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Notes Receivable Backed by Real Estate | 12 Months Ended
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Dec. 31, 2011
Notes Receivable Backed by Real Estate [Abstract] |
Notes Receivable Backed by Real Estate |
7. | Notes Receivable Backed by Real Estate
The activity on the notes receivable backed by real estate for the year ended December 31, 2011 is as follows (in thousands):
|  | $188 million Preferred Equity Interest (1) |  |  | $55 million Preferred Equity Interest (2) |  |  | NAIF II Secured Mortgage Receivable (3) |  |  | Other Notes Receivable (4) |  |  | Total |
Balance as of December 31, 2010 |  | $ | 189,550 |  |  | $ | - |  |  | $ | 81,540 |  |  | $ | 31,054 |  |  | $ | 302,144 |
Investment |  |  | - |  |  |  | 55,000 |  |  |  | - |  |  |  | - |  |  |  | 55,000 |
Principal payment received |  |  | - |  |  |  | - |  |  |  | (2,676) |  |  |  | - |  |  |  | (2,676) |
Accrued interest, (interest payments received), net |  |  | (1,550) |  |  |  | 970 |  |  |  | - |  |  |  | - |  |  |  | (580) |
Fair value received from exchange |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (10,886) |  |  |  | (10,886) |
Impairment |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (20,500) |  |  |  | (20,500) |
Impact of changes in foreign currency exchange rates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 332 |  |  |  | 332 |
Balance as of December 31, 2011 |  | $ | 188,000 |  |  | $ | 55,970 |  |  | $ | 78,864 |  |  | $ | - |  |  | $ | 322,834 |
(1) | We invested in a preferred equity interest in 2010 through a sale of a portfolio of industrial properties. We earn a preferred return at an annual rate of 7% for the first three years, 8% for the fourth year and 10% thereafter until redeemed. Partial or full redemption can occur at any time at the buyer’s discretion or after the five year anniversary at our discretion. Based on the terms of this instrument, the preferred equity interest meets the definition of an investment in a debt security from an accounting perspective.
(2) | In the first quarter of 2011, we completed the sale of a portfolio of retail, mixed-use and other non-core assets to a third party. As part of the transaction, we invested approximately $55 million in a preferred equity interest in a subsidiary of the buyer. Based on the terms of this instrument, the preferred equity interest meets the definition of an investment in a debt security from an accounting perspective. We earn a preferred return at an annual rate of 7% for the first three years, 8% for the fourth year and 10% for the fifth year. Partial or full redemption can occur at any time at the buyer’s discretion or after the five year anniversary at our discretion.
(3) | In July 2010, we purchased an $81.0 million loan to NAIF II from the lender that bears interest at 8%, matures in May 2015 and was secured by 13 buildings. During the first quarter of 2011, one of the properties securing this note was sold and the proceeds were used to pay down the balance on the note. As of December 31, 2011, this note was secured by 12 properties. In February 2012, we purchased our partner’s 63% interest in NAIF II. As a result, we will consolidate this entity and eliminate this note receivable beginning in 2012. For additional information on this acquisition see Note 25.
(4) | The balance as of December 31, 2010 represented a receivable from an entity that developed retail and mixed use properties in Europe that was secured by land parcels. In late 2011, the entity went into administration. In exchange for the note receivable, we received three land parcels and debt. We expect to sell the land parcels and repay the debt with the proceeds. Based on the fair value of the land less the assumption of debt received in the exchange and information available to us in the fourth quarter of 2011, the remaining receivable balance of $20.5 million was impaired.

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- Definition The entire disclosure for claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5066-111524 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5162-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.3,4) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 4 -Section 08 -Paragraph k Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6965416&loc=d3e5074-111524 + Details
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