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Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]  
Mortgage Loans on Real Estate
Schedule IV – Mortgage Loans on Real Estate as of December 31, 2013

(Dollars in thousands) 
Description
Interest Rate

 
Maturity Date
 
Periodic Payment Terms

 
Original Face Amount

 
Carrying Amount (4)

 
Balloon

Permanent Mortgage Loans:
 
 
 
 
 
 
 
 
 
 
 
Office building in Iowa (1)
7.70
%
 
1/10/2014
 
(1
)
 
$
40,000

 
$
39,973

 
$
39,973

Medical office building in Florida
7.50
%
 
4/10/2015
 
(3
)
 
3,750

 
3,750

 
3,750

Land in Texas
5.00%-6.00%

 
3/25/2015
 
(2
)
 
3,666

 
1,855

 
1,855

Construction Mortgage Loans:
 
 
 
 
 
 
 
 
 
 
 
Medical office building in Oklahoma
7.72
%
 
9/30/2014
 
(3
)
 
94,889

 
79,969

 
79,969

Total Mortgage Loans
 
 
 
 
 
 
 
 
$
125,547

 
 
______ 
(1)
Payment was not received upon maturity. The Company has begun default remedies that could result in foreclosure and the Company obtaining ownership of the property that serves as collateral for the mortgage loan. Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity.
(2)
Interest only until maturity. Principal payments may be made during term without penalty with remaining principal balance due at maturity.
(3)
Interest only until maturity.
(4)
A rollforward of Mortgage loans on real estate for the three years ended December 31, 2013 follows:
 
Year Ended December 31,
(Dollars in thousands)
2013

 
2012

 
2011

Balance at beginning of period
$
162,191

 
$
97,381

 
$
36,599

Additions during period:
 
 
 
 
 
New or acquired mortgages
4,241

 
11,200

 
85,467

Amortization of loan origination fee (5)
—

 
—

 
184

Increased funding on existing mortgages
58,731

 
78,297

 
19,164

 
62,972

 
89,497

 
104,815

Deductions during period:
 
 
 
 
 
Scheduled principal payments
—

 
(16
)
 
(491
)
Principal repayments and reductions (6)
(2,413
)
 
(14,812
)
 
(17,232
)
Principal reductions due to acquisitions (7)
(97,203
)
 
(9,859
)
 
—

Conversions to land held for development (8)
—

 
—

 
(4,371
)
Mortgage eliminated in consolidation (9)
—

 
—

 
(21,939
)
 
(99,616
)
 
(24,687
)
 
(44,033
)
Balance at end of period (10)
$
125,547

 
$
162,191

 
$
97,381

(5)
Represents the amortization of a loan origination fee prior to the consolidation of the building securing the mortgage note. The mortgage note and related loan amortization fee was eliminated in consolidation until it was repaid in January 2012.
(6)
Principal repayments for the years ended December 31, 2013 and 2011 include unscheduled principal reductions on mortgage notes of $2.4 million and $0.5 million, respectively.
(7)
On September 27, 2013, the Company acquired an orthopedic facility in Missouri for $102.6 million, including the elimination of the construction mortgage note receivable totaling $97.2 million. In May 2012, the Company purchased a medical office building in Texas. Concurrent with the acquisition, the Company's construction mortgage note receivable totaling $9.9 million, which secured the building, was repaid.
(8)
The Company received deeds in lieu of trust on two land parcels located in Iowa during 2011.
(9)
In the third quarter of 2011, the Company began consolidating a construction project upon its conclusion that it was the primary beneficiary of the VIE that was constructing the facility. As a result of consolidation of the VIE, the Company also eliminated the construction mortgage note and related interest on its Consolidated Financial Statements. The construction mortgage note was repaid in full in January 2012.
(10)
Total mortgage loans as of December 31, 2013 had an aggregate total cost of $125.5 million for federal income tax purposes.