LOANS RECEIVABLE AND OTHER INVESTMENTS

9 Months Ended

Sep. 30, 2015

Loans Receivable and Other Investments [Abstract]

LOANS RECEIVABLE AND OTHER INVESTMENTS

LOANS RECEIVABLE AND OTHER INVESTMENTS

As of September 30, 2015 and December 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 September 30, 2015		Book Value as of September 30, 2015		Book Value as of December 31, 2014		Weighted Average Contractual Interest Rate / Rate of Return		Weighted Average Annualized Effective Interest Rate / Rate of Return		Maturity Date
Loans Receivable:
Mortgage	7	Skilled Nursing / Senior Housing / Acute Care Hospital	$	162,794	$	163,089	$	144,383	8.4	%	8.6	%	1/11/16 - 4/30/18
Construction	3	Acute Care Hospital / Senior Housing	74,189		74,409		65,525		7.7	%	7.6	%	9/30/16 - 10/31/18
Mezzanine	2	Skilled Nursing / Senior Housing	18,586		18,629		21,491		11.3	%	11.1	%	1/1/16 - 8/31/17
Pre-development	3	Senior Housing	3,606		3,699		3,777		9.0	%	7.7	%	1/28/17 - 9/09/17
	15		259,175		259,826		235,176		8.4	%	8.5	%
Other Investments:
Preferred Equity	10	Skilled Nursing / Senior Housing	27,284		27,622		16,407		13.0	%	13.0	%	N/A
Total	25		$	286,459	$	287,448	$	251,583	8.8	%	8.9	%

On a quarterly basis, the Company reviews credit quality indicators of its loans receivable and other investments such as payment status, changes affecting the underlying real estate collateral (for collateral dependent loans), changes affecting the operations of the facilities securing the loans, and national and regional economic factors. The Company considers a loan to be impaired when, based upon current information and events, it believes that it is probable that the Company will be unable to collect all amounts due under the contractual terms of the loan agreement resulting from the borrower’s failure to repay contractual amounts due, the granting of a concession by the Company or the Company’s expectation that it will receive assets with fair values less than the carrying value of the loan in satisfaction of the loan.  As of September 30, 2015, based on the Company's assessment, none of the Company's loan or preferred equity investments were considered to be impaired.