Receivables (Tables)

9 Months Ended

Sep. 30, 2013

Receivables [Abstract]

Summary of Trust's Loans Receivable

The following table summarizes the Trust’s loans receivable at September 30, 2013 and December 31, 2012 (in thousands):

			Carrying Amount				Contractual Maturity Date
Description	Loan Position	Stated Interest Rate	September 30, 2013		December 31, 2012
Renaissance Walk	Mezzanine	LIBOR + 12.0% (2)	$	3,000	$	3,000	01/01/14
Hotel Wales	Whole Loan	LIBOR + 4.0% (3)		20,097		20,101	10/05/14 (4)
The Shops at Wailea	B-Note	6.15%		6,037		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% (5)		8,214		39,170	11/15/14
San Marbeya	Whole Loan	5.88%		27,686		27,149	01/01/15
Playa Vista	Mezzanine	LIBOR + 14.25% (5)		10,323		—	01/23/15
Churchill (1)	Whole Loan	LIBOR + 3.75%		685		683	06/01/15
Rockwell	Mezzanine	12.0%		364		323	05/01/16
500-512 7th Ave	B-Note	7.19%		10,029		10,009	07/11/16
Pinnacle II	B-Note	6.31%		4,649		4,652	09/06/16
Poipu Shopping Village	B-Note	6.62%		2,028		1,948	01/06/17
Wellington Tower	Mezzanine	6.79%		2,790		2,687	07/11/17
Mentor Building	Whole Loan	10.0%		2,511		2,512	09/10/17
1515 Market	Whole Loan	(6)		—		58,650	(6)
127 West 25th Street	Mezzanine	—		—		8,687	(7)
180 N. Michigan	Mezzanine	—		—		5,237	(7)
Fenway Shea (1)	Whole Loan	—		—		2,273	(7)
The Disney Building	B-Note	—		—		9,043	(8)
			$	108,163	$	211,250

(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 2%.

(3) LIBOR floor of 3%.

(4) The borrower exercised their one year extension option during the third quarter of 2013.

(5) LIBOR floor of 0.5%.

(6) This loan was in maturity default at the time of acquisition. The loan was modified on February 1, 2013. The Trust consolidates the operations of the borrower entity and the loan receivable is eliminated in consolidation.

(7) The loans were satisfied at par during the nine months ended September 30, 2013.

(8) The loan was sold during the nine months ended September 30, 2013.

Activity Related to Loans Receivable

Activity related to loans receivable is as follows (in thousands):

	Nine Months Ended September 30, 2013
Balance at January 1, 2013	$	211,250
Purchase and advances		22,314
Interest (received) accrued, net		(453	)
Repayments/ Sale proceeds		(66,915	)
Elimination of 1515 Market in consolidation		(60,279	)
Loan discount accretion		2,283
Discount accretion received in cash		(37	)
Balance at September 30, 2013	$	108,163

Interest, Dividend and Discount Accretion Income

The following table summarizes the Trust’s interest, dividend and discount accretion income for the three and nine months ended September 30, 2013 and 2012 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2013		2012		2013		2012
Interest on loan assets	$	3,011	$	2,985	$	10,912	$	8,130
Accretion of loan discount		806		425		2,283		5,984
Interest and dividends on securities		100		312		350		904
Total interest, dividends, and discount accretion	$	3,917	$	3,722	$	13,545	$	15,018

Loans Receivable by Internal Credit Rating

The table below summarizes the Trust’s loans receivable by internal credit rating at September 30, 2013 and December 31, 2012 (in thousands, except for number of loans):

	September 30, 2013				December 31, 2012
Internal Credit Quality	Number of Loans		Carrying Value of Loans Receivable		Number of Loans		Carrying Value of Loans Receivable
Greater than zero		13	$	97,840		18	$	211,250
Equal to zero		1		10,323		—		—
Less than zero		—		—		—		—
		14	$	108,163		18	$	211,250