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LOANS RECEIVABLE AND OTHER INVESTMENTS (Tables)
 6 Months Ended
Jun. 30, 2020
Receivables [Abstract]  
Loans Receivable and Other Investments
As of June 30, 2020 and December 31, 2019, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
June 30, 2020
 
 
Investment
 
Quantity
as of
June 30,
2020
 
Property Type
 
Principal Balance
as of
June 30,
2020 (1)
 
Book Value
as of
June 30,
2020
 
Book Value
as of
December 31, 2019
 
Weighted Average Contractual Interest Rate / Rate of Return
 
Weighted Average Annualized Effective Interest Rate / Rate of Return
 
Maturity Date
as of
June 30,
2020
Loans Receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Mortgage
 
1

 
Specialty Hospital
 
$
19,000

 
$
19,000

 
$
19,000

 
10.0
%
 
10.0
%
 
01/31/27
Construction
 
1

 
Senior Housing
 
3,276

 
3,294

 
2,487

 
8.0
%
 
7.8
%
 
09/30/22
Other
 
17

 
Multiple
 
45,443

 
41,487

 
42,147

 
6.8
%
 
6.9
%
 
09/01/20- 08/31/28
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
19

 
 
 
67,719

 
63,781

 
63,634

 
7.7
%
 
7.9
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for loan losses
 
 
 
 
 
—

 
(1,375
)
 
(564
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$
67,719

 
$
62,406

 
$
63,070

 
 
 
 
 
 
Other Investments:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Preferred Equity
 
5

 
Skilled Nursing / Senior Housing
 
21,848

 
21,995

 
44,304

 
12.5
%
 
12.5
%
 
N/A
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
24

 
 
 
$
89,567

 
$
84,401

 
$
107,374

 
8.9
%
 
9.1
%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

(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, 2020 and 2019 (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2020
 
2019
 
2020
 
2019
Accretable yield, beginning of period
$
31

 
$
198

 
$
39

 
$
449

Accretion recognized in earnings
(7
)
 
(86
)
 
(15
)
 
(304
)
Reduction due to payoff
—

 
—

 
—

 
(33
)
Accretable yield, end of period
$
24

 
$
112

 
$
24

 
$
112