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REAL ESTATE LOANS RECEIVABLE (Tables)
 9 Months Ended
Sep. 30, 2013
Receivables [Abstract]  
Schedule of Real Estate Loans Receivable
As of September 30, 2013 and December 31, 2012, 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 September 30,
 2013 (1)
 
Book Value
as of
September 30,
2013 (2)
 
Book Value
as of
December 31,
 2012 (2)
 
Contractual Interest
Rate (3)
 
Annualized Effective Interest
Rate (3)
 
Maturity Date
Aberdeen First Mortgage Origination (4)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Dallas, Texas
 
06/24/2011
 
Office
 
Mortgage
 
$
14,593

 
$
14,667

 
$
13,691

 
7.5%
 
7.5%
 
07/01/2016
_____________________
(1) Outstanding principal balance as of September 30, 2013 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 2013, using the interest method, divided by the average amortized cost basis of the investment. The contractual interest rate and annualized effective interest rate presented are as of September 30, 2013.
(4) As of September 30, 2013, $14.6 million had been disbursed under the Aberdeen First Mortgage Loan and an additional $9.3 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 nine months ended September 30, 2013 (in thousands):
Real estate loan receivable - December 31, 2012
$
13,691

Advances on real estate loan receivable
1,031

Principal repayments received on real estate loan receivable
(37
)
Amortization of closing costs and origination fees on originated real estate loan receivable
(18
)
Real estate loan receivable - September 30, 2013
$
14,667
Schedule of Interest Income from Real Estate Loans Receivable
For the three and nine months ended September 30, 2013 and 2012, interest income from the real estate loan receivable consisted of the following (in thousands):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2013
 
2012
 
2013
 
2012
Contractual interest income
$
277

 
$
236

 
$
801

 
$
659

Amortization of closing costs and origination fees
(6
)
 
(5
)
 
(18
)
 
(16
)
Interest income from real estate loan receivable
$
271

 
$
231

 
$
783

 
$
643