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Real Estate Investments
 12 Months Ended
Dec. 31, 2015
Real Estate Investments  
Real Estate Investments

5. Real Estate Investments

Owned Properties.    The following table summarizes our investment in owned properties at December 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 (2)

 

Units (2)

 

Bed/Unit

 

Assisted Living

    

$
571,562

    
47.7

%  
96

    

 —

    
5,187

    

$
110.19

 

Skilled Nursing

 

 
522,123

 
43.6

% 
70

 
8,655

 

 —

 

$
60.33

 

Range of Care

 

 
43,907

 
3.7

% 
7

 
634

 
274

 

$
48.36

 

Under Development(3)

 

 
41,608

 
3.5

% 

 —

 

 —

 

 —

 

 

 —

 

Other(4)

 

 
19,486

 
1.5

% 
2

 
118

 

 —

 

 

 —

 

Totals

 

$
1,198,686

 
100.0

% 
175

 
9,407

 
5,461

 

 

 

 

(1)

We have investments in 28 states leased to 29 different operators.

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes seven development projects, consisting of five MC communities with a total of 320 units, one 108-unit ILF community and an 89-unit combination ALF and MC community.

 

(4)

Includes one school, three parcels of land held‑for‑use and one behavioral health care hospital. The behavioral health care hospital has 2 skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed.

Owned properties are leased pursuant to non‑cancelable operating leases generally with an initial term of 10 to 15 years. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non‑capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease:

(i)

a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%;

(ii)

a calculation based on the Consumer Price Index;

(iii)

as a percentage of facility revenues in excess of base amounts or

(iv)

specific dollar increases.

During the year ended December 31, 2015, we received $134,000 of contingent rental income. We received no contingent rental income for the years ended December 31, 2014 and 2013.

Acquisitions and Developments. The following table summarizes our investments for the twelve months ended December 31, 2015 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price(1)

 

Costs(2)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(3)

 

$
36,946

 

$
87

 

$
37,033

 
3

 
360

Assisted Living(4)

 

 
156,097

 

 
590

 

 
156,687

 
11

 
951

Other(5)

 

 
9,250

 

 
42

 

 
9,292

 
1

 
118

Land(6)

 

 
16,333

 

 
352

 

 
16,685

 

 —

 

 —

Totals

 

$
218,626

 

$
1,071

 

$
219,697

 
15

 
1,429

(1)

As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and is accreted to the settlement amount at the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease.

 

(2)

Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis ($161) and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress ($331). Additionally, transaction costs in the table above may differ from the acquisition costs line item in our consolidated statement of income ($614) as a result of transaction costs from prior year’s acquisitions ($35).

 

(3)

We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054 lease incentive that will amortize as a yield adjustment over the life of the lease term. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000. 

 

(4)

Includes acquisition of a newly constructed 60-unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Additionally, we agreed to provide the lessee an earn-out up to $300 upon the property achieving a sustainable stipulated rent coverage ratio. When the working capital reserve and earn-out payments are funded, cash rent will increase by the amounts funded multiplied by the lease rate in effect at the time. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000 and we agreed to provide the lessee an incentive up to $10,000, upon the portfolio achieving a sustainable stipulated rent coverage ratio, which will increase cash rent by the amount funded multiplied by the lease rate in effect at the time.

 

(5)

We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. Also, as part of the agreement, we agreed to provide up to $3,000 for approved capital improvements.

 

(6)

We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298, including the land purchases, for the development of three MC communities totaling 198 units, a 108-unit IL community and an 89-unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56-unit MC community and entered a development commitment up to a total of $13,524, including the land purchase, to complete the development of the MC community.

As discussed above, during the twelve months ended December 31, 2015, we acquired a portfolio of 10 independent, assisted living and memory care communities totaling 891 units for $142,000,000 in a business combination. The unaudited pro forma revenue and net income of the combined entity is provided below as if the acquisition date had been January 1, 2014 (in thousands except per share amounts):

 

 

 

 

 

 

 

 

 

 

  

 

2015

  

2014

 

Revenue

 

 

$
143,414

 

$
130,488

 

Net income

 

 

$
74,567

 

$
76,060

 

Basic earnings per common share:

 

 

$
2.01

 

$
2.09

 

Diluted earnings per common share:

 

 

$
1.98

 

$
2.06

 

 

Subsequent to December 31, 2015, we purchased a newly constructed 126-bed skilled nursing center in Texas for $16,000,000.  

During the twelve months ended December 31, 2015, we sold a 112-bed skilled nursing center located in Texas for $1,600,000, resulting in net sales proceed of $1,537,000 and a net gain on sale of $586,000.  Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 36-unit closed assisted living community in Oregon for $1,500,000.  Simultaneously with the sale, we will enter into a mortgage loan agreement to provide up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000.  

Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48-unit assisted living community in Florida for $1,750,000. We performed a recoverability analysis on the property as of December 31, 2015 using probability-weighted cash flows giving consideration to are-leasing scenario (in which the property would continue to be held-and-used) and a sale scenario (in which the property is sold pursuant to the contingent purchase and sale agreement) and determined that a portion of carrying value of the property was not recoverable. Accordingly, we recorded an impairment charge of $2,250,000 to write the property down to its estimated sale price at December 31, 2015.

 During the twelve months ended December 31, 2015, we completed the following development, expansion and improvement projects (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

 

$
1,522

 

$
10,703

(1)

Improvements

 

1

 

SNF

 

121

 

California

 

 
1,481

 

 
1,481

 

Improvements

 

1

 

SNF

 

196

 

Texas

 

 
522

 

 
522

 

Improvements

 

2

 

SNF

 

141

 

Tennessee

 

 
39

 

 
2,200

 

 

 

5

 

 

 

518

 

 

 

$
3,564

 

$
14,906

 

(1)

The total funded amount includes acquired land of $1,425.

The following table summarizes our investment commitments as of December 31, 2015 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

Total

    

 

 

    

Number

    

Number

 

 

 

Investment

 

Commitment

 

Remaining

 

of

 

of

 

Type of Property

 

Commitment

 

Funded

 

Commitment

 

Properties

 

Beds/Units

 

Skilled Nursing(1)

 

$
6,500

 

$
1,253

 

$
5,247

 
4

 
568

 

Assisted Living(2)

 

 
101,150

 

 
41,138

 

 
60,012

 
37

 
2,163

 

Other (3)

 

 
3,000

 

 

 —

 

 
3,000

 
1

 
118

 

Totals

 

$
110,650

 

$
42,391

 

$
68,259

 
42

 
2,849

 

(1)

Includes three commitments for renovation and expansion projects.

 

(2)

Includes the development of an IL community for $14,500,  five MC communities for a total of $65,034 and one ALF/MC community for $16,535. Also, includes three commitments for renovation projects on 30 ALFs totaling $5,080.  

 

(3)

Includes a commitment for renovation of a behavioral health care hospital.

Our construction in progress (or CIP) activity during the year ended December 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

 

Type of Property

 

12/31/2014

 

Funded(1)

 

Interest

 

out of CIP

 

12/31/2015

 

Skilled nursing

 

$

 —

 

$
1,649

 

$

 —

 

$
(397)

 

$
1,252

 

Assisted living

 

 
8,671

 

 
31,116

 

 
827

 

 
(9,901)

 

 
30,713

 

Total

 

$
8,671

 

$
32,765

 

$
827

 

$
(10,298)

 

$
31,965

 

(1)

Excludes $8,048 of funding which was capitalized directly into building and includes the acquisition of the existing improvements of a 56-unit MC community for $6,315 and the reclass of three pre‑development loans with a total balance of $1,035 See Note 7. Notes Receivable for further discussion of pre‑development loans.

The following table summarizes our acquisitions during 2014 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs

 

Costs

 

Properties

 

Beds/Units

Assisted Living(1)

 

$
9,800

 

$
21

 

$
9,821

 
1

 
48

Land(2)

 

 
1,850

 

 

 —

 

 
1,850

 

 —

 

 —

Totals

 

$
11,650

 

$
21

 

$
11,671

 
1

 
48

(1)

An assisted living community located in Colorado which was added to a master lease at an incremental initial cash yield of 6.5%.

 

(2)

We purchased a vacant parcel of land held-for-use in Michigan. Additionally, we purchased a vacant parcel of land in Illinois for $1,400 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land was added to an existing master lease and we entered into development commitments in an amount up to $12,248 to fund the construction of a 66-unit memory care community.

During the twelve months ended December 31, 2014, we sold 16 assisted living communities with a total of 615 units. The sales price for the 16 properties was $26,465,000, resulting in net sales proceeds of $25,702,000. As a result, we recorded a gain of $3,819,000. During 2014, we also sold two assisted living communities located in Florida and Georgia with a total of 133 units, a school located in Minnesota, and a closed skilled nursing center for a combined sales price of $8,100,000, resulting in net sales proceeds of $7,891,000, and net gain on sale of $1,140,000.  

During the twelve months ended December 31, 2014, we completed the following development and improvement projects (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

2014 Funding

 

Total Funding

 

Development

 

1

 

ALF

 

60

 

Colorado

 

$
6,351

 

$
9,689

(1)

Development

 

1

 

ALF

 

80

 

Texas

 

 
2,300

 

 
5,691

(1)

Development

 

1

 

SNF

 

143

 

Kentucky

 

 
10,579

 

 
20,904

(1)

Development

 

1

 

ALF

 

48

 

Colorado

 

 
7,257

 

 
8,744

(1)

Expansion/Renovation

 

1

 

ALF

 

72

 

Colorado

 

 
6,371

 

 
6,376

 

Expansion/Renovation

 

2

 

ALF

 

123

 

Colorado

 

 
5,091

 

 
5,095

 

Improvements

 

1

 

SNF

 

120

 

Florida

 

 
500

 

 
500

 

Improvements

 

2

 

SNF

 

235

 

New Mexico

 

 
319

 

 
1,746

 

 

 

10

 

 

 

881

 

 

 

$
38,768

 

$
58,745

 

 

(1)

The total funded amount includes acquired land.

 

The following table summarizes our acquisitions for the twelve months ended December 31, 2013 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

 

Type of Property

 

Price

 

Costs

 

Costs

 

Properties

 

Beds/Units

 

Skilled Nursing(1)

 

$
14,402

 

$
58

 

$
14,460

 
1

 
130

 

Land(2)

 

 
4,638

 

 

 —

 

 
4,638

 

 —

 

 —

 

Totals

 

$
19,040

 

$
58

 

$
19,098

 
1

 
130

 

(1)

A skilled nursing center located in Florida which was added to a master lease at an incremental initial cash yield of 8.75%.

 

(2)

We purchased three vacant parcels of land in Colorado for a total of $3,475 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator through May 2018 (unless earlier terminated as provided for therein). The land was added to an existing master lease and we entered into development commitments in an amount not to exceed $30,256 to fund the construction of three memory care communities, two with 60 units and the other with 48 units. We also purchased four parcels of land held-for-use in Michigan for $1,163.  

During the year ended December 31, 2013, one of our lessees exercised its option to purchase six skilled nursing centers with a total of 230 beds located in Ohio for an all cash purchase price of $11,000,000. As a result, we recorded a $2,619,000 gain on sale. Also, during 2013, we sold a 47‑bed skilled nursing center in Colorado for $1,000 and recognized a loss of $1,014,000 on the sale.

During the twelve months ended December 31, 2013, we completed the following construction projects (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Number

    

 

    

Number

    

 

    

 

 

    

 

 

 

 

 

of

 

Type of

 

of

 

 

 

 

 

 

 

 

 

Type of Project

 

Properties

 

Property

 

Beds/Units

 

State

 

2013 Funding

 

Total Funding

 

Development

 

1

 

ALF(1)

 

60

 

Colorado

 

$
4,316

 

$
9,850

 

Development

 

1

 

SNF(2)

 

120

 

Texas

 

 
5,065

 

 
8,635

 

Development

 

1

 

ALF

 

77

 

Kansas

 

 
8,081

 

 
9,675

(3)

 

 

3

 

 

 

257

 

 

 

$
17,462

(2)

$
28,160

 

(1)

Represents a memory care community. The funded amount includes acquired land of $1,882.

 

(2)

This new property replaces a skilled nursing center in our existing portfolio.

 

(3)

The funded amount includes acquired land of $730.

Depreciation expense on buildings and improvements, including properties classified as held‑for‑sale, was $29,329,000,  $25,424,000, and $24,568,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases including the skilled nursing center acquired subsequent to December 31, 2015, and excluding the effects of straight‑line rent, amortization of lease inducement and renewal options are as follows (in thousands):

 

 

 

 

 

 

    

Annual Cash

 

 

 

Rent

 

2016

 

$
118,326

 

2017

 

 
121,084

 

2018

 

 
121,191

 

2019

 

 
115,333

 

2020

 

 
116,981

 

Thereafter

 

 
642,408

 

 

Set forth in the table below are the components of the income from discontinued operations for the year ended December 31, 2013 (in thousands):

 

 

 

 

 

 

 

2013

 

Rental income

    

$
1,123

 

Total revenues

 

 
1,123

 

Depreciation and amortization

 

 
(317)

 

General and administrative expenses

 

 
(1)

 

Total expenses

 

 
(318)

 

Income from discontinued operations

 

$
805

 

 

Mortgage Loans.  The following table summarizes our investments in mortgage loans secured by first mortgages at December 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(2)

 

Units(2)

 

Bed/Unit

 

Skilled Nursing

  

$
204,742

  
93.2

%  
15

  
30

  
3,894

  

 —

  

$
52.58

 

Assisted Living

 

 
13,768

 
6.3

%  
3

 
8

 

 —

 
270

 

$
50.99

 

Other(3)

 

 
1,209

 
0.5

%  
1

 

 —

 

 —

 

 —

 

 

n.a

 

Totals

 

$
219,719

 
100.0

%  
19

 
38

 
3,894

 
270

 

 

 

 

(1)

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

 

(2)

See Item 2. Properties for discussion of bed/unit count.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan.

At December 31, 2015, the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2016 to 2045. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20‑year to 30‑year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 10 to 25 basis points.

During 2013, we funded the initial amount of $124,387,000 under a mortgage loan with a third‑party borrower, secured by 15 skilled nursing centers with a total of 2,058 beds in Michigan. The loan agreement provides for additional commitments of $12,000,000 for capital improvements and, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the initial twelve years of the term, up to $40,000,000 of additional proceeds, for a total loan commitment of up to $176,387,000.  During the year ended December 31, 2015, we funded the $40,000,000 of additional proceeds. During the years ending December 31, 2015 and 2014 we funded $6,259,000 and $3,337,000, respectively, under the $12,000,000 capital improvement commitment with $2,403,000 remaining as of December 31, 2015.  

In addition, this mortgage loan provided the borrower a one‑time option to prepay up to 50% of the then outstanding loan balance without penalty. In January 2015, we amended this mortgage loan to provide up to an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan (increasing the total capital improvement commitment to $32,000,000 and the total loan commitment to $196,387,000). As a result, our remaining commitment under the aggregate $32,000,000 capital improvement commitment was $22,403,000 at December 31, 2015. Also, we conveyed, to borrower, two parcels of land held-for-use adjacent to these properties to facilitate the projects. The estimated fair value of these parcels of $670,000, based upon third-party appraisals, was recorded as a mortgage loan premium and will be amortized as a yield adjustment over the life of the lease. As partial consideration for the increased commitment and associated conveyance, the borrower forfeited their prepayment option. 

During the year ended December 31, 2015, we originated an $11,000,000 mortgage loan with the same borrower, initially funding $9,500,000 with a commitment to fund the balance for approved capital improvement projects. The loan is secured by a 157-bed skilled nursing center in Michigan. Also, we originated another $20,000,000 mortgage loan with the same operator, initially funding $9,500,000 with a commitment to fund an additional $10,500,000, of which, we funded $5,500,000 subsequent to December 31, 2015. This loan is secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 273 beds. These mortgage loans bear interest at 9.41% for five years, escalating annually thereafter by 2.25% and have a 30-year term with interest-only payments for the initial three years. We have the option to purchase these properties under certain circumstances, including a change in regulatory environment.

Furthermore, during the three months ended December 31, 2015, we originated a short-term loan in the amount of $1,208,000 to an existing operator. The loan is secured by a first lien mortgage encumbering a vacant parcel of land in Virginia and bears interest at 9%. Interest at the rate of 3% is payable at the beginning of each month commencing January 1, 2016, and interest at the rate of 6% shall accrue and is payable at the maturity date, February 28, 2016.

The following table summarizes our additional loan commitments as of December 31, 2015, and amounts funded under these mortgage loans (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Additional

    

 

 

    

 

 

    

 

 

    

Number

    

Number

 

 

 

Loan

 

2015

 

Commitment

 

Remaining

 

of

 

of

 

Type of Property

 

Commitment

 

Funding

 

Funded

 

Commitment

 

Properties

 

Beds/Units

 

Skilled Nursing

 

$
52,000

 

$
6,565

 

$
9,903

 

$
42,097

 
18

 
2,488

 

Assisted Living

 

 
490

 

 
360

 

 
360

 

 
130

 
1

 
100

 

Totals

 

$
52,490

 

$
6,925

 

$
10,263

 

$
42,227

 
19

 
2,588

 

 

During the twelve months ended December 30, 2015, we amended an existing mortgage loan secured by a 100-unit independent living community in Arizona to provide up to $490,000 of additional proceeds for capital improvements. Also, during the twelve months ended December 31, 2015, we funded $360,000 under this amended mortgage loan and have a remaining commitment of $130,000.

At December 31, 2015 and 2014 the carrying values of the mortgage loans were $217,529,000 and $165,656,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands):

 

 

 

 

 

 

    

Scheduled

 

 

 

Principal

 

2016

 

$
8,653

 

2017

 

 
7,214

 

2018

 

 
8,383

 

2019

 

 
5,092

 

2020

 

 
1,065

 

Thereafter

 

 
189,312

 

Total

 

$
219,719

 

 

During the twelve months ended December 31, 2015, 2014 and 2013, we received $2,321,000,  $2,159,000, and $1,933,000, respectively in regularly scheduled principal payments. During 2015, we received $2,487,000 plus accrued interest related to the early payoff of two mortgage loans secured by a range of care community located in California and a skilled nursing center in Texas.