Notes Receivable

12 Months Ended

Dec. 31, 2011

Notes Receivable

Notes Receivable

7. Notes Receivable

        Our notes receivable consists of various loans and line of credit agreements with certain operators. During 2011, we funded $232,000 on an 8.5% construction and term loan in which we committed to provide up to $2,500,000 for capital improvements at two senior housing properties we own and lease to the borrower. Upon the earlier of the full funding of the $2,500,000 or December 31, 2012, construction distribution under this loan will cease and this loan will fully amortize to maturity in November 2017. See Note 11. Commitments and Contingencies for further discussion.

        The following table summarizes the number of loans outstanding, the weighted average interest rate and the carrying value as of December 31, 2011, 2010, and 2009 and notes receivable principal payments received and advanced for the years 2011, 2010, and 2009 (dollar amounts in thousands):

	Number of Loans		Weighted Average Interest Rate			Carrying Value		Principal Payments Received		Principal Advanced
2011		6		10.0	%	$	817	$	731	$	(232	)
2010		5		11.9	%		1,283		1,573		(100	)
2009		7		11.5	%		2,689		671		(375	)