Loans Receivable

3 Months Ended

Mar. 31, 2013

Loans Receivable [Abstract]

Loans Receivable

As of March 31, 2013 and December 31, 2012, the Company's loans receivable, including accrued interest and net of origination fees and loan loss reserves were comprised primarily of first and second mortgage loans and mezzanine loans on real estate aggregating $82,660 and $72,540, 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 March 31, 2013 and December 31, 2012:

	Loan carrying-value(1)
Loan		3/31/2013		12/31/2012		Interest Rate		Maturity Date
Norwalk, CT(2)		$	14,249	$	3,479	7.50	%	11/2014
Homestead, FL		7,974		8,036		7.50	%	08/2014
Schaumburg, IL(3)		21,579		21,885		20.00	%	01/2012
Westmont, IL		26,810		26,902		6.45	%	10/2015
Southfield, MI		7,181		7,364		4.55	%	02/2015
Austin, TX		2,120		2,038		16.00	%	10/2018
Other		2,747		2,836		8.00	%	2021-2022
		$	82,660	$	72,540

(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 income of $933 and $2,647 during the three months ended March 31, 2013 and the year ended December 31, 2012, respectively. 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 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 March 31, 2013, the financing receivables were performing as anticipated and there were no significant delinquent amounts outstanding, other than the Schaumburg, Illinois loan as disclosed above.