Real Estate Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2012

Real Estate Loans Receivable (Tables) [Abstract]

Summary of real estate loans receivable

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

		December 31,
	2012		2011
Mortgage loans	$	87,955	$	63,934
Other real estate loans		807,710		228,573
Totals	$	895,665	$	292,507

Summary of real estate loan activity

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

		Year Ended
		December 31, 2012								December 31, 2011						December 31, 2010
		Seniors		Seniors						Seniors						Seniors
		Housing		Housing		Medical				Housing		Medical				Housing		Medical
		Triple-net		Operating(1)		Facilities		Totals		Triple-net		Facilities		Totals		Triple-net		Facilities		Totals
Advances:
	Investments in new loans	$	2,220	$	580,834	$	38,336	$	621,390	$	18,541	$	0	$	18,541	$	9,742	$	41,644	$	51,386
	Draws on existing loans		41,754		0		1,950		43,704		29,752		3,184		32,936		46,113		1,236		47,349
	Sub-total		43,974		580,834		40,286		665,094		48,293		3,184		51,477		55,855		42,880		98,735
	Less: Seller financing on property sales		0		0		0		0		0		0		0		0		(1,470)		(1,470)
	Net cash advances on real estate loans		43,974		580,834		40,286		665,094		48,293		3,184		51,477		55,855		41,410		97,265
Receipts:
	Loan payoffs		10,387		0		2,168		12,555		162,705		2,943		165,648		5,619		6,233		11,852
	Principal payments on loans		19,786		0		2,679		22,465		17,856		5,307		23,163		24,203		7,440		31,643
	Total receipts on real estate loans		30,173		0		4,847		35,020		180,561		8,250		188,811		29,822		13,673		43,495
Net advances (receipts) on real estate loans		$	13,801	$	580,834	$	35,439	$	630,074	$	(132,268)	$	(5,066)	$	(137,334)	$	26,033	$	27,737	$	53,770
(1) Represents loan to Sunrise Senior Living, Inc. that was acquired upon merger consummation on January 9, 2013 as discussed in Note 21.

Summary of allowance for losses on loans receivable

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

		Year Ended December 31,
	2012(1)		2011(2)		2010(3)
Balance at beginning of year	$	-	$	1,276	$	5,183
Provision for loan losses		27,008		2,010		29,684
Charge-offs		(27,008)		(3,286)		(33,591)
Balance at end of year	$	-	$	-	$	1,276
(1) Provision and charge-off amounts relate to one entrance fee community in our seniors housing triple-net segment.
(2) Provision and charge-off amounts relate to one hospital in our medical facilities segment.
(3) Provision and charge-off amounts relate to certain early stage seniors housing and CCRC development projects in our seniors housing triple-net segment.

Summary of loan impairments

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

		Year Ended December 31,
	2012		2011		2010
Balance of impaired loans at end of year	$	4,230	$	6,244	$	9,691
Allowance for loan losses		-		-		1,276
Balance of impaired loans not reserved	$	4,230	$	6,244	$	8,415
Average impaired loans for the year	$	5,237	$	7,968	$	38,409
Interest recognized on impaired loans(1)		44		-		103
(1) Represents interest recognized prior to placement on non-accrual status.