Notes Receivable

3 Months Ended

Mar. 31, 2012

Notes Receivable

Notes Receivable

3.Notes Receivable

During the three months ended March 31, 2012 and 2011, we received $191,000 and $178,000, respectively, in principal payments under various loans and line of credit agreements with certain operators.  During the three months ended March 31, 2012, we funded $1,034,000 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. At March 31, 2012 we had five loans outstanding with a carrying value of $1,662,000 at a weighted average interest rate of 8.7%.