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Commitments and Contingencies (Tables)
9 Months Ended
Sep. 30, 2018
Commitments and Contingencies  
Schedule of commitments

At September 30, 2018, we had commitments as follows (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

 

 

Investment

 

2018

 

Commitment

 

Remaining

 

 

Commitment

 

Funding

 

Funded

 

Commitment

Real estate properties (Note 2. Real Estate Investments)

 

$

77,882

(1)

$

17,973

 

$

35,417

 

$

42,465

Accrued incentives and earn-out liabilities

 

 

23,000

(3)

 

 —

 

 

 —

 

 

23,000

Mortgage loans (Note 2. Real Estate Investments)

 

 

65,700

(2)

 

6,005

 

 

23,256

 

 

42,444

Joint venture investments (Note 3. Investments in Unconsolidated Joint Ventures)

 

 

25,650

 

 

580

 

 

23,594

 

 

2,056

Notes receivable (Note 4. Notes Receivable)

 

 

700

 

 

50

 

 

50

 

 

650

Total

 

$

192,932

 

$

24,608

 

$

82,317

 

$

110,615


(1)

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

 

(2)

$39,700 represents commitments to expand and renovate the seniors housing and health care properties securing the mortgage loans and $26,000 represents contingent funding upon the borrower achieving certain coverage ratios.

 

(3)

Subsequent to September 30, 2018, we entered into an amended master lease agreement with Senior Lifestyle. Among the provisions of the amendment, the contingent lease incentive payable to Senior Lifestyle was removed. Therefore, subsequent to September 30, 2018, we wrote-off the Senior Lifestyle contingent lease incentive of $6,219 and the related earn-out liability of $9,292 which will result in income of approximately $3,000.