Notes Receivable Backed by Real Estate

12 Months Ended

Dec. 31, 2015

Receivables [Abstract]

Notes Receivable Backed by Real Estate

Note 7. Notes Receivable Backed by Real Estate

In February 2015, we received a $197.5 million note backed by real estate in connection with the disposition of real estate to a third party. We earned interest at an annual rate of 2.0%. In February 2016, the note and all accrued interest were paid in full.

In December 2015, we received other notes backed by real estate of $37.6 million in connection with the disposition of real estate to third parties. We earn interest on the notes at an annual rate ranging from 5.5% to 10.0%. The notes have maturity dates ranging from June 2016 to April 2017.