Real Estate Loans Receivable

12 Months Ended

Dec. 31, 2014

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,
	2014		2013
Mortgage loans	$	188,651	$	146,987
Other real estate loans		191,518		185,159
Totals	$	380,169	$	332,146

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

		Year Ended
		December 31, 2014						December 31, 2013						December 31, 2012
		Seniors						Seniors						Seniors			Seniors
		Housing		Medical				Housing		Medical				Housing			Housing	Medical
		Triple-net		Facilities		Totals		Triple-net		Facilities		Totals		Triple-net			Operating(2)	Facilities		Totals
Advances on real estate loans receivable:
	Investments in new loans	$	61,730	$	60,902	$	122,632	$	41,180	$	4,095	$	45,275	$	2,220	$	580,834	$	38,336	$	621,390
	Draws on existing loans		59,420		20,155		79,575		71,315		4,319		75,634		43,645		-		59		43,704
	Sub-total		121,150		81,057		202,207		112,495		8,414		120,909		45,865		580,834		38,395		665,094
	Less: Seller financing on property sales		-		-		-		(3,850)		-		(3,850)		-		-		-		-
	Net cash advances on real estate loans		121,150		81,057		202,207		108,645		8,414		117,059		45,865		580,834		38,395		665,094
Receipts on real estate loans receivable:
	Loan payoffs		71,004		48,258		119,262		69,596		-		69,596		12,555		-		-		12,555
	Principal payments on loans		31,998		72		32,070		33,216		74		33,290		22,395		-		70		22,465
	Sub-total		103,002		48,330		151,332		102,812		74		102,886		34,950		-		70		35,020
	Less: Non-cash activity(1)		-		(45,836)		(45,836)		-		-		-		-		-		-		-
	Net cash receipts on real estate loans		103,002		2,494		105,496		102,812		74		102,886		34,950		-		70		35,020
Net cash advances (receipts) on real estate loans			18,148		78,563		96,711		5,833		8,340		14,173		10,915		580,834		38,325		630,074
Change in balance due to foreign currency translation			(2,852)		-		(2,852)		1,402		-		1,402		-		-		-		-
Net change in real estate loans receivable		$	15,296	$	32,727	$	48,023	$	7,235	$	8,340	$	15,575	$	10,915	$	580,834	$	38,325	$	630,074
(1) Represents loan to Sunrise Senior Living, Inc. that was acquired upon merger consummation on January 9, 2013.
(2) Represents an acquisition of assets previously financed as a real estate loan.

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

		Year Ended December 31,
	2014		2013		2012
Balance at beginning of year	$	-	$	-	$	-
Provision for loan losses		-		2,110		27,008
Charge-offs		-		(2,110)		(27,008)
Balance at end of year	$	-	$	-	$	-

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

		Year Ended December 31,
	2014		2013		2012
Balance of impaired loans at end of year	$	21,000	$	500	$	4,230
Allowance for loan losses		-		-		-
Balance of impaired loans not reserved	$	21,000	$	500	$	4,230
Average impaired loans for the year	$	10,750	$	2,365	$	5,237
Interest recognized on impaired loans(1)		757		206		44
(1) Represents interest recognized prior to placement on non-accrual status.