Notes Receivable From Real Estate Joint Ventures And Partnerships

9 Months Ended

Sep. 30, 2011

Notes Receivable From Real Estate Joint Ventures And Partnerships [Abstract]

Notes Receivable From Real Estate Joint Ventures And Partnerships

Note 11. Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. Notes receivable from these entities bear interest ranging from approximately 2.8% to 5.7% at September 30, 2011 and 2.0% to 12.0% at December 31, 2010. These notes are due at various dates through 2014 and are generally secured by real estate assets. We believe these notes are fully collectible, and no allowance has been recorded. Interest income recognized on these notes was $.8 million and $1.0 million for the three months ended September 30, 2011 and 2010, respectively, and $2.5 million and $3.3 million for the nine months ended September 30, 2011 and 2010, respectively.

In April 2011, we acquired our partner's 50% unconsolidated joint venture interest in a Florida development property, which includes the extinguishment of $21.9 million of our notes receivable from real estate joint ventures and partnerships.