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SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2021

Mortgage Loans On Real Estate [Abstract]

MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE

(in thousands)

December 31, 2021


																				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)		11.13	%	F⁽²⁾		2029		Interest plus approximately $166.0 of principal payable monthly with $352,454 due at maturity		None		$	415,000		$	372,789		$	—
2		Michigan (5 SNFs)		10.18	%	F⁽²⁾		2029		Interest plus approximately $12.0 of principal payable monthly with $42,341 due at maturity		None			44,200			43,808			—
3		Michigan (2 SNFs)		10.40	%	F⁽²⁾		2029		Interest plus approximately $3.0 of principal payable monthly with $10,460 due at maturity		None			11,000			10,864			—
4		Ohio (8 SNFs)		10.50	%	F⁽²⁾		2032		Interest payable monthly until maturity		None			72,420			72,420			—
5		Ohio (2 SNFs) and Pennsylvania (4 SNFs and 1 ALFs)		10.81	%	F⁽²⁾		2027		Interest payable monthly until maturity		None			103,762			56,650			56,650	⁽⁵⁾
6		Texas (1 specialty facility)		7.85	%	F		2025		Interest plus approximately $139.0 of principal payable monthly with $59,749 due at maturity		None			72,960			65,475			—
7		Massachusetts (1 specialty facility)		9.00	%	F		2023		Interest plus approximately $55.0 of principal payable monthly with $6,079 due at maturity		None			9,000			7,090			—
8		Tennessee ( 1 SNF)		8.35	%	F		2015		Past due		None			6,997			1,472			1,472	⁽⁵⁾
9		Michigan (1 SNF)		9.38	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			14,045			14,045			—
10		Michigan (1 SNF)		10.40	%	F⁽²⁾		2029		Interest plus approximately $4.0 of principal payable monthly with $17,613 due at maturity		None			18,147			18,075			—
11		Ohio (1 SNF)		9.50	%	F		2022		Interest payable monthly until maturity		None			21,325			21,325			—
12		Michigan (8 SNFs and 1 ALF)		10.52	%	F⁽²⁾		2029		Interest plus approximately $15.0 of principal payable monthly with $81,302 due at maturity		None			83,454			83,208			—
13		Michigan (1 SNF)		10.40	%	F⁽²⁾		2029		Interest plus approximately $2.9 of principal payable monthly with $16,617 due at maturity		None			17,032			16,983

		Capital Expenditure Mortgages
14		Michigan		10.49	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			465			455			—
15		Michigan		12.18	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			4,220			4,220			—
16		Michigan		11.89	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			4,120			4,112			—
17		Michigan		11.60	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			9,645			9,374			—
18		Michigan		10.75	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			26,190			25,668			—
19		Michigan		10.18	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			500			500			—
20		Michigan		9.98	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			5,450			5,123			—
21		Michigan		9.36	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			2,900			2,542			—
22		Michigan		9.74	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			9,067			7,949			—
23		Michigan		10.49	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			3,025			3,025			—
24		Michigan		9.50	%	F⁽²⁾		2029		Interest payable monthly until maturity		None			325			169			—

		Construction Mortgages
25		Michigan (1 SNF)		9.50	%	F⁽²⁾		2023		Interest payable monthly until maturity		None			9,330			9,330			—

		Allowance for credit loss on mortgage loans⁽⁷⁾													—			(21,585)			—

														$	964,579		$	835,086		$	58,122

(1)

Loans included in this schedule represent first mortgages, capital expenditure 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 $909.3 million.

SCHEDULE IV – MORTGAGE LOANS ON REAL ESTATE — continued

(in thousands)

December 31, 2021

(4)


		Year Ended December 31,
		2019			2020			2021
Balance at beginning of period		$	710,858		$	773,563		$	885,313
Additions during period - new mortgage loans or additional fundings^(a)			129,108			149,957			93,891
Deductions during period - collection of principal/other ^(b)			(66,403)			(9,867)			(103,761)
Allowance for credit loss on mortgage loans			—			(28,340)			(40,357)
Balance at close of period		$	773,563		$	885,313		$	835,086

(a)

The 2019 amount includes $0.3 million of non-cash interest paid-in-kind. The 2020 amount includes $0.6 million of non-cash interest paid-in-kind and $86.9 million of non-cash placement of mortgage capital. The 2021 amount includes $0.2 million of non-cash interest paid-in-kind and $7.0 million of non-cash placement of mortgage principal.

(b)

The 2019 amount includes $11.9 million of non-cash deed-in-lieu of foreclosure. The 2021 amount includes $58.6 million of non-cash principal reductions.

(5)Mortgage written down to the fair value of the underlying collateral.

(6)Mortgages included in the schedule which were extended during 2021 aggregated approximately $38.3 million.

(7)	The allowance for credit loss on mortgage loans represents the allowance calculated utilizing a PD and LGD methodology. For mortgages that the risk of loss was evaluated on an individual basis, the allowance is included as a reduction to the carrying amount of the mortgage.