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Notes Receivable
 3 Months Ended
Mar. 31, 2015
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):

 

 

March 31, 2015

 

 

December 31, 2014

 

Loans receivable

$

46,642

 

 

$

52,444

 

Tax Increment Financing Bonds

   ("TIF Bonds") and other (A)

 

542

 

 

 

3,801

 

 

$

47,184

 

 

$

56,245

 

(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 March 31, 2015 and December 31, 2014, 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, 2015 and 2014 (in thousands):

 

 

2015

 

 

2014

 

Balance at January 1

$

52,444

 

 

$

72,218

 

Additions:

 

 

 

 

 

 

 

Interest

 

—

 

 

 

473

 

Accretion of discount

 

240

 

 

 

227

 

Deductions:

 

 

 

 

 

 

 

Payments of principal and interest

 

(6,042

)

 

 

(113

)

Balance at March 31

$

46,642

 

 

$

72,805

 

At March 31, 2015, 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.  The Company is no longer accruing interest income on these notes as no payments have been received.  The $9.8 million loan has a loan loss reserve of $4.8 million based on the estimated value of the underlying real estate collateral.  No other loans outstanding are past due.