LOANS RECEIVABLE (Notes)

3 Months Ended

Mar. 31, 2013

Receivables [Abstract]

LOANS RECEIVABLE

LOANS RECEIVABLE

As of March 31, 2013 and December 31, 2012, we had $555.1 million and $697.1 million, respectively, of net loans receivable relating to seniors housing and healthcare operators or properties.

In December 2012, we made a secured loan in the aggregate principal amount of $375.0 million, bearing interest at a fixed rate of 8.0% per annum and maturing in 2017. In March 2013, we sold a pari passu portion of the loan receivable to a third party. Under the terms of the loan agreement, we act as the administrative agent for the loan and will continue to receive the stated interest rate on our remaining loan receivable balance. No gain or loss was recognized from this transaction.

During the three months ended March 31, 2013, we received aggregate proceeds of $22.7 million in final repayment of two secured loans receivable.