Combined Guarantor Subsidiaries - Mortgage and Other Notes Receivable

12 Months Ended

Dec. 31, 2019

Condensed Financial Statements Captions [Line Items]

NOTE 11. MORTGAGE AND OTHER NOTES RECEIVABLE

Each of the Company's mortgage notes receivable is collateralized by either a first mortgage, a second mortgage or by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants or government sponsored districts and unsecured notes received from third parties as whole or partial consideration for property or investments. The Company reviews its mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussions with obligors.

Mortgage and other notes receivable consist of the following:

			As of December 31, 2019			As of December 31, 2018
	Maturity Date		Interest Rate	Balance		Interest Rate	Balance
Mortgages	Dec 2016 - Jan 2047	⁽¹⁾	4.28% - 9.50%	$	2,637	4.00% - 9.50%	$	4,884
Other Notes Receivable	Sep 2021 - Apr 2026		4.00% - 5.00%		2,025	4.00% - 5.00%		2,788
				$	4,662		$	7,672

( 1 )

Includes a $ 1,100 note with D'Iberville Promenade, LLC with a maturity date of December 2016, that is in default. This is secured by the joint venture partner’s interest in the joint venture.

Guarantor Subsidiaries

Condensed Financial Statements Captions [Line Items]

MORTGAGE AND OTHER NOTES RECEIVABLE

Note 9 – Mortgage and Other Notes Receivable

Each of the mortgage notes receivable is collateralized by a first mortgage. Other notes receivable include amounts due from a government sponsored district for reimbursable costs pursuant to an agreement with the district. The Combined Guarantor Subsidiaries review the mortgage and other notes receivable to determine if the balances are realizable based on factors affecting the collectability of those balances. Factors may include credit quality, timeliness of required periodic payments, past due status and management discussion with obligors. Mortgage and other notes receivable consist of the following:

		As of December 31, 2019			As of December 31, 2018
	Maturity Date	Interest Rate	Balance		Interest Rate	Balance
Mortgages:
The Promenade ⁽¹⁾	June 2020	5.00%	$	47,514	5.00%	$	47,514
Hamilton Corner ⁽¹⁾⁽²⁾	Feb 2020	5.67%		14,295	5.67%		14,295
The Terrace ⁽¹⁾	June 2020	7.25%		11,977			—
Forum at Grandview ⁽¹⁾⁽³⁾	Sep 2023	5.25%		—	5.25%		12,400
Village Square ⁽⁴⁾	Sep 2019			—	4.00%		1,308
				73,786			75,517

Other Notes Receivable:
Community improvement district	Aug 2028	6.75%		1,230	7.50%		1,230
			$	75,016		$	76,747

(1)	The mortgaged property is owned by an entity that is controlled by the Operating Partnership and included in the Operating Partnership’s consolidated financial statements. The mortgage note receivable is interest only.

(2)	The note was amended subsequent to December 31, 2019 to extend the maturity date. See Note 15 for additional information.

(3)	The property was sold in July 2019.

(4)	The note was retired in 2019