LOANS RECEIVABLE AND OTHER INVESTMENTS

12 Months Ended

Dec. 31, 2016

REAL ESTATE LOANS RECEIVABLE [Abstract]

LOANS RECEIVABLE AND OTHER INVESTMENTS

LOANS RECEIVABLE AND OTHER INVESTMENTS

As of December 31, 2016 and 2015, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):

											December 31, 2016
Investment	Quantity as of December 31, 2016	Facility Type	Principal Balance as of December 31, 2016 (1)		Book Value as of December 31, 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 Date as of December 31, 2016
Loans Receivable:
Mortgage	4	Skilled Nursing / Senior Housing	$	38,231	$	38,262		$	166,277		9.1	%	8.9	%	11/07/16 - 04/30/18
Construction	1	Senior Housing	795		842			75,201			8.0	%	7.7	%	03/31/21
Mezzanine	1	Senior Housing	9,640		9,656			15,613			11.0	%	10.8	%	08/31/17
Pre-development	3	Senior Housing	4,005		4,023			3,768			9.0	%	7.7	%	01/28/17 - 09/09/17
Debtor-in-possession	1	Acute Care Hospital	813		813			13,625			5.0	%	5.0	%	N/A
	10		53,484		53,596			274,484			9.3	%	9.1	%
Loan loss reserve			—		(2,750		)	(4,300		)
			53,484		50,846			270,184
Other Investments:
Preferred Equity	12	Skilled Nursing/Senior Housing	44,882		45,190			29,993			12.9	%	12.9	%	N/A
Total	22		$	98,366	$	96,036		$	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 year ended December 31, 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 December 31, 2016, the Company considered three loan receivable investments to be impaired. The principal balances of the impaired loans were $17.4 million and $30.0 million as of December 31, 2016 and December 31, 2015, respectively. The Company recorded a provision for loan losses of $3.1 million related to four loan receivable investments during the year ended December 31, 2016, one of which was partially repaid prior to December 31, 2016 through the foreclosure of the real estate asset. As of December 31, 2016, four investments in loans receivable totaling $31.2 million were on nonaccrual status. During the year ended December 31, 2016, the Company decreased its provision for portfolio-based loan losses by $1.3 million. The Company's specific loan loss reserve and portfolio-based loan loss reserve were $2.3 million and $0.4 million, respectively, as of December 31, 2016. The Company recorded a $2.6 million specific loan loss reserve and a $1.8 million portfolio-based loan loss reserve during the year ended December 31, 2015.