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Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2014
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at June 30, 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

 
$
459,470 

 
48.0% 

 
68 

 
8,264 

 

—

 
$
55.60 

 

Assisted Living

 
405,048 

 
42.4% 

 
96 

 

—

 
4,496 

 
$
90.09 

 

Range of Care

 
43,906 

 
4.6% 

 
8 

 
634 

 
274 

 
$
48.35 

 

Under Development (2)

 
37,659 

 
3.9% 

 

—

 

—

 

—

 

—

 

Other (3)

 
10,433 

 
1.1% 

 
1 

 

—

 

—

 

—

 

Totals

 
$
956,516 

 
100.0% 

 
173 

 
8,898 

 
4,770 

 

 

 

 

(1)     We own properties in 26 states that are leased to 31 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 one school property and four parcels of land held-for-use.

Schedule of investment commitments

Excluding the $5,000,000 per year commitment above, the following table summarizes our investment commitments as of June 30, 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

 
$
30,150 

 

$  4,290

 
$
17,047 

 
$
13,103 

 
7 

 
760 

 

Assisted Living (1)

 
50,656 

 
22,788 

 
33,449 

 
17,207 

 
7 

 
385 

 

Totals

 
$
80,806 

 

$27,078(3)

 

$50,496(4)

 

$30,310(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 a completed development of $450.

(3)     In July 2014, we funded $2,794 under investment commitments. Accordingly, we have a remaining commitment of $27,516.

(4)     Includes land purchase and completed projects with remaining commitment funding and excludes capitalized interest.

Schedule of development, redevelopment, renovation, and expansion activity

Our construction in progress (or CIP) activity during the six months ended June 30, 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
6/30/14

 

Development projects:

 

 

 

 

 

 

 

 

 

 

 

 

 

Assisted living

 
5 

 

$  6,334

 
$
12,051 

 
$
335 

 

$     (8)

 
$
18,712 

 

Skilled nursing

 
1 

 
5,893 

 
3,579 

 
261 

 

—

 
9,733 

 

Subtotal

 
6 

 
12,227 

 
15,630 

 
596 

 
(8)

 
28,445 

 

Redevelopment, renovation and expansion projects:

 

 

 

 

 

 

 

 

 

Assisted living

 
3 

 
8 

 
10,737 

 
146 

 

—

 
10,891 

 

Skilled nursing

 
5 

 
2,433 

 
711 

 

—

 
(1,433)

 
1,711 

 

Subtotal

 
8 

 
2,441 

 
11,448 

 
146 

 
(1,433)

 
12,602 

 

Total

 
14 

 
$
14,668 

 
$
27,078 

 
$
742 

 
$
(1,441)

 

$41,047(2)

 

 

(1)     Excludes $450 of capital improvement commitment funding on a completed project which was capitalized directly into building.

(2)     Includes capitalized interest and excludes completed projects.

 

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, 2014 (dollar amounts in thousands):

 

 

 

 

 

Percentage

 

 

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

Number

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

of Loans

 

Properties(1)

 

Beds

 

Units

 

Bed/Unit

 

Skilled Nursing(2)

 
$
155,287 

 
91.5% 

 
16 

 
33 

 
3,919 

 

—

 
$
39.62 

 

Assisted Living

 
12,018 

 
7.1% 

 
3 

 
8 

 

—

 
211 

 
$
56.96 

 

Range of Care

 
2,461 

 
1.4% 

 
1 

 
1 

 
99 

 
74 

 
$
14.23 

 

Totals

 
$
169,766 

 
100.0% 

 
20 

 
42 

 
4,018 

 
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.