Ventas Inc
For the period ended Dec 31, 2024. Filed Feb 13, 2025.
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FY2024 · Filed Feb 13, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
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Schedule IV — Mortgage Loans on Real Estate
December 31, 2024
| Location | Interest Rate | Fixed / Variable | Maturity Date | Periodic Payment Terms | Prior Liens | Face Amount of Mortgages | Carrying Amount of Mortgages (1) | Principal Amount of Loans Subject to Delinquent Principal or Interest |
|---|---|---|---|---|---|---|---|---|
| First mortgage relating to two senior housing properties located in: | ||||||||
| Texas | Lesser of 9.50% or Term SOFR plus 5.00% | Variable | 6/16/2025 | Interest only (3) | $— | $8,000 | $8,000 | $— |
| First mortgage relating to one senior housing property located in: | ||||||||
| Illinois | Greater of 9.00% or Term SOFR plus 4.50% | Variable | 2/15/2026 | Interest only | — | 1,285 | 1,277 | — |
| First mortgage relating to two senior housing properties located in: | ||||||||
| Tennessee | Greater of 9.00% or Term SOFR plus 4.50% | Variable | 4/23/2026 | Interest only | — | 3,150 | 3,100 | — |
| First mortgage relating to two senior housing properties located in: | ||||||||
| South Carolina | Greater of 9.00% or Term SOFR plus 4.50% | Variable | 5/21/2026 | Interest only | — | 3,150 | 3,095 | — |
| First mortgage relating to one senior housing property located in: | ||||||||
| Washington | Greater of 10.25% or Term SOFR plus 5.75% | Variable | 9/20/2027 | Interest only (4) | — | 109,000 | 108,022 | — |
| First mortgage relating to one senior housing property located in: | ||||||||
| Pennsylvania | Term SOFR plus 3.75% | Variable | 11/4/2027 | Interest and principal; $19.2M balloon due at maturity (2) | — | 19,978 | 19,978 | — |
| Total | $— | $144,563 | $143,472 | $— | ||||
(1) For Federal income tax purposes, the aggregate cost of investments in mortgage loans on real estate is the carrying amount, as disclosed in the schedule.
(2) A prepayment premium of 0% to 3% is assessed on the outstanding principal balance depending on timing of prepayment and source of funds.
(3) This loan was originally scheduled to mature on June 16, 2024 and was extended to mature on June 15, 2025.
(4) A prepayment premium consisting of accelerated interest charged on the prepaid amount is assessed, as of the date of the prepayment, at the greater of the contract rate and the term SOFR forward curve through September 30, 2026. An exit fee is assessed at 1%of the amount of principal prepaid.
Reconciliation of Mortgage Loans:
| Year Ended December 31, | |||
|---|---|---|---|
| 2024 | 2023 | 2022 | |
| Beginning Balance | $26,087 | $491,334 | $486,200 |
| Additions: | |||
| New loans (1) | 115,359 | — | 25,247 |
| Construction draws | 2,100 | 835 | — |
| Total additions | 117,459 | 835 | 25,247 |
| Deductions: | |||
| Principal repayments | (74) | — | (113) |
| Conversions to real property | — | (486,082) | — |
| Allowance | — | 20,000 | (20,000) |
| Total deductions | (74) | (466,082) | (20,113) |
| Effect of foreign currency translation | — | — | — |
| Ending Balance | $143,472 | $26,087 | $491,334 |
(1) New loans include $7.5 million received as non-cash consideration for properties sold in 2024.
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