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SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 30, 2021
SIGNIFICANT ACCOUNTING POLICIES |
Summary of notes receivable, net | The following table summarizes our Notes receivable, net as of June 30, 2021 and December 31, 2020 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Interest rate at | ​ | Balance Outstanding
​ |  | June 30, |  | June 30, |  | December 31,
​ | ​ | 2021 | ​ | 2021 | ​ | 2020
Note due February 2021 (a) | ​ | N/A | ​ | $ | — | ​ | $ | 4,000
Note due May 2022 (b) | ​ | 8.00 | % | ​ | — | ​ | ​ | 20,000
Note due May 2022 (c) | ​ | 14.00 | % | ​ | 2,760 | ​ | ​ | —
Note due October 2022 (d) |  | 4.75 | % | ​ | 115,000 | ​ | ​ | 115,000
Note due January 2023 (e) | ​ | 10.00 | % | ​ | 21,985 | ​ | ​ | 19,685
Notes Receivable | ​ | ​ | ​ | ​ | 139,745 | ​ | ​ | 158,685
Allowance for credit losses | ​ | ​ | ​ | ​ | (698) | ​ | ​ | (693)
Total notes receivable, net |  |  | ​ | $ | 139,047 | ​ | $ | 157,992
(a) | In May 2020, the Company entered into a promissory note with an unaffiliated third party with an aggregate commitment of $4.0 million, in connection with the sale of an operating community. In January 2021, the unaffiliated third party repaid the $4.0 million promissory note.
(b) | The Company previously had a secured note with an unaffiliated third party with an aggregate commitment of $20.0 million. The note was secured by a parcel of land and related land improvements located in Alameda, California.
In September 2020, the developer defaulted on the loan. As a result of the default, in April 2021, the Company took title to the property pursuant to a deed in lieu of foreclosure. As such, the Company increased its real estate assets owned by approximately $25.0 million, the fair market value of the property on the date of the title transfer, and recorded a $0.1 million gain on extinguishment of the secured note to Interest income and other income/(expense), net on the Consolidated Statements of Operations, which was based on the note’s principal balance and unpaid accrued interest of $4.9 million. (See Note 3, Real Estate Owned for further discussion.)
(c) | The Company has a secured note with an unaffiliated third party with an aggregate commitment of $2.8 million, all of which has been funded. The note is secured by a to-be-developed parcel of land in Kissimmee, Florida. Interest payments are due when the loan matures. The note matures in May 2022.
(d) | The Company has a secured note with an unaffiliated third party with an aggregate commitment of $115.0 million, all of which has been funded. Interest payments are due when the loan matures. The note is secured by a first priority deed of trust on a 259 apartment home operating community in Bellevue, Washington, which was completed in 2020. When the note was funded, the Company also entered into a purchase option agreement and paid a deposit of $10.0 million, which gave the Company the option to acquire the community at a fixed price of $170.0 million. In August 2020, the Company exercised the purchase option.
In July 2021, the Company acquired the operating community. In connection with the acquisition of this community, the note and the unpaid accrued interest were paid in full. (See Note 3, Real Estate Owned for further discussion.)
(e) | The Company has a secured note with an unaffiliated third party with an aggregate commitment of $22.0 million, substantially all of which has been funded, including $2.3 million funded during the six months ended June 30, 2021. Interest payments are due monthly. The note matures at the earliest of the following: (a) the closing of any private or public capital raising in the amount of $5.0 million or greater; (b) an acquisition; (c) acceleration in the event of default; or (d) January 2023.

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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 + Details
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