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NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS | 3 Months Ended
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Mar. 31, 2014
Mortgage Loans on Real Estate [Abstract] |
NOTES RECEIVABLE, PREFERRED EQUITY AND OTHER REAL ESTATE RELATED INVESTMENTS | NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET As of March 31, 2014, the Company’s notes receivable, net, aggregated $119.6 million, and were collateralized either by the underlying properties, the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:
(dollars in thousands) |  |  |
Note description | Effective interest rate (1) | First Priority liens | Net Carrying Amounts of Notes Receivable as of March 31, 2014 |  | Net Carrying Amounts of Notes Receivable as of December 31, 2013 | Maturity date
First Mortgage Loan | 8.0% | — |  | $ | — |  |  | $ | 6,400 |  | Demand
Mezzanine Loan 2 | 10.0% | 89,566 |  | 9,089 |  |  | 9,089 |  | Demand
First Mortgage Loan | 11.0% | — |  | 42,000 |  |  | 42,000 |  | Demand
Zero Coupon Loan 3 | 24.0% | 166,200 |  | 4,570 |  |  | 4,431 |  | 1/3/2016
Mezzanine Loan | 15.0% | — |  | 30,879 |  |  | 30,879 |  | 11/9/2020
Mezzanine Loan 4 | 15.0% | 17,298 |  | 3,834 |  |  | 3,834 |  | Upon Capital Event
Mezzanine Loan | 8.1% | — |  | 13,000 |  |  | 13,000 |  | 9/1/2017
Construction Loan | 7.0% | — |  | 12,000 |  |  | 12,000 |  | 1/1/2015
Individually less than 3% 5 | 2.8% to 12.0% | 20,855 |  | 4,267 |  |  | 5,023 |  | 12/31/14 to Capital Event
Total |  |  | $ | 119,639 |  |  | $ | 126,656 |  |
Notes: (1) The effective interest rate includes origination and exit fees (2) Comprised of three cross-collateralized loans from one borrower, which are non-performing (3) The principal balance for this accrual only loan is increased by the interest accrued (4) Non-performing loan (5) Consists of three loans, one of which is non-performing with a face value of $3.0 million, of which $2.0 million has been reserved During January 2014, the Company received a repayment of $6.4 million, representing the full principal amount on a note receivable. During January 2014, the Company also received a payment of $1.4 million for a mezzanine loan with a face value of $3.5 million and a carrying value, net of reserves, of $0.7 million. The Company recognized income of approximately $0.7 million relating to the payoff, which is included in Other income on the accompanying 2014 Consolidated Statement of Income. The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral and the prospects of the borrower. As of March 31, 2014, the Company held five non-performing notes aggregating $15.9 million for which payment was delinquent. Based primarily on the indicators noted above, the Company has established a reserve of $2.0 million as of March 31, 2014 related to these notes. The following table reconciles the allowance for notes receivable from December 31, 2013 to March 31, 2014:
6. | NOTES RECEIVABLE AND PREFERRED EQUITY INVESTMENTS, NET (continued)
(dollars in thousands) | Allowance for Notes Receivable
Balance at December 31, 2013 | $ | 3,681 |
Additional reserves | — |
Recoveries | (1,688 | )
Charge-offs and reclassifications | — |
Balance at March 31, 2014 | $ | 1,993 |

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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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 3: 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 Reference 4: 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 + Details
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