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NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENT | 12 Months Ended
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Dec. 31, 2012
Mortgage Loans on Real Estate [Abstract] |
Notes Receivable and Preferred Equity Investment | Notes Receivable and Other Real Estate Related Investments During 2012, the Company made total net investments in notes receivable aggregating $69.2 million. The following table reconciles notes receivable investments from January 1, 2010 to December 31, 2012:
|  | For the years ended December 31,
(dollars in thousands) |  | 2012 |  | 2011 |  | 2010
Beginning Balance |  | $ | 59,989 |  |  | $ | 89,202 |  |  | $ | 125,221 |
Additions during period: |  |  |  |  |  |  |  |  |
New mortgage loans |  | 108,629 |  |  | 34,758 |  |  | — |
Deductions during period: |  |  |  |  |  |  |  |  |
Collections of principal |  | (25,388 | ) |  | (56,517 | ) |  | (42,010 | )
Conversion to real estate through receipt of deed or through foreclosure |  | (14,000 | ) |  | — |  |  | — |
Reclass to investments in unconsolidated affiliates |  | — |  |  | (8,000 | ) |  | — |
Non-cash accretion of notes receivable |  | 453 |  |  | 786 |  |  | 6,164 |
Reserves |  | (405 | ) |  | (240 | ) |  | (93 | )
Other |  | — |  |  | — |  |  | (80 | )
Ending Balance |  | $ | 129,278 |  |  | $ | 59,989 |  |  | $ | 89,202 |
As of December 31, 2012, the Company’s notes receivable, net, approximated $129.3 million and were collateralized by the underlying properties, the borrower’s ownership interest in the entities that own the properties and/or by the borrower’s personal guarantee. Notes receivable were as follows at December 31, 2012: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable and Other Real Estate Related Investments, continued
Note Description |  | Effective interest rate (1) |  | Maturity date |  | Periodic payment terms |  | Prior liens |  | Face amount of notes |  | Carrying amount of notes |  | Accrued Interest
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage |  | 6.00% |  | 12/31/2013 |  | (2) |  | $ | — |  |  | $ | 10,250 |  |  | $ | 10,250 |  |  | $ | 54 |
First Mortgage |  | 8.00% |  | 12/31/2013 |  | (2) |  | — |  |  | 8,000 |  |  | 8,000 |  |  | — |
First Mortgage |  | 5.25% |  | Demand |  | (2) |  | — |  |  | 23,555 |  |  | 18,500 |  |  | 803 |
First Mortgage |  | 6.00% |  | 6/1/2013 |  | (2) |  | — |  |  | 12,609 |  |  | 12,333 |  |  | 319 |
First Mortgage |  | 11.00% |  | 1/1/2014 |  | (2) |  | — |  |  | 25,000 |  |  | 25,000 |  |  | — |
Construction |  | 20.51% |  | 12/31/2012 |  | (2) |  | — |  |  | 5,400 |  |  | 5,400 |  |  | 168 |
Individually less than 3% |  | 10.00% to 11.60% |  | 12/31/13 to Capital Event |  | (2) |  | — |  |  | 2,198 |  |  | 269 |  |  | 90 |
Sub-total first mortgages |  | 8.60% |  |  |  |  |  |  |  | 87,012 |  |  | 79,752 |  |  | 1,434 |
Zero Coupon |  | 24.00% |  | 1/3/2016 |  | (2) |  | 166,200 |  |  | 5,644 |  |  | 3,961 |  |  | — |
Mezzanine |  | 10.00% |  | 12/31/2013 |  | (2) |  | 85,835 |  |  | 9,089 |  |  | 9,089 |  |  | 176 |
Mezzanine |  | 15.00% |  | Capital Event |  | (2) |  | 13,265 |  |  | 3,834 |  |  | 3,834 |  |  | 1,135 |
Mezzanine |  | 15.00% |  | 11/9/2020 |  | (2) |  | — |  |  | 30,879 |  |  | 30,879 |  |  | — |
Individually less than 3% |  | 12.00% to 17.50% |  | 1/1/17 to Capital Event |  | (2) |  | 37,623 |  |  | 9,198 |  |  | 1,763 |  |  | — |
Sub-total other |  | 14.78% |  |  |  |  |  |  |  | 58,644 |  |  | 49,526 |  |  | 1,311 |
Total |  |  |  |  |  |  |  |  |  |  | $ | 145,656 |  |  | $ | 129,278 |  |  | $ | 2,745 |
Notes:
(1) | The effective interest rate includes points and exit fees.
(2) | Interest only payable monthly, principal due on maturity.
The following table reconciles the allowance for notes receivable from December 31, 2010 to December 31, 2012:
| Allowance for
(dollars in thousands) | Notes Receivable
Balance at December 31, 2010 | $ | 3,036 |
Change in allowance, net | 240 |
Balance at December 31, 2011 | $ | 3,276 |
Change in allowance, net | 405 |
Balance at December 31, 2012 | $ | 3,681 |

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- Definition The entire disclosure for mortgage loans on real estate, this includes the supplemental information pertaining to each mortgage loan receivable that equals or exceeds three percent of the carrying amount of mortgages. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=6882300&loc=d3e5864-122674 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 + Details
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