XML 98 R38.htm IDEA: XBRL DOCUMENT v2.4.0.6
NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT (Tables)
 12 Months Ended
Dec. 31, 2011
Mortgage Loans on Real Estate [Abstract]  
Schedule of Notes Receivable
Notes Receivable were as follows at December 31, 2011:
Description
 
Effective
interest rate
 
Maturity
date
 
Periodic
payment
terms
 
Prior
liens
 
Face amount
of mortgages
 
Carrying
amount of
mortgages
(dollars in thousands)
 
 
 
 
 
 
 
 
 
 
 
 
Zero Coupon Loan
 
24.00%
 
1/3/2016
 
(2)
 
$
166,200

 
$
5,644

 
$
3,563

Mezzanine Loan
 
10.00%
 
12/31/2013
 
(2)
 
85,835

 
9,089

 
9,089

Mezzanine Loan
 
15.00%
 
Capital Event
 
(2)
 
11,925

 
3,834

 
3,834

Mezzanine Loan
 
17.50%
 
1/1/2017
 
(2)
 
37,700

 
3,550

 
2,173

First Mortgage Loan
 
12.00%
 
12/5/2012
 
(1)
 
—

 
8,500

 
8,500

First Mortgage Loan
 
10.77%
 
Demand Note
 
(2)
 
—

 
10,000

 
10,000

First Mortgage Loan
 
7.00%
 
2/1/2012
 
(1)
 
—

 
4,000

 
4,000

Construction Loan
 
20.51%
 
4/1/2012
 
(2)
 
—

 
5,400

 
5,400

First Mortgage Loan
 
6.00%
 
12/1/2012
 
(1)
 
—

 
12,609

 
12,609

Individually less than 3%
 
10.00% to 12.00%
 
12/31/13 to Capital Event
 

 
—

 
8,399

 
821

Total
 
 
 
 
 
 
 
 

 
$
71,025

 
$
59,989


Notes:
(1)
Payable upon maturity.
(2)
Interest only payable monthly, principal due on maturity.
Schedule of Notes Receivable and Preferred Equity Investments Reconciliation
The following table reconciles notes receivable and preferred equity investments from January 1, 2009 to December 31, 2011:
 
 
For the years ended December 31,
(dollars in thousands)
 
2011
 
2010
 
2009
Balance at beginning of period
 
$
89,202

 
$
125,221

 
$
125,587

Additions during period:
 


 


 


New mortgage loans
 
34,758

 
—

 
10,839

Deductions during period:
 


 


 


Collections of principal
 
(56,517
)
 
(42,010
)
 
(13,614
)
Reclass to investments in unconsolidated affiliates
 
(8,000
)
 
—

 
—

Non-cash accretion of notes receivable
 
786

 
6,164

 
5,352

Reserves
 
(240
)
 
(93
)
 
(2,943
)
Other
 
—

 
(80
)
 
—

Balance at close of period
 
$
59,989

 
$
89,202

 
$
125,221
Schedule of Allowance for Credit Losses on Notes Receivable
The following table reconciles the allowance for notes receivable from December 31, 2009 to December 31, 2011:
 
Allowance for
(dollars in thousands)
Notes Receivable
Balance at December 31, 2009
$
5,943

Reserves
93

Write off of notes receivable
(3,000
)
Balance at December 31, 2010
3,036

Reserves
240

Balance at December 31, 2011
$
3,276