Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2020

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


	Year Ended December 31,
	2020		2019
Mortgage loans	$	299,430	$	188,062
Other real estate loans	152,739		124,696
Allowance for credit losses on real estate loans receivable	(8,797)		(42,376)
Real estate loans receivable, net of credit allowance	443,372		270,382
Non-real estate loans	455,508		362,850
Allowance for credit losses on non-real estate loans receivable	(215,239)		(25,996)
Non-real estate loans receivable, net of credit allowance(1)	240,269		336,854
Total loans receivable, net of credit allowance	$	683,641	$	607,236

(1) Included in receivables and other assets on the Consolidated Balance Sheets.

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


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Advances on loans receivable:
Investments in new loans	$	224,078	$	46,824	$	77,289
Draws on existing loans	23,465		72,875		34,759
Net cash advances on loans receivable	247,543		119,699		112,048





Receipts on loans receivable:
Loan payoffs	15,677		118,703		144,700
Principal payments on loans	15,871		9,003		59,235


Net cash receipts on loans receivable	31,548		127,706		203,935
Net cash advances (receipts) on loans receivable	$	215,995	$	(8,007)	$	(91,887)

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

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


	Year Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	68,372	$	68,372	$	68,372
Adoption of ASU 2016-13	5,212		—		—
Provision for loan losses	94,436		18,690		—
Loan write-offs	(7,000)		(18,690)		—
Foreign currency translation	197		—		—
Reclassification of deferred gain as credit loss(1)	62,819		—		—
Balance at end of year	$	224,036	$	68,372	$	68,372

(1) During the year ended December 31, 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. In addition, deferred gains of $62,819,000 previously recorded in accrued expenses and other liabilities were reclassified to the allowance for credit losses.

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


	Year Ended December 31,
	2020		2019		2018
Balance of deteriorated loans at end of year(1)	$	242,319	$	188,018	$	189,272
Allowance for credit losses	(212,514)		(68,372)		(68,372)
Balance of deteriorated loans not reserved	$	29,805	$	119,646	$	120,900
Interest recognized on deteriorated loans(2)	18,937		16,235		17,241

(1) Balances include $3,623,000, $2,534,000 and 2567000 of loans on non-accrual as of December 31, 2020, 2019 and 2018, respectively.

(2) Represents cash interest recognized in the period.