NOTES RECEIVABLE (Tables)

27 Months Ended

Sep. 30, 2012

Components of Notes Receivable

Notes receivable consist of the following (in millions):

	September 30, 2012		December 31, 2011
Loans receivable (A)	$	54.8	$	84.5
Other notes		3.1		3.0
Tax Increment Financing Bonds (“TIF Bonds”) (B)		5.2		6.4
	$	63.1	$	93.9

^(A)  Amounts exclude notes receivable and advances to unconsolidated joint ventures including those that were in default and reserved at September 30, 2012 and December 31, 2011.

^(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.

Loans Receivable on Real Estate

The following table reconciles the loans receivable on real estate for the nine-month periods ended September 30, 2012 and 2011 (in thousands):

	2012			2011
Balance at January 1	$	84,541		$	103,705
Additions:
New mortgage loans		592			10,000
Interest		790			811
Accretion of discount		615			580
Deductions:
Payment of principal		—			(6,825	)
Loan loss reserve		—			(5,000	)
Other(A)		(31,700	)		—
Balance at September 30	$	54,838		$	103,271

^(A)  Loan assumed by the Company’s unconsolidated joint venture BRE DDR Retail Holdings, LLC and included in Investments in and Advances to Joint Ventures in the Company’s consolidated condensed balance sheet at September 30, 2012.