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Schedule IV Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2013
Mortgage Loans On Real Estate [Abstract]  
Schedule IV Mortgage Loans on Real Estate

Schedule IV

Mortgage Loans on Real Estate

December 31, 2013

(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%   10/05/14    Interest Only    $ —         $ 20,000       $ 20,000       $ 20,101   

Whole Loan

    Tempe, AZ    5.88%   01/01/15    Amortizing      —           29,035         28,403         28,547   

Whole Loan (6)

   

Philadelphia, PA

    7.7%   02/01/16    Interest Only      42,440         36,171         24,821         —     

Whole Loan (2)

    Various    Various   Various    Interest Only      —           6,088         6,088         6,136   

B-Note

   

New York, NY

    7.19%   07/11/16    Amortizing      243,370         10,871         10,205         10,250   

B-Note Other (3)

    Various    Various   Various    Amortizing      218,366         15,478         12,927         12,997   

Mezzanine Other (4) (5)

    Various    Various   Various    Interest Only      38,883         4,988         3,326         2,992   

Mezzanine

   

Playa Vista, CA

    LIBOR 4.25%   01/23/15    Interest Only      80,300         10,250         10,250         10,327   

Corporate Loan

    n/a    15.00%   10/31/14    Interest Only      —           9,750         9,750         9,750   
                

 

 

     

 

 

     

 

 

  
                 $ 142,631       $ 125,770       $ 101,100   
                

 

 

     

 

 

     

 

 

  

 

(1) Carrying amount of loans receivable includes accrued interest of $501 at December 31, 2013.
(2) Line item includes 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) Line item includes one loan with a face value of $1,486 which is on non-accrual status. The total principal amount of loans subject to delinquent payments is $348.
(6) This loan is eliminated in consolidation.

Reconciliation of Mortgage Loans on Real Estate:

The following table reconciles Mortgage Loans for the years ended December 31, 2013, 2012 and 2011.

 

     2013     2012     2011  

Balance at January 1

    $ 211,250      $ 114,333      $ 110,395   

Purchase and advances

      22,314        175,550        67,619   

Interest (received) accrued, net

      (514 )      516        (37 ) 

Repayments / Sale Proceeds

      (75,407 )      (68,824 )      (70,289 ) 

Loan accretion

      4,121        8,333        13,401   

Discount accretion received in cash

      (37 )      (15,720 )      (13,290 ) 

Reclass from loan securities

      —          —          662   

Reclass from equity investments

      —          —          12,544   

Reclass to equity investments

      —          (2,938 )      (4,650 ) 

Elimination of 1515 Market Street in consolidation

      (60,279 )      —          —     

Reclass to preferred investments

      —          —          (2,022 ) 

Provision for loss on loans receivable

      (348 )      —          —     
  

 

 

    

 

 

    

 

 

  

Balance at December 31

    $ 101,100      $ 211,250      $ 114,333