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LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 9 Months Ended
Sep. 30, 2019
Receivables [Abstract]  
Loans Receivable and Other Investments
As of September 30, 2019 and December 31, 2018, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
September 30, 2019
 
 
Investment
 
Quantity
as of
September 30,
2019
 
Property Type
 
Principal Balance
as of
September 30,
2019 (1)
 
Book Value
as of
September 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
September 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
 
5,884

 
5,935

 
4,629

 
8.0
%
 
7.7
%
 
10/14/19- 09/30/22
Mezzanine
 
—

 
Skilled Nursing
 
—

 
—

 
2,188

 
N/A

 
N/A

 
N/A
Other
 
17

 
Multiple
 
43,602

 
39,673

 
45,324

 
6.7
%
 
7.1
%
 
09/23/19- 08/31/28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
20

 
 
 
68,486

 
64,608

 
70,718

 
7.7
%
 
8.0
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan loss reserve
 
 
 
—

 
(783
)
 
(1,258
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
68,486

 
$
63,825

 
$
69,460

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
9

 
Skilled Nursing / Senior Housing
 
44,005

 
44,417

 
44,262

 
12.0
%
 
12.0
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
29

 
 
 
$
112,491

 
$
108,242

 
$
113,722

 
9.4
%
 
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 nine months ended September 30, 2019 and 2018 (in thousands):
 
 
Three Months Ended September 30,
 
Nine Months Ended September 30,
 
 
2019
 
2018
 
2019
 
2018
Accretable yield, beginning of period
 
$
112

 
$
1,081

 
$
449

 
$
2,483

Accretion recognized in earnings
 
(53
)
 
(348
)
 
(357
)
 
(2,477
)
Reduction due to payoff
 
—

 
—

 
(33
)
 
—

Net reclassification from nonaccretable difference
 
—

 
—

 
—

 
727

Accretable yield, end of period
 
$
59

 
$
733

 
$
59

 
$
733