NOTES RECEIVABLE (Tables)

3 Months Ended

Mar. 31, 2012

Mortgage Loans on Real Estate [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

March 31, 2012, the Company’s notes receivable, net, aggregated $77.2 million, and were collateralized either by the underlying properties or the borrowers' ownership interests in the entities that own the properties and/or by the borrowers' personal guarantee subject, as applicable, to senior liens, as follows:

Description	Effective Interest Rate	Maturity Date	First Priority Liens		Net Carrying amount of Notes Receivable		Extension Options
(dollars in thousands)
Zero Coupon Loan	24.0%	1/3/2016	$	166,200	$	3,662	—
Mezzanine Loan	10.0%	12/31/2013	85,835		9,089		—
Mezzanine Loan	15.0%	Upon Capital Event	11,925		3,834		—
First Mortgage Loan	12.0%	12/5/2012	—		21,500		—
First Mortgage Loan	9.2%	3/30/2013	—		3,000		—
First Mortgage Loan	10.8%	Demand	—		10,000		—
First Mortgage Loan	7.0%	Demand	—		4,000		—
First Mortgage Loan	6.0%	12/1/2012	—		12,609		2 x 6 months
Construction Loan	20.5%	10/1/2012	—		5,400		—
Individually less than 3.0%	6.0% to 12.0%	12/31/13 to 2/3/17	37,623		4,086		—
Total					$	77,180

Allowance for Credit Losses on Financing Receivables [Table Text Block]

The activity in the allowance for notes receivable for the three months ended March 31, 2012 is as follows:

(dollars in thousands)	Allowance for Notes Receivable
Balance at December 31, 2011	$	3,276
Provision for losses on notes receivable	29
Balance at March 31, 2012	$	3,305