Notes Receivable

6 Months Ended

Jun. 30, 2012

Notes Receivable

5. Notes Receivable

Notes receivable consists of the following:

	June 30, 2012		December 31, 2011
Various builder notes, non-interest bearing — 5.0% at June 30, 2012 and December 31, 2011, respectively, due October 2012 thru January 2013	$	295	$	712
Pier Park Community Development District notes, non-interest bearing, due December 2024, net of unamortized discount of $0.1 million, effective rates 5.73% — 8.0%		2,773		2,768
Various mortgage notes, secured by certain real estate bearing interest at various rates		1,039		1,083
Total notes receivable	$	4,107	$	4,563

The Company evaluates the carrying value of the notes receivable and the need for an allowance for doubtful notes receivable at each reporting date. Notes receivable balances are adjusted to net realizable value based upon a review of entity specific facts or when terms are modified.