Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2020

Receivables [Abstract]

Summary of Loans Receivable

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

	September 30, 2020		December 31, 2019
Mortgage loans	$	293,351	$	188,062
Other real estate loans	127,988		124,696
Allowance for credit losses on real estate loans receivable	(6,633)		(42,376)
Real estate loans receivable, net of credit allowance	414,706		270,382
Non-real estate loans	460,411		362,850
Allowance for credit losses on non-real estate loans receivable	(78,262)		(25,996)
Non-real estate loans receivable, net of credit allowance	382,149		336,854
Total loans receivable, net of credit allowance	$	796,855	$	607,236

Summary of Loan Activity

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

	Nine Months Ended
	September 30, 2020		September 30, 2019
Advances on loans receivable:
Investments in new loans	$	194,942	$	36,024
Draws on existing loans	21,365		54,832
Net cash advances on loans receivable	216,307		90,856
Receipts on loans receivable:
Loan payoffs	—		37,686
Principal payments on loans	14,345		19,439
Net cash receipts on loans receivable	14,345		57,125
Net cash advances (receipts) on loans receivable	$	201,962	$	33,731

Schedule of Credit Loss

The following is a summary of our loans by credit loss category (in thousands):

	September 30, 2020
Loan category	Years of Origination	Loan Carrying Value		Allowance for Credit Loss		Net Loan Balance		No. of Loans
Deteriorated loans (1)	2007 - 2018	$	249,314	$	(76,695)	$	172,619	7
Collective loan pool	2007 - 2015	129,949		(1,886)		128,063		15
Collective loan pool	2016	124,599		(1,612)		122,987		4
Collective loan pool	2017	124,840		(1,074)		123,766		7
Collective loan pool	2018	17,314		(251)		17,063		1
Collective loan pool	2019	49,274		(684)		48,590		7
Collective loan pool	2020	186,460		(2,693)		183,767		6
Total loans		$	881,750	$	(84,895)	$	796,855	47
(1) During the three months ended September 30, 2020, two loans receivable originated in 2016 to Genesis Healthcare with an aggregate carrying value of $62,753,000 were transferred to the deteriorated loan pool. The carrying value is exclusive of deferred gains of $62,819,000 recorded in accrued expenses and other liabilities on the Consolidated Balance Sheets.

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

	Nine Months Ended
	September 30, 2020		September 30, 2019
Balance at beginning of period	$	68,372	$	68,372
Adoption of ASU 2016-13	5,212		—
Provision for loan losses	11,351		18,690
Loan write-offs	—		(18,690)
Foreign currency translation	(40)		—
Balance at end of period	$	84,895	$	68,372

Summary of Impaired Loans

The following is a summary of our deteriorated loans (in thousands):

	Nine Months Ended
	September 30, 2020		September 30, 2019
Balance of deteriorated loans at end of period (1)	$	249,314	$	188,043
Allowance for credit losses	(76,695)		(68,372)
Balance of deteriorated loans not reserved	$	172,619	$	119,671
Interest recognized on deteriorated loans (2)	$	13,847	$	12,082

(1) Current year amounts include $10,686,000 and $2,534,000 of loans on non-accrual as of September 30, 2020 and December 31, 2019, respectively. Prior year amounts include $2,534,000 and $2,567,000 as of September 30, 2019 and December 31, 2018, respectively.

(2) Represents cash interest recognized in the period.