Loans Receivable (Tables)

6 Months Ended

Jun. 30, 2016

Receivables [Abstract]

Summary of Trust's Loans Receivable

The Trust’s loans receivable at June 30, 2016 and December 31, 2015 are as follows (in thousands):

					Carrying Amount (1)
Description	Loan Position		Stated Interest Rate June 30, 2016		June 30, 2016		December 31, 2015		Contractual Maturity  Date
Serure Highline (2)		Mezzanine		12.0%	$	643	$	—		07/05/16
Churchill		Whole Loan		LIBOR + 3.75%		—		—		08/01/16
Poipu Shopping Village		B-Note		6.62%		2,750		2,769		01/06/17
Mentor Building (3)		Whole Loan		10.0%		2,511		2,511		09/10/17
Jacksonville (4)		Whole Loan		LIBOR + 5%		8,400		—		07/01/19
Rockwell (5)		Mezzanine		N/A		—		—		N/A
					$	14,304	$	5,280

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

(2) The loan receivable has been repaid in full during July 2016.

(3) The property collateralizing the loan receivable is under contract for sale. If consummated, the sale is expected to close in the third quarter of 2016. See Note 8 – “Equity Investments” for further details on the sale.

(4) The loan has an interest rate floor of 6% and an interest rate ceiling of 8%.

(5) The senior lien holder foreclosed on the property on June 2, 2016.

Activity Related to Loans Receivable

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

	Six Months Ended June 30, 2016			Six Months Ended June 30, 2015
Balance at beginning of period	$	5,280		$	24,005
Advances (1)		9,035			—
Interest (received) accrued, net		7			(191	)
Repayments		(18	)		(15,419	)
Balance at end of period	$	14,304		$	8,395

(1) Advances are comprised of $8,400 of seller financing on the sale of the Jacksonville, Florida property and a $635 short term loan to our partner in 446 Highline LLC in connection with the refinancing of the property.