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REAL ESTATE LOANS RECEIVABLE (Tables)
 12 Months Ended
Dec. 31, 2012
Receivables [Abstract]  
Schedule of Real Estate Loans Receivable
As of December 31, 2012 and December 31, 2011, the Company, through an indirect wholly owned subsidiary, had originated one real estate loan receivable as follows (dollars in thousands):
Loan Name
     Location of Related Property or Collateral
 
Date Originated
 
Property Type
 
Loan Type
 
Outstanding Principal Balance as of December 31,
 2012 (1)
 
Book Value
as of
December 31, 2012 (2)
 
Book Value
as of
December 31,
 2011 (2)
 
Contractual Interest
Rate (3)
 
Annualized Effective Interest
Rate (3)
 
Maturity Date
Aberdeen First Mortgage Origination (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, Texas
 
06/24/2011
 
Office
 
Mortgage
 
$
13,599

 
$
13,691

 
$
10,310

 
7.5%
 
7.5%
 
07/01/2016
_____________________
(1) Outstanding principal balance as of December 31, 2012 represents original principal balance outstanding under the loan, increased for any subsequent fundings and reduced for any principal paydowns.
(2) Book value represents outstanding principal balance, adjusted for unamortized origination fees and direct origination and acquisition costs.
(3) Contractual interest rate is the stated interest rate on the face of the loan. Annualized effective interest rate is calculated as the actual interest income recognized in 2012, using the interest method, divided by the average amortized cost basis of the investment. The annualized effective interest rate and contractual interest rate presented are as of December 31, 2012.
(4) As of December 31, 2012, $13.6 million had been disbursed under the Aberdeen First Mortgage Loan and an additional $10.3 million remained available for future funding, subject to certain conditions set forth in the loan agreement.
Schedule of Activity Related to Real Estate Loans Receivable
The following summarizes the activity related to the real estate loan receivable for the year ended December 31, 2012 (in thousands):
Real estate loan receivable - December 31, 2011
$
10,310

Advances on real estate loan receivable
3,403

Amortization of closing costs and origination fees on originated real estate loan receivable
(22
)
Real estate loan receivable - December 31, 2012
$
13,691
Schedule of Interest Income from Real Estate Loans Receivable
For the years ended December 31, 2012 and 2011, interest income from the real estate loan receivable consisted of the following (in thousands):
 
For the Year Ended December 31,
 
2012
 
2011
Contractual interest income
$
911

 
$
397

Amortization of closing costs and origination fees
(22
)
 
(2
)
Interest income from real estate loan receivable
$
889

 
$
395