Notes Receivable (Tables)

12 Months Ended

Dec. 31, 2014

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.

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):