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Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2020

Receivables [Abstract]

Schedule of Loans Receivable

The following table summarizes the Company’s loans receivable (in thousands):

															December 31,
															2020																		2019
Secured mortgage loans(1)															$	161,530																	$	161,964
Mezzanine and other															44,347																		27,752
Unamortized discounts, fees, and costs															(222)																		863
Reserve for loan losses															(10,280)																		—
Loans receivable, net															$	195,375																	$	190,579

_______________________________________

(1)At December 31, 2020, the Company had $11 million remaining of commitments to fund $81 million of senior housing development and redevelopment projects. At December 31, 2019, the Company had $25 million remaining of commitments to fund $174 million of senior housing development and redevelopment projects.

Summary of the Company's Internal Ratings for Loans Receivable on Net of Reserves for Loan Losses

The following table summarizes the Company’s internal ratings for DFLs at December 31, 2020 (dollars in thousands):

																		Internal Ratings
Segment						Carrying Amount						Percentage of DFL Portfolio						Performing DFLs						Watch List DFLs						Workout DFLs
Medical office						$	44,706					100						$	44,706					—						—
						$	44,706					100						$	44,706					$	—					$	—

The following table summarizes, by year of origination, the Company’s internal ratings for loans receivables, net of reserves for loan losses, as of December 31, 2020 (dollars in thousands):

Investment Type						Year of Origination																														Total
						2020						2019						2018						2017						2016
Secured mortgage loans
Risk rating:
Performing loans						$	95,800					$	61,772					$	—					$	—					$	—					$	157,572
Watch list loans						—						—						—						—						—						—
Workout loans						—						—						—						—						—						—
Total secured mortgage loans						$	95,800					$	61,772					$	—					$	—					$	—					$	157,572
Mezzanine and other
Risk rating:
Performing loans						$	23,263					$	12,252					$	—					$	—					$	—					$	35,515
Watch list loans						—						—						—						—						2,288						2,288
Workout loans						—						—						—						—						—						—
Total mezzanine and other						$	23,263					$	12,252					$	—					$	—					$	2,288					$	37,803

Schedule of Loans Receivable Secured by Real Estate

The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2020 (dollars in thousands):

Final Maturity Date						Number of Loans						Payment Terms						Principal Amount(1)						Carrying Amount
2021						1						Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Texas						$	2,250					$	2,250
2021						1						Monthly interest-only payments, accrues interest at 7.5% and secured by a senior housing facility under development in Florida						8,289						8,289
2021						4						Monthly interest-only payments, accrues interest at 3.5% and secured by senior housing facilities in Florida and California						61,018						57,861
2022						1						Monthly interest-only payments, accrues interest at 5.5% and secured by equity interests in 11 senior housing facilities in California						25,000						24,462
2026						1						Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in Florida						51,716						51,233
2026						1						Monthly interest-only payments, accrues interest at the greater of 2% or LIBOR, plus 4.25% and secured by a senior housing facility under development in California						13,257						13,477
						9												$	161,530					$	157,572

_______________________________________

(1)Represents future contractual principal payments to be received on loans receivable secured by real estate.

Schedule of Financing Receivable, Allowance for Credit Loss

The following table summarizes the Company’s reserve for loan losses at December 31, 2020 (in thousands):

			December 31, 2020
			Secured Mortgage Loans						Mezzanine and Other						Total
Reserve for loan losses, December 31, 2019			$	—					$	—					$	—
Cumulative-effect of adopting of ASU 2016-13 to beginning retained earnings			513						907						1,420
Provision for expected loan losses			2,639						6,221						8,860
Reserve for loan losses, December 31, 2020			$	3,152					$	7,128					$	10,280

X

- Definition

Tabular disclosure about mortgage loans receivable on real estate. Information may be provided for each individual mortgage loan or groups of mortgage loans. Disclosure should include number of loans by original loan amounts and type of loan (for example, VA, FHA, Conventional). If grouped, loans should be grouped by categories (for example, first mortgage, second mortgage, construction loans) and for each loan the type of property (for example, shopping center, high rise apartments) and its geographic location.

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-SubTopic 10
-Section 50
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 13
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Tabular disclosure of financing receivables by credit quality indicator. The credit quality indicator is a statistic about the credit quality of financing receivables. Examples include, but not limited to, consumer credit risk scores, credit-rating-agency ratings, an entity's internal credit risk grades, loan-to-value ratios, collateral, collection experience and other internal metrics.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 326
-SubTopic 20
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121599337&loc=SL82919230-210447

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-Topic 310
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-Section 50
-Paragraph 29
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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.

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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
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