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Notes Receivable
 6 Months Ended
Jun. 30, 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 thousands):

 

     June 30, 2013      December 31, 2012  

Loans receivable

    $ 62,862       $ 60,378   

Other notes

      3,065         3,093   

Tax Increment Financing Bonds (“TIF Bonds”)(A)

      5,149         5,247   
  

 

 

     

 

 

  
   $ 71,076       $ 68,718   
  

 

 

     

 

 

  

 

(A) 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 June 30, 2013 and December 31, 2012, the Company had seven and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the six-month periods ended June 30, 2013 and 2012 (in thousands):

 

     2013     2012  

Balance at January 1

    $ 60,378     $ 84,541  

Additions:

     

New mortgage loans

      13,531       246  

Interest

      82       787  

Accretion of discount

      431       407  

Deductions:

     

Payments of principal and interest

      (11,560 )      —     

Other(A)

      —          (31,700 ) 
  

 

 

    

 

 

  

Balance at June 30

    $ 62,862     $ 54,281  
  

 

 

    

 

 

  

 

(A) 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.

In addition, at June 30, 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.