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Notes Receivable | 6 Months Ended
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Jun. 30, 2020
Notes Receivable. |
Notes Receivable |
4. | Notes Receivable
Notes receivable consists of mezzanine loans and other loan arrangements. The following table is a summary of our notes receivable components as of June 30, 2020 and December 31, 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2020 | ​ | December 31, 2019 |
Mezzanine loans | $ | 11,135 | (1) | $ | 13,284 | ​
Other loans | ​ | 5,121 | ​ | ​ | 4,824 | ​
Notes receivable reserve | ​ | (163) | ​ | ​ | (181) | ​
Total | $ | 16,093 | ​ | $ | 17,927 | ​
(1) | Subsequent to June 30, 2020, we received $2,569 related to the partial paydown of a mezzanine loan.
​ The following table summarizes our notes receivable activity for the six months ended June 30, 2020 and 2019 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30,
​ | ​ | 2020 | ​ | ​ | 2019 | ​
Advances under notes receivable | $ | 611 | ​ | $ | 7,766 | (1)
Principal payments received under notes receivable | ​ | (2,163) | ​ | ​ | (49) | ​
Reclassified to lease incentives | ​ | (300) | (2) | ​ | (200) | (2)
Notes receivable reserve | ​ | 18 | ​ | ​ | (75) | ​
Total | $ | (1,834) | ​ | $ | 7,442 | ​
(1) | We originated a $6,800 mezzanine loan commitment for the development of a 204-unit ILF/ALF/MC in Georgia. The mezzanine loan has a five-year term and a 12.0% return, a portion of which is paid in cash, and the remaining portion of which is deferred during the first 46 months. Additionally, we originated a $1,400 note agreement, funding $582 with a commitment to fund $818. The note bears interest at 7.0%. Further, we originated a $550 note agreement, funding $200 with a commitment to fund $350. The note bears interest at 7.5%.
​
(2) | Represents interim working capital loans related to development projects which matured upon completion of the development projects and commencement of the master leases.

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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 http://asc.fasb.org/subtopic&trid=2196772 + Details
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