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Notes Receivable | 12 Months Ended
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Dec. 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):
| December 31, |  |  | Maturity Date at |  | Interest Rate at
| 2015 |  |  | 2014 |  |  | December 31, 2015 |  | December 31, 2015
Loans receivable | $ | 41,988 |  |  | $ | 52,444 |  |  | September 2017– June 2023 |  | 5.7%–10.0%
Other |  | 546 |  |  |  | 3,801 |  |  | September 2017– July 2026 |  | 5.6%–12.0%
| $ | 42,534 |  |  | $ | 56,245 |  |  |  |  |
As of December 31, 2015 and 2014, the Company had three and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate (in thousands):
| 2015 |  |  | 2014 |
Balance at January 1 | $ | 52,444 |  |  | $ | 72,218 |
Additions: |  |  |  |  |  |  |
Interest |  | — |  |  |  | 810 |
Accretion of discount |  | 980 |  |  |  | 926 |
Deductions: |  |  |  |  |  |  |
Collections of principal and interest |  | (11,436 | ) |  |  | (460 | )
Loan loss reserve(A) |  | — |  |  |  | (500 | )
Other(B) |  | — |  |  |  | (20,550 | )
Balance at December 31 | $ | 41,988 |  |  | $ | 52,444 |
| (A) | Amount classified in Other Income (Expense), Net 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).
At December 31, 2015, the Company did not have any loans outstanding that were past due. The following table summarizes the activity in the loan loss reserve (in thousands):
| 2015 |  |  | 2014 |  |  | 2013 |
Balance at January 1 | $ | 15,606 |  |  | $ | 15,106 |  |  | $ | 15,106 |
Additions: |  |  |  |  |  |  |  |  |  |  |
Loan loss reserve |  | — |  |  |  | 500 |  |  |  | — |
Deductions: |  |  |  |  |  |  |  |  |  |  |
Write-offs(A) |  | (15,606 | ) |  |  | — |  |  |  | — |
Balance at December 31 | $ | — |  |  | $ | 15,606 |  |  | $ | 15,106 |
| (A) | In 2015, the Company sold a note receivable with a face value, including accrued interest, of $9.8 million and a net value of $5.0 million, for proceeds of $7.9 million. As a result, the related loan loss reserve of $4.8 million was reversed and income of $2.9 million was recognized and classified as Gain on Disposition of Real Estate in the consolidated statements of operations. In connection with this transaction, the Company wrote off a cross collateralized fully reserved note receivable with a face value including accrued interest of $10.8 million. The aggregate write-down in the loan loss reserve related to this transaction was $15.6 million.

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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 310 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=49124121&loc=d3e5066-111524 Reference 2: 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 3: 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=49124121&loc=d3e5162-111524 Reference 4: 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 5: 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=49124121&loc=d3e5074-111524 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 7 -Article 9 + Details
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