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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2019

Mortgage Loans On Real Estate [Abstract]

MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

(in thousands)

December 31, 2019


																				Carrying
																				Amount of
																	Carrying			Loans
														Face			Amount			Subject to
								Final						Amount			of			Delinquent
				Interest		Fixed/		Maturity				Prior		of			Mortgages			Principal
Grouping		Description (1)		Rate		Variable		Date		Periodic Payment Terms		Liens		Mortgages			(3) (4) (6)			or Interest

		First Mortgages
1		Michigan (25 SNFs)		10.13	%	F⁽²⁾		2029		Interest plus approximately $139.0 of principal payable monthly with $356,985 due at maturity		None		$	415,000		$	380,799		$	—
2		Michigan (5 SNFs)		9.73	%	F⁽²⁾		2029		Interest plus approximately $10.0 of principal payable monthly with $42,341 due at maturity		None			44,200			44,053			—
3		Michigan (3 SNFs)		9.95	%	F⁽²⁾		2029		Interest plus approximately $3.0 of principal payable monthly with $10,466 due at maturity		None			11,000			10,932			—
4		Maryland (3 SNFs)		13.75	%	F⁽²⁾		2028		Interest payable monthly until maturity		None			74,928			35,964			—
5		Ohio (2 SNFs) and Pennsylvania (5 SNFs and 2 ALFs)		10.39	%	F⁽²⁾		2027		Interest payable monthly until maturity		None			112,500			112,500			—
6		Idaho (1 specialty facility)		10.00	%	F		2021		Interest payable monthly until maturity		None			19,000			19,000			—
7		Texas (1specialty facility)		8.00	%	F		2025		Interest plus approximately $109.0 of principal payable monthly with $60,272 due at maturity		None			72,960			68,389			—
8		Texas (1 specialty facility)		8.50	%	F		2020		Interest plus approximately $123.0 of principal payable monthly		None			1,481			1,481			—
9		Massachusetts (1 specialty facility)		9.00	%	F		2023		Interest plus approximately $46.0 of principal payable monthly with $6,078 due at maturity		None			9,000			8,238			—
10		Tennessee ( 1 SNF)		8.35	%	F		2015		Past due		None			6,997			1,472			1,472	⁽⁵⁾
11		Michigan (1 SNF)		9.98	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			455			455			—
12		Michigan (1 SNF)		9.02	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			14,045			14,045			—
13		Michigan (1 SNF)		11.31	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			4,112			4,112			—
14		Michigan (1 SNF)		11.60	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			4,220			4,220			—
15		Michigan (6 SNFs)		11.04	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			9,374			9,374			—
16		Michigan (6 SNFs)		10.23	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			20,860			20,860			—
17		Michigan (3 SNFs)		9.73	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			360			360			—
18		Michigan (4 SNFs)		9.50	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			1,087			1,087			—

		Construction Mortgages
19		Michigan (1 SNF)		9.95	%	F⁽²⁾		2019		Interest payable monthly until maturity		None			14,826			14,826			—
20		Michigan (1 SNF)		9.95	%	F⁽²⁾		2019		Interest payable monthly until maturity		None			18,147			18,147			—
21		Ohio (1 SNF)		8.50	%	F⁽²⁾		2021		Interest accrues until 12/1/2020 when interest becomes payable monthly until maturity		None			3,249			3,249			—

														$	857,801		$	773,563		$	1,472

(1)

Loans included in this schedule represent first mortgages and construction mortgages on facilities used in the delivery of long-term healthcare of which such facilities are located in the states indicated.

(2)

Interest on the loans escalates annually at a fixed rate.

(3)

The aggregate cost for federal income tax purposes is approximately $779.1 million.

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued

(in thousands)

December 31, 2019

(4)


		Year Ended December 31,
		2017			2018			2019
Balance at beginning of period		$	639,343		$	671,232		$	710,858
Additions during period - new mortgage loans or additional fundings^(a)			34,643			65,841			129,108
Deductions during period - collection of principal/other ^(b)			(2,754)			(26,215)			(66,403)
Balance at close of period		$	671,232		$	710,858		$	773,563

(a)

The 2018 amount includes $0.5 million of non-cash interest paid-in-kind. The 2019 amount includes $0.3 million of non-cash interest paid-in-kind.

(b)

The 2017 amount includes $1.2 million of reserves and amortization of premium. The 2018 amount includes $0.1 million of amortization of premium. The 2019 amount includes $11.9 million of non-cash deed-in-lieu of foreclosure.

(5)

Mortgage written down to the fair value of the underlying collateral.

(6)

Mortgages included in the schedule which were extended during 2019 aggregated approximately $34.5 million.