Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2012

Loans Receivable

Schedule of loans receivable

The following table summarizes the Company's loans receivable (in thousands):

	December 31,
	2012								2011
	Real Estate Secured		Other Secured			Total			Real Estate Secured			Other Secured			Total
Mezzanine	$	—	$	145,150		$	145,150		$	—		$	90,148		$	90,148
Other		147,264		—			147,264			35,643			—			35,643
Unamortized discounts, fees and costs		—		(2,974	)		(2,974	)		(1,040	)		(1,088	)		(2,128	)
Allowance for loan losses		—		(13,410	)		(13,410	)		—			(13,410	)		(13,410	)
	$	147,264	$	128,766		$	276,030		$	34,603		$	75,650		$	110,253

Summary of loans receivable secured by real estate

Following is a summary of loans receivable secured by real estate at December 31, 2012:

Final Maturity Date	Number of Loans			Payment Terms	Principal Amount		Carrying Amount
					(in thousands)
2013		1		monthly payments of $99,200, accrues interest at 11.5% and secured by three skilled nursing facilities in Michigan	$	8,492	$	7,982
2015		1		monthly interest-only payments beginning in 2013, accrues interest at 8.00% and secured by a hospital in Louisiana		15,640		15,640
2016		4	(1)	aggregate monthly interest-only payments of $400,700, accrues interest at 8.25% and secured by four senior housing facilities located in Tennessee, Maryland, Pennsylvania and Texas		57,350		59,900
2016		1		monthly payments of $273,000, accrues interest at 6.1%, and secured by nine senior housing facilities located in Alabama, Arizona, Minnesota, Maryland, Texas and Wisconsin		52,000		52,000
2017		2	(1)	monthly interest-only payments of $71,742, accrues interest at 8.25%, and secured by two senior housing facilities in New Jersey and Pennsylvania		11,404		11,742
		9			$	144,886	$	147,264

(1)

Represents commitments to fund an aggregate of $119 million for six senior housing development projects.

Schedule of loan loss activity

A reconciliation of the Company's allowance for the losses related to the Company's senior secured loan to Delphis follows (in thousands):

	Amount
Balance at January 1, 2011	$	3,397
Additions(1)		10,013
Balance at December 31, 2011		13,410
Additions		—
Balance at December 31, 2012	$	13,410

(1)

In September 2011 the Company recognized a total provision for losses of $15.4 million related to its Delphis loan that is discussed above; $10.0 million of this provision reduced the carrying value of the loan and the remaining $5.4 million provision reduced the carrying value of the related accrued interest receivable (accrued interest on loans is presented in other assets; see Note 10 for additional information).