XML 29 R15.htm IDEA: XBRL DOCUMENT v3.3.1.900
Loans Receivable
 12 Months Ended
Dec. 31, 2015
Loans Receivable, Net [Abstract]  
Loans Receivable
Loans Receivable

As of December 31, 2015 and 2014, the Company's loans receivable were comprised primarily of first and second mortgage loans and mezzanine loans on real estate.
The following is a summary of our loans receivable as of December 31, 2015 and 2014:
 
 
Loan carrying value(1)
 
 
 
 
Loan
 
12/31/2015
 
12/31/2014
 
Interest Rate
 
Maturity Date
Westmont, IL(2)
 
$
—

 
$
12,152

 
6.45
%
 
10/2015
Southfield, MI(3)
 
—

 
3,296

 
4.55
%
 
02/2015
Oklahoma City, OK(4)
 
8,501

 
—

 
11.50
%
 
03/2016
Austin, TX
 
—

 
2,800

 
16.00
%
 
10/2018
Kennewick, WA
 
85,505

 
85,254

 
9.00
%
 
05/2022
Other
 
1,865

 
2,133

 
8.00
%
 
2021-2022
 
 
$
95,871

 
$
105,635

 
 
 
 
(1)
Loan carrying value includes accrued interest and is net of origination costs and loan losses, if any.
(2)
In 2015, the Company acquired the office property collateral and $2,521 of cash collateral and received $1,400 in full settlement of its claim against the borrower. The Company recognized a loan loss of $13,939 during 2013. During 2014 and 2013, the Company recognized $1,284 and $1,737, respectively, of interest income relating to the impaired loan.
(3)
In 2015, the Company acquired the office property collateral from the borrower. The Company recorded a $2,500 loan loss in 2014 as the Company determined it was probable that it would not collect the amount owed at maturity. During 2015 and 2014, the Company recognized $14 and $468, respectively, of interest income relating to the impaired loan.
(4)
In 2015, the Company loaned a tenant-in-common $8,420. The loan is secured by the tenant-in-common's interest in an office property in which the Company has a 40% interest.

Prior to December 31, 2014, the Company had two types of financing receivables: loans receivable and a capitalized financing lease. The Company determined that its financing receivables operated within one portfolio segment as they were both within the same industry and use the same impairment methodology. The capitalized financing lease, for a commercial office property located in Greenville, South Carolina, was sold in December 2014 for net proceeds of $11,491. 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 (1) are collateralized by commercial real estate and (2) 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, 2015, the financing receivables were performing as anticipated and there were no significant delinquent amounts outstanding.