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LOANS RECEIVABLE AND OTHER INVESTMENTS
 3 Months Ended
Mar. 31, 2017
Loans Receivable and Other Investments [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS
LOANS RECEIVABLE AND OTHER INVESTMENTS
As of March 31, 2017 and December 31, 2016, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
March 31, 2017
 
 
Investment
 
Quantity as of March 31, 2017
 
Facility Type
 
Principal Balance as of March 31, 2017 (1)
 
Book Value as of
March 31, 2017
 
Book Value as of
December 31, 2016
 
Weighted Average Contractual Interest Rate / Rate of Return
 
Weighted Average Annualized Effective Interest Rate / Rate of Return
 
Maturity Date as of March 31, 2017
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
4

 
Skilled Nursing / Senior Housing
 
$
38,308

 
$
38,341

 
$
38,262

 
9.1
%
 
8.9
%
 
11/07/16- 04/30/18
Construction
 
1

 
Senior Housing
 
1,301

 
1,351

 
842

 
8.0
%
 
7.7
%
 
03/31/21
Mezzanine
 
1

 
Senior Housing
 
9,640

 
9,653

 
9,656

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

 
Senior Housing
 
4,085

 
4,094

 
4,023

 
9.0
%
 
7.2
%
 
01/28/17-09/09/17
Debtor-in-possession
 
1

 
Acute Care Hospital
 
695

 
695

 
813

 
5.0
%
 
5.0
%
 
NA
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
10

 
 
 
54,029

 
54,134

 
53,596

 
9.4
%
 
9.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(4,096
)
 
(2,750
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
54,029

 
$
50,038

 
$
50,846

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
12

 
Skilled Nursing / Senior Housing
 
46,079

 
46,451

 
45,190

 
12.9
%
 
12.9
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
22

 
 
 
$
100,108

 
$
96,489

 
$
96,036

 
11.0
%
 
10.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of March 31, 2017, the Company considered five loan receivable investments to be impaired. The principal balances of the impaired loans were $36.3 million and $36.4 million as of March 31, 2017 and December 31, 2016, respectively. The Company recorded a provision for loan losses of $1.5 million related to three loan receivable investments during the three months ended March 31, 2017. As of March 31, 2017, five loans receivable investments totaling $36.3 million were on nonaccrual status. During the three months ended March 31, 2017, the Company reduced its portfolio-based loan loss reserve by $0.2 million. The Company's specific loan loss reserve and portfolio-based loan loss reserve were $3.9 million and $0.2 million, respectively, as of March 31, 2017. 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.