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SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended
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Dec. 31, 2022
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | LTC PROPERTIES, INC. SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE (in thousands)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Principal |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Amount of |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Carrying | ​ | Loans |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Current | ​ | ​ | ​ | ​ | Amount of | ​ | Subject to |
​ | ​ | (Unaudited) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Monthly | ​ | Face | ​ | Mortgages | ​ | Delinquent |
​ | ​ | Number of | ​ | ​ | ​ | Final | ​ | Balloon | ​ | Debt | ​ | Amount of | ​ | December 31, | ​ | Principal or |
State | ​ | Properties | ​ | Units/Beds (1) | ​ | Interest Rate (2) | ​ | Maturity Date | ​ | Amount (3) | ​ | Service | ​ | Mortgages | ​ | 2022 | ​ | Interest |
MI | ​ | 15 | ​ | 1,875 | ​ | 10.60% | ​ | 2043 | ​ | $ | 163,214 | ​ | $ | 1,623 | ​ | $ | 190,214 | ​ | $ | 182,514 | ​ | $ | — | ​
MI |  | 4 |  | 480 | ​ | 9.60% | ​ | 2045 | ​ |  | 35,576 | ​ |  | 311 | ​ |  | 39,406 | ​ |  | 38,636 | ​ |  | — | ​
MI |  | 1 |  | 146 | ​ | 10.10% | ​ | 2045 | ​ |  | 14,325 | ​ |  | 125 | ​ |  | 15,000 | ​ |  | 14,726 | ​ |  | — | ​
MI | ​ | 2 | ​ | 201 | ​ | 9.80% | ​ | 2045 | ​ | ​ | 19,750 | ​ | ​ | 162 | ​ | ​ | 19,750 | ​ | ​ | 19,553 | ​ | ​ | — | ​
FL | ​ | 1 | ​ | 68 | ​ | 7.80% | ​ | 2025 | ​ | ​ | 14,308 | ​ | ​ | 92 | ​ | ​ | 14,308 | ​ | ​ | 14,165 | ​ | ​ | — | ​
LA | ​ | 1 | ​ | 189 | ​ | 7.50% | ​ | 2024 | ​ | ​ | 29,346 | ​ | ​ | 186 | ​ | ​ | 29,346 | ​ | ​ | 29,054 | ​ | ​ | — | ​
MO | ​ | — | ​ | — | ​ | 7.50% | ​ | 2023 | ​ | ​ | 1,887 | ​ | ​ | 12 | ​ | ​ | 1,887 | ​ | ​ | 1,867 | ​ | ​ | — | ​
NC | ​ | 4 | ​ | 217 | ​ | 7.30% | ​ | 2026 | ​ | ​ | 33,000 | ​ | ​ | 209 | ​ | ​ | 33,000 | ​ | ​ | 32,670 | ​ | ​ | — | ​
NC | ​ | — | ​ | — | ​ | 7.30% | ​ | 2026 | ​ | ​ | 796 | ​ | ​ | 5 | ​ | ​ | 796 | ​ | ​ | 788 | ​ | ​ | — | ​
NC | ​ | 12 | (4) | 478 | ​ | 7.30% | ​ | 2025 | ​ | ​ | 51,531 | ​ | ​ | 318 | ​ | ​ | 51,531 | ​ | ​ | 51,016 | ​ | ​ | — | ​
SC | ​ | 1 | (4) | 45 | ​ | 7.30% | ​ | 2025 | ​ | ​ | 4,787 | ​ | ​ | 30 | ​ | ​ | 4,787 | ​ | ​ | 4,739 | ​ | ​ | — | ​
​ |  | 41 | (5) | 3,699 | ​ | ​ | ​ | ​ | ​ | $ | 368,520 | ​ | $ | 3,073 | ​ | $ | 400,025 | ​ | $ | 389,728 | ​ | $ | — | ​
(1) | This number is based upon unit/bed counts shown on operating licenses provided to us by lessee/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi-patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de-licensing of beds or in our opinion impact the value of the property, we would take action against the borrower to preserve the value of the property/collateral.
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(2) | Represents current stated interest rate. Generally, the loans have principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan.
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(3) | Balloon payment is due upon maturity.
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(4) | Represents a single mortgage loan secured by 13 ALFs. The mortgage loan was allocated by state for reporting purposes only.
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(5) | Includes 10 first-lien mortgage loans as follows:
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​ | ​ | ​ | ​ | ​
Number of Loans |  | Original loan amounts |
2 | ​ | ​ | $ 500 - $2,000 | ​
0 | ​ | ​ | $2,001 - $3,000 | ​
0 | ​ | ​ | $3,001 - $4,000 | ​
0 | ​ | ​ | $4,001 - $5,000 | ​
0 | ​ | ​ | $5,001 - $6,000 | ​
0 | ​ | ​ | $6,001 - $7,000 | ​
8 | ​ | ​ | $7,001 + | ​
​ Mortgage loans receivable activity for the years ended December 31, 2022, 2021 and 2020 is as follows:
​ | ​ | ​ | ​
​ | ​ | ​ | ​
Balance— December 31, 2019 |  | $ | 254,099
New mortgage loans | ​ |  | —
Other additions | ​ |  | 4,253
Amortization of mortgage premium | ​ |  | (4)
Collections of principal | ​ |  | (1,065)
Foreclosures | ​ |  | —
Loan loss reserve | ​ |  | (32)
Other deductions | ​ |  | —
Balance— December 31, 2020 | ​ |  | 257,251
New mortgage loans | ​ |  | 88,415
Other additions | ​ |  | 540
Application of interest reserve | ​ | ​ | 298
Amortization of mortgage premium | ​ |  | (6)
Collections of principal | ​ |  | (1,175)
Foreclosures | ​ |  | —
Loan loss reserve | ​ |  | (881)
Other deductions | ​ |  | —
Balance— December 31, 2021 | ​ |  | 344,442
New mortgage loans | ​ |  | 31,965
Other additions | ​ |  | 8,767
Application of interest reserve | ​ | ​ | 6,192
Amortization of mortgage premium | ​ |  | (6)
Collections of principal | ​ |  | (1,175)
Foreclosures | ​ |  | —
Loan loss reserve | ​ |  | (457)
Other deductions | ​ |  | —
Balance— December 31, 2022 | ​ | $ | 389,728
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- Definition The entire disclosure for investment in mortgage loan on real estate by entity with substantial portion of business acquiring and holding investment real estate or interest in real estate. Includes, but is not limited to, information for each mortgage loan receivable equaling or exceeding 3 percent of carrying amount of mortgage. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 12 -Subsection 29 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI https://asc.fasb.org/extlink&oid=120402547&loc=d3e617274-123014 + Details
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