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Notes Receivable | 3 Months Ended
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Mar. 31, 2013
Receivables [Abstract] |
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):
|  | March 31, 2013 |  |  | December 31, 2012 |
Loans receivable(A) |  | $ | 49.4 |  |  | $ | 60.4 |
Other notes |  |  | 3.0 |  |  |  | 3.1 |
Tax Increment Financing Bonds (“TIF Bonds”)(B) |  |  | 5.1 |  |  |  | 5.2 |
|  | $ | 57.5 |  |  | $ | 68.7 |
(A) | Amounts include loans in default and exclude notes receivable and advances from unconsolidated joint ventures at March 31, 2013 and December 31, 2012 (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 March 31, 2013 and December 31, 2012, the Company had five and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the three-month periods ended March 31, 2013 and 2012 (in thousands):
|  | 2013 |  |  | 2012 |
Balance at January 1 |  | $ | 60,378 |  |  | $ | 84,541 |
Additions: |  |  |  |  |  |  |  |
New mortgage loans |  |  | — |  |  |  | 75 |
Interest |  |  | 123 |  |  |  | 793 |
Accretion of discount |  |  | 214 |  |  |  | 202 |
Deductions: |  |  |  |  |  |  |  |
Payments of principal |  |  | (11,310 | ) |  |  | — |
Balance at March 31 |  | $ | 49,405 |  |  | $ | 85,611 |
In addition, at March 31, 2013, 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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