Loans Receivable

12 Months Ended

Dec. 31, 2016

Loans Receivable, Net [Abstract]

Loans Receivable

Loans Receivable

As of December 31, 2016 and 2015, the Company's loans receivable were comprised primarily of mortgage loans on real estate.

The following is a summary of our loans receivable as of December 31, 2016 and 2015:

	Loan carrying value(1)
Loan	12/31/2016		12/31/2015		Interest Rate		Maturity Date
Kennewick, WA(2)	$	85,709	$	85,505	9.00	%	05/2022
Oklahoma City, OK(3)	8,501		8,501		11.50	%	03/2016
Other(4)	—		1,865		8.00	%	2021-2022
	$	94,210	$	95,871

(1) Loan carrying value includes accrued interest and is net of origination costs.

(2) Loan provides for a current pay rate of 8.75%, an accrual rate of 9% and a balloon of $87,245 at maturity. This loan was in covenant default as of December 31, 2016.

(3) In 2015, the Company loaned a tenant-in-common $8,420. The loan is secured by the tenant-in-common's interest in an office property in which the Company has a 40% interest. The loan was in monetary default as of December 31, 2016 and the Company is exercising its remedies.

(4) In 2016, the Company received $1,583 in full satisfaction of these loans and recognized a $41 impairment charge.

As of December 31, 2016, the Company had one type of financing receivable, loans receivable secured by interests in commercial real estate. The Company determined that its financing receivables operated within one portfolio segment as they were both within the same industry and use the same impairment methodology. In addition, the Company assesses all financing receivables for impairment, when warranted, based on an individual analysis of each receivable. The Company had a capitalized financing lease for a property located in Greenville, South Carolina, which was sold in 2014 for net proceeds of $11,491.

The Company's financing receivables operate within one class of financing receivables as these assets (1) are collateralized by commercial real estate and (2) similar metrics are used to monitor the risk and performance of these assets. The Company's management uses credit quality indicators to monitor financing receivables such as quality of collateral, the underlying tenant's credit rating and collection experience. As of December 31, 2016, the financing receivables were performing as anticipated and there were no significant delinquent amounts outstanding, other than the maturity default of the borrower of the Oklahoma City, Oklahoma loan, for which the Company believes its collateral is sufficient to recover the full amount of the receivable.

During 2015, the Company acquired the office property collateral from the borrowers in Westmont, Illinois and Southfield, Michigan on two loans receivable that were impaired. In 2014, the Company recognized a $2,500 loan loss on the loan receivable collateralized by the Southfield, Michigan property. Also in 2015 and 2014, the Company recognized aggregate interest income relating to these impaired loans of $14 and $1,752, respectively. The Company sold the Westmont, Illinois property in 2016.