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SCHEDULE IV
 12 Months Ended
Dec. 31, 2013
Mortgage Loans on Real Estate [Abstract]  
SCHEDULE IV
SCHEDULE IV
MORTGAGE LOANS ON REAL ESTATE
December 31, 2013

 
Number of Loans
 
Interest
Rate
 
 
Maturity Date
 
Periodic
Payment Terms
First mortgage loans:
 
 
 
 
 
 
 
 
S&K Properties - Florida
1
 
6.00
%
(a)
 
10/2016
 
Principal of $4,000 and interest due monthly; balloon payment of $3,456,000 due at maturity (10/08/16)
JCB Limited - California
1
 
5.25
%
 
 
10/2017
 
Principal and interest due monthly
JCB Limited - California
1
 
5.25
%
 
 
10/2017
 
Principal and interest due monthly
Total mortgage loans (b)
3
 
 

 
 
 
 
 

 
Face Amount
of Mortgages
Dec. 31, 2013
 
Carrying
Amount of
Mortgages
 
Principal
Amount of Loans
Subject to Delinquent
Principal or Interest (c)
 
(In thousands)
First mortgage loans:
 
 
 
 
 
S&K Properties - Florida
$
3,793

 
3,769

 
—

JCB Limited - California
2,068

 
2,068

 
—

JCB Limited - California
3,033

 
3,033

 
—

Total mortgage loans
$
8,894

 
8,870
 (d)(e)
 
—

 

(a)
This mortgage loan has a stated interest rate of 6.0% and an effective interest rate of 6.4%.  A discount on mortgage loan receivable of $198,000 was recognized at the inception of the loan and is shown in the table in footnote (d) below.
(b)
Reference is made to allowance for possible losses on mortgage loans receivable in the Notes to Consolidated Financial Statements.
(c)
Interest in arrears for three months or less is disregarded in computing principal amount of loans subject to delinquent interest.
(d)
Changes in mortgage loans follow:
 
Years Ended December 31,
2013
 
2012
 
2011
(In thousands)
Balance at beginning of year
$
9,323

 
4,110

 
4,131

Advances on mortgage loans receivable
—

 
5,223

 
—

Payments on mortgage loans receivable
(463
)
 
(20
)
 
(33
)
Amortization of discount on mortgage loan receivable
10

 
10

 
12

Balance at end of year
$
8,870

 
9,323

 
4,110


 
(e)  The aggregate cost for federal income tax purposes is approximately $8.89 million.  The federal income tax return for the year ended December 31, 2013, has not been filed and, accordingly, the income tax basis of mortgage loans as of December 31, 2013, is based on preliminary data.



See accompanying Report of Independent Registered Public Accounting Firm on Financial Statement Schedules.