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Combined Guarantor Subsidiaries - Mortgage and Other Notes Receivable | 6 Months Ended
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Jun. 30, 2020
Condensed Financial Statements Captions [Line Items] |
Mortgage and Other Notes Receivable | Note 9 – Mortgage and Other Notes Receivable The Company’s mortgage note receivable is collateralized by an assignment of 100% of the partnership interests that own the real estate assets. Other notes receivable include amounts due from tenants and unsecured notes received from third parties as whole or partial consideration for property or investments. Mortgage and other notes receivable consist of the following:
|  |  |  | As of June 30, 2020 |  |  | As of December 31, 2019 |
|  | Maturity Date |  | Interest Rate |  |  | Balance |  |  | Interest Rate |  | Balance |
Mortgages |  | Dec 2016 | (1) | 3.48% |  |  | $ | 1,100 |  |  | 4.28% - 9.50% |  | $ | 2,637 |
Other Notes Receivable |  | Sep 2021- Apr 2026 |  | 4.00% - 5.00% |  |  |  | 1,629 |  |  | 4.00% - 5.00% |  |  | 2,025 |
|  |  |  |  |  |  |  | $ | 2,729 |  |  |  |  | $ | 4,662 |
(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.
Expected credit losses As of June 30, 2020, the one mortgage note receivable is in default, but as noted above, the Company has a noncontrolling interest recorded related to the defaulting partner’s interest that serves as collateral on the note, and that amount is greater than the outstanding balance on the note. Based on this information, the Company did not record a credit loss for this class of receivables for the six months ended June 30, 2020. During the six months ended June 30, 2020, the Company assessed each of its note receivables factoring in credit quality indicators such as collection experience and future expectations of performance to determine whether a credit loss should be recorded. Based on this information, the Company wrote off a $1,230 note receivable associated with amounts due from a government sponsored district at The Shoppes at St. Clair during the three months ended March 31, 2020. The Company did not record any other credit losses for this class of receivables for the three months ended June 30, 2020.
Guarantor Subsidiaries |
Condensed Financial Statements Captions [Line Items] |
Mortgage and Other Notes Receivable | Note 7 – Mortgage and Other Notes Receivable Each of the mortgage notes receivable is collateralized by a first mortgage. Other note receivable includes an amount 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 June 30, 2020 |  |  | As of December 31, 2019 |
|  | Maturity Date |  | Interest Rate |  |  | Balance |  |  | Interest Rate |  |  | Balance |
Mortgages: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
The Promenade (1) |  | Dec 2020 |  | 5.00% |  |  | $ | 47,514 |  |  | 5.00% |  |  | $ | 47,514 |
Hamilton Corner (1) |  | Aug 2020 |  | 5.67% |  |  |  | 14,295 |  |  | 5.67% |  |  |  | 14,295 |
The Terrace (1) |  | Dec 2020 |  | 7.25% |  |  |  | 11,977 |  |  | 7.25% |  |  |  | 11,977 |
|  |  |  |  |  |  |  |  | 73,786 |  |  |  |  |  |  |  | 73,786 |
Other Note Receivable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Community improvement district |  | Aug 2028 |  |  |  |  |  |  | — |  |  | 6.75% |  |  |  | 1,230 |
|  |  |  |  |  |  |  | $ | 73,786 |  |  |  |  |  |  | $ | 75,016 |
| (1) | The mortgaged property is owned by an entity that is controlled by the Operating Partnership and included in the Operating Partnership's condensed consolidated financial statements. The mortgage note receivable is interest only.
Expected credit losses The Combined Guarantor Subsidiaries applied the zero-loss expectation exception to their mortgage receivables because, even in the case of default by the borrower, a loss would not be expected based on the value of the property that serves as collateral for each mortgage. During the three and six months ended June 30, 2020, the Combined Guarantor Subsidiaries evaluated the current and potential future fair values of the properties secured as collateral against each mortgage receivable, as well as taking in account their historical loss experience with similar assets. Based on this information, the Combined Guarantor Subsidiaries did not record a credit loss for this class of receivables for the three and six months ended June 30, 2020. During the six months ended June 30, 2020, the Combined Guarantor Subsidiaries assessed their other note receivable factoring in credit quality indicators such as collection experience and future expectations of performance to determine whether a credit loss should be recorded. Based on this information, the Combined Guarantor Subsidiaries wrote off the $1,230 n ote receivable .

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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
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- Definition The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 + Details
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