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LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2019
Receivables [Abstract]  
Loans Receivable and Other Investments
As of June 30, 2019 and December 31, 2018, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2019
 
 
Investment
 
Quantity
as of
June 30,
2019
 
Property Type
 
Principal Balance
as of
June 30,
2019 (1)
 
Book Value
as of
June 30,
2019
 
Book Value
as of
December 31, 2018
 
Weighted Average Contractual Interest Rate / Rate of Return
 
Weighted Average Annualized Effective Interest Rate / Rate of Return
 
Maturity Date
as of
June 30,
2019
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
1

 
Specialty Hospital
 
$
19,000

 
$
19,000

 
$
18,577

 
10.0
%
 
10.0
%
 
01/31/27
Construction
 
2

 
Senior Housing
 
5,363

 
5,418

 
4,629

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

 
Skilled Nursing
 
—

 
—

 
2,188

 
N/A

 
N/A

 
N/A
Other
 
17

 
Multiple
 
48,365

 
44,418

 
45,324

 
6.8
%
 
7.3
%
 
02/28/19- 08/31/28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20

 
 
 
72,728

 
68,836

 
70,718

 
7.7
%
 
8.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(1,960
)
 
(1,258
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
72,728

 
$
66,876

 
$
69,460

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
9

 
Skilled Nursing / Senior Housing
 
43,915

 
44,327

 
44,262

 
12.0
%
 
12.0
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
29

 
 
 
$
116,643

 
$
111,203

 
$
113,722

 
9.3
%
 
9.6
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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, 2019 and 2018 (in thousands):
 
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Accretable yield, beginning of period
 
$
198

 
$
1,883

 
$
449

 
$
2,483

Accretion recognized in earnings
 
(86
)
 
(1,529
)
 
(304
)
 
(2,129
)
Reduction due to payoff
 
—

 
—

 
(33
)
 
—

Net reclassification from nonaccretable difference
 
—

 
727

 
—

 
727

Accretable yield, end of period
 
$
112

 
$
1,081

 
$
112

 
$
1,081