|
Loans Receivable (Tables)
|
6 Months Ended |
|
Jun. 30, 2013
|
| Receivables [Abstract] |
|
| Activity Relating to Loans Receivable |
Activity relating to our
loans receivable for the six months ended June 30, 2013 was as
follows ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Gross Book
Value |
|
|
Provision for
Loan Losses |
|
|
Net Book
Value |
|
|
|
|
|
|
December 31,
2012
|
|
$ |
164,180 |
|
|
($ |
22,680 |
) |
|
$ |
141,500 |
|
|
|
|
|
|
Loan
originations
|
|
|
756,638 |
|
|
|
— |
|
|
|
756,638 |
|
|
Deferred origination fees
and expenses
|
|
|
(3,776 |
) |
|
|
— |
|
|
|
(3,776 |
) |
|
Amortization of deferred
fees and expenses
|
|
|
239 |
|
|
|
— |
|
|
|
239 |
|
|
Loan
satisfactions
|
|
|
(62,500 |
) |
|
|
— |
|
|
|
(62,500 |
) |
|
Partial loan
repayments
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Reclassification to loans
held-for-sale
|
|
|
(6,601 |
) |
|
|
4,601 |
|
|
|
(2,000 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30,
2013
|
|
$ |
848,180 |
|
|
($ |
18,079 |
) |
|
$ |
830,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Overall Statistics for Loan Receivables Portfolio |
The following table details
overall statistics for our loans receivable portfolio as of
June 30, 2013 and December 31, 2012 ($ in
thousands):
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2013 |
|
|
December 31, 2012 |
|
|
Number of loans
|
|
|
13 |
|
|
|
7 |
|
|
Principal
balance
|
|
$ |
851,716 |
|
|
$ |
164,180 |
|
|
Net book value
|
|
$ |
830,101 |
|
|
$ |
141,500 |
|
|
Wtd. Avg. cash
coupon (1)
|
|
|
L+4.38 |
% |
|
|
L+2.51 |
% |
|
Wtd. Avg. all-in
yield (1)
|
|
|
L+5.27 |
% |
|
|
L+4.53 |
% |
|
Wtd. Avg. maximum maturity
(years) (2)
|
|
|
3.7 |
|
|
|
0.7 |
|
| (1) |
All loans are floating rate
loans indexed to LIBOR as of both June 30, 2013 and
December 31, 2012. LIBOR was 0.19% and 0.21% as of
June 30, 2013 and December 31, 2012, respectively;
however, certain of our loans receivable earn interest based on a
minimum LIBOR ranging from 0.20% to 1.00%. Amounts exclude all
non-performing loans. |
| (2) |
Maximum maturity date
assumes all extension options are exercised. |
|
| Types of Loans in Loan Portfolio, as Well as Property Type and Geographic Distribution of Properties Securing these Loans |
The tables below detail the
types of loans in our loan portfolio, as well as the property type
and geographic distribution of the properties securing these loans,
as of June 30, 2013 and December 31, 2012 ($ in
thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
June 30, 2013 |
|
|
December 31, 2012 |
|
| |
|
Net Book |
|
|
|
|
|
Net Book |
|
|
|
|
|
Asset
Type
|
|
Value |
|
|
Percentage |
|
|
Value |
|
|
Percentage |
|
|
Senior mortgages
(1)
|
|
$ |
753,101 |
|
|
|
91 |
% |
|
$ |
62,500 |
|
|
|
44 |
% |
|
Subordinate interests in
mortgages
|
|
|
77,000 |
|
|
|
9 |
|
|
|
79,000 |
|
|
|
56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
830,101 |
|
|
|
100 |
% |
|
$ |
141,500 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property
Type
|
|
Net Book
Value |
|
|
Percentage |
|
|
Net Book
Value |
|
|
Percentage |
|
|
Office
|
|
$ |
413,648 |
|
|
|
49 |
% |
|
$ |
111,500 |
|
|
|
79 |
% |
|
Hotel
|
|
|
162,885 |
|
|
|
20 |
|
|
|
30,000 |
|
|
|
21 |
|
|
Multifamily
|
|
|
189,557 |
|
|
|
23 |
|
|
|
— |
|
|
|
— |
|
|
Land
|
|
|
64,011 |
|
|
|
8 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
830,101 |
|
|
|
100 |
% |
|
$ |
141,500 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Geographic
Location
|
|
Net Book
Value |
|
|
Percentage |
|
|
Net Book
Value |
|
|
Percentage |
|
|
West
|
|
$ |
454,091 |
|
|
|
54 |
% |
|
$ |
92,500 |
|
|
|
65 |
% |
|
Northeast
|
|
|
227,034 |
|
|
|
27 |
|
|
|
27,000 |
|
|
|
19 |
|
|
Southeast
|
|
|
93,000 |
|
|
|
12 |
|
|
|
12,404 |
|
|
|
9 |
|
|
Midwest
|
|
|
48,380 |
|
|
|
6 |
|
|
|
— |
|
|
|
— |
|
|
Southwest
|
|
|
7,596 |
|
|
|
1 |
|
|
|
9,596 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$ |
830,101 |
|
|
|
100 |
% |
|
$ |
141,500 |
|
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Senior mortgages include
two pari passu participations in mortgages with a combined book
value of $91.1 million as of June 30, 2013. |
|
| Allocates Net Book Value and Principal Balance of Loans Receivable Based on Internal Risk Ratings |
The following table
allocates the net book value and principal balance of our loans
receivable based on our internal risk ratings as of June 30,
2013 and December 31, 2012 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Loans Receivable as of June 30, 2013 |
|
|
Loans Receivable as of December 31, 2012 |
|
|
Risk
Rating
|
|
Number
of Loans |
|
|
Principal
Balance |
|
|
Net
Book Value |
|
|
Number
of Loans |
|
|
Principal
Balance |
|
|
Net
Book Value |
|
|
1 - 3
|
|
|
9 |
|
|
$ |
776,637 |
|
|
$ |
773,101 |
|
|
|
2 |
|
|
$ |
47,000 |
|
|
$ |
47,000 |
|
|
4 - 5
|
|
|
2 |
|
|
|
57,000 |
|
|
|
57,000 |
|
|
|
2 |
|
|
|
92,500 |
|
|
|
92,500 |
|
|
6 - 8
|
|
|
2 |
|
|
|
18,079 |
|
|
|
— |
|
|
|
3 |
|
|
|
24,680 |
|
|
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
13 |
|
|
$ |
851,716 |
|
|
$ |
830,101 |
|
|
|
7 |
|
|
$ |
164,180 |
|
|
$ |
141,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allocation of Loans Receivable by Both Loan Type and Internal Risk Ratings |
The following tables
further allocate our loans receivable by both loan type and our
internal risk ratings as of June 30, 2013 and December 31, 2012 ($
in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Senior Mortgage Loans
(1) |
|
| |
|
as of June 30,
2013 |
|
|
as of December 31,
2012 |
|
|
Risk
Rating
|
|
Number
of
Loans |
|
|
Principal
Balance |
|
|
Net
Book
Value |
|
|
Number
of Loans |
|
|
Principal
Balance |
|
|
Net
Book
Value |
|
|
1 - 3
|
|
|
8 |
|
|
$ |
756,638 |
|
|
$ |
753,101 |
|
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
4 - 5
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
62,500 |
|
|
|
62,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
8 |
|
|
$ |
756,638 |
|
|
$ |
753,101 |
|
|
|
1 |
|
|
$ |
62,500 |
|
|
$ |
62,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Senior mortgage loans
include two pari passu participations with an aggregate principal
balance and net book value of $91.1 million. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Subordinate Interests in
Mortgages |
|
| |
|
as of June 30,
2013 |
|
|
as of December 31,
2012 |
|
|
Risk
Rating
|
|
Number
of Loans |
|
|
Principal
Balance |
|
|
Net
Book
Value |
|
|
Number
of Loans |
|
|
Principal
Balance |
|
|
Net
Book
Value |
|
|
1 - 3
|
|
|
1 |
|
|
$ |
20,000 |
|
|
$ |
20,000 |
|
|
|
2 |
|
|
$ |
47,000 |
|
|
$ |
47,000 |
|
|
4 - 5
|
|
|
2 |
|
|
|
57,000 |
|
|
|
57,000 |
|
|
|
1 |
|
|
|
30,000 |
|
|
|
30,000 |
|
|
6 - 8
|
|
|
2 |
|
|
|
18,079 |
|
|
|
— |
|
|
|
3 |
|
|
|
24,680 |
|
|
|
2,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
5 |
|
|
$ |
95,079 |
|
|
$ |
77,000 |
|
|
|
6 |
|
|
$ |
101,680 |
|
|
$ |
79,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|