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LOANS RECEIVABLE AND OTHER INVESTMENTS
 9 Months Ended
Sep. 30, 2017
Loans Receivable and Other Investments [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS
LOANS RECEIVABLE AND OTHER INVESTMENTS
As of September 30, 2017 and December 31, 2016, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
Investment
 
Quantity as of September 30, 2017
 
Property Type
 
Principal Balance as of September 30, 2017 (1)
 
Book Value as of
September 30, 2017
 
Book Value as of
December 31, 2016
 
Weighted Average Contractual Interest Rate / Rate of Return as of September 30, 2017
 
Maturity Date as of September 30, 2017
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
5

 
Skilled Nursing / Senior Housing
 
$
45,064

 
$
42,664

 
$
38,262

 
9.2
%
 
11/07/16- 02/10/27
Construction
 
2

 
Senior Housing
 
2,354

 
2,418

 
842

 
8.0
%
 
03/31/21- 05/31/22
Mezzanine
 
2

 
Senior Housing
 
34,640

 
28,391

 
9,656

 
10.3
%
 
02/28/18- 05/25/20
Pre-development
 
1

 
Senior Housing
 
2,357

 
2,357

 
4,023

 
9.0
%
 
04/01/20
Other
 
14

 
Multiple
 
44,926

 
27,859

 
—

 
8.6
%
 
10/28/17- 04/30/27
Debtor-in-possession
 
—

 
Acute Care Hospital
 
—

 
—

 
813

 
N/A

 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
24

 
 
 
129,341

 
103,689

 
53,596

 
9.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(6,211
)
 
(2,750
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
129,341

 
$
97,478

 
$
50,846

 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
13

 
Skilled Nursing / Senior Housing
 
51,833

 
52,288

 
45,190

 
12.8
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
37

 
 
 
$
181,174

 
$
149,766

 
$
96,036

 
10.3
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) 
Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
In connection with the CCP Merger, the Company acquired 18 loan receivable investments with a book value of $54.1 million as of September 30, 2017.
As of September 30, 2017, the Company considered six loan receivable investments to be impaired. The aggregate principal balance of the impaired loans was $35.2 million as of September 30, 2017 and December 31, 2016. The Company recorded a provision for loan losses of $3.0 million and $4.8 million related to four loan receivable investments during the three and nine months ended September 30, 2017, respectively, two of which were written-off during the nine months ended September 30, 2017. As of September 30, 2017, six loans receivable investments totaling $35.2 million were on nonaccrual status. During the three and nine months ended September 30, 2017, the Company reduced its portfolio-based loan loss reserve by $32,000 and $0.3 million, respectively. The Company's specific loan loss reserve was $6.1 million and the portfolio-based loan loss reserve was $0.1 million as of September 30, 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.