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Real Estate Investments (Tables)
 6 Months Ended
Jun. 30, 2017
Real Estate Investments  
Summary of investments in owned properties

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

 

$

742,518

 

54.8

% 

103

 

 —

 

5,772

 

$

128.64

 

Skilled Nursing(2)

 

 

579,757

 

42.8

%  

76

 

9,276

 

274

 

$

60.71

 

Under Development(3)

 

 

21,878

 

1.6

% 

 —

 

 —

 

 —

 

 

 —

 

Other(4)

 

 

10,216

 

0.8

% 

 1

 

118

 

 —

 

 

 —

 

Totals

 

$

1,354,369

 

100.0

% 

180

 

9,394

 

6,046

 

 

 

 

(1)

We own properties in 27 states that are leased to 28 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.
Summary of investments acquired

The following table summarizes our acquisitions for the six months ended June 30, 2017 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Assisted Living(2)

 

$

54,463

 

$

277

 

$

54,740

 

 3

 

240

(1)

Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress. Additionally, transaction costs may include costs related to the prior year due to timing and terminated transactions.

 

(2)

We acquired a 107-unit assisted living community and a 73-unit memory care community for an aggregate purchase price of $38,813. Additionally, we acquired a 60-unit memory care community for $15,650.

The following table summarizes our acquisitions for the six months ended June 30, 2016 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

 

 

    

Total

    

Number

    

Number

 

 

Purchase

 

Transaction

 

Acquisition

 

of

 

of

Type of Property

 

Price

 

Costs(1)

 

Costs

 

Properties

 

Beds/Units

Skilled Nursing(2)

 

$

16,000

 

$

45

 

$

16,045

 

 1

 

126

Assisted Living(3)

 

 

53,550

 

 

346

 

 

53,896

 

 4

 

270

Totals

 

$

69,550

 

$

391

 

$

69,941

 

 5

 

396

(1)

Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis and, for our land purchases with forward development commitments, transaction costs related to the prior year due to timing and terminated transactions.

 

(2)

We acquired a newly constructed 126-bed skilled nursing center in Texas.

 

(3)

We acquired a newly constructed memory care community in Kentucky for $14,250 including a $2,000 holdback, a newly constructed assisted living and memory care community in Georgia for $14,300 and two memory care communities in Kansas for an aggregate purchase price of $25,000.

 

Schedule of development, improvement and construction projects

During the six months ended June 30, 2017 and 2016 the following in development and improvement projects (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended June 30, 2017

 

Six months ended June 30, 2016

 

    

Development

    

Improvements

    

Development

    

Improvements

Assisted Living Communities

 

$

7,198

 

$

839

 

$

26,331

 

$

1,293

Skilled Nursing Centers

 

 

1,957

 

 

1,356

 

 

 -

 

 

2,794

 

 

$

9,155

 

$

2,195

 

$

26,331

 

$

4,087

 

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, 2017 (dollar amounts in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of

 

Investment

 

 

 

Gross

 

 

 

 

 

SNF

 

per

 

Type of Property

 

Investments

 

Loans

 

Properties(1)

 

Beds

 

Bed/Unit

 

Skilled Nursing

  

$

222,604

  

 5

  

21

  

2,796

  

$

79.62

 

(1)

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 six months ended June 30, 2017 and 2016 (in thousands):

 

 

 

 

 

 

 

 

 

    

2017

    

2016

 

Origination/Funding 

 

$

7,829

 

$

17,128

 

Pay-offs

 

 

16,665

 

 

645

 

Scheduled principal payments received

 

 

674

 

 

953