Loans Receivable (Tables)

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Summary of Trust's Loans Receivable

The Trust’s loans receivable at December 31, 2015 and 2014 are as follows (in thousands):

			Carrying Amount (1)				Contractual Maturity Date
Description	Loan Position	Stated Interest Rate at December 31, 2015	December 31, 2015		December 31, 2014
Rockwell	Mezzanine	12.0%	$	—	$	—	5/01/16
Churchill	Whole Loan	LIBOR + 3.75%		—		—	8/01/16
Poipu Shopping Village	B-Note	6.62%		2,769		2,804	1/06/17
Mentor Building	Whole Loan	10.0%		2,511		2,511	9/10/17
Edens Center and Norridge Commons (2)(3)	Mezzanine	N/A		—		18,690	N/A
			$	5,280	$	24,005

(1) The carrying amount represents the estimated amount expected to be collected on disposition of the loan plus contractual interest receivable.

(2) Carrying amount at December 31, 2014 includes the par amount plus the estimated amount to be collected on the participation interest of $3,000 and accrued interest of $1.

(3) The loan was repaid in full during 2015.

Activity Related to Loans Receivable

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

	Year Ended			Year Ended
	December 31, 2015			December 31, 2014
Balance at beginning of year	$	24,005		$	101,100
Purchase and advances		—			35,992
Interest received, net		(190	)		(283	)
Repayments / sale proceeds / forgiveness		(18,535	)		(120,194	)
Loan discount accretion		—			2,086
Discount accretion received in cash		—			(5,865	)
Liquidation adjustment		—			6,071
Change in liquidation value		—			5,098
Balance at end of year	$	5,280		$	24,005

Interest and Discount Accretion Income

The following table summarizes the Trust’s interest and discount accretion income for the seven months ended July 31, 2014 and the year ended December 31, 2013 (in thousands):

	Seven Months Ended		Year Ended
	July 31, 2014		December 31, 2013
Interest on loan assets	$	5,770	$	14,334
Exit fee/prepayment penalty		1,787		—
Accretion of loan discount		2,086		4,121
Total interest and discount accretion	$	9,643	$	18,455

Loans Receivable by Internal Credit Rating

The table below summarizes the Trust’s loans receivable by internal credit rating at December 31, 2015 and 2014 (in thousands, except for number of loans):

	December 31, 2015				December 31, 2014
			Liquidation				Liquidation
	Number of		Value of Loans		Number		Value of Loans
Internal Credit Quality	Loans		Receivable		of Loans		Receivable
Greater than zero		2	$	5,280		3	$	24,005
Equal to zero		1		—		1		—
Less than zero		1		—		1		—
		4	$	5,280		5	$	24,005