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Real Estate Loans Receivable
 9 Months Ended
Sep. 30, 2018
Mortgage Loans on Real Estate, Commercial and Consumer, Net, (Investment Based Operations Presentation) [Abstract]  
Real Estate Loans Receivable
Real Estate Loans Receivable
Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017 for discussion of our accounting policies for real estate loans receivable and related interest income. 
The following is a summary of our real estate loan activity for the periods presented (in thousands):
 
 
Nine Months Ended
 
 
September 30, 2018
 
September 30, 2017
 
 
Triple-net
 
Seniors Housing Operating
 
Outpatient
Medical
 
Totals
 
Triple-net
 
Outpatient
Medical
 
Totals
Advances on real estate loans receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments in new loans
 
$
10,628

 
$
11,806

 
$
14,993

 
$
37,427

 
$
11,315

 
$
—

 
$
11,315

Draws on existing loans
 
29,709

 
—

 
—

 
29,709

 
58,736

 
—

 
58,736

Net cash advances on real estate loans
 
40,337

 
11,806

 
14,993

 
67,136

 
70,051

 
—

 
70,051

Receipts on real estate loans receivable:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Loan payoffs
 
116,161

 
—

 
—

 
116,161

 
142,392

 
60,500

 
202,892

Principal payments on loans
 
33,431

 
—

 
—

 
33,431

 
1,121

 
—

 
1,121

Sub-total
 
149,592

 
—

 
—

 
149,592

 
143,513

 
60,500

 
204,013

Less: Non-cash activity(1)
 
—

 
—

 
—

 
—

 
(61,250
)
 
(60,500
)
 
(121,750
)
Net cash receipts on real estate loans
 
149,592

 
—

 
—

 
149,592

 
82,263

 
—

 
82,263

Net cash advances (receipts) on real estate loans
 
$
(109,255
)
 
$
11,806

 
$
14,993

 
$
(82,456
)
 
$
(12,212
)
 
$
—

 
$
(12,212
)
 
(1) Triple-net represents acquisitions of assets previously financed as real estate loans. Please see Note 3 for additional information. Outpatient medical represents a deed in lieu of foreclosure on a previously financed first mortgage property.
In 2016, we restructured real estate loans with Genesis HealthCare and recorded a loan loss charge in the amount of $6,935,000 on one of the loans as the present value of expected future cash flows was less than the carrying value of the loan.  In 2017, we recorded an additional loan loss charge of $62,966,000 relating to real estate loans with Genesis HealthCare based on an estimation of expected future cash flows discounted at the effective interest rate of the loans. At September 30, 2018, the allowance for loan losses totals $68,372,000 and is deemed to be sufficient to absorb expected losses related to these loans.  At September 30, 2018, we had one real estate loan with an outstanding balance of $2,598,000 on non-accrual status and recorded no provision for loan losses during the nine months ended September 30, 2018.
The following is a summary of our impaired loans (in thousands):
 
 
Nine Months Ended
 
 
September 30, 2018
 
September 30, 2017
Balance of impaired loans at end of period
 
$
201,971

 
$
282,929

Allowance for loan losses
 
68,372

 
5,406

Balance of impaired loans not reserved
 
$
133,599

 
$
277,523

Average impaired loans for the period
 
$
230,645

 
$
324,255

Interest recognized on impaired loans(1)
 
13,361

 
23,957

 
(1) Represents cash interest recognized in the period since loans were identified as impaired.