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LOANS RECEIVABLE AND OTHER INVESTMENTS
 9 Months Ended
Sep. 30, 2020
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
As of September 30, 2020 and December 31, 2019, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
September 30, 2020
InvestmentQuantity
as of
September 30,
2020		Property Type
Principal Balance
as of
September 30,
2020 (1)
Book Value
as of
September 30,
2020		Book Value
as of
December 31, 2019		Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of ReturnMaturity Date
as of
September 30,
2020
Loans Receivable:
Mortgage1 Specialty Hospital$19,000 $19,000 $19,000 10.0 %10.0 %01/31/27
Construction1 Senior Housing3,343 3,353 2,487 8.0 %7.8 %09/30/22
Other17 Multiple43,973 40,010 42,147 6.8 %6.9 %03/01/21- 08/31/28
19 66,316 62,363 63,634 7.8 %7.9 %
Allowance for loan losses— (1,287)(564)
$66,316 $61,076 $63,070 
Other Investments:
Preferred Equity6 Skilled Nursing / Senior Housing42,533 42,744 44,304 11.3 %11.3 %N/A
Total 25 $108,849 $103,820 $107,374 9.2 %9.3 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of September 30, 2020 and December 31, 2019, the Company had four loans receivable investments, with an aggregate principal balance of $2.2 million and $2.3 million, respectively, that were considered to have deteriorated credit quality. As of September 30, 2020 and December 31, 2019, the book value of the outstanding loans with deteriorated credit quality was $0.6 million and $0.8 million, respectively.
The following table presents changes in the accretable yield for the three and nine months ended September 30, 2020 and 2019 (in thousands):
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Accretable yield, beginning of period$24 $112 $39 $449 
Accretion recognized in earnings(7)(53)(22)(357)
Reduction due to payoff— — — (33)
Accretable yield, end of period$17 $59 $17 $59 
During the three months ended September 30, 2020, the Company decreased its allowance for loan losses by $0.1 million, and during the nine months ended September 30, 2020, the Company increased its allowance for loan losses by $0.7 million.
As of September 30, 2020, the Company had a $1.3 million allowance for loan losses. As of September 30, 2020, two loans receivable investments with no book value were on nonaccrual status. As of September 30, 2020, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.
As of December 31, 2019, the Company had no asset-specific loan loss reserve and a $0.6 million portfolio-based loan loss reserve. As of December 31, 2019, the Company did not consider any loans receivable investments to be impaired. As of December 31, 2019, two loans receivable investments with no book value were on nonaccrual status. As of December 31, 2019, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.
During the three months ended September 30, 2019, the Company recorded no provision for specific loan losses, and during the nine months ended September 30, 2019, the Company recorded a $1.2 million provision for specific loan losses. During the three and nine months ended September 30, 2019, the Company increased its portfolio-based loss reserve by $0.1 million and $0.2 million, respectively.