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Loans Receivable
 3 Months Ended
Mar. 31, 2022
Receivables [Abstract]  
Loans Receivable Loans Receivable
Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss. Accrued interest receivable was $26,215,000 and $26,659,000 as of March 31, 2022 and December 31, 2021, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands):
 March 31, 2022December 31, 2021
Mortgage loans$833,070 $889,556 
Other real estate loans184,223 194,477 
Allowance for credit losses on real estate loans receivable(14,157)(15,352)
Real estate loans receivable, net of credit allowance1,003,136 1,068,681 
Non-real estate loans390,559 375,060 
Allowance for credit losses on non-real estate loans receivable(151,536)(151,433)
Non-real estate loans receivable, net of credit allowance239,023 223,627 
Total loans receivable, net of credit allowance$1,242,159 $1,292,308 
The following is a summary of our loan activity for the periods presented (in thousands):    
 Three Months Ended
 March 31, 2022March 31, 2021
Advances on loans receivable$39,201 $43,148 
Receipts on loans receivable(89,207)(2,852)
Net cash advances (receipts) on loans receivable$(50,006)$40,296 
The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of each of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral.
A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance.
For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. The following is a summary of our loans by credit loss category (in thousands):
March 31, 2022
Loan categoryYears of OriginationLoan Carrying ValueAllowance for Credit LossNet Loan BalanceNo. of Loans
Deteriorated loans2007 - 2018$174,841 $(148,438)$26,403 3 
Collective loan pool2007-2017209,774 (2,982)206,792 15 
Collective loan pool201822,800 (325)22,475 2 
Collective loan pool201922,084 (315)21,769 4 
Collective loan pool202050,563 (721)49,842 6 
Collective loan pool2021894,186 (12,433)881,753 20 
Collective loan pool202233,604 (479)33,125 5 
Total loans$1,407,852 $(165,693)$1,242,159 55 
The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands):                            
Three Months Ended
March 31, 2022March 31, 2021
Balance at beginning of period$166,785 $224,036 
Provision for loan losses(804)1,383 
Loan write-offs— (1,322)
Foreign currency translation(288)49 
Balance at end of period$165,693 $224,146 
The following is a summary of our deteriorated loans (in thousands):
 Three Months Ended
 March 31, 2022March 31, 2021
Balance of deteriorated loans at end of period (1)
$174,841 $241,012 
Allowance for credit losses(148,438)(211,191)
Balance of deteriorated loans not reserved$26,403 $29,821 
Interest recognized on deteriorated loans (2)
$— $3,079 
(1) Current year amounts include $2,157,000 and $2,157,000 of loans on non-accrual as of March 31, 2022 and December 31, 2021, respectively. Prior year amounts include $2,250,000 and $3,623,000 as of March 31, 2021 and December 31, 2020, respectively.
(2) Represents cash interest recognized in the period.