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NOTES RECEIVABLE, PREFERRED EQUITY, AND OTHER REAL ESTATE RELATED INVESTMENTS (Tables) | 12 Months Ended
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Dec. 31, 2015
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, 2013 to December 31, 2015:
|  | For the years ended December 31,
(dollars in thousands) |  | 2015 |  | 2014 |  | 2013
Beginning Balance |  | $ | 102,286 |  |  | $ | 126,656 |  |  | $ | 129,278 |
Additions during period: |  |  |  |  |  |
New investments |  | 48,500 |  |  | 31,169 |  |  | 45,000 |
Disposition of air rights through issuance of notes |  | 29,539 |  |  | — |  |  | — |
Deductions during period: |  |  |  |  |  |
Collections of principal |  | (15,984 | ) |  | (18,095 | ) |  | (29,583 | )
Conversion to real estate through receipt of deed or through foreclosure |  | (13,386 | ) |  | (38,000 | ) |  | (18,500 | )
Other |  | (3,767 | ) |  | 556 |  |  | 461 |
Ending Balance |  | $ | 147,188 |  |  | $ | 102,286 |  |  | $ | 126,656 |
Schedule of Notes Receivable | Notes receivable were as follows at December 31, 2015: ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued
Description |  | Notes |  | Effective interest rate (1) |  | First Priority Liens |  | Net Carrying Amount of Notes Receivable as of December 31, 2015 |  | Net Carrying Amount of Notes Receivable as of December 31, 2014 |  | Maturity Date |  | Extension Options
(dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mezzanine Loan |  | (2) |  | 12.7% |  | $ | 18,900 |  |  | $ | — |  |  | $ | 8,000 |  |  | 10/3/2015 |  |
First Mortgage Loan |  |  |  | 8.8% |  | — |  |  | 7,500 |  |  | 7,500 |  |  | 11/1/2016 |  |
Zero Coupon Loan |  | (3) (4) |  | 24.0% |  | 166,200 |  |  | — |  |  | 4,986 |  |  | 1/3/2016 |  |
First Mortgage Loan |  |  |  | 5.5% |  | — |  |  | 4,000 |  |  | 4,000 |  |  | 4/1/2016 |  | 1 x 6 Months
First Mortgage Loan |  | (5) |  | 6.0% |  | — |  |  | 15,000 |  |  | — |  |  | 5/1/2016 |  | 1 x 12 Months
Preferred Equity |  |  |  | 13.5% |  | — |  |  | 4,000 |  |  | 4,000 |  |  | 5/9/2016 |  |
Other |  | (6) |  | 17.0% |  | — |  |  | — |  |  | — |  |  | 6/1/2016 |  |
Other |  | (7) |  | 18.0% |  | — |  |  | 3,907 |  |  | 3,307 |  |  | 7/1/2017 |  |
Preferred Equity |  |  |  | 8.1% |  | 20,855 |  |  | 13,000 |  |  | 13,000 |  |  | 9/1/2017 |  |
First Mortgage Loan |  | (8) |  | LIBOR + 7.1% |  | — |  |  | 26,000 |  |  | — |  |  | 6/25/2018 |  | 1 x 12 Months
Zero Coupon Loan |  | (3) (9) |  | 2.5% |  | — |  |  | 30,234 |  |  | — |  |  | 5/31/2020 |  |
Mezzanine Loan |  |  |  | 15.0% |  | — |  |  | 30,879 |  |  | 30,879 |  |  | 11/9/2020 |  |
Other |  |  |  | LIBOR + 2.5% |  | — |  |  | — |  |  | 4,000 |  |  | 12/30/2020 |  |
Mezzanine Loan |  | (10) |  | 10.0% |  | 87,477 |  |  | — |  |  | 7,983 |  |  | Demand |  |
First Mortgage Loan |  | (11) |  | 7.7% |  | — |  |  | 12,000 |  |  | 12,000 |  |  | Demand |  |
Individually less than 3% |  | (12) (13) (14) |  | 2.5% to 11.6% |  | — |  |  | 668 |  |  | 2,631 |  |  | 12/31/2016 |  |
Total |  |  |  |  |  |  |  | $ | 147,188 |  |  | $ | 102,286 |  |  |  |  |
Notes: (1) Includes origination and exit fees (2) During July 2015, the Company received repayment in full of this $8.0 million note. (3) The principal balances for these accrual-only loans are increased by the interest accrued. (4) During April 2015, the Company converted a $5.6 million loan into an equity interest in the Route 202 Shopping Center (Note 2). (5) During May 2015, the Company made a $15.0 million loan, which is collateralized by a property, bears interest at 6.0% and matures May 1, 2016. (6) During June 2015, the Company made a $6.5 million loan, which bore interest at 17.0% and was scheduled to mature June 1, 2016. During October 2015, this loan was converted into an equity interest in 650 Bald Hill Road (Note 2). (7) During 2015, the Company advanced an additional $0.6 million on this loan collateralized by a property. (8) During June 2015, the Company made a $26.0 million loan, which is collateralized by a property. ACADIA REALTY TRUST AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 5. Notes Receivable, Preferred Equity and Other Real Estate Related Investments, continued (9) During June 2015, the Company made a $29.8 million loan in connection with the disposition of City Point's Phase III (Note 2), which is collateralized by the purchaser's interest in the property. (10) Comprised of three cross-collateralized loans from one borrower, which were non-performing. During July 2015, the Company received repayment of these notes in full as well as all accrued interest and default interest and additional penalties. (11) Loan was non-performing as of December 31, 2015. Based on the value of the underlying collateral, no reserve has been established against this loan. (12) Consists of one loan as of December 31, 2015 and three loans as of December 31, 2014. (13) During February 2015, the Company advanced an additional $0.4 million on this loan collateralized by a property. (14) During June 2015, the Company converted a $1.9 million loan into an equity interest in the remaining 10% of 152-154 Spring Street.
Schedule of Allowance for Credit Losses on Notes Receivable | The following table reconciles the activity in the allowance for notes receivable from December 31, 2013 to December 31, 2015:
|  | Allowance for
(dollars in thousands) |  | Notes Receivable
Balance at December 31, 2013 |  | $ | 3,681 |
Additional reserves |  | — |
Recoveries |  | (2,724 | )
Charge-offs and reclassifications |  | (957 | )
Balance at December 31, 2014 |  | $ | — |
Additional reserves |  | — |
Recoveries |  | — |
Charge-offs and reclassifications |  | — |
Balance at December 31, 2015 |  | $ | — |

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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=49124121&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 + Details
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