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LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2018
Receivables [Abstract]  
Loans Receivable and Other Investments
As of June 30, 2018 and December 31, 2017, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2018
 
 
Investment
 
Quantity
as of
June 30, 2018
 
Property Type
 
Principal Balance
as of
June 30,
2018 (1)
 
Book Value
as of
June 30, 2018
 
Book Value
as of
December 31, 2017
 
Weighted Average Contractual Interest Rate / Rate of Return
 
Weighted Average Annualized Effective Interest Rate / Rate of Return
 
Maturity Date
as of
June 30, 2018
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
1

 
Specialty Hospital
 
$
15,332

 
$
15,332

 
$
12,351

 
10.0
%
 
10.0
%
 
01/31/27
Construction
 
2

 
Senior Housing
 
3,989

 
4,055

 
2,733

 
8.0
%
 
7.8
%
 
04/30/21- 09/30/22
Mezzanine
 
1

 
Skilled Nursing
 
25,000

 
2,301

 
10,239

 
10.0
%
 
41.9
%
 
05/25/20
Pre-development
 
1

 
Senior Housing
 
2,357

 
2,357

 
2,357

 
9.0
%
 
8.4
%
 
04/01/20
Other
 
17

 
Multiple
 
34,009

 
32,191

 
38,324

 
8.5
%
 
9.7
%
 
12/31/17- 04/30/27
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22

 
 
 
80,687

 
56,236

 
66,004

 
9.3
%
 
10.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(356
)
 
(97
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
80,687

 
$
55,880

 
$
65,907

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
13

 
Skilled Nursing / Senior Housing
 
50,856

 
51,348

 
48,483

 
12.6
%
 
12.6
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
35

 
 
 
$
131,543

 
$
107,228

 
$
114,390

 
10.6
%
 
11.7
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(1) 
Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
Changes in Accretable Yield of Loans with Deteriorated Credit Quality
The following table presents changes in the accretable yield for the three and six months ended June 30, 2018 (in thousands):
 
 
Three Months Ended
 
Six Months Ended
 
 
June 30, 2018
Accretable yield, beginning of period
 
$
1,883

 
$
2,483

Accretion recognized in earnings
 
(1,529
)
 
(2,129
)
Net reclassification from nonaccretable difference
 
727

 
727

Accretable yield, end of period
 
$
1,081

 
$
1,081