Mortgage Loans on Real Estate

12 Months Ended

Dec. 31, 2012

Mortgage Loans on Real Estate [Abstract]

Mortgage Loans on Real Estate

Schedule IV

Mortgage Loans on Real Estate

December 31, 2012

(Amounts in thousands)

Type of Loan	Location	Interest Rate	Contractual Maturity Date			Periodic Payment Terms	Senior Liens		Face Value		Outstanding Principal		Carrying Amount (1)
Whole Loan	New York, NY	LIBOR + 4.0%		10/5/2013		Interest Only	$	—	$	20,000	$	20,000	$	20,101
Whole Loan	Las Vegas, NV	LIBOR + 11.5%		11/15/2014		Interest Only		—		38,771		38,771		39,170
Whole Loan	Tempe, AZ	5.88%		1/1/2015		Amortizing		—		29,903		27,003		27,149
Whole Loan	Philadelphia, PA	(5)		(5	)	Interest Only		—		70,000		58,650		58,650
Whole Loan Other (2)	Various	Various		Various		Interest Only		—		5,430		5,430		5,468
B-Note	New York, NY	7.19%		7/11/2016		Amortizing		237,473		11,146		9,962		10,009
B-Note	Burbank, CA	5.90%		4/6/2017		Interest Only		135,000		10,000		9,000		9,043
B-Note Other (3)	Various	Various		Various		Amortizing		221,612		15,677		11,906		11,976
Mezzanine	New York, NY	14.00%		4/30/2015		Amortizing		35,180		8,583		8,583		8,687
Mezzanine Other (4)	Various	Various		Various		Interest Only		60,150		13,191		11,181		11,247
Corporate Loan	n/a	15.00%		10/31/2014		Interest Only		—		9,750		9,750		9,750
									$	232,451	$	210,236	$	211,250

(1) Carrying amount of loans receivable includes accrued interest of $1,014 at December 31, 2012.

(2) Line item includes three whole loans each of which represent less than 3% of the total Loan Assets.

(3) Line item includes three B-Notes each of which represent less than 3% of the total Loan Assets.

(4) Line item includes four mezzanine loans each of which represent less than 3% of the total Loan Assets.

(5) This loan was in maturity default at the time of acquisition. The loan was modified on February 1, 2013 to adjust the interest rate to 7.5% and to extend the maturity date to February 1, 2016.

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans for the years ended December 31, 2012, 2011, and 2010.

	2012			2011			2010
Balance at January 1	$	114,333		$	110,395		$	26,101
Purchase and advances		177,550			67,619			122,301
Proceeds from sale		(25,735	)		—			(12,876	)
Interest (received) accrued, net		516			(37	)		361
Repayments		(45,089	)		(70,289	)		(15,064	)
Loan accretion		8,333			13,401			8,782
Discount accretion received in cash		(15,720	)		(13,290	)		—
Reclass to investment in real estate		—			—			(19,210	)
Reclass from loan securities		—			662			—
Reclass from equity investments		—			12,544			—
Reclass to equity investments		(2,938	)		(4,650	)		—
Reclass to preferred investments		—			(2,022	)		—
Balance at December 31	$	211,250		$	114,333		$	110,395