Real Estate Loans Receivable

12 Months Ended

Dec. 31, 2011

Real Estate Loans Receivable [Abstract]

Real Estate Loans Receivable

6. Real Estate Loans Receivable

The following is a summary of our real estate loans receivable (in thousands):

		December 31,
	2011		2010
Mortgage loans	$	63,934	$	109,283
Other real estate loans		228,573		327,297
Totals	$	292,507	$	436,580

The following is a summary of our real estate loan activity for the periods presented (in thousands):

		Year Ended
		December 31, 2011						December 31, 2010						December 31, 2009
		Seniors						Seniors						Seniors
		Housing		Medical				Housing		Medical				Housing		Medical
		Triple-net		Facilities		Totals		Triple-net		Facilities		Totals		Triple-net		Facilities		Totals
Advances on real estate loans receivable:
	Investments in new loans	$	18,541	$	0	$	18,541	$	9,742	$	41,644	$	51,386	$	20,036	$	0	$	20,036
	Draws on existing loans		29,752		3,184		32,936		46,113		1,236		47,349		52,910		1,471		54,381
	Sub-total		48,293		3,184		51,477		55,855		42,880		98,735		72,946		1,471		74,417
	Less: Seller financing on property sales		0		0		0		0		(1,470)		(1,470)		0		0		0
	Net cash advances on real estate loans		48,293		3,184		51,477		55,855		41,410		97,265		72,946		1,471		74,417
Receipts on real estate loans receivable:
	Loan payoffs		162,705		2,943		165,648		5,619		6,233		11,852		61,659		32,197		93,856
	Principal payments on loans		17,856		5,307		23,163		24,203		7,440		31,643		15,890		2,033		17,923
	Total receipts on real estate loans		180,561		8,250		188,811		29,822		13,673		43,495		77,549		34,230		111,779
Net advances (receipts) on real estate loans		$	(132,268)	$	(5,066)	$	(137,334)	$	26,033	$	27,737	$	53,770	$	(4,603)	$	(32,759)	$	(37,362)

The following is a summary of the allowance for losses on loansreceivable for the periods presented (in thousands):

		Year Ended December 31,
	2011		2010		2009
Balance at beginning of year	$	1,276	$	5,183	$	7,500
Provision for loan losses		2,010		29,684		23,261
Charge-offs		(3,286)		(33,591)		(25,578)
Balance at end of year	$	-	$	1,276	$	5,183

As a result of our quarterly evaluations, we recorded $2,010,000 of provision for loan losses during the year ended December 31, 2011. This amount includes the write-off of a loan in the amount of $3,286,000 related to a hospital in Texas. This was offset by a net reduction of the allowance balance by $1,276,000, resulting in an allowance for loan losses of $0 relating to real estate loans with outstanding balances of $6,244,000, all of which were on non-accrual status at December 31, 2011.

The following is a summary of our loan impairments (in thousands):

		Year Ended December 31,
	2011		2010		2009
Balance of impaired loans at end of year	$	6,244	$	9,691	$	67,126
Allowance for loan losses		-		1,276		5,183
Balance of impaired loans not reserved	$	6,244	$	8,415	$	61,943
Average impaired loans for the year	$	7,968	$	38,409	$	69,948
Interest recognized on impaired loans(1)		-		103		530
(1) Represents interest recognized prior to placement on non-accrual status.