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SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE
 12 Months Ended
Dec. 31, 2013
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE  
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

SCHEDULE IV

MORTGAGE LOANS ON REAL ESTATE

(in thousands)

 
    
    
    
    
    
    
    
    
   Principal
Amount of
Loans
Subject to
Delinquent
Principal or
Interest		  
 
   (Unaudited)
Number of		    
    
    
    
    
   Carrying
Amount of
Mortgages
December 31,
2013		  
 
    
    
    
   Current
Monthly
Debt
Service		    
  
 
    
   Final
Maturity Date		   Balloon
Amount(2)		   Face
Amount of
Mortgages		  
State
  Properties   Units/Beds(3)   Interest Rate(1)  

FL

     3     269   11.90%   2014   $ 6,061   $ 72   $ 6,850   $ 6,166   $ —  

MI

     15     2,092   9.53%   2043     97,387     988     124,387     124,387     —  

TX

     6     100   10.25%   2018     5,095     67     6,800     6,067     —  

PA

     1     70   7.00%   2014     5,100     30     5,100     5,100     —  

WI

     1     106   10.10%   2022     —     63     2,619     7,590     —  

Various

     15     1,700   10.60%-13.63%   2014-2019     10,648     317     27,715     16,134     —  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

 

     41 (4)   4,337           $ 124,291   $ 1,537   $ 173,471   $ 165,444   $ —  
                                       
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
                                       
(1)
Represents current stated interest rate. Generally, the loans have 25-year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan.
(2)
Balloon payment is due upon maturity.
(3)
This number is based upon unit/bed counts shown on operating licenses provided to us by lessees/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the lessee/borrower to preserve the value of the property/collateral.
(4)
Includes 20 first-lien mortgage loans as follows:

Number of Loans
  Original loan amounts

12

   $   500 - $2,000

2

   $2,001 - $3,000

1

   $3,001 - $4,000

1

   $4,001 - $5,000

1

   $5,001 - $6,000

2

   $6,001 - $7,000

1

   $7,001 +          

  • Activity for the years ended December 31, 2013, 2012 and 2011 is as follows:

Balance—December 31, 2010

   $ 59,026  

New mortgage loans

     —  

Other additions

     —  

Amortization of mortgage premium

     (38 )

Collections of principal

     (5,967 )

Foreclosures

     —  

Loan loss reserve

     60  

Other deductions

     —  
       
​ ​ ​ ​ ​

Balance—December 31, 2011

     53,081  

New mortgage loans

     7,719  

Other additions

     —  

Amortization of mortgage premium

     (7 )

Collections of principal

     (21,633 )

Foreclosures

     —  

Loan loss reserve

     139  

Other deductions

     —  
       
​ ​ ​ ​ ​

Balance—December 31, 2012

     39,299  

New mortgage loans

     124,387  

Other additions

     4,971  

Amortization of mortgage premium

     (6 )

Collections of principal

     (1,933 )

Foreclosures

     —  

Loan loss reserve

     (1,274 )

Other deductions

     —  
       
​ ​ ​ ​ ​

Balance—December 31, 2013

   $ 165,444  
       
​ ​ ​ ​ ​
​ ​ ​ ​ ​