XML 48 R29.htm IDEA: XBRL DOCUMENT v2.4.1.9
Schedule IV - Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract]  
Mortgage Loans on Real Estate
Schedule IV – Mortgage Loans on Real Estate as of December 31, 2014

(Dollars in thousands) 
Description
Interest Rate

 
Maturity Date
 
Periodic Payment Terms

 
Original Face Amount

 
Carrying Amount (2)

 
Balloon

Permanent Mortgage Loans:
 
 
 
 
 
 
 
 
 
 
 
Medical office building in Nevada (1)
6.50
%
 
9/30/2017
 
(1
)
 
$
1,900

 
$
1,900

 
$
1,650

Total Mortgage Loans
 
 
 
 
 
 
 
 
$
1,900

 
 
______ 
(1)
Interest only until maturity. The borrower is required to make a $0.3 million principal reduction in 2015. Principal payments may be made during term without penalty with remaining principal balance due at maturity.

(2)
A rollforward of Mortgage loans on real estate for the three years ended December 31, 2014 follows:
 
Year Ended December 31,
(Dollars in thousands)
2014

 
2013

 
2012

Balance at beginning of period
$
125,547

 
$
162,191

 
$
97,381

Additions during period:
 
 
 
 
 
New or acquired mortgages
1,900

 
4,241

 
11,200

Increased funding on existing mortgages
1,244

 
58,731

 
78,297

 
3,144

 
62,972

 
89,497

Deductions during period:
 
 
 
 
 
Scheduled principal payments
—

 
—

 
(16
)
Principal repayments and reductions (3)
(5,605
)
 
(2,413
)
 
(14,812
)
Principal reductions due to acquisitions (4) (5)
(81,213
)
 
(97,203
)
 
(9,859
)
Foreclosed mortgage note receivable (6)
(39,973
)
 
—

 
—

 
(126,791
)
 
(99,616
)
 
(24,687
)
Balance at end of period (7)
$
1,900

 
$
125,547

 
$
162,191

(3)
Principal repayments for the years ended December 31, 2014, 2013 and 2012 include unscheduled principal reductions on mortgage notes of $5.6 million, $2.4 million and $14.8 million, respectively.
(4)
In September, 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.
(5)
In May 2014, the Company acquired a medical office building in Oklahoma for $85.4 million, including the elimination of the construction mortgage note receivable totaling $81.2 million and cash consideration of approximately $4.2 million.
(6)
In March 2014, the Company acquired a medical office building in Iowa in satisfaction of a $40.0 million mortgage note receivable that matured on January 10, 2014. The cash flows from the operations of the property were sufficient to pay the Company interest from the maturity date through the date of the transfer of ownership to the Company at the 7.7% fixed interest rate plus an additional 3% of interest for the default interest rate. The Company did not recognize any of the $1.5 million exit fee receivable that was due upon maturity of the mortgage note receivable.
(7)
Total mortgage loans as of December 31, 2014 had an aggregate total cost of $1.9 million for federal income tax purposes.