Mortgages and Notes Receivable

3 Months Ended

Mar. 31, 2015

Receivables [Abstract]

Mortgages and Notes Receivable

Mortgages and Notes Receivable

The following table sets forth our mortgages and notes receivable:

	March 31, 2015			December 31, 2014
Mortgages receivable (including accrued interest)	$	11,931		$	10,869
Less allowance	—			—
	11,931			10,869
Promissory notes	2,674			2,522
Less allowance	(468		)	(275		)
	2,206			2,247
Mortgages and notes receivable, net	$	14,137		$	13,116

Mortgages receivable consist of secured financing provided to a third party. We concluded this arrangement to be an interest in a variable interest entity. However, since we do not have the power to direct matters that most significantly impact the activities of the entity, we do not qualify as the primary beneficiary. Accordingly, the entity is not consolidated. Our risk of loss with respect to this arrangement is limited to the carrying value of the mortgage receivable and the future infrastructure development funding commitment.

We evaluate the ability to collect our mortgages and notes receivable by monitoring the leasing statistics and/or market fundamentals of these assets. As of March 31, 2015, our mortgages and notes receivable were not in default and there were no other indicators of impairment.

The following table sets forth our notes receivable allowance, which relates only to promissory notes:

	Three Months Ended March 31,
	2015		2014
Beginning notes receivable allowance	$	275	$	302
Recoveries/write-offs/other	193		(2		)
Total notes receivable allowance	$	468	$	300