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Loans Receivable (Tables)
 12 Months Ended
Dec. 31, 2012
Loans Receivable [Abstract]  
Summary of Trust's loans receivable
                                 
                 Carrying Amount     Contractual

Description

   Loan Position   Stated
Interest Rate		       December 31,
2012		     December 31,
2011		     Maturity
Date

Hotel Wales

   Whole Loan   LIBOR + 4.0%   (2)   $ 20,101     $ 20,101     10/05/13

Renaissance Walk

   Mezzanine   LIBOR + 12.0%   (3)     3,000       3,000     01/01/14

Fenway Shea (1)

   Whole Loan   12.0%         2,273       —       04/05/14

The Shops at Wailea

   B-Note   6.15%         5,376       —       10/06/14

Legacy Orchard (1)

   Corporate Loan   15.0%         9,750       9,750     10/31/14

Queensridge

   Whole Loan   LIBOR + 11.5%   (7)     39,170       —       11/15/14

San Marbeya

   Whole Loan   5.88%         27,149       26,501     01/01/15

127 West 25th Street

   Mezzanine   14.0%   (4)     8,687       —       04/30/15

Churchill (1)

   Whole Loan   LIBOR + 3.75%         683       —       06/01/15

180 N. Michigan

   Mezzanine   8.25%         5,237       —       12/01/15

1515 Market

   Whole Loan   (8)         58,650       —       (8)

Rockwell

   Mezzanine   12.0%         323       275     05/01/16

500-512 7th Ave

   B-Note   7.19%         10,009       9,979     07/11/16

Pinnacle II

   B-Note   6.31%         4,652       —       09/06/16

Popiu Shopping Village

   B-Note   6.62%         1,948       —       01/06/17

The Disney Building

   B-Note   5.90%         9,043       —       04/06/17

Wellington Tower

   Mezzanine   6.79%         2,687       2,563     07/11/17

Mentor Building

   Whole Loan   10.0%         2,512       —       09/10/17

180 N. Michigan

   Mezzanine   —           —         2,930     (5)

160 Spear (6)

   B-Note   —           —         11,555     (6)

160 Spear (6)

   Mezzanine   —           —         4,846     (6)

Magazine (6)

   Mezzanine   —           —         18,805     (6)

Marc Realty - 29 East Madison (6)

   Mezzanine   —           —         4,028     (6)
               

 

 

    

 

 

      
                $ 211,250     $ 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 plus 10%.
  (5) Converted to equity investment during the three months ended March 31, 2012.
  (6) The loans were satisfied during the year ended December 31, 2012.
  (7) LIBOR floor of 0.5%.
  (8) This loan was in maturity default at the time of acquisition. The loan was modified on February 1, 2013. See Note 4 – Acquisition, Disposition, Leasing and Financing Activity for details on the modification.
Activity related to loans receivable
                 
    Year Ended
December 31,
2012		     Year Ended
December 31,
2011		  
   
   

Balance at beginning of year

   $ 114,333     $ 110,395  

Purchase and advances

     175,550       67,619  

Interest accrued (received), net

     516       (37 ) 

Repayments

     (68,824 )      (70,289 ) 

Loan accretion

     8,333       13,401  

Discount accretion received in cash

     (15,720 )      (13,290 ) 

Conversion of 180 North Michigan loan to equity investments

     (2,938 )      —    

Transfer from loan securities

     —         662  

Transfer Marc Realty seller financing from equity investments

     —         12,544  

Transfer Sealy loan to equity investments

     —         (4,650 ) 

Transfer 450 W 14th St bridge loan to preferred equity investments

     —         (2,022 ) 
   

 

 

    

 

 

  

Balance at end of year

   $ 211,250     $ 114,333  
   

 

 

    

 

 

  
Interest, dividend and discount accretion income
                         
    2012     2011     2010  

Interest and dividends detail:

                        

Interest on loan assets

   $ 11,736     $ 11,073     $ 5,691  

Accretion of loan discount

     8,333       13,401       8,782  

Interest and dividends on REIT securities

     1,054       984       2,655  
   

 

 

    

 

 

    

 

 

  

Total interest and dividends

   $ 21,123     $ 25,458     $ 17,128  
   

 

 

    

 

 

    

 

 

  
Loans receivable by internal credit rating
                                                                 

Internal Credit Quality

   # of
Loans		     Carrying
Value of
Loans
Receivable		     # of
Loans		     Whole
Loans		     # of
Loans		     B-Notes     # of
Loans		     Mezzanine
Loans		  

Greater than zero

     18     $ 211,250       8     $ 160,288       5     $ 31,028       5     $ 19,934  

Equal to zero

     —         —         —         —         —         —         —         —    

Less than zero

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     18     $ 211,250       8     $ 160,288       5     $ 31,028       5     $ 19,934  
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
                                                                 

Internal Credit Quality

   # of
Loans		     Carrying
Value of
Loans
Receivable		     # of
Loans		     Whole
Loans		     # of
Loans		     B-Notes     # of
Loans		     Mezzanine
Loans		  
               
               
               

Greater than zero

     12     $ 114,333       3     $ 56,352       2     $ 21,534       7     $ 36,447  

Equal to zero

     —         —         —         —         —         —         —         —    

Less than zero

     —         —         —         —         —         —         —         —    
   

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Subtotal

     12     $ 114,333       3     $ 56,352       2     $ 21,534       7     $ 36,447