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Real Estate Loans Receivable
 12 Months Ended
Dec. 31, 2017
Real Estate Loans Receivable [Abstract]  
Real Estate Loans Receivable

6. Real Estate Loans Receivable

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

December 31,
20172016
Mortgage loans$374,492$485,735
Other real estate loans121,379136,893
Totals$495,871$622,628

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

Year Ended
December 31, 2017December 31, 2016December 31, 2015
OutpatientOutpatientOutpatient
Triple-netMedicalTotalsTriple-netMedicalTotalsTriple-netMedicalTotals
Advances on real estate loans receivable:
Investments in new loans$12,091$-$12,091$8,445$-$8,445$530,497$-$530,497
Draws on existing loans71,647-71,647118,7882,651121,43965,6142,61168,225
Net cash advances on real estate loans83,738-83,738127,2332,651129,884596,1112,611598,722
Receipts on real estate loans receivable:
Loan payoffs157,91260,500218,412275,43927,303302,742121,778-121,778
Principal payments on loans1,219-1,2196,867-6,86733,340-33,340
Sub-total159,13160,500219,631282,30627,303309,609155,118-155,118
Less: Non-cash activity(1)(63,108)(60,500)(123,608)(45,044)(15,013)(60,057)(23,288)-(23,288)
Net cash receipts on real estate loans96,023-96,023237,26212,290249,552131,830-131,830
Net cash advances (receipts) on real estate loans(12,285)-(12,285)(110,029)(9,639)(119,668)464,2812,611466,892
Change in balance due to foreign currency translation9,136-9,136(14,086)-(14,086)(4,281)-(4,281)
Loan impairments(2)----(3,053)(3,053)---
Net change in real estate loans receivable$(66,257)$(60,500)$(126,757)$(169,159)$(27,705)$(196,864)$436,712$2,611$439,323
(1) Primarily represents aquisitions of assets previously financed as a real estate loans. Please see Note 3 for additional information.
(2) Represents a direct write down of an impaired loan receivable.

     In 2016, we restructured two existing real estate loans in the triple-net segment to Genesis. The two existing loans, with a combined principal balance of $317,000,000, were scheduled to mature in 2017 and 2018. These loans were restructured into four separate loans effective October 1, 2016. Each loan had a five year term, a 10% interest rate and 25 basis point annual escalator. We recorded a loan loss charge in the amount of $6,935,000 on one of the loans as the present value of expected future cash flows was less than the carrying value of the loan. During 2017, we recorded a provision for loan loss of $62,966,000 relating to three real estate loans receivable to Genesis.  The allowance for losses on loans receivable for these three loans totals $68,372,000 and is deemed to be sufficient to absorb expected losses relating to the loans.  Such allowance was based on an estimation of expected future cash flows discounted at the effective interest rate for each loan. Please see Note 21 for additional information.

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

Year Ended December 31,
201720162015
Balance at beginning of year$6,563$-$-
Provision for loan losses(1)62,9666,935-
Change in present value (1,157) (372) -
Balance at end of year$68,372$6,563$-
(1) Excludes direct write down of an impaired loan receivable in 2016.

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

Year Ended December 31,
201720162015
Balance of impaired loans at end of year$282,882$377,549$-
Allowance for loan losses68,3726,563-
Balance of impaired loans not reserved$214,510$370,986$-
Average impaired loans for the year$330,216$188,775$10,500
Interest recognized on impaired loans(1)27,7938,707-
(1) Represents cash interest recognized in the period since loans were identified as impaired.