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Loans Receivable
 9 Months Ended
Sep. 30, 2022
Receivables [Abstract]  
Loans Receivable Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, as well as corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss. Accrued interest receivable was $25,142,000 and $26,659,000 as of September 30, 2022 and December 31, 2021, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands):
 September 30, 2022December 31, 2021
Mortgage loans$709,120 $889,556 
Other real estate loans220,484 194,477 
Allowance for credit losses on real estate loans receivable(12,965)(15,352)
Real estate loans receivable, net of credit allowance916,639 1,068,681 
Non-real estate loans409,796 375,060 
Allowance for credit losses on non-real estate loans receivable(151,800)(151,433)
Non-real estate loans receivable, net of credit allowance257,996 223,627 
Total loans receivable, net of credit allowance$1,174,635 $1,292,308 
The following is a summary of our loan activity for the periods presented (in thousands):    
 Nine Months Ended
 September 30, 2022September 30, 2021
Advances on loans receivable$133,179 $953,006 
Receipts on loans receivable(172,380)(250,415)
Net cash advances (receipts) on loans receivable$(39,201)$702,591 
The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of each of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral.
A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.
For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. The following is a summary of our loans by credit loss category (in thousands):
September 30, 2022
Loan categoryYears of OriginationLoan Carrying ValueAllowance for Credit LossNet Loan BalanceNo. of Loans
Deteriorated loans2007 - 2018$172,265 $(148,436)$23,829 3 
Collective loan pool2007-2017214,598 (3,012)211,586 13 
Collective loan pool201819,778 (278)19,500 2 
Collective loan pool201922,839 (321)22,518 4 
Collective loan pool202051,954 (729)51,225 6 
Collective loan pool2021748,653 (10,456)738,197 18 
Collective loan pool2022109,313 (1,533)107,780 15 
Total loans$1,339,400 $(164,765)$1,174,635 61 
The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. 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, 2022September 30, 2021
Balance at beginning of period$166,785 $224,036 
Provision for loan losses, net(149)7,309 
Loan write-offs— (64,075)
Foreign currency translation(1,871)(468)
Balance at end of period$164,765 $166,802 
The following is a summary of our deteriorated loans (in thousands):
 Nine Months Ended
 September 30, 2022September 30, 2021
Balance of deteriorated loans at end of period$172,265 $178,301 
Allowance for credit losses(148,436)(148,438)
Balance of deteriorated loans not reserved$23,829 $29,863 
Interest recognized on deteriorated loans (1)
$— $3,171 
(1) Represents cash interest recognized in the period.