SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2014

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
												Carrying		Loans
								Current				Amount of		Subject to
	(Unaudited)							Monthly		Face		Mortgages		Delinquent
	Number of				Final	Balloon		Debt		Amount of		December 31,		Principal or
State	Properties		Units/Beds(3)	Interest Rate(1)	Maturity  Date	Amount(2)		Service		Mortgages		2013		Interest
MI	15		2,058	9.53%	2043	$	97,387	$	1,007	$	124,387	$	127,725	$	—
PA	1		70	7.11%	2016		5,100		31		5,100		5,100		—
TX	6		100	10.40%	2018		5,095		68		6,800		5,887		—
WI	1		106	10.08%	2022		9,437		90		10,600		10,600		—
Various	15		1,759	7.00%-13.75%	2015-2019		12,615		328		29,742		16,344		—
	38	(4)	4,093			$	129,634	$	1,524	$	176,629	$	165,656	$	—

⁽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 19 first‑lien mortgage loans as follows:

Number of Loans	Original loan amounts
11		$ 500 - $2,000
1		$2,001 - $3,000
2		$3,001 - $4,000
1		$4,001 - $5,000
1		$5,001 - $6,000
1		$6,001 - $7,000
2		$7,001 +

Mortgage loans receivable activity for the years ended December 31, 2014, 2013 and 2012 is as follows:

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
New mortgage loans		3,027
Other additions		6,347
Amortization of mortgage premium		(5)
Collections of principal		(9,155)
Foreclosures		—
Loan loss reserve		(2)
Other deductions		—
Balance— December 31, 2014	$	165,656