Loans Receivable | 9 Months Ended |
|---|---|
Sep. 30, 2011 | |
| Loans Receivable [Abstract] | |
| LOANS RECEIVABLE |
NOTE 5 — LOANS RECEIVABLE
As of September 30, 2011 and December 31, 2010, we had $367.6 million and $149.3 million,
respectively, of net loans receivable relating to seniors housing and healthcare companies or
properties.
In November 2011, we received proceeds of $3.0 million in
final repayment of two secured loans receivable.
In October 2011, we received proceeds of $6.4 million in final repayment of a first mortgage
loan.
In August 2011, we received proceeds of $5.5 million in final repayment of a secured mortgage
loan.
In connection with the NHP acquisition, on July 1, 2011, we acquired (i) mortgage loans
receivable with an initial aggregate fair value of approximately $270 million that are secured by
53 seniors housing and healthcare properties and (ii) other loans receivable with an initial
aggregate fair value of approximately $60 million that are unsecured.
In June 2011, we made a first mortgage loan in the aggregate principal amount of $12.9
million, bearing interest at a fixed rate of 9.0% per annum and maturing in 2016.
In May 2011, we made a senior unsecured term loan to NHP in the aggregate principal amount of
$600.0 million, bearing interest at a fixed rate of 5.0% per annum and maturing in 2021. As of our
acquisition date of NHP, this investment and related interest were eliminated in consolidation.
In April 2011, we received proceeds of $112.4 million in final repayment of a first mortgage
loan and recognized a gain of $3.3 million (included in income from loans and investments on our
Consolidated Statements of Income) in connection with this repayment in the second quarter of 2011.
In March 2011, we received proceeds of $19.9 million in final repayment of a first mortgage
loan and recognized a gain of $0.8 million (included in income from loans and investments on our
Consolidated Statements of Income) in connection with this repayment in the first quarter of 2011.
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