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NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2014
Mortgage Loans on Real Estate [Abstract] |
Schedule of Notes Receivable and Preferred Equity Investments Reconciliation | The following table reconciles notes receivable investments from January 1, 2012 to December 31, 2014:
|  | For the years ended December 31,
(dollars in thousands) |  | 2014 |  | 2013 |  | 2012
Beginning Balance |  | $ | 126,656 |  |  | $ | 129,278 |  |  | $ | 59,989 |
Additions during period: |  |  |  |  |  |
New investments |  | 31,169 |  |  | 45,000 |  |  | 108,629 |
Deductions during period: |  |  |  |  |  |
Collections of principal |  | (18,095 | ) |  | (29,583 | ) |  | (25,388 | )
Conversion to real estate through receipt of deed or through foreclosure |  | (38,000 | ) |  | (18,500 | ) |  | (14,000 | )
Non-cash accretion of notes receivable |  | 556 |  |  | 461 |  |  | 453 |
Reserves |  | — |  |  | — |  |  | (405 | )
Ending Balance |  | $ | 102,286 |  |  | $ | 126,656 |  |  | $ | 129,278 |
Schedule of Notes Receivable | Notes receivable were as follows at December 31, 2014: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued
Note Description |  | Effective interest rate (1) |  | First Priority Liens |  | Net Carrying Amount of Notes Receivable as of December 31, 2014 |  | Net Carrying Amount of Notes Receivable as of December 31, 2013 |  | Maturity Date |  | Extension Options
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |
First Mortgage Loan |  | 7.7% |  | $ | — |  |  | $ | 12,000 |  |  | $ | 12,000 |  |  | 1/1/2015 |  | — |
Mezzanine Loan |  | 12.7% |  | 18,900 |  |  | 8,000 |  |  | — |  |  | 10/3/2015 |  |  |
First Mortgage Loan |  | 8.8% |  | — |  |  | 7,500 |  |  | — |  |  | 10/31/2015 |  | 1 x 12 Months |
Zero Coupon Loan (2) |  | 24.0% |  | 166,200 |  |  | 4,986 |  |  | 4,431 |  |  | 1/3/2016 |  | — |
First Mortgage Loan |  | 5.5% |  | — |  |  | 4,000 |  |  | 42,000 |  |  | 4/1/2016 |  | 1 x 6 Months |
Preferred Equity |  | 13.5% |  | — |  |  | 4,000 |  |  | — |  |  | 5/9/2016 |  |  |
Other |  | 18.0% |  | — |  |  | 3,307 |  |  | — |  |  | 7/1/2017 |  |  |
Preferred Equity |  | 8.1% |  | 20,855 |  |  | 13,000 |  |  | 13,000 |  |  | 9/1/2017 |  | — |
Mezzanine Loan |  | 15.0% |  | — |  |  | 30,879 |  |  | 30,879 |  |  | 11/9/2020 |  | — |
First Mortgage Loan |  | 6.0% |  | — |  |  | — |  |  | 6,400 |  |  | Demand |  | — |
Other |  | LIBOR + 2.5% |  | — |  |  | 4,000 |  |  | 3,000 |  |  | 12/30/2020 |  |  |
Mezzanine Loan (3) |  | 10.0% |  | 87,477 |  |  | 7,983 |  |  | 9,089 |  |  | Demand |  | — |
Mezzanine Loan |  | 15.0% |  | 16,668 |  |  | — |  |  | 3,834 |  |  | Upon Capital Event |  | — |
Individually less than 3% (4) |  | 2.7% to 17.5% |  | — |  |  | 2,631 |  |  | 2,023 |  |  | 12/31/2015 to 5/1/2024 |  | — |
Total |  |  |  |  |  | $ | 102,286 |  |  | $ | 126,656 |  |  |  |  |
Notes: (1) Includes origination and exit fees (2) The principal balance for this accrual-only loan is increased by the interest accrued (3) Comprised of three cross-collateralized loans from one borrower, which are non-performing (4) Consists of three loans as of December 31, 2014
Schedule of Allowance for Credit Losses on Notes Receivable | The following table reconciles the activity in the allowance for notes receivable from December 31, 2012 to December 31, 2014:
|  | Allowance for
(dollars in thousands) |  | Notes Receivable
Balance at December 31, 2012 |  | $ | 3,681 |
Additional reserves |  | — |
Recoveries |  | — |
Charge-offs and reclassifications |  | — |
Balance at December 31, 2013 |  | $ | 3,681 |
Additional reserves |  | — |
Recoveries |  | (2,724 | )
Charge-offs and reclassifications |  | (957 | )
Balance at December 31, 2014 |  | $ | — |

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- Definition Tabular disclosure of financing receivables (examples of financing receivables include loans, trade accounts receivable and notes receivable) and activity in the allowance for credit losses account. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11B -URI http://asc.fasb.org/extlink&oid=35738203&loc=SL6953423-111524 + Details
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- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 3, 4 -Article 5 + Details
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