 

$13,117

 

$307

 

($8)

 

$28,084

 

(1)                Excludes $450 of capital improvement commitment funding which was capitalized directly into building.
Summary of investments in mortgage loans secured by first mortgages

The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2014 (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) 

 

$154,564

 

91.4%

 

16

 

33

 

3,953

 

—

 

$39.10

Assisted Living

 

12,066

 

7.1%

 

3

 

8

 

—

 

211

 

$57.18

Range of Care

 

2,533

 

1.5%

 

1

 

1

 

99

 

74

 

$14.64

Totals

 

$169,163

 

100.0%

 

20

 

42

 

4,052

 

285

 

 

 

(1)                We have investments in properties located in 9 states that include mortgages to 12 different operators.

(2)                Includes a mortgage and construction loan secured by a closed skilled nursing property and a newly constructed 106-bed replacement property.