Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Activity Relating to Loans Receivable

Activity relating to our loans receivable was ($ in thousands):

	Gross Book			Provision for			Net Book
	Value			Loan Losses			Value
December 31, 2012	$	164,180		($	22,680	)	$	141,500
Loan originations		1,384,318			—			1,384,318
Deferred origination fees and expenses		(9,036	)		—			(9,036	)
Amortization of deferred fees and expenses		2,939			—			2,939
Additional fundings		1,411			—			1,411
Loan satisfactions		(120,500	)		—			(120,500	)
Participations sold		(17,903	)		—			(17,903	)
Partial loan repayments		(17,838	)		—			(17,838	)
Reclassification to loans held-for-sale		(6,601	)		4,601			(2,000	)
September 30, 2013	$	1,380,970		($	18,079	)	$	1,362,891

Overall Statistics for Loan Receivables Portfolio

The following table details overall statistics for our loans receivable portfolio ($ in thousands):

	September 30, 2013			December 31, 2012
Number of loans		22			7
Principal balance	$	1,387,067		$	164,180
Net book value (1)	$	1,362,891		$	141,500
Weighted-average cash coupon (2)		L+4.28	%		L+2.51	%
Weighted-average all-in yield (2)		L+4.91	%		L+4.53	%
Weighted-average maximum maturity (years) (3)		4.0			0.7

(1) The difference between principal balance and net book value is due to deferred origination fees on loans in our loan origination segment, and provisions for loan losses in our CT Legacy Portfolio Segment.

(2) All loans are floating rate loans indexed to LIBOR as of September 30, 2013 and December 31, 2012. LIBOR was 0.18% and 0.21% as of September 30, 2013 and December 31, 2012, respectively; however, certain of our loans receivable earn interest based on a minimum LIBOR floor ranging from 0.20% to 1.00%. Amounts exclude all non-performing loans.

(3) 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 ($ in thousands):

	September 30, 2013					December 31, 2012
	Net Book					Net Book
Asset Type	Value		Percentage			Value		Percentage
Senior mortgages (1)	$	1,285,891		94	%	$	62,500		44	%
Subordinate interests in mortgages		77,000		6			79,000		56
	$	1,362,891		100	%	$	141,500		100	%
	Net Book					Net Book
Property Type	Value		Percentage			Value		Percentage
Office	$	614,025		45	%	$	111,500		79	%
Multifamily		383,601		28			—		—
Hotel		257,942		19			30,000		21
Land		64,271		5			—		—
Retail		43,052		3			—		—
	$	1,362,891		100	%	$	141,500		100	%
	Net Book					Net Book
Geographic Location	Value		Percentage			Value		Percentage
Northeast	$	523,662		38	%	$	27,000		19	%
West		402,121		30			92,500		65
Southeast		219,093		16			12,404		9
Southwest		132,407		10			9,596		7
Midwest		85,608		6			—		—
	$	1,362,891		100	%	$	141,500		100	%

(1) Senior mortgages include four pari passu participations in mortgages with a combined book value of $204.1 million as of September 30, 2013.

Allocates Principal Balance and Net Book Value of Loans Receivable Based on Internal Risk Ratings

The following table allocates the principal balance and net book value of our loans receivable based on our internal risk ratings ($ in thousands):

	September 30, 2013						December 31, 2012
	Number		Principal		Net		Number		Principal		Net
Risk Rating	of Loans		Balance		Book Value		of Loans		Balance		Book Value
1 - 3		19	$	1,341,988	$	1,335,891		2	$	47,000	$	47,000
4 - 5		1		27,000		27,000		2		92,500		92,500
6 - 8		2		18,079		—		3		24,680		2,000
		22	$	1,387,067	$	1,362,891		7	$	164,180	$	141,500

In making this risk assessment, one of the primary factors we consider is how senior or junior each loan is relative to other debt obligations of the borrower.

The following tables further allocate our loans receivable by loan type and our internal risk ratings ($ in thousands):

	Senior Mortgage Loans (1)
	September 30, 2013						December 31, 2012
	Number		Principal		Net		Number		Principal		Net
Risk Rating	of Loans		Balance		Book Value		of Loans		Balance		Book Value
1 - 3		17	$	1,291,988	$	1,285,891		—	$	—	$	—
4 - 5		—		—		—		1		62,500		62,500
		17	$	1,291,988	$	1,285,891		1	$	62,500	$	62,500

(1) Senior mortgages include four pari passu participations in mortgages with a combined book value of $204.1 million as of September 30, 2013.

	Subordinate Interests in Mortgages
	September 30, 2013						December 31, 2012
	Number		Principal		Net		Number		Principal		Net
Risk Rating	of Loans		Balance		Book Value		of Loans		Balance		Book Value
1 - 3		2	$	50,000	$	50,000		2	$	47,000	$	47,000
4 - 5		1		27,000		27,000		1		30,000		30,000
6 - 8		2		18,079		—		3		24,680		2,000
		5	$	95,079	$	77,000		6	$	101,680	$	79,000