Notes Receivable (Tables)

3 Months Ended

Mar. 31, 2014

Components of Notes Receivable

Notes receivable consist of the following (in thousands):

	March 31, 2014		December 31, 2013
Loans receivable	$	72,805	$	72,218
Other notes		1,030		1,034
Tax Increment Financing Bonds (“TIF Bonds”)(A)		5,110		5,086
	$	78,945	$	78,338

(A) 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

As of March 31, 2014 and December 31, 2013, the Company had seven loans receivable outstanding. The following table reconciles the loans receivable on real estate for the three-month periods ended March 31, 2014 and 2013 (in thousands):

	2014			2013
Balance at January 1	$	72,218		$	60,378
Additions:
Interest		473			123
Accretion of discount		227			214
Deductions:
Payments of principal and interest		(113	)		(11,310	)
Balance at March 31	$	72,805		$	49,405