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LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2018
Receivables [Abstract]  
Loans Receivable and Other Investments
As of September 30, 2018 and December 31, 2017, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2018
 
 
Investment
 
Quantity
as of
September 30, 2018
 
Property Type
 
Principal Balance
as of
September 30,
2018 (1)
 
Book Value
as of
September 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
September 30, 2018
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
1

 
Specialty Hospital
 
$
16,525

 
$
16,525

 
$
12,351

 
10.0
%
 
10.0
%
 
01/31/27
Construction
 
2

 
Senior Housing
 
4,266

 
4,329

 
2,733

 
8.0
%
 
7.7
%
 
04/30/21- 09/30/22
Mezzanine
 
1

 
Skilled Nursing
 
25,000

 
2,291

 
10,239

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

 
Senior Housing
 
2,357

 
2,357

 
2,357

 
9.0
%
 
9.0
%
 
04/01/20
Other
 
17

 
Multiple
 
41,619

 
39,002

 
38,324

 
7.7
%
 
8.6
%
 
01/31/18- 08/31/28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
22

 
 
 
89,767

 
64,504

 
66,004

 
8.8
%
 
10.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(1,249
)
 
(97
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
89,767

 
$
63,255

 
$
65,907

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
11

 
Skilled Nursing / Senior Housing
 
46,616

 
47,096

 
48,483

 
12.1
%
 
12.1
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
33

 
 
 
$
136,383

 
$
110,351

 
$
114,390

 
9.9
%
 
10.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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 nine months ended September 30, 2018 (in thousands):
 
 
Three Months Ended
 
Nine Months Ended
 
 
September 30, 2018
Accretable yield, beginning of period
 
$
1,081

 
$
2,483

Accretion recognized in earnings
 
(348
)
 
(2,477
)
Net reclassification from nonaccretable difference
 
—

 
727

Accretable yield, end of period
 
$
733

 
$
733