Note 11 - Mortgages and Other Financing Receivables

12 Months Ended

Dec. 31, 2011

Loans, Notes, Trade and Other Receivables Disclosure [Text Block]

11.  Mortgages and Other Financing Receivables:

The Company has various mortgages and other financing receivables which consist of loans acquired and loans originated by the Company.  For a complete listing of the Company’s mortgages and other financing receivables at December 31, 2011, see Financial Statement Schedule IV included in this annual report on Form 10-K.

The following table reconciles mortgage loans and other financing receivables from January 1, 2009 to December 31, 2011 (in thousands):

		2011		2010		2009
Balance at January 1	$	108,493	$	131,332	$	181,992
Additions:
New mortgage loans		14,297		1,411		8,316
Additions under existing mortgage loans		-		3,047		707
Foreign currency translation		-		3,923		6,324
Capitalized loan costs		-		-		60
Amortization of loan discounts		247		247		247

Deductions:
Loan repayments		(15,803)		(24,860)		(43,578)
Loan foreclosures		-		-		(17,312)
Loan impairments		-		(700)		(3,800)
Charge off/foreign currency translation		(863)		(3,101)		-
Collections of principal		(3,345)		(2,726)		(1,024)
Amortization of loan costs		(54)		(80)		(600)
Balance at December 31	$	102,972	$	108,493	$	131,332

As of December 31, 2011, the Company had six loans aggregating approximately $45.0 million which were in default. The Company assessed these loans and determined that the estimated fair value of the underlying collateral exceeded the respective carrying values as of December 31, 2011.

During 2010, the Company recognized an impairment charge of approximately $0.7 million, against the carrying value, including accrued interest of a mortgage receivable that was in default.  This impairment charge reflects a decrease in the estimated fair value of the underlying collateral.  The remaining balance on this mortgage receivable as of December 31, 2010, was approximately $1.4 million.  This impairment charge is reflected in Impairments - Marketable equity securities and other investments on the Company’s Consolidated Statements of Operations.

During 2009, the Company recognized impairment charges of approximately $3.8 million against the carrying value of two mortgage loans.  Approximately $3.5 million of the $3.8 million of impairment charges was related to a mortgage receivable that was in default.  As a result, the Company began foreclosure proceedings on the underlying property during June 2009 and the process was completed in the fourth quarter 2009.  This impairment charge reflects the decrease in the estimated fair values of the real estate collateral.  This impairment charge is reflected in Impairments - Marketable equity securities and other investments on the Company’s Consolidated Statements of Operations.