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Notes Receivable | 12 Months Ended
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Dec. 31, 2012
Notes Receivable | 4. Notes Receivable The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings. Notes receivable consist of the following (in millions):
|  | December 31, |  |  | Maturity Date |  | Interest Rate
|  | 2012 |  |  | 2011 |  |  |
Loans receivable(A) |  | $ | 60.4 |  |  | $ | 84.5 |  |  | September 2011 to November 2022 |  | 5.7% -14.0%
Other notes |  |  | 3.1 |  |  |  | 3.0 |  |  | November 2014 to September 2017 |  | 8.5% - 12.0%
Tax Increment Financing Bonds (“TIF Bonds”)(B) |  |  | 5.2 |  |  |  | 6.4 |  |  | April 2014 to July 2026 |  | 5.5% - 8.5%
|  | $ | 68.7 |  |  | $ | 93.9 |  |  |  |  |
(A) | Amounts include loans in default and exclude notes receivable and advances from unconsolidated joint ventures at December 31, 2012 and 2011 (Note 2).
(B) | Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.
As of December 31, 2012 and 2011, the Company had six loans receivable. The following table summarizes the activity in loans receivable on real estate from January 1, 2011, to December 31, 2012 (in thousands):
|  | 2012 |  |  | 2011 |
Balance at January 1 |  | $ | 84,541 |  |  | $ | 103,705 |
Additions: |  |  |  |  |  |  |  |
New mortgage loans |  |  | 10,239 |  |  |  | 10,000 |
Interest |  |  | 876 |  |  |  | 811 |
Accretion of discount |  |  | 826 |  |  |  | 780 |
Deductions: |  |  |  |  |  |  |  |
Payments of principal |  |  | (104 | ) |  |  | (25,755 | )
Loan loss reserve(A) |  |  | (4,300 | ) |  |  | (5,000 | )
Other(B) |  |  | (31,700 | ) |  |  | — |
Balance at December 31 |  | $ | 60,378 |  |  | $ | 84,541 |
(A) | Amount classified in other expense, net in the consolidated statement of operations for both periods presented. In 2011, this reserve was written off upon the sale of the note.
(B) | Loan assumed by the Company’s unconsolidated joint venture BRE DDR Retail Holdings, LLC and reclassified into Investments in and Advances to Joint Ventures in the Company’s consolidated balance sheet at December 31, 2012 upon the Company’s acquisition of the equity interest.
The following table summarizes the activity in the loan loss reserve from January 1, 2010, to December 31, 2012 (in thousands):
|  | 2012 |  |  | 2011 |  |  | 2010 |
Balance at January 1 |  | $ | 10,806 |  |  | $ | 10,806 |  |  | $ | 10,806 |
Additions: |  |  |  |  |  |  |  |  |  |  |  |
Loan loss reserve |  |  | 4,300 |  |  |  | 5,000 | (A) |  |  | — |
Deductions: |  |  |  |  |  |  |  |  |  |  |  |
Write downs |  |  | — |  |  |  | (5,000 | )(A) |  |  | — |
Balance at December 31 |  | $ | 15,106 |  |  | $ | 10,806 |  |  | $ | 10,806 |
(A) | In 2011, the Company sold a note receivable with a face value, including accrued interest, of $11.8 million for proceeds of $6.8 million, which resulted in the recognition of a $5.0 million reserve. At December 31, 2010, this note was more than 90 days past due on interest payments. A loan loss reserve had not been previously established based on the estimated value of the underlying real estate collateral.
At December 31, 2012, the Company had one loan outstanding aggregating $9.8 million that matured in September 2011 and was more than 90 days past due. The Company is no longer accruing interest income on this note as no payments have been received. A loan loss reserve of $4.3 million was established in 2012 based on the estimated value of the underlying real estate collateral.

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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/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(k)) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690 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 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5074-111524 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5162-111524 Reference 5: 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 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Statement of Position (SOP) -Number 01-6 -Paragraph 13 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=7512638&loc=d3e5066-111524 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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