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Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2017
Real Estate Investments  
Summary of investments in owned properties

The following table summarizes our investments in owned properties at March 31, 2017 (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

 

Assisted Living

 

$

699,004

 

53.5

% 

104

 

 —

 

5,707

 

$

122.48

 

Skilled Nursing(2)

 

 

579,627

 

44.4

%  

76

 

9,245

 

274

 

$

60.89

 

Under Development(3)

 

 

17,071

 

1.3

% 

 —

 

 —

 

 —

 

 

 —

 

Other(4)

 

 

10,216

 

0.8

% 

 1

 

118

 

 —

 

 

 —

 

Totals

 

$

1,305,918

 

100.0

% 

181

 

9,363

 

5,981

 

 

 

 

(1)

We own properties in 28 states that are leased to 27 different operators.

 

(2)

Includes seven SNFs with ALF units.

 

(3)

Represents three development projects consisting of two MC with a total of 132 units and a 143-bed SNF.

 

(4)

Includes three parcels of land held-for-use, and one behavioral health care hospital. The behavioral health care hospital has two licensed skilled nursing beds and 116 acute care licensed hospital beds which represents an investment of $78.39 per bed.
Schedule of development, improvement and construction projects

During the three months ended March 31, 2017 and 2016, we invested the following in development and improvement projects (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31, 2017

 

Three months ended  March 31, 2016

 

    

Development

    

Improvements

    

Development

    

Improvements

Assisted Living Communities

 

$

2,941

 

$

41

 

$

13,439

 

$

1,135

Skilled Nursing Centers

 

 

502

 

 

701

 

 

 -

 

 

2,118

 

 

$

3,443

 

$

742

 

$

13,439

 

$

3,253

 

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, 2017 (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

  

$

219,671

  

97.4

%  

 5

  

21

  
2,828

  

 —

  

$

77.68

 

Assisted Living(2)

 

 

4,664

 

2.1

%  

 1

 

 1

 

 —

 

70

 

$

66.63

 

Other(3)

 

 

1,206

 

0.5

%  

 1

 

 —

 

 —

 

 —

 

 

 —

 

Totals

 

$

225,541

 

100.0

%  

 7

 

22

 
2,828

 

70

 

 

 

 

(1)

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

 

(2)

Represents a first mortgage on a 70-unit assisted living community. Subsequent to March 31, 2017, we received the payoff from this mortgage loan.

 

(3)

Includes a parcel of land secured under a short-term mortgage loan. Subsequent to March 31, 2017, we received the payoff from this mortgage loan. 

Schedule of additional loan commitments and amounts funded under the mortgage loans

The following table summarizes our mortgage loan activity for the three months ended March 31, 2017 and 2016 (in thousands):

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

Origination/Funding 

 

$

4,384

 

$

6,599

 

Pay-offs

 

 

10,796

 

 

513

 

Scheduled principal payments received

 

 

162

 

 

502