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LOANS RECEIVABLE AND OTHER INVESTMENTS
 9 Months Ended
Sep. 30, 2016
Loans Receivable and Other Investments [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS
LOANS RECEIVABLE AND OTHER INVESTMENTS
As of September 30, 2016 and December 31, 2015, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2016
 
 
Investment
 
Quantity
 
Facility Type
 
Principal Balance as of September 30, 2016 (1)
 
Book Value as of
September 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
 
5

 
Skilled Nursing / Senior Housing
 
$
38,492

 
$
38,534

 
$
166,277

 
9.1
%
 
8.9
%
 
11/07/16- 3/31/21
Construction
 
1

 
Senior Housing
 
590

 
637

 
75,201

 
8.0
%
 
7.7
%
 
3/31/21
Mezzanine
 
1

 
Senior Housing
 
9,640

 
9,660

 
15,613

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

 
Senior Housing
 
3,926

 
3,959

 
3,768

 
9.0
%
 
7.6
%
 
1/28/17 - 9/09/17
Debtor-in-possession
 
1

 
Acute Care Hospital
 
1,823

 
1,823

 
13,625

 
5.0
%
 
5.0
%
 
NA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
11

 
 
 
54,471

 
54,613

 
274,484

 
9.3
%
 
9.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(3,120
)
 
(4,300
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
54,471

 
$
51,493

 
$
270,184

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
11

 
Skilled Nursing / Senior Housing
 
42,594

 
42,973

 
29,993

 
12.9
%
 
12.9
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
22

 
 
 
$
97,065

 
$
94,466

 
$
300,177

 
10.9
%
 
10.8
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
During the nine months ended September 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 September 30, 2016, the Company considered three loan receivable investments to be impaired. The principal balances of the impaired loans were $18.4 million and $30.0 million as of September 30, 2016 and December 31, 2015, respectively. The Company recorded a provision for loan losses related to these loans of $0.2 million and $3.5 million during the three and nine months ended September 30, 2016, respectively. As of September 30, 2016, these three loan receivable investments were on nonaccrual status. During the three and nine months ended September 30, 2016, the Company increased its provision for portfolio-based loan losses by $50,000 and decreased it by $1.4 million, respectively. The Company's specific loan loss reserve and portfolio-based loan loss reserve were $2.7 million and $0.4 million, respectively, as of September 30, 2016. The Company did not record any specific loan loss reserve or portfolio-based loan loss reserve during the three and nine months ended September 30, 2015.