Notes Receivable

12 Months Ended

Dec. 31, 2016

Receivables [Abstract]

Notes Receivable

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.  

At December 31, 2016 and 2015, the Company had loans and other receivables outstanding of $49.5 million and $42.5 million, respectively, with maturity dates ranging from September 2017 to June 2023 and interest rates ranging from 5.6% to 12.0%.  The following table reconciles the loans receivable on real estate (in thousands):

	2016			2015
Balance at January 1	$	41,988		$	52,444
Additions:
New mortgage loans		11,139			—
Interest		377			—
Accretion of discount		1,038			980
Deductions:
Collections of principal and interest		(5,054	)		(11,436	)
Balance at December 31	$	49,488		$	41,988

At December 31, 2016, the Company did not have any loans outstanding that were past due.  The following table summarizes the activity in the loan loss reserve (in thousands):

	2015			2014
Balance at January 1	$	15,606		$	15,106
Additions:
Loan loss reserve		—			500
Deductions:
Write-offs(A)		(15,606	)		—
Balance at December 31	$	—		$	15,606

(A) In 2015, the Company sold a note receivable with a face value, including accrued interest, of $9.8 million and a net value of $5.0 million, for proceeds of $7.9 million.  As a result, the related loan loss reserve of $4.8 million was reversed, and income of $2.9 million was recognized and classified as Gain on Disposition of Real Estate in the Company’s consolidated statements of operations.  In connection with this transaction, the Company wrote off a cross–collateralized, fully reserved note receivable with a face value including accrued interest of $10.8 million.  The aggregate write-down in the loan loss reserve related to this transaction was $15.6 million.