Real Estate Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2013

The following is a summary of our real estate loans receivable (in thousands):

The following is a summary of our real estate loan activity for the periods presented (in thousands):


		Year Ended
		December 31, 2013						December 31, 2012								December 31, 2011
		Seniors						Seniors		Seniors						Seniors
		Housing		Medical				Housing		Housing		Medical				Housing		Medical
		Triple-net		Facilities		Totals		Triple-net		Operating⁽¹⁾		Facilities		Totals		Triple-net		Facilities		Totals
Advances on real estate loans receivable:
	Investments in new loans	$	41,180	$	4,095	$	45,275	$	2,220	$	580,834	$	38,336	$	621,390	$	18,541	$	-	$	18,541
	Draws on existing loans		67,451		8,183		75,634		41,754		-		1,950		43,704		29,752		3,184		32,936
	Sub-total		108,631		12,278		120,909		43,974		580,834		40,286		665,094		48,293		3,184		51,477
	Less: Seller financing on property sales		(3,850)		-		(3,850)		-		-		-		-		-		-		-
	Net cash advances on real estate loans		104,781		12,278		117,059		43,974		580,834		40,286		665,094		48,293		3,184		51,477
Receipts on real estate loans receivable:
	Loan payoffs		68,950		646		69,596		10,387		-		2,168		12,555		162,705		2,943		165,648
	Principal payments on loans		30,821		2,469		33,290		19,786		-		2,679		22,465		17,856		5,307		23,163
	Total receipts on real estate loans		99,771		3,115		102,886		30,173		-		4,847		35,020		180,561		8,250		188,811
Net cash advances (receipts) on real estate loans			5,010		9,163		14,173		13,801		580,834		35,439		630,074		(132,268)		(5,066)		(137,334)
Change in balance due to foreign currency translation			1,402		-		1,402		-		-		-		-		-		-		-
Net change in real estate loans receivable		$	6,412	$	9,163	$	15,575	$	13,801	$	580,834	$	35,439	$	630,074	$	(132,268)	$	(5,066)	$	(137,334)


(1) Represents loan to Sunrise Senior Living, Inc. that was acquired upon merger consummation on January 9, 2013 as discussed in Note 3.

The following is a summary of the allowance for losses on loans receivable for the periods presented (in thousands):


		Year Ended December 31,
	2013⁽¹⁾		2012⁽²⁾		2011⁽³⁾
Balance at beginning of year	$	-	$	-	$	1,276
Provision for loan losses		2,110		27,008		2,010
Charge-offs		(2,110)		(27,008)		(3,286)
Balance at end of year	$	-	$	-	$	-


(1) Provision and charge-off amounts relate to one active adult community in our seniors housing triple-net segment.
(2) Provision and charge-off amounts relate to one entrance fee community in our seniors housing triple-net segment.
(3) Provision and charge-off amounts relate to one hospital in our medical facilities segment.

The following is a summary of our loan impairments (in thousands):


		Year Ended December 31,
	2013		2012		2011
Balance of impaired loans at end of year	$	500	$	4,230	$	6,244
Allowance for loan losses		-		-		-
Balance of impaired loans not reserved	$	500	$	4,230	$	6,244
Average impaired loans for the year	$	2,365	$	5,237	$	7,968
Interest recognized on impaired loans⁽¹⁾		-		44		-


(1) Represents interest recognized prior to placement on non-accrual status.