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Real Estate Investments (Tables)
 3 Months Ended
Mar. 31, 2018
Real Estate Investments  
Summary of investments in owned properties

Owned Properties. The following table summarizes our investments in owned properties at March 31, 2018 (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

 

$

784,229

 

56.0

% 

105

 

 —

 

5,962

 

$

131.54

 

Skilled Nursing

 

 

577,808

 

41.2

%  

75

 

9,204

 

261

 

$

61.05

 

Under Development(2)

 

 

28,729

 

2.0

% 

 —

 

 —

 

 —

 

 

 —

 

Other(3)

 

 

10,740

 

0.8

% 

 1

 

118

 

 —

 

 

 —

 

Totals

 

$

1,401,506

 

100.0

% 

181

 

9,322

 

6,223

 

 

 

 

(1)

We own properties in 28 states that are leased to 29 different operators.

 

(2)

Represents three development projects, consisting of a 66-unit MC located in Illinois, a 110-unit ILF/ALF/MC in Wisconsin and a 143-bed SNF in Kentucky.

 

(3)

Includes three parcels of land held-for-use, and one behavioral health care hospital.

Schedule of investment in development and improvement projects

During the three months ended March 31, 2018 and 2017, we invested the following in development and improvement projects (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended March 31, 2018

 

Three months ended March 31, 2017

 

    

Developments

    

Improvements

 

    

Developments

    

 

Improvements

 

Assisted Living Communities

 

$

6,803

 

$

122

 

 

$

2,941

 

$

41

 

Skilled Nursing Centers

 

 

1,788

 

 

279

 

 

 

502

 

 

701

 

Other

 

 

 —

 

 

133

 

 

 

—

 

 

 —

 

Totals

 

$

8,591

 

$

534

 

 

$

3,443

 

$

742

 

 

Summary of properties held-for-sale

The following summarizes our properties held-for-sale as of March 31, 2018 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number

 

 

 

 

 

 

 

 

 

 

 

 

of

 

 

Gross

 

 

Accumulated

 

Number of

 

State

 

Type of Property

 

Properties

 

 

Investment

 

 

Depreciation

 

Beds/units

    

Ohio (1)

 

ALF

 

 5

 

$

29,332

 

$

17,574

 

251

 

Pennsylvania (1)

 

ALF

 

 1

 

 

8,327

 

 

3,733

 

69

 

Texas

 

ALF

 

 1

 

 

5,746

 

 

1,916

 

140

 

Totals

 

 

 

 7

 

$

43,405

 

$

23,223

 

460

 

(1)

Represents a portfolio of six assisted living communities that are leased under a master lease agreement expiring on April 30, 2018. Subsequent to March 31, 2018, we sold these properties for $67,500.

 

Schedule of mortgage loans secured by first mortgage

The following table summarizes our investments in mortgage loans secured by first mortgages at March 31, 2018 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type

 

Percentage

 

Number of

 

Investment

 

 

 

 

 

Gross

 

of

 

of

 

 

 

 

 

SNF

 

per

 

Interest Rate(1)

 

Maturity

 

Investments

 

Property

 

Investments

 

Loans(2)

 

Properties(3)

 

Beds

 

Bed/Unit

 

9.2%

 

2045

  

$

25,196

 

SNF

  

10.7

%  

 1

  

 3

  

375

  

$

67.19

 

9.4%

 

2020

 

 

9,429

 

SNF

 

4.0

%  

 1

 

 2

 

205

 

$

46.00

 

9.4%

 

2045

 

 

13,306

 

SNF

 

5.6

%  

 1

 

 1

 

157

 

$

84.75

 

9.5%

 

2043

 

 

186,705

 

SNF

 

79.2

%  

 1

 

15

 

2,043

 

$

91.39

 

11.4%

 

2019

 

 

1,098

 

SNF

 

0.5

%  

 1

 

 1

 

84

 

$

13.07

 

Totals

 

 

 

$

235,734

 

 

 

100.0

%  

 5

 

22

 

2,864

 

$

82.31

 

(1)

The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase by 2.25%.

 

(2)

Some loans contain certain guarantees, provide for certain facility fees and the majority of the mortgage loans have 30-year amortization schedules.

 

(3)

We have investments in properties located in two states that include mortgages to two operators.
Schedule of mortgage loan activity

The following table summarizes our mortgage loan activity for the three months ended March 31, 2018 and 2017 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

Three months ended  March 31, 

 

 

 

    

2018

 

2017

    

 

Originations and funding under mortgage loans receivable

 

$

9,610

(1)

$

4,384

 

 

Pay-offs received

 

 

 —

 

 

(10,796)

 

 

Scheduled principal payments received

 

 

(37)

 

 

(162)

 

 

Net increase (decrease) in mortgage loans receivable

 

$

9,573

 

$

(6,574)

 

 

During the first quarter of 2018, we funded an additional $7,400 under an existing mortgage loan for the purchase of a 112-bed skilled nursing center in Michigan. The incremental funding bears interest at 8.7%, fixed for five years, and escalating by 2.25% thereafter.