XML 24 R14.htm IDEA: XBRL DOCUMENT v3.22.2.2
LOANS RECEIVABLE AND OTHER INVESTMENTS
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
LOANS RECEIVABLE AND OTHER INVESTMENTS LOANS RECEIVABLE AND OTHER INVESTMENTS
As of September 30, 2022 and December 31, 2021, the Company’s loans receivable and other investments consisted of the following (dollars in thousands):
As of September 30, 2022
Investment
Quantity
as of
September 30, 2022
Property Type
Principal Balance
as of
September 30, 2022 (1)
Book Value
as of
September 30, 2022
Book Value
as of December 31, 2021
Weighted Average Contractual Interest Rate / Rate of ReturnWeighted Average Annualized Effective Interest Rate / Rate of Return
Maturity Date
as of
September 30, 2022
Loans Receivable:
Mortgage2 Behavioral Health$309,000 $309,000 $309,000 7.7 %7.7 %11/01/26 - 01/31/27
Construction— —— — 3,347 — — —
Other13 Multiple42,774 38,960 36,028 6.9 %6.2 %11/30/22 - 08/31/28
15 351,774 347,960 348,375 7.6 %7.5 %
Allowance for loan losses— (6,427)(6,344)
$351,774 $341,533 $342,031 
Other Investments:
Preferred Equity7 Skilled Nursing / Senior Housing48,575 48,742 57,055 10.8 %10.7 %N/A
Total 22 $400,349 $390,275 $399,086 8.0 %7.9 %
(1)    Principal balance includes amounts funded and accrued but unpaid interest / preferred return and excludes capitalizable fees.
As of September 30, 2022, the Company has committed to provide up to $72.3 million of future funding related to three preferred equity investments and two loan receivable investments with maturity dates ranging from December 2022 to November 2026.
As of September 30, 2022 and December 31, 2021, the Company had three loans receivable investments, with an aggregate principal balance of $1.6 million and $1.7 million, respectively, that were considered to have deteriorated credit quality. As of September 30, 2022 and December 31, 2021, the book value of the outstanding loans with deteriorated credit quality was $8,000 and $0.1 million, respectively.
During the three and nine months ended September 30, 2022, the Company reduced its allowance for loan losses by $0.2 million and increased its allowance for loan losses by $0.1 million, respectively. During the three months ended
September 30, 2021, no adjustment to the Company’s allowance for loan losses was necessary, and during the nine months ended September 30, 2021, the Company increased its allowance for loan losses by $1.8 million.
As of September 30, 2022 and December 31, 2021, the Company had a $6.4 million and $6.3 million allowance for loan losses, respectively, and three loans receivable investments with no book value were on nonaccrual status. As of September 30, 2022 and December 31, 2021, the Company did not consider any preferred equity investments to be impaired, and no preferred equity investments were on nonaccrual status.