Notes Receivable

9 Months Ended

Sep. 30, 2015

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/or real estate assets, some of which are subordinate to other financings.

Notes receivable consisted of the following (in thousands):

	September 30, 2015		December 31, 2014
Loans receivable	$	46,885	$	52,444
Other		545		3,801
	$	47,430	$	56,245

As of September 30, 2015 and December 31, 2014, the Company had five and six loans receivable outstanding, respectively. The following table reconciles the loans receivable on real estate for the nine months ended September 30, 2015 and 2014 (in thousands):

	2015			2014
Balance at January 1	$	52,444		$	72,218
Additions:
Interest		—			810
Accretion of discount		730			689
Deductions:
Payments of principal and interest		(6,289	)		(347	)
Other		—			(20,550	)
Balance at September 30	$	46,885		$	52,820

At September 30, 2015, the Company had one loan outstanding aggregating $9.8 million that had previously matured and was more than 90 days past due and one loan that was fully reserved in prior periods. The Company is no longer accruing interest income on these notes as no payments have been received. The $9.8 million loan has a loan loss reserve of $4.8 million based on the estimated value of the underlying real estate collateral. No other loans outstanding are past due.