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Notes Receivable (Tables)
 3 Months Ended
Mar. 31, 2013
Receivables [Abstract]  
Components of Notes Receivable

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.
Loans Receivable on Real Estate

 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