XML 150 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6
Note 11 - Mortgages and Other Financing Receivables
 12 Months Ended
Dec. 31, 2012
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]
11.  Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company.  For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2012, see Financial Statement Schedule IV included in this annual report on Form 10-K.

The following table reconciles mortgage loans and other financing receivables from January 1, 2010 to December 31, 2012 (in thousands):

   
2012
   
2011
   
2010
 
Balance at January 1
  $ 102,972     $ 108,493     $ 131,332  
Additions:
                       
   New mortgage loans
    29,496       14,297       1,411  
   Additions under existing mortgage loans
    895       -       3,047  
   Foreign currency translation
    1,181       -       3,923  
   Amortization of loan discounts
    247       247       247  
Deductions:
                       
   Loan repayments
    (60,740 )     (15,803 )     (24,860 )
   Loan impairments
    -       -       (700 )
   Charge off/foreign currency translation
    (430 )     (863 )     (3,101 )
   Collections of principal
    (2,861 )     (3,345 )     (2,726 )
   Amortization of loan costs
    (56 )     (54 )     (80 )
Balance at December 31
  $ 70,704     $ 102,972     $ 108,493  

The Company reviews payment status to identify performing versus non-performing loans.  Interest income on performing loans is accrued as earned. A non-performing loan is placed on non-accrual status when it is probable that the borrower may be unable to meet interest payments as they become due. Generally, loans 90 days or more past due are placed on non-accrual status unless there is sufficient collateral to assure collectability of principal and interest. Upon the designation of non-accrual status, all unpaid accrued interest is reserved against through current income. Interest income on non-performing loans is generally recognized on a cash basis.  The following table presents performing and non-performing loans as of December 31, 2012 (in thousands):

   
Number of
 Loans
   
Amount
 
Performing Loans
    24     $ 50,802  
Non-Performing Loans
    4       19,902  
      Total
    28     $ 70,704  

As of December 31, 2012, the Company had four loans aggregating $19.9 million which were in default for nonpayment of interest only or principal and interest. The Company has placed all of these loans on non-accrual status with respect to the recognition of interest income starting from each loan’s nonperformance date. Nonperformance dates for these loans range from 7 months to 7 years.  The Company assessed each of these four loans and determined that the estimated fair value of the underlying collateral exceeded the respective carrying values as of December 31, 2012.

During 2010, the Company recognized an impairment charge of $0.7 million, against the carrying value, including accrued interest of a mortgage receivable that was in default.  This impairment charge reflects a decrease in the estimated fair value of the underlying collateral.  The remaining balance on this mortgage receivable as of December 31, 2010, was $1.4 million. This impairment charge is reflected in Impairments charges on the Company’s Consolidated Statements of Income.