Mortgage Notes Receivable

12 Months Ended

Dec. 31, 2015

Mortgage Notes Receivable [Abstract]

MORTGAGE NOTES RECEIVABLE

MORTGAGE NOTES RECEIVABLE

At December 31, 2015 and 2014, we had three and four mortgage notes receivable, respectively, with aggregate carrying amounts of $41.6 million and $51.0 million, respectively. At December 31, 2015, all of the loans were secured by first mortgages on retail buildings, and at December 31, 2014, $41.2 million of the loans were secured by first mortgages on retail buildings. We have a note that matured on June 30, 2015 and is currently in default. The estimated net realizable value of the related collateral supports the carrying amount of the note.At December 31, 2015 and 2014, our mortgages had a weighted average interest rate of 9.0%. Under the terms of certain of these mortgages, we receive additional interest based upon the gross income of the secured properties and upon sale, share in the appreciation of the properties.