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Notes Receivable | 3 Months Ended
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Mar. 31, 2023
Notes Receivable. |
Notes Receivable |
4. | Notes Receivable
Notes receivable consist of a mezzanine loan and working capital loans. The following table sets forth information regarding our investment in notes receivable at March 31, 2023 (dollar amounts in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
5.0% | ​ | — | ​ | 2023 | ​ | Working capital | ​ | $ | 380 | ​ | ​ | 1 | ​ | ALF | ​
5.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 788 | ​ | ​ | 1 | ​ | ALF | ​
4.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 13,531 | ​ | ​ | 1 | ​ | SNF |
5.0% | ​ | — | ​ | 2025 | ​ | Working capital | ​ | ​ | 932 | ​ | ​ | 1 | ​ | ALF | ​
7.5% | ​ | — | ​ | 2027 | ​ | Working capital | ​ | ​ | 550 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | 11.0% | ​ | 2027 | ​ | Mezzanine | ​ | ​ | 25,000 | ​ | ​ | 1 | ​ | ALF | ​
6.5% | ​ | — | ​ | 2030 | ​ | Working capital | ​ | ​ | 138 | ​ | ​ | 1 | ​ | SNF | ​
7.1% | ​ | — | ​ | 2030 | ​ | Working capital | ​ | ​ | 1,607 | ​ | ​ | 2 | ​ | ALF | ​
7.0% | ​ | — | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
8.0% | ​ | — | ​ | 2032 | ​ | Working capital | ​ | ​ | 1,317 | ​ | ​ | 1 | ​ | SNF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 46,936 | (1) | ​ | 11 | ​ | ​ | ​
(1) | Excludes the impact of credit loss reserve.
The following table is a summary of our notes receivable components as of March 31, 2023 and December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | March 31, 2023 | ​ | December 31, 2022 |
Mezzanine loans | $ | 25,000 | ​ | $ | 36,815 | ​
Other loans | ​ | 21,936 | ​ | ​ | 22,157 | ​
Notes receivable credit loss reserve | ​ | (469) | ​ | ​ | (589) | ​
Total | $ | 46,467 | ​ | $ | 58,383 | ​
​ ​ ​ ​ The following table summarizes our notes receivable activity for the three months ended March 31, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended March 31,
​ | ​ | 2023 | ​ | ​ | 2022 | ​
Advances under notes receivable | $ | 605 | ​ | $ | 34,791 | (2)
Principal payments received under notes receivable | ​ | (12,641) | (1) | ​ | (1,287) | ​
Provision (recovery) for credit losses | ​ | 120 | ​ | ​ | (333) | ​
Net (decrease) increase in notes receivable | $ | (11,916) | ​ | $ | 33,171 | ​
(1) | During 2023, we received $4,545, which includes a prepayment fee and the exit IRR totaling $190 from a mezzanine loan prepayment. The mezzanine loan was on a 136-unit ILF in Oregon. Additionally, another $7,461 mezzanine loan was effectively prepaid through converting it as part of our $51,111 investment in a participating interest in an existing mortgage loan that is secured by a 203-unit ALF, ILF and MC located in Georgia. We recorded $1,380 of interest income in connection with the effective prepayment of the mezzanine loan.
​
(2) | During 2022, we originated a $25,000 mezzanine loan for the recapitalization of a five-property seniors housing portfolio. The mezzanine loan has a term of approximately five years, with two one-year extension options and bears interest at 8% with an IRR of 11%. The five communities are located in Oregon and Montana, have a total of 621 units, and include independent living, assisted living and memory care.
​

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