BONDS AVAILABLE-FOR-SALE (Tables)

6 Months Ended

Jun. 30, 2013

Available-For-Sale Securities [Abstract]

Schedule of Available-for-sale Securities Reconciliation [Table Text Block]

The following table summarizes the Company’s bonds and related unrealized losses and unrealized gains subsequent to the sale of TEB’s common shares on July 3, 2013 and at June 30, 2013 and December 31, 2012.

	July 3, 2013
(in thousands)	Unpaid Principal Balance			Basis Adjustments ⁽¹⁾		Unrealized Losses		Unrealized Gains		Fair Value
Mortgage revenue bonds	$	161,715		$	(3,631)	$	(41,395)	$	22,972	$	139,661
Other bonds		81,527			(2,062)		(22,364)		20,578		77,679
Total	$	243,242	⁽²⁾	$	(5,693)	$	(63,759)	$	43,550	$	217,340

	June 30, 2013
(in thousands)	Unpaid Principal Balance			Basis Adjustments ⁽¹⁾		Unrealized Losses		Unrealized Gains		Fair Value
Mortgage revenue bonds	$	835,486		$	(6,880)	$	(108,624)	$	98,661	$	818,643
Other bonds		81,527			(2,062)		(22,364)		20,578		77,679
Total	$	917,013	⁽²⁾	$	(8,942)	$	(130,988)	$	119,239	$	896,322

	December 31, 2012
(in thousands)	Unpaid Principal Balance			Basis Adjustments ⁽¹⁾		Unrealized Losses		Unrealized Gains		Fair Value
Mortgage revenue bonds	$	898,209		$	(10,314)	$	(118,933)	$	115,196	$	884,158
Other bonds		86,113			(2,339)		(22,364)		23,826		85,236
Total	$	984,322	⁽²⁾	$	(12,653)	$	(141,297)	$	139,022	$	969,394

⁽¹⁾

Represents net discounts, deferred costs and fees.

⁽²⁾

The Company had bonds with an unpaid principal balance of $85.0 million ($76.6 million fair value), $158.9 million ($151.8 million fair value) and $123.9 million ($125.1 million fair value) at July 3, 2013, June 30, 2013 and December 31, 2012, respectively, which were eliminated due to consolidation of the real estate partnerships where the real estate served as collateral for the Company’s bonds. See Note 16, “Consolidated Funds and Ventures” for more information.

Assets and Liabilities of Unconsolidated Funds and Ventures [Table Text Block]

The following table summarizes, by contractual maturity, the amortized cost and fair value of bonds available-for-sale subsequent to the sale of TEB’s common shares on July 3, 2013 and at June 30, 2013.

	July 3, 2013
(in thousands)	Amortized Cost		Fair Value
Non-Amortizing:
Due in less than one year	$	-	$	-
Due between one and five years		-		-
Due between five and ten years		-		-
Due after ten years		1,560		3,462
Amortizing:
Due at stated maturity dates between December 2013 and June 2056		172,230		213,878
	$	173,790	$	217,340

	June 30, 2013
(in thousands)	Amortized Cost		Fair Value
Non-Amortizing:
Due in less than one year	$	-	$	-
Due between one and five years		-		-
Due between five and ten years		-		-
Due after ten years		1,560		3,462
Amortizing:
Due at stated maturity dates between December 2013 and June 2056		775,523		892,860
	$	777,083	$	896,322

Bonds Prepayable Without Restriction or Penalty [Table Text Block]

The following table provides the amount of bonds that were prepayable without restriction, premium or penalty subsequent to the sale of TEB’s common shares on July 3, 2013 and at June 30, 2013 as well as the year in which the remaining portfolio becomes prepayable without restriction, premium or penalty at each period presented.

	July 3, 2013
(in thousands)	Amortized Cost		Fair Value
Bonds that may be prepaid without restrictions, premiums or penalties at July 3, 2013	$	7,752	$	10,528
July 4 through December 31, 2013		1,132		1,400
2014		-		-
2015		-		-
2016		12,972		16,627
2017		5,855		8,421
Thereafter		106,730		130,567
Bonds that may not be prepaid		39,349		49,797
Total	$	173,790	$	217,340

	June 30, 2013
(in thousands)	Amortized Cost		Fair Value
Bonds that may be prepaid without restrictions, premiums or penalties at June 30, 2013	$	49,576	$	54,609
July 1 through December 31, 2013		1,132		1,400
2014		–		–
2015		2,562		2,725
2016		12,972		16,627
2017		14,520		17,320
Thereafter		630,136		725,257
Bonds that may not be prepaid		66,185		78,384
Total	$	777,083	$	896,322

Past Due Analysis of Available-for-sale Securities Bonds, Current [Table Text Block]

The following table provides an aging analysis for the fair value of bonds available-for-sale subsequent to the sale of TEB’s common shares on July 3, 2013 and at June 30, 2013 and December 31, 2012.

(in thousands)	July 3, 2013		June 30, 2013		December 31, 2012
Total current	$	129,132	$	808,114	$	850,155
30-59 days past due		-		–		8,013
60-89 days past due		10,419		10,419		7,471
Greater than 90 days		77,789		77,789		103,755
Total	$	217,340	$	896,322	$	969,394

Gain (Loss) on Investments [Table Text Block]

Provided in the table below are unrealized losses and realized gains and losses recorded through “Impairment on bonds” and “Net gains (losses) on assets and derivatives” for bonds sold or redeemed during the three months and six months ended June 30, 2013 and 2012, as well as for bonds still in the Company’s portfolio at June 30, 2013 and 2012, respectively.

	For the three months ended June 30,				For the six months ended June 30,
(in thousands)	2013		2012		2013		2012
Bond impairment recognized on bonds held at each period-end	$	(480)	$	(849)	$	(833)	$	(1,087)
Gains recognized at time of redemption		416		52		598		52
Total net losses on bonds	$	(64)	$	(797)	$	(235)	$	(1,035)

- Definition

Tabular disclosure of the realized and unrealized gains and losses reported in the statement of income which have resulted from the sale and holding of marketable securities, respectively, as well as the sale or disposal of cost method investments. Such amounts would include realized gains and losses on the sale or disposal of trading, available-for-sale, and held-to-maturity securities, unrealized gains and losses on trading securities, unrealized gains and losses on available-for-sale and held-to-maturity securities transferred to the trading securities category, realized gains and losses on the sale or disposal of cost method investments, and losses recognized for other than temporary impairments (OTTI) of such investments.

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