Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2017

Notes Receivable.

Summary of notes receivable activities

The following table summarizes our notes receivable activities for the fiscal years 2016, 2015 and 2014 (dollar amounts in thousands):

	Year ended December 31,
	2017		2016		2015
Advances and originations under notes receivable	$	-	$	14,969	$	1,554
Principal payments received under notes receivable		(25)		(100)		-
Reclassified to real estate under development (1)		—		(237)		(1,035)
Notes receivable reserve		—		(166)		—
Net (decrease) increase in notes receivable	$	(25)	$	14,466	$	519

⁽¹⁾ Represents pre-development loans which matured due to land acquisitions and commencement of development projects.

Schedule of new loan commitments

The following table summarizes our new loan commitments during 2016 (dollar amounts in thousands):

	Total			Interest		Maturity
Type of Property	Commitment			Rate		Date
Skilled Nursing	$	1,400	(1)	15.00	%	2021
Assisted Living		325		12.00	%	2018
Skilled Nursing		12,500	(2)	12.41	%	2021
Totals	$	14,225

⁽¹⁾ We originated a $1,400 mezzanine loan on two skilled nursing centers, funding $1,200 at closing with a commitment to fund an additional $200 upon achieving coverage ratios. The skilled nursing centers are located in Oregon, totaling 146 beds.

⁽²⁾ We purchased a $12,500 mezzanine loan on a portfolio of 64 skilled nursing centers located in eight states. The mezzanine loan has a rate of LIBOR plus 11.75%.

During 2015, we committed to fund five new working capital loans to existing operators as follows (dollar amounts in thousands):

		Total	Interest		Maturity
Type of Property		Commitment	Rate		Date
Assisted Living	$	500	6.50	%	2020
Under Development		400	12.00	%	2017
Under Development		400	12.25	%	2016
Under Development		400	12.00	%	2017
Under Development		400	12.00	%	2017
Totals	$	2,100