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NOTES RECEIVABLE | 9 Months Ended
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Sep. 30, 2011
NOTES RECEIVABLE ABSTRACT |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | NOTES RECEIVABLE At September 30, 2011, the Company’s notes receivable, net, aggregated $41.3 million, and were collateralized either by the underlying properties or the borrowers' ownership interest in the entities that own the properties and/or by the borrowers' personal guarantee as follows:
Description | Effective Interest Rate | Maturity Date | First Priority Liens | Net Carrying amount of Notes Receivable | Extension Options
(dollars in thousands) |  |  |  |  |
Mezzanine Loan | 10.0% | Demand | $ | — |  | $ | 2,280 |  | —
Mezzanine Loan | 13.0% | Demand | 29,295 |  | 2,980 |  | —
Mezzanine Loan | 13.0% | Demand | 6,000 |  | 1,964 |  | —
First Mortgage Loan | 10.8% | Demand | — |  | 10,000 |  | —
Other Loan | 14.5% | 12/2011 | — |  | 8,585 |  | —
Other Loan | 7.0% | 2/2012 | — |  | 4,000 |  | —
Other Loan | 24.0% | 1/2016 | 166,200 |  | 3,478 |  | —
Mezzanine Loan | 17.5% | 1/2017 | 37,700 |  | 2,173 |  | —
Mezzanine Loan | 15.0% | Upon Capital Event | 11,925 |  | 3,834 |  | —
Individually less than 3% | 10% to 13.0% | Demand to 12/2011 | 16,853 |  | 2,010 |  | —
Total |  |  |  |  | $ | 41,304 |  |
During September 2011, the Company reclassified an $8.0 million mezzanine loan from Notes Receivable to Investments in and Advances to Unconsolidated Affiliates related to the acquisition of the Georgetown Portfolio (Note 5). During September 2011, the Company made a $4.0 million loan to two members of an entity which owns a shopping center in Washington D.C. The note accrues interest at 7% and matures in February 2012. In addition to the loan, the Company entered into and subsequently exercised an option to purchase the shopping center at a future date, pending the servicer's approval of the assignment of a first mortgage loan of $17.0 million. The loan will be offset against the ultimate purchase price when the Company acquires the property. During May 2011, the Company received a payment of $54.7 million on a mezzanine loan, representing $33.8 million of principal, $13.4 million of accrued interest, and a $7.5 million exit fee. During February 2011, the Company made a mezzanine loan for $3.8 million which accrues interest at 15% and is payable upon a capital event. The Company also received a payment of $1.9 million on a mezzanine loan. Allowances for real estate notes receivable are established based upon management's quarterly review of the investments. In performing this review, management considers the estimated net recoverable value of the loan as well as other factors, including the fair value of any collateral, the amount and status of any senior debt, and the prospects for the borrower. Because this determination is based upon projections of future economic events, which are inherently subjective, the amounts ultimately realized from the loans may differ materially from the carrying value at the balance sheet date. The activity in the allowance for notes receivable for the nine months ended September 30, 2011 is as follows:
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2010 | $ | 4,964 |
Provision for losses on notes receivable | 210 |
Balance at September 30, 2011 | $ | 5,174 |

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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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