NOTES PAYABLE AND REPURCHASE AGREEMENTS (Tables)

12 Months Ended

Dec. 31, 2012

Notes Payable and Repurchase Agreements [Abstract]

Schedule of Long-term Debt Instruments

As of December 31, 2012 and December 31, 2011, the Company’s notes payable and repurchase agreements consisted of the following (dollars in thousands):

	Principal as of December 31, 2012		Principal as of December 31, 2011		Contractual Interest Rate as of December 31, 2012 (1)	Effective Interest Rate at December 31, 2012 (1)	Payment Type	Maturity  Date (2)
Richardson Portfolio Mortgage Loan (3)	$	33,751	$	29,525	(3)	6.25%	Interest Only	11/30/2015
Repurchase Agreements on Real Estate Securities (4)	—		30,201		(4)	(4)	(4)	(4)
1635 N. Cahuenga Mortgage Loan (5)	—		3,477		(5)	(5)	(5)	(5)
Total Notes Payable and Repurchase Agreements	$	33,751	$	63,203

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⁽¹⁾ Contractual interest rate represents the interest rate in effect under the loan as of December 31, 2012. Effective interest rate is calculated as the actual interest rate in effect as of December 31, 2012 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at December 31, 2012, where applicable.

⁽²⁾ Represents the initial maturity date or the maturity date as extended as of December 31, 2012; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.

⁽³⁾ On November 23, 2011, the Richardson Joint Venture entered into a four-year mortgage loan for borrowings up to $46.1 million. At closing, $29.5 million (the “Initial Funding”) had been disbursed to the Richardson Joint Venture and $16.6 million (the “Holdback”) remained available for future disbursements, subject to certain conditions set forth in the loan agreement. As of December 31, 2012, $33.8 million had been disbursed to the Richardson Joint Venture and $12.3 million of the Holdback remains available for future disbursements, subject to certain conditions set forth in the loan agreement. Interest on the Initial Funding is calculated at a fixed rate of 6.25% during the initial term of the loan. Interest on the Holdback is calculated at a variable annual rate of 400 basis points over three-month LIBOR, but at no point shall the interest rate be less than 6.25%.

⁽⁴⁾ On July 11, 2012, the Company repaid in full the remaining principal balance and accrued interest due under the repurchase agreements.

⁽⁵⁾ See “Discounted Payoff of 1635 N. Cahuenga Mortgage Loan” below.