Notes Receivable

3 Months Ended

Mar. 31, 2013

Notes Receivable

Notes Receivable

3. Notes Receivable

Notes receivables consist of various loans and line of credit agreements with certain operators. During the three months ended March 31, 2013 and 2012, we received $114,000 and $191,000, respectively, in principal payments and we funded $63,000 and $1,034,000, respectively, under these notes. At March 31, 2013, we had two term loans outstanding with a carrying value of $2,920,000 at a weighted average interest of 8.6%. Also at March 31, 2013, we committed to provide $1,525,000 under six loans and line of credit agreements to certain operators. As of March 31, 2013, we funded $209,000 under these commitments and have a remaining commitment of $1,316,000. In April 2013, we funded $60,000 under these commitments. Accordingly, we have a remaining commitment of $1,256,000. These loans and line of credit commitments have interest ranging from 9.0% to 12.0% and maturities ranging from 2013 to 2014.