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Loans Receivable and Other Lending Investments, net (Tables)

6 Months Ended

Jun. 30, 2019

Receivables [Abstract]

Schedule of the Company's loans and other lending investments by class

The following is a summary of the Company's loans receivable and other lending investments by class ($ in thousands):

	As of
Type of Investment	June 30, 2019				December 31, 2018
Senior mortgages	$	671,159			$	760,749
Corporate/Partnership loans	124,266				148,583
Subordinate mortgages	10,515				10,161
Total gross carrying value of loans	805,940				919,493
Reserves for loan losses	(53,408		)		(53,395		)
Total loans receivable, net	752,532				866,098
Other lending investments(1)	149,614				122,126
Total loans receivable and other lending investments, net	$	902,146			$	988,224

____________________________________________________________

(1)

As of June 30, 2019, includes $44.1 million related to the acquisition of bowling centers from one of the Company's lessees (refer to Note 5).

Schedule of changes in the Company's reserve for loan losses

Changes in the Company's reserve for loan losses were as follows ($ in thousands):

		For the Three Months Ended June 30,								For the Six Months Ended June 30,
		2019				2018				2019				2018
Reserve for loan losses at beginning of period		$	53,298			$	69,466			$	53,395			$	78,489
Provision for loan losses		110				18,892				13				18,037
Charge-offs		—				(33,863		)		—				(42,031		)
Reserve for loan losses at end of period		$	53,408			$	54,495			$	53,408			$	54,495

Schedule of recorded investment in loans and associated reserve for loan losses

The Company's recorded investment in loans (comprised of a loan's carrying value plus accrued interest) and the associated reserve for loan losses were as follows ($ in thousands):

	Individually Evaluated for Impairment(1)				Collectively Evaluated for Impairment(2)				Total
As of June 30, 2019
Loans	$	66,034			$	744,944			$	810,978
Less: Reserve for loan losses	(40,888		)		(12,520		)		(53,408		)
Total(3)	$	25,146			$	732,424			$	757,570
As of December 31, 2018
Loans	$	66,725			$	857,662			$	924,387
Less: Reserve for loan losses	(40,395		)		(13,000		)		(53,395		)
Total(3)	$	26,330			$	844,662			$	870,992

_______________________________________________________________________________

(1) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $0.5 million and $0.5 million as of June 30, 2019 and December 31, 2018, respectively. The Company's loans individually evaluated for impairment primarily represent loans on non-accrual status; therefore, the unamortized amounts associated with these loans are not currently being amortized into income.

(2) The carrying value of these loans include unamortized discounts, premiums, deferred fees and costs totaling net discounts of $1.0 million and $3.1 million as of June 30, 2019 and December 31, 2018, respectively.

(3) The Company's recorded investment in loans as of June 30, 2019 and December 31, 2018, including accrued interest of $5.0 million and $4.9 million, respectively, is included in "Accrued interest and operating lease income receivable, net" on the Company's consolidated balance sheets. As of June 30, 2019 and December 31, 2018, the total amounts exclude $105.5 million and $122.1 million, respectively, of securities that are evaluated for impairment under ASC 320.

Schedule of investment in performing loans, presented by class and by credit quality, as indicated by risk rating

The Company's recorded investment in performing loans, presented by class and by credit quality, as indicated by risk rating, was as follows ($ in thousands):

	As of June 30, 2019							As of December 31, 2018
	Performing Loans				Weighted Average Risk Ratings			Performing Loans				Weighted Average Risk Ratings
Senior mortgages	$	609,021			2.92			$	697,807			2.76
Corporate/Partnership loans	125,377				3.12			149,663				2.84
Subordinate mortgages	10,547				3.00			10,192				3.00
Total	$	744,945			2.95			$	857,662			2.77

Schedule of recorded investment in loans, aged by payment status and presented by class

The Company's recorded investment in loans, aged by payment status and presented by class, was as follows ($ in thousands):

	Current				Less Than and Equal to 90 Days				Greater Than 90 Days(1)				Total Past Due				Total
As of June 30, 2019
Senior mortgages	$	615,021			$	—			$	60,033			$	60,033			$	675,054
Corporate/Partnership loans	125,377				—				—				—				125,377
Subordinate mortgages	10,547				—				—				—				10,547
Total	$	750,945			$	—			$	60,033			$	60,033			$	810,978
As of December 31, 2018
Senior mortgages	$	703,807			$	—			$	60,725			$	60,725			$	764,532
Corporate/Partnership loans	149,663				—				—				—				149,663
Subordinate mortgages	10,192				—				—				—				10,192
Total	$	863,662			$	—			$	60,725			$	60,725			$	924,387

_______________________________________________________________________________

(1)

As of June 30, 2019, the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 years to 10.0 years outstanding. As of December 31, 2018, the Company had two loans which were greater than 90 days delinquent and were in various stages of resolution, including legal and foreclosure-related proceedings and environmental matters, and ranged from 4.0 years to 9.0 years outstanding.

Schedule of recorded investment in impaired loans, presented by class

The Company's recorded investment in impaired loans, presented by class, was as follows ($ in thousands)⁽¹⁾:

	As of June 30, 2019												As of December 31, 2018
	Recorded Investment				Unpaid Principal Balance				Related Allowance				Recorded Investment				Unpaid Principal Balance				Related Allowance
With an allowance recorded:
Senior mortgages	$	66,033			$	65,945			$	(40,888	)		$	66,725			$	66,777			$	(40,395	)
Total	$	66,033			$	65,945			$	(40,888	)		$	66,725			$	66,777			$	(40,395	)

____________________________________________________________

(1)

All of the Company's non-accrual loans are considered impaired and included in the table above.

Schedule of average recorded investment in impaired loans and interest income recognized, presented by class

The Company's average recorded investment in impaired loans and interest income recognized, presented by class, were as follows ($ in thousands):

	For the Three Months Ended June 30,																For the Six Months Ended June 30,
	2019								2018								2019								2018
	Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized				Average Recorded Investment				Interest Income Recognized
With no related allowance recorded:
Subordinate mortgages	$	—			$	—			$	—			$	—			$	—			$	—			$	—			$	92
Subtotal	—				—				—				—				—				—				—				92
With an allowance recorded:
Senior mortgages	66,379				—				67,252				—				66,605				—				71,949				—
Corporate/Partnership loans	—				—				78,338				—				—				—				104,403				—
Subtotal	66,379				—				145,590				—				66,605				—				176,352				—
Total:
Senior mortgages	66,379				—				67,252				—				66,605				—				71,949				—
Corporate/Partnership loans	—				—				78,338				—				—				—				104,403				—
Subordinate mortgages	—				—				—				—				—				—				—				92
Total	$	66,379			$	—			$	145,590			$	—			$	66,605			$	—			$	176,352			$	92

Schedule of other lending investments - securities

Other lending investments includes the following securities ($ in thousands):

	Face Value				Amortized Cost Basis				Net Unrealized Gain				Estimated Fair Value				Net Carrying Value
As of June 30, 2019
Available-for-Sale Securities
Municipal debt securities	$	21,140			$	21,140			$	2,184			$	23,324			$	23,324
Held-to-Maturity Securities
Debt securities	100,000				82,205				—				82,205				82,205
Total	$	121,140			$	103,345			$	2,184			$	105,529			$	105,529
As of December 31, 2018
Available-for-Sale Securities
Municipal debt securities	$	21,185			$	21,185			$	476			$	21,661			$	21,661
Held-to-Maturity Securities
Debt securities	120,866				100,465				7				100,472				100,465
Total	$	142,051			$	121,650			$	483			$	122,133			$	122,126

Schedule of contractual maturities of securities

As of June 30, 2019, the contractual maturities of the Company's securities were as follows ($ in thousands):

	Held-to-Maturity Securities								Available-for-Sale Securities
	Amortized Cost Basis				Estimated Fair Value				Amortized Cost Basis				Estimated Fair Value
Maturities
Within one year	$	—			$	—			$	—			$	—
After one year through 5 years	82,205				82,205				—				—
After 5 years through 10 years	—				—				—				—
After 10 years	—				—				21,140				23,324
Total	$	82,205			$	82,205			$	21,140			$	23,324

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