Mortgage And Other Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2020

Mortgage and Other Notes Receivable [Abstract]

Financing Receivable Credit Quality Indicators

The tables below present outstanding note balances as of March 31, 2020 at amortized cost excluding two note balances totaling approximately $4,019,000 for which a Coverage ratio is not available.

($ in thousands)	Mortgage1		Mezzanine		Revolver		Total
Coverage Ratio
more than 2.0x	$	74,989	$	—	$	—	$	74,989
between 1.5x and 2.0x	1,307		—		—		1,307
between 1.0x and 1.5x	12,259		14,466		10,701		37,426
below 1.0x	53,045		26,070		—		79,115
Total	$	141,600	$	40,536	$	10,701	$	192,837

¹ Excludes $94,964,000 in construction mortgage receivables related to developments expected to be acquired at stabilization

Financing Receivable, Allowance for Credit Loss

The credit quality indicator as of December 31, 2019, is presented below for the amortized cost, net by year of origination ($ in thousands):

	2020		2019		2018		2017		2016		Prior		Total
Mortgages
more than 2.0x	$	—	$	—	$	67,906	$	—	$	—	$	7,083	$	74,989
between 1.5x and 2.0x	—		—		1,307		—		—		—		1,307
between 1.0x and 1.5x	—		2,259		—		—		10,000		—		12,259
below 1.0x	4,000		39,092		—		9,953		—		—		53,045
Total	$	4,000	$	41,351	$	69,213	$	9,953	$	10,000	$	7,083	$	141,600
Mezzanine
more than 2.0x	$	—	$	—	$	—	$	—	$	—	$	—	$	—
between 1.5x and 2.0x	—		—		—		—		—		—		—
between 1.0x and 1.5x	—		—		—		—		14,466		—		14,466
below 1.0x	—		—		—		—		26,070		—		26,070
Total	$	—	$	—	$	—	$	—	$	40,536	$	—	$	40,536
Revolver
more than 2.0x													$	—
between 1.5x and 2.0x													—
between 1.0x and 1.5x													10,701
below 1.0x													—
Total													$	10,701

Schedule of Financing Receivable, Allowance for Credit Loss, Roll Forward

The allowance for expected credit losses for our commercial loans is presented in the following table for the quarter ended March 31, 2020 ($ in thousands):

Beginning balance January 1, 2020 (upon adoption of ASU 2016-13)	$	3,900
Provision for expected credit losses	1,600
Balance March 31, 2020	$	5,500

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

At March 31, 2020, our construction loans to Bickford are summarized as follows ($ in thousands):

Commencement	Rate	Maturity	Commitment		Drawn		Location
January 2018	9%	5 years	14,000		(13,077)		Virginia
July 2018	9%	5 years	14,700		(12,526)		Michigan
			$	28,700	$	(25,603)