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Notes Receivable (Tables) | 6 Months Ended
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Jun. 30, 2023
Notes Receivable. |
Summary of investments in notes receivable | The following table sets forth information regarding our investment in notes receivable at June 30, 2023 (dollar amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest | ​ | ​ | ​ | ​ | ​ | Type of | ​ | Gross | ​ | ​ | ​ | ​ | Type of | ​
Rate | ​ | IRR | ​ | Maturity | ​ | Loan | ​ | Investment | ​ | ​ | # of loans | ​ | Property | ​
5.0% | ​ | — | ​ | 2023 | ​ | Working capital | ​ | $ | 370 | ​ | ​ | 1 | ​ | ALF | ​
5.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 1,050 | ​ | ​ | 1 | ​ | ALF | ​
4.0% | ​ | — | ​ | 2024 | ​ | Working capital | ​ | ​ | 13,531 | ​ | ​ | 1 | ​ | SNF |
5.0% | ​ | — | ​ | 2025 | ​ | Working capital | ​ | ​ | 831 | ​ | ​ | 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 | ​ | ​ | 500 | ​ | ​ | 1 | ​ | ALF | ​
7.3% | ​ | — | ​ | 2030 | ​ | Working capital | ​ | ​ | 1,107 | ​ | ​ | 1 | ​ | ALF | ​
7.0% | ​ | — | ​ | 2031 | ​ | Working capital | ​ | ​ | 2,693 | ​ | ​ | 1 | ​ | ALF | ​
8.3% | ​ | — | ​ | 2032 | ​ | Working capital | ​ | ​ | 642 | ​ | ​ | 1 | ​ | SNF | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | $ | 46,412 | (1) (2) | ​ | 11 | ​ | ​ | ​
(1) | Excludes the impact of credit loss reserve.
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(2) | Subsequent to June 30, 2023, we originated a $17,000 mezzanine loan for recapitalization of an existing 130-unit ILF/ALF/MC in Georgia as well as the construction of 89 additional units. The loan term is five years at an initial yield of 8.75% and an IRR of 12%.
Summary of mezzanine loans and other loan arrangements | The following table is a summary of our notes receivable components as of June 30, 2023 and December 31, 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | June 30, 2023 | ​ | December 31, 2022 |
Mezzanine loans | $ | 25,000 | ​ | $ | 36,815 | ​
Other loans | ​ | 21,412 | ​ | ​ | 22,157 | ​
Notes receivable credit loss reserve | ​ | (463) | ​ | ​ | (589) | ​
Total | $ | 45,949 | ​ | $ | 58,383 | ​
Summary of notes receivable activity | The following table summarizes our notes receivable activity for the six months ended June 30, 2023 and 2022 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Six Months Ended June 30,
​ | ​ | 2023 | ​ | ​ | 2022 | ​
Advances under notes receivable | $ | 866 | ​ | $ | 36,788 | (2)
Principal payments received under notes receivable | ​ | (13,426) | (1) | ​ | (6,618) | ​
Provision (recovery) for credit losses | ​ | 126 | ​ | ​ | (301) | ​
Net (decrease) increase in notes receivable | $ | (12,434) | ​ | $ | 29,869 | ​
(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.
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(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 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 -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1 + Details
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