Notes Receivable Backed by Real Estate (Tables)

9 Months Ended

Sep. 30, 2012

Summary of Notes Receivable Backed by Real Estate

The activity on the notes receivable backed by real estate for the nine months ended September 30, 2012 is as follows (in thousands):

	$188 million Preferred Equity Interest		$55 million Preferred Equity Interest		NAIF II Secured Mortgage Receivable (1)			Total
Balance as of December 31, 2011	$	188,000	$	55,970	$	78,864		$	322,834
Elimination upon acquisition of NAIF II		—		—		(78,864	)		(78,864	)
Accrued interest/(interest payments received), net		9		—		—			9
Balance as of September 30, 2012	$	188,009	$	55,970	$	—		$	243,979

(1) The balance as of December 31, 2011 represented a loan to NAIF II secured by 12 buildings. In February 2012, we purchased the remaining interest in NAIF II. As a result, we began consolidating this entity and eliminated this note receivable. See Note 2 for more detail on this transaction.