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Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2015
Summary of investments in owned properties

The following table summarizes our investments in owned properties at March 31, 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Average

 

 

 

 

 

 

Percentage

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Properties(1)

 

Beds

 

Units

 

Bed/Unit

 

Skilled Nursing

    

$
499,580 

 
50.8 

% 
69 

    
8,513 

    

 —

    

$
58.68 

 

Assisted Living

 

 
416,079 

 
42.3 

% 
85 

 

 —

 
4,236 

 

$
98.22 

 

Range of Care

 

 
43,907 

 
4.5 

% 
7 

 
634 

 
274 

 

$
48.36 

 

Under Development(2)

 

 
13,136 

 
1.3 

% 

 —

 

 —

 

 —

 

 

 —

 

Other(3)

 

 
10,883 

 
1.1 

% 
1 

 

 —

 

 —

 

 

 —

 

Totals

 

$
983,585 

 
100.0 

% 
162 

 
9,147 

 
4,510 

 

 

 

 

(1)

We own properties in 27 states that are leased to 29 different operators.

 

(2)

Includes two MC developments with a total of 122 units and a combination ALF and MC development with 89 units.

 

Includes one school property and five parcels of land held-for-use.

Schedule of completed development, improvement and construction projects

The following table summarizes our completed development and improvement projects and amounts funded during the three months ended March 31, 2015 (dollar amounts in thousands): 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

2015 Funding

 

Total Funding

 

Development

 

1

 

ALF

 

60

 

Colorado

 

$
1,360 

 

$
10,541 

(1)

Renovation

 

1

 

SNF

 

121

 

California

 

 
1,481 

 

 
1,481 

 

Renovation

 

2

 

SNF

 

141

 

Tennessee

 

 
40 

 

 
2,200 

 

 

 

4

 

 

 

322

 

 

 

$
2,881 

(2)

$
14,222 

 

(1)

Completed a MC property in February 2015.

 

Excludes $5,692 of funding on projects that were completed during 2014.

Schedule of commitments

At March 31, 2015, we had additional commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Investment

 

2015

 

Commitment

 

Remaining

 

 

 

Commitment

 

Funding

 

Funded

 

Commitment

 

Real estate properties (See Note 2)

 

$
52,365 

(1)

$
11,081 

 

$
13,169 

 

$
39,196 

 

Mortgage loans (See Note 2)

 

 
33,990 

(1)

 
1,858 

 

 
5,196 

 

 
28,794 

 

Notes receivable (See Note 4)

 

 
4,288 

(2)

 
892 

 

 
2,334 

 

 
1,954 

 

Totals

 

$
90,643 

 

$
13,831 

 

$
20,699 

 

$
69,944 

 

(1)

Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and long term care properties.

Represents loan and line of credit commitments.

Schedule of development, redevelopment, renovation, and expansion activity

Our construction in progress (or CIP) activity during the three months ended March 31, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

CIP

    

 

 

    

 

 

    

 

 

    

CIP

 

 

 

Balance at

 

 

 

 

Capitalized

 

Conversions

 

Balance at

 

Properties

 

12/31/2014

 

Funded(1)

 

Interest

 

out of CIP

 

3/31/2015

 

Development projects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assisted living

 

$
8,671 

 

$
8,961 

 

$
147 

 

$
(9,413)

 

$
8,366 

 

Subtotal

 

 
8,671 

 

 
8,961 

 

 
147 

 

 
(9,413)

 

 
8,366 

 

Redevelopment, renovation and expansion projects:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Skilled nursing

 

 

 —

 

 
25 

 

 

 —

 

 

 —

 

 
25 

 

Subtotal

 

 

 —

 

 
25 

 

 

 —

 

 

 —

 

 
25 

 

Total

 

$
8,671 

 

$
8,986 

 

$
147 

 

$
(9,413)

 

$
8,391 

 

Excludes $7,298 of funding on development and renovations projects which was capitalized directly into building and includes the acquisition of the existing improvements of the 56-unit MC property for $6,315, 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 March 31, 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Percentage

 

Number

 

Number

 

Number of

 

Investment

 

 

 

Gross

 

of

 

of

 

of

 

SNF

 

ALF

 

per

 

Type of Property

 

Investments

 

Investments

 

Loans

 

Properties(1)

 

Beds

 

Units

 

Bed/Unit

 

Skilled Nursing

    

$
151,352 

    
91.6 

%  
15 

    
29 

    
3,701 

    

 —

    

$
40.89 

 

Assisted Living

 

 
13,948 

 
8.4 

%  
3 

 
8 

 

 —

 
270 

 

$
51.66 

 

Totals

 

$
165,300 

 
100.0 

%  
18 

 
37 

 
3,701 

 
270 

 

 

 

 

We have investments in properties located in 7 states that include mortgages to 10 different operators.

Real Estate Properties Commitments [Member]  
Schedule of commitments

The following table summarizes our investment commitments as of March 31, 2015, and amounts funded under these projects (excludes capitalized interest, dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

Number

    

Number

 

 

 

Investment

 

2015

 

Commitment

 

Remaining

 

of

 

of

 

Type of Property

 

Commitment

 

Funding(2)

 

Funded

 

Commitment

 

Properties

 

Beds/Units

 

Skilled Nursing

 

$
6,600 

 

$
25 

 

$
25 

 

$
6,575 

 
3 

 
510 

 

Assisted Living(1)

 

 
45,765 

 

 
11,056 

 

 
13,144 

 

 
32,621 

 
27 

 
1,240 

 

Totals

 

$
52,365 

 

$
11,081 

 

$
13,169 

 

$
39,196 

 
30 

 
1,750 

 

(1)

Includes the development of two MC properties for a total commitment of $24,430 and one ALF/MC property for a total commitment of $16,535. Also, includes three commitments for renovation projects on 24 ALFs totaling $4,800. 

 

Excludes funding for completed development and improvement projects discussed above. Includes $7,195 of land and improvements acquired for the development of a 56-unit MC property and $2,490 of land acquired for the development of an 89-unit ALF/MC property, as previously discussed.