SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2016

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

(in thousands)

December 31, 2016



Description	Effective Interest Rate	Final Maturity Date	Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2016
First Mortgage Loan	6.0%	4/28/2017	$	9,000	$	9,000
First Mortgage Loan	6.0%	5/1/2017	15,000		15,000
Mezzanine Loan	18.0%	7/1/2017	3,007		4,506
First Mortgage Loan	LIBOR + 7.1%	6/25/2018	26,000		26,000
First Mortgage Loan	8.1%	4/30/2019	153,400		153,400
Preferred Equity	8.7%	9/9/2019	10,000		10,000
Zero Coupon Loan	2.5%	5/31/2020	29,793		31,007
Preferred Equity	15.3%	2/3/2021	14,000		15,250
First Mortgage Loan	9.0%	Demand	12,000		12,000
Total			$	272,200	$	276,163

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower. As of December 31, 2016, the Company held one non-performing note in the amount of $12.0 million.

The following table reconciles the activity for loans on real estate from January 1, 2014 to December 31, 2016 (in thousands):



	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2016			2015			2014
Balance at beginning of year	$	147,188		$	102,286		$	126,656
Additions	171,794			48,500			31,169
Disposition of air rights through issuance of notes	—			29,539			—
Amortization and accretion	—			—			556
Repayments	(42,819		)	(15,984		)	(18,095		)
Conversion to real estate through receipt of deed or through foreclosure	—			(13,386		)	(38,000		)
Other	—			(3,767		)	—
Balance at end of year	$	276,163		$	147,188		$	102,286