LOANS RECEIVABLE AND OTHER INVESTMENTS (Notes)

3 Months Ended

Mar. 31, 2014

Loans Receivable and Other Investments [Abstract]

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

LOANS RECEIVABLE AND OTHER INVESTMENTS

As of March 31, 2014, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):

Investment	Quantity	Facility Type	Principal Balance as of March 31, 2014		Book Value as of March 31, 2014		Weighted Average Contractual Rate		Weighted Average Annualized Effective Rate		Maturity Date
Loans Receivable:
Mortgage	4	Skilled Nursing / Senior Housing / Acute Care Hospital	$	149,161	$	149,648	8.2	%	8.1	%	10/31/16 - 1/31/18
Construction	3	Acute Care Hospital / Memory Care	33,044		33,375		7.5	%	7.4	%	9/30/16 - 10/31/18
Mezzanine	1	Skilled Nursing	6,517		6,541		12.0	%	11.6	%	12/27/14
Pre-development	3	Senior Housing	1,884		1,965		9.0	%	7.8	%	8/16/15 - 1/28/17
	11		190,606		191,529		8.2	%	8.1	%
Other Investments:
Preferred Equity	2	Skilled Nursing / Memory Care	7,979		8,074		15.0	%	15.0	%	NA
Total	13		$	198,585	$	199,603	8.5	%	8.4	%

Chai Acquisition Option Exercise

On March 5, 2014, the Company exercised its option to purchase two skilled nursing facilities indirectly securing the mezzanine loan for $24.5 million.

At the closing of the acquisition, $5.8 million of the sales proceeds were used to repay a portion of the mezzanine loan, resulting in the Company funding an additional $18.7 million for the acquisition and leaving $6.5 million outstanding under the mezzanine loan. The Company continues to have an option to purchase up to an additional $25.5 million of the remaining ten properties securing the mezzanine loan.