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Loans Receivable
 12 Months Ended
Dec. 31, 2012
Loans Receivable [Abstract]  
Loans Receivable
Loans Receivable

As of December 31, 2012 and 2011, the Company's loans receivable, including accrued interest and net of origination fees and loan loss reserves are comprised primarily of first and second mortgage loans and mezzanine loans on real estate aggregating $72,540 and $66,619, respectively. The loans bear interest, including imputed interest, at rates ranging from 4.6% to 20.0% and mature at various dates through 2022.
The following is a summary of our loans receivable as of December 31, 2012 and 2011:
 
 
Loan carrying-value(1)
 
 
 
 
Loan
 
12/31/2012
 
12/31/2011
 
Interest Rate
 
Maturity Date
Norwalk, CT(2)
 
$
3,479

 
$
—

 
7.50
%
 
11/2014
Homestead, FL
 
8,036

 
—

 
7.50
%
 
08/2014
Schaumburg, IL(3)
 
21,885

 
21,458

 
20.00
%
 
01/2012
Westmont, IL
 
26,902

 
27,228

 
6.45
%
 
10/2015
Southfield, MI
 
7,364

 
8,065

 
4.55
%
 
02/2015
New Kingstown, PA
 
—

 
2,941

 
7.78
%
 
01/2013
Austin, TX
 
2,038

 
1,738

 
16.00
%
 
10/2018
Other
 
2,836

 
5,189

 
8.00
%
 
2021-2022
 
 
$
72,540

 
$
66,619

 
 
 
 
(1)
Loan carrying value includes accrued interest and is net of origination costs and fee eliminations, if any.
(2)
The Company is committed to lend up to $32,600.
(3)
Loan is in default. The Company did not record interest of $2,647 in 2012 representing the interest earned since default. The Company believes the office property collateral has an estimated fair value in excess of the Company's investment and the Company has initiated foreclosure proceedings.

The Company has two types of financing receivables: loans receivable and a capitalized financing lease. The Company determined that its financing receivables operate within one portfolio segment as they are both within the same industry and use the same impairment methodology. The Company's loans receivable are secured by commercial real estate assets and the capitalized financing lease is for a commercial office property located in Greenville, South Carolina. In addition, the Company assesses all financing receivables for impairment, when warranted, based on an individual analysis of each receivable.

The Company's financing receivables operate within one class of financing receivables as these assets are collateralized by commercial real estate and similar metrics are used to monitor the risk and performance of these assets. The Company's management uses credit quality indicators to monitor financing receivables such as quality of collateral, the underlying tenant's credit rating and collection experience. As of December 31, 2012, the financing receivables were performing as anticipated other than the Schaumburg loan as discussed above and there were no other significant delinquent amounts outstanding.

During 2010, the Company recorded a loan loss of $3,756 on a loan receivable secured by the property in Wilsonville, Oregon. During 2011, the borrower defaulted on the loan and the Company completed a deed-in-lieu of foreclosure and sold the property in 2012.