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Loans Receivable | 3 Months Ended
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Mar. 31, 2023
Receivables [Abstract] |
Loans Receivable | Loans Receivable Loans receivable are recorded on our Consolidated Balance Sheets in real estate loans receivable, net of allowance for credit losses, or for non-real estate loans receivable, in receivables and other assets. Real estate loans receivable consists of mortgage loans and other real estate loans which are primarily collateralized by a first, second or third mortgage lien, a leasehold mortgage on, or an assignment of the partnership interest in, the related properties, as well as corporate guarantees and/or personal guarantees. Non-real estate loans are generally corporate loans with no real estate backing. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of the risk of credit loss. Accrued interest receivable was $24,556,000 and $22,878,000 as of March 31, 2023 and December 31, 2022, respectively, and is included in receivables and other assets on the Consolidated Balance Sheets. The following is a summary of our loans receivable (in thousands):
|  | March 31, 2023 |  | December 31, 2022
Mortgage loans |  | $ | 728,796 |  |  | $ | 707,464 |
Other real estate loans |  | 238,400 |  |  | 195,566 |
Allowance for credit losses on real estate loans receivable |  | (13,040) |  |  | (12,186) |
Real estate loans receivable, net of credit allowance |  | 954,156 |  |  | 890,844 |
Non-real estate loans |  | 468,791 |  |  | 441,231 |
Allowance for credit losses on non-real estate loans receivable |  | (171,278) |  |  | (152,063) |
Non-real estate loans receivable, net of credit allowance |  | 297,513 |  |  | 289,168 |
Total loans receivable, net of credit allowance |  | $ | 1,251,669 |  |  | $ | 1,180,012 |
The following is a summary of our loan activity for the periods presented (in thousands):
|  | Three Months Ended
|  | March 31, 2023 |  | March 31, 2022
Advances on loans receivable |  | $ | 54,831 |  |  | $ | 39,201 |
Less: Receipts on loans receivable |  | 15,592 |  |  | 89,207 |
Net cash advances (receipts) on loans receivable |  | $ | 39,239 |  |  | $ | (50,006) |
The allowance for credit losses on loans receivable is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the credit allowance is based on a quarterly evaluation of each of these loans, including general economic conditions and estimated collectability of loan payments. We evaluate the collectability of our loans receivable based on a combination of credit quality indicators, including, but not limited to, payment status, historical loan charge-offs, financial strength of the borrower and guarantors, and nature, extent, and value of the underlying collateral. A loan is considered to have deteriorated credit quality when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the loan agreement. For those loans we identified as having deteriorated credit quality, we determine the amount of credit loss on an individual basis. Placement on non-accrual status may be required. Consistent with this definition, all loans on non-accrual are deemed to have deteriorated credit quality. To the extent circumstances improve and the risk of collectability is diminished, we will return these loans to income accrual status. While a loan is on non-accrual status, any cash receipts are applied against the outstanding principal balance. No interest was recognized on deteriorated loans for the periods presented. For the remaining loans we assess credit loss on a collective pool basis and use our historical loss experience for similar loans to determine the reserve for credit losses. The following is a summary of our loans by credit loss category (in thousands):
|  | March 31, 2023
Loan category |  | Years of Origination |  | Loan Carrying Value |  | Allowance for Credit Loss |  | Net Loan Balance |  | No. of Loans
Deteriorated loans |  | 2007 - 2023 |  | $ | 193,918 |  |  | $ | (167,515) |  |  | $ | 26,403 |  |  | 4 |
Collective loan pool |  | 2007 - 2018 |  | 211,004 |  |  | (2,866) |  |  | 208,138 |  |  | 12 |
Collective loan pool |  | 2019 |  | 23,333 |  |  | (317) |  |  | 23,016 |  |  | 4 |
Collective loan pool |  | 2020 |  | 43,067 |  |  | (585) |  |  | 42,482 |  |  | 6 |
Collective loan pool |  | 2021 |  | 777,173 |  |  | (10,493) |  |  | 766,680 |  |  | 18 |
Collective loan pool |  | 2022 |  | 135,004 |  |  | (1,833) |  |  | 133,171 |  |  | 29 |
Collective loan pool |  | 2023 |  | 52,488 |  |  | (709) |  |  | 51,779 |  |  | 3 |
Total loans |  |  |  | $ | 1,435,987 |  |  | $ | (184,318) |  |  | $ | 1,251,669 |  |  | 76 |
The total allowance for credit losses balance is deemed sufficient to absorb expected losses relating to our loan portfolio. The following is a summary of the allowance for credit losses on loans receivable for the periods presented (in thousands):
| Three Months Ended
| March 31, 2023 |  | March 31, 2022
Balance at beginning of period | $ | 164,249 |  |  | $ | 166,785 |
Provision for loan losses, net | 777 |  |  | (804) |
Purchased deteriorated loan | 19,077 |  |  | — |
Foreign currency translation | 215 |  |  | (288) |
Balance at end of period | $ | 184,318 |  |  | $ | 165,693 |

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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI https://asc.fasb.org/subtopic&trid=2196772 + Details
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- References No definition available. + Details
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