Loans Receivable (Tables)

6 Months Ended

Jun. 30, 2013

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