XML 39 R36.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Debt Investments (Details) (USD $)
3 Months Ended 12 Months Ended
Mar. 31, 2013
investment
Dec. 31, 2012
investment
CRE debt investments    
Number 22 20
Principal Amount $ 649,613,000 $ 543,619,000
Carrying Value 624,377,000 514,058,000
Description of variable rate LIBOR LIBOR
Floating Rate as % of Principal Amount 82.30% 81.00%
Securitization Financing
   
CRE debt investments    
Carrying value served as collateral 194,500,000 194,500,000
Term Loan Facilities
   
CRE debt investments    
Carrying value served as collateral 304,800,000 197,600,000
Weighted Average
   
CRE debt investments    
Fixed Rate (as a percent) 12.37% 12.47%
Spread over LIBOR (as a percent) 6.36% 6.18%
Unleveraged Current Yield (as a percent) 8.42% 8.50%
LIBOR floor (as a percent) 1.38% 1.61%
First mortgage / mezzanine loans
   
CRE debt investments    
Future funding commitments 25,900,000 29,800,000
First mortgage loans
   
CRE debt investments    
Number 20 18
Principal Amount 593,113,000 486,992,000
Carrying Value 583,306,000 476,717,000
Description of variable rate LIBOR LIBOR
Floating Rate as % of Principal Amount 89.40% 89.50%
First mortgage loans | Weighted Average
   
CRE debt investments    
Fixed Rate (as a percent) 12.98% 13.25%
Spread over LIBOR (as a percent) 6.33% 6.14%
Unleveraged Current Yield (as a percent) 8.16% 8.22%
LIBOR floor (as a percent) 1.38% 1.61%
Mezzanine loans
   
CRE debt investments    
Number 2 2
Principal Amount 56,500,000 56,627,000
Carrying Value $ 41,071,000 $ 37,341,000
Description of variable rate LIBOR LIBOR
Floating Rate as % of Principal Amount 8.00% 8.20%
Mezzanine loans | Weighted Average
   
CRE debt investments    
Fixed Rate (as a percent) 11.50% 11.50%
Spread over LIBOR (as a percent) 10.00% 10.00%
Unleveraged Current Yield (as a percent) 12.05% 12.12%
LIBOR floor (as a percent) 1.38% 1.61%