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New words:
advance, affordability, Arbor, ASC, call, cap, capped, CODM, Conversely, coupled, Derecognition, derecognized, designee, expanded, Fannie, focused, forced, goal, Mae, maker, month, NOI, Nonfinancial, outpaced, quickly, reclassification, reconcile, reduction, region, risen, settlement, sought, spending, trend, York
Removed:
actively, Additionally, adjustment, bathing, bathroom, bed, bedroom, beverage, broader, collecting, consisting, consumer, continuing, decline, denominated, depend, detail, development, dialogue, discretionary, disruption, dollar, dressing, ease, eating, efficiency, employee, ending, equipped, exceeded, execute, expansion, fluctuating, Formation, frequent, funding, guidance, historically, identify, implement, incur, interbank, internalized, knowledge, led, LIBOR, London, Metropolitan, Michigan, negative, offered, Ohio, optional, organization, oversight, pandemic, participant, proactively, qualifying, ranged, reimbursed, relief, remained, remeasured, remitted, rendered, renovating, replacement, replacing, represented, Safanad, safety, securitization, shared, shortage, similarly, spectrum, stabilization, stabilize, staffing, struggle, tailored, technology, testing, Top, translated, underperformance, unemployment, unskilled, work
Financial report summary
?Risks
- If we pay distributions from sources other than our cash flow provided by operations, we will have less cash available for investments and your overall return may be reduced.
Management Discussion
- In October 2023, as a result of the payment default in July 2023 on seven individual mortgage notes payable, or the Rochester Sub-Portfolio Loan, Fannie Mae, as the lender, filed a complaint seeking the appointment of a receiver and foreclosure on the seven underlying healthcare real estate properties, or the Rochester Sub-Portfolio, and to enforce its rights in its collateral under the loan documents. On October 30, 2023, the properties underlying the Rochester Sub-Portfolio Loan were placed into a receivership. Although we continue to have legal ownership of the Rochester Sub-Portfolio until transferred to Fannie Mae or its designee, the receiver now has effective control of the properties and, as of the date of the receivership order, we discontinued recognizing revenues and expenses related to the Rochester Sub-Portfolio and derecognized the properties and related assets from our financial statements. However, until legal ownership of the Rochester Sub-Portfolio is transferred and the associated debt extinguished, we continue to recognize liabilities associated with the Rochester Sub-Portfolio Loan. As of March 31, 2024, we continue to own all of the properties in the Rochester Sub-Portfolio.