XML 82 R11.htm IDEA: XBRL DOCUMENT v2.4.1.9
Mortgage Notes Receivable
12 Months Ended
Dec. 31, 2014
Mortgage Notes Receivable [Abstract]  
MORTGAGE NOTES RECEIVABLE
MORTGAGE NOTES RECEIVABLE
At December 31, 2014 and 2013, we had four and five mortgage notes receivable with an aggregate carrying amount of $51.0 million and $55.2 million, respectively. Approximately $41.2 million and $44.8 million of the loans are secured by first mortgages on retail buildings at December 31, 2014 and 2013, respectively. One of the loans, which is secured by a second mortgage on a hotel at our Santana Row property, was considered impaired when it was amended in August 2006. At December 31, 2014 and 2013, the loan has an outstanding face amount of $10.7 million and $11.9 million, respectively, and is carried net of a valuation allowance of $1.0 million and $1.6 million, respectively. At December 31, 2014 and 2013, our mortgages had a weighted average interest rate of 9.0%. Under the terms of certain of these mortgages, we receive additional interest based upon the gross income of the secured properties and upon sale, share in the appreciation of the properties.