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Notes Receivable | 12 Months Ended
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Dec. 31, 2014
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 consisted of the following (in thousands):
| December 31, |  |  |  |  |  |  |
| 2014 |  |  | 2013 |  |  | Maturity Date |  | Interest Rate |
Loans receivable | $ | 52,444 |  |  | $ | 72,218 |  |  | September 2011 to June 2023 |  | 5.7%–14.0% |
Other notes |  | 50 |  |  |  | 1,034 |  |  | September 2017 |  |  | 12.0% |
Tax Increment Financing Bonds ("TIF Bonds")(A) |  | 3,751 |  |  |  | 5,086 |  |  | April 2018 to July 2026 |  | 5.6%–8.5% |
| $ | 56,245 |  |  | $ | 78,338 |  |  |  |  |  |  |
(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 December 31, 2014 and 2013, the Company had six and seven loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate from January 1, 2013, to December 31, 2014 (in thousands):
| 2014 |  |  | 2013 |
Balance at January 1 | $ | 72,218 |  |  | $ | 60,378 |
Additions: |  |  |  |  |  |  |
New mortgage loans |  | — |  |  |  | 26,508 |
Interest |  | 810 |  |  |  | 773 |
Accretion of discount |  | 926 |  |  |  | 874 |
Deductions: |  |  |  |  |  |  |
Payments of principal and interest |  | (460 | ) |  |  | (16,315 | )
Loan loss reserve(A) |  | (500 | ) |  |  | — |
Other(B) |  | (20,550 | ) |  |  | — |
Balance at December 31 | $ | 52,444 |  |  | $ | 72,218 |
(A) | Amount classified in Other Income (Expense) in the consolidated statement of operations for the year ended December 31, 2014.
(B) | Loan applied toward the purchase price of the asset acquired in Chicago, Illinois (Note 3).
The following table summarizes the activity in the loan loss reserve from January 1, 2012, to December 31, 2014 (in thousands):
| 2014 |  |  | 2013 |  |  | 2012 |
Balance at January 1 | $ | 15,106 |  |  | $ | 15,106 |  |  | $ | 10,806 |
Additions: |  |  |  |  |  |  |  |  |  |  |
Loan loss reserve |  | 500 |  |  |  | — |  |  |  | 4,300 |
Balance at December 31 | $ | 15,606 |  |  | $ | 15,106 |  |  | $ | 15,106 |
At December 31, 2014, the Company had one loan outstanding aggregating $9.8 million that matured and was more than 90 days past due and one loan that was fully reserved. No other loans outstanding are past due. The Company is no longer accruing interest income on these notes as no payments have been received. For the $9.8 million loan, a loan loss reserve of $4.3 million was established in 2012, and an additional loan loss reserve of $0.5 million was recorded in 2014 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 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 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=35738203&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 3 -URI http://asc.fasb.org/extlink&oid=35738203&loc=d3e5066-111524 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 Reference 6: 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=26873400&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph k -Article 4 Reference 8: 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=35738203&loc=d3e5162-111524 + Details
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