REAL ESTATE LOANS RECEIVABLE (Tables)
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Dec. 31, 2013
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Receivables [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Real Estate Loans Receivable | As of December 31, 2013 and 2012, the Company, through an indirect wholly owned subsidiary, had originated one real estate loan receivable as follows (dollars in thousands):
_____________________ (1) Outstanding principal balance as of December 31, 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 December 31, 2013. |
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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, 2013 (in thousands):
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Schedule of Interest Income from Real Estate Loans Receivable | For the years ended December 31, 2013, 2012 and 2011, interest income from the real estate loan receivable consisted of the following (in thousands):
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