Notes Receivable

9 Months Ended

Sep. 30, 2015

Notes Receivable

Notes Receivable

4.Notes Receivable

Notes receivable consists of various loans and line of credit agreements. The following table summarizes our notes receivable activities for the nine months ended September 30, 2015 and 2014 as follows (dollar amounts in thousands):

	Nine months ended September 30,
	2015			2014
Advances under notes receivable	$	1,464		$	664
Principal payments received under notes receivable		—			(112)
Reclassed to real estate under development		(716)	(1)		—
Net increase in notes receivable	$	748		$	552

(1) Represents two pre-development loans which matured due to land acquisitions and commencement of two development projects.

At September 30, 2015, we had 8 loans and line of credit agreements with on-going commitments totaling $2,650,000 and weighted average interest rate of 9.8%. As of September 30, 2015, we have a remaining commitment of $2,013,000.