LOANS RECEIVABLE AND OTHER INVESTMENTS (Notes)

6 Months Ended

Jun. 30, 2014

Loans Receivable and Other Investments [Abstract]

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

LOANS RECEIVABLE AND OTHER INVESTMENTS

As of June 30, 2014, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):

Investment	Quantity	Facility Type	Principal Balance as of June 30, 2014		Book Value as of June 30, 2014		Weighted Average Contractual Rate		Weighted Average Annualized Effective Rate		Maturity Date
Loans Receivable:
Mortgage	4	Skilled Nursing / Senior Housing / Acute Care Hospital	$	149,756	$	150,203	8.2	%	8.1	%	10/31/16 - 1/31/18
Construction	3	Acute Care Hospital / Memory Care	50,989		51,309		7.4	%	7.3	%	9/30/16 - 10/31/18
Mezzanine	1	Skilled Nursing	6,517		6,536		12.0	%	11.6	%	12/27/14
Pre-development	4	Senior Housing	2,709		2,818		9.0	%	8.0	%	8/16/15 - 5/8/17
	12		209,971		210,866		8.2	%	8.0	%
Other Investments:
Preferred Equity	5	Skilled Nursing / Senior Housing	14,711		14,921		14.2	%	14.1	%	NA
Total	17		$	224,682	$	225,787	8.6	%	8.4	%

Chai Acquisition Option Exercise

On March 5, 2014, the Company exercised its option to purchase two skilled nursing facilities indirectly securing a related 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.