XML 32 R13.htm IDEA: XBRL DOCUMENT v3.5.0.2
LOANS RECEIVABLE AND OTHER INVESTMENTS
 6 Months Ended
Jun. 30, 2016
Loans Receivable and Other Investments [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS
LOANS RECEIVABLE AND OTHER INVESTMENTS
As of June 30, 2016 and December 31, 2015, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2016
 
 
Investment
 
Quantity
 
Facility Type
 
Principal Balance as of June 30, 2016 (1)
 
Book Value as of
June 30, 2016
 
Book Value as of
December 31, 2015
 
Weighted Average Contractual Interest Rate / Rate of Return
 
Weighted Average Annualized Effective Interest Rate / Rate of Return
 
Maturity Dates
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
6

 
Skilled Nursing / Senior Housing
 
$
54,211

 
$
54,282

 
$
166,277

 
9.1
%
 
8.9
%
 
8/12/16- 4/30/18
Construction
 
3

 
Senior Housing
 
15,339

 
15,444

 
75,201

 
9.9
%
 
9.8
%
 
10/31/18- 3/31/21
Mezzanine
 
1

 
Skilled Nursing / Senior Housing
 
9,640

 
9,666

 
15,613

 
11.0
%
 
10.8
%
 
08/31/17
Pre-development
 
3

 
Senior Housing
 
3,847

 
3,895

 
3,768

 
9.0
%
 
7.7
%
 
1/28/17 - 9/09/17
Debtor-in-possession
 
1

 
Acute Care Hospital
 
2,216

 
2,216

 
13,625

 
5.0
%
 
5.0
%
 
NA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
14

 
 
 
85,253

 
85,503

 
274,484

 
9.4
%
 
9.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(6,160
)
 
(4,300
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
85,253

 
$
79,343

 
$
270,184

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
11

 
Skilled Nursing / Senior Housing
 
40,599

 
40,957

 
29,993

 
12.9
%
 
12.9
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
25

 
 
 
$
125,852

 
$
120,300

 
$
300,177

 
10.5
%
 
10.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
During the six months ended June 30, 2016, the Company received aggregate proceeds of $196.1 million, consisting of outstanding principal balance of $170.8 million and $25.3 million of accrued and unpaid interest and fees, in final repayments of the Forest Park - Fort Worth construction loan and the Forest Park - Dallas mortgage loan.
As of June 30, 2016, the Company considered four loan receivable investments with principal balances totaling $32.2 million to be impaired and recorded a provision for loan losses related to these loans of $1.0 million and $3.3 million during the three and six months ended June 30, 2016, respectively. As of June 30, 2016, these four loan receivable investments were on nonaccrual status. During the three and six months ended June 30, 2016, the Company decreased its provision for portfolio-based loan losses by $1.5 million and $1.4 million, respectively. The Company's specific loan loss reserve and portfolio-based loan loss reserve were $5.9 million and $0.3 million, respectively, as of June 30, 2016. The Company did not record any specific loan loss reserve or portfolio-based loan loss reserve during the three and six months ended June 30, 2015.