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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2015
Mortgage Loans On Real Estate [Abstract]  
Mortgage Loans on Real Estate

SCHEDULE IV

DDR Corp.  

Mortgage Loans on Real Estate

December 31, 2015

(In Thousands)

 

Description

 

Interest

Rate

 

 

Final

Maturity

Date

 

Periodic

Payment

Terms(A)

 

Prior Liens(B)

 

 

Face Amount

of Mortgages

 

 

Carrying

Amount of

Mortgages(C)

 

 

Principal

Amount of

Loans Subject

to Delinquent

Principal or

Interest

 

Senior Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A

 

 

5.7%

 

 

Sep-17

 

P&I

 

$

—

 

 

$

33,000

 

 

$

29,908

 

 

$

—

 

Mezzanine Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower B

 

 

10.0%

 

 

Nov-22

 

I

 

 

59,000

 

 

 

4,500

 

 

 

4,539

 

 

 

—

 

Borrower C

 

 

9.0%

 

 

Jun-23

 

I

 

 

20,500

 

 

 

7,500

 

 

 

7,541

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

79,500

 

 

 

45,000

 

 

 

41,988

 

 

 

—

 

Investments in and Advances to Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower D

 

 

8.5%

 

 

Oct-21

 

QI

 

 

1,072,915

 

 

 

300,000

 

 

 

312,329

 

 

 

—

 

Borrower E

 

 

8.5%

 

 

Dec-22

 

QI

 

 

169,895

 

 

 

82,634

 

 

 

82,827

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

$

1,322,310

 

 

$

427,634

 

 

$

437,144

 

 

$

—

 

(A)

I = Interest only; P&I = Principal & Interest; QI = Quarterly partial payment Interest only.  

(B)

The first mortgage loans on certain properties are not held by the Company.  Accordingly, the amounts of the prior liens for those properties at December 31, 2015, are estimated.  

(C)

Carrying amount includes all applicable accrued interest and accretion of discount to date, net of amounts reserved for impairment.  

 

Changes in mortgage loans are summarized below (in thousands):

 

 

For the Year Ended December 31,

 

 

2015

 

 

2014

 

 

2013

 

Balance at beginning of period

$

357,754

 

 

$

143,989

 

 

$

246,907

 

Additions during period:

 

 

 

 

 

 

 

 

 

 

 

New mortgage loans

 

82,634

 

 

 

300,000

 

 

 

67,508

 

Interest

 

7,212

 

 

 

6,120

 

 

 

4,853

 

Accretion of discount

 

980

 

 

 

926

 

 

 

874

 

Deductions during period:

 

 

 

 

 

 

 

 

 

 

 

Provision for loan loss reserve

 

—

 

 

 

(500

)

 

 

—

 

Collections of principal and interest

 

(11,436

)

 

 

(92,781

)

 

 

(176,153

)

Balance at close of period

$

437,144

 

 

$

357,754

 

 

$

143,989