Notes Receivable

6 Months Ended

Jun. 30, 2011

4. NOTES RECEIVABLE

The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and real estate assets.

Notes receivable consist of the following (in millions):


	June 30, 2011		December 31, 2010
Loan receivable ^(A)	$	93.1	$	103.7
Other notes		2.9		2.8
Tax Increment Financing Bonds (“TIF Bonds”): ^(B)
Chemung County Industrial Development Agency		2.0		2.0
City of Merriam, Kansas		1.0		2.3
City of St. Louis, Missouri		3.2		3.2
Town of Plainville, Connecticut ^(C)		—		6.3

		6.2		13.8

	$	102.2	$	120.3


(A)		Amounts exclude notes receivable and advances from unconsolidated joint ventures including the Bloomfield Loan, which was in default and fully reserved at June 30, 2011 and December 31, 2010 (Note 2).

(B)		Principal and interest are payable solely from the incremental real estate taxes, if any, generated by the respective shopping center and development project pursuant to the terms of the financing agreement.

(C)		Repaid during the second quarter of 2011.

As of June 30, 2011 and December 31, 2010, the Company had six and seven loans receivable outstanding, with total remaining discretionary commitments of $3.2 million and $4.0 million, respectively. In June 2011, the Company sold a note receivable with a face value, including accrued interest, of $11.8 million for proceeds of $6.8 million, which resulted in the recognition of a $5.0 million reserve that is recorded in other expense in the condensed consolidated statement of operations for the three- and six-month periods ended June 30, 2011.