Loans Receivable (Tables)

9 Months Ended

Sep. 30, 2012

Loans Receivable [Abstract]

Summary of Trust's loans receivable

			Carrying Amount				Contractual Maturity Date
Description	Location Position	Stated Interest Rate	September 30, 2012		December 31, 2011
Hotel Wales	Whole Loan	LIBOR + 4.0% (2)	$	20,097	$	20,101	10/05/13
Renaissance Walk	Mezzanine	LIBOR + 12.0% (3)		3,000		3,000	01/01/14
Fenway Shea (1)	Whole Loan	12.00%		2,250		—	04/05/14
The Shops at Wailea	B-Note	6.15%		5,187		—	10/06/14
Legacy Orchard (1)	Corporate Loan	15.00%		9,750		9,750	10/31/14
San Marbeya	Whole Loan	5.88%		26,980		26,501	01/01/15
127 West 25th Street	Mezzanine	14.00% (4)		8,894		—	04/30/15
Churchill (1)	Whole Loan	LIBOR + 3.75%		507		—	06/01/15
Rockwell	Mezzanine	12.00%		307		275	05/01/16
Pinnacle II	B-Note	6.31%		4,653		—	09/30/16
The Disney Building	B-Note	5.90%		9,041		—	04/30/17
Popiu Shopping Village	B-Note	6.62%		1,924		—	01/06/17
500-512 7th Ave	B-Note	7.19%		10,000		9,979	07/11/16
Wellington Tower	Mezzanine	6.79%		2,654		2,563	07/11/17
Mentor Building	Whole Loan	10.00%		2,511		—	09/10/17
Broward Financial Center (5)	Whole Loan	9.84%		30,246		—	(5)
180 N. Michigan (6)	Mezzanine	—		—		2,930	(6)
160 Spear (7)	B-Note	—		—		11,555	(7)
160 Spear (7)	Mezzanine	—		—		4,846	(7)
Magazine (7)	Mezzanine	—		—		18,805	(7)
Marc Realty - 30 N Michigan (8)	Mezzanine	—		—		—	(8)
Marc Realty - 29 East Madison (8)	Mezzanine	—		—		4,028	(8)
			$	138,001	$	114,333

(1) The Trust determined that certain loans receivable are variable interests in VIEs primarily based on the fact that the underlying entities do not have sufficient equity at risk to permit the entity to finance its activities without additional subordinated financial support. The Trust does not have the power to direct the activities of the entity that most significantly impact the entity’s economic performance and is not required to consolidate the underlying entity.

(2) LIBOR floor of 3%.

(3) LIBOR floor of 2%.

(4) Interest rate is equal to the greater of 14.0% or LIBOR + 10%.

(5) The loan was satisfied subsequent to September 30, 2012.

(6) Converted to equity investment during the three months ended March 31, 2012.

(7) The loans were satisfied during the three months ended June 30, 2012.

(8) The loans were satisfied during the three months ended September 30, 2012.

Activity related to loans receivable

	Nine Months Ended September 30, 2012
Balance at beginning of period	$	114,333
Purchase and advances		71,520
Interest (received) accrued, net		293
Repayments		(37,126	)
Loan discount accretion		5,984
Discount accretion received in cash		(14,065	)
Conversion of 180 North Michigan loan to equity investments		(2,938	)
Balance at end of period	$	138,001

Interest, dividend and discount accretion income

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Interest, dividends and discount accretion detail:
Interest on loan assets	$	2,985	$	3,043	$	8,130	$	8,440
Accretion of loan discount		425		2,374		5,984		11,167
Interest and dividends on REIT securities		312		86		904		662
Total interest, dividends, and discount accretion	$	3,722	$	5,503	$	15,018	$	20,269

Loans receivable by internal credit rating

Internal Credit Quality	Number of Loans		Carrying Value of Loans Receivable
Greater than zero		16	$	138,001
Equal to zero		—		—
Less than zero		—		—
		16	$	138,001