Notes Receivable From Real Estate Joint Ventures And Partnerships

12 Months Ended

Dec. 31, 2012

Accounts, Notes, Loans and Financing Receivable, Gross, Allowance, and Net [Abstract]

Notes Receivable From Real Estate Joint Ventures And Partnerships

Notes Receivable from Real Estate Joint Ventures and Partnerships

We have ownership interests in a number of real estate joint ventures and partnerships. Notes receivable from these entities bear interest ranging from approximately 2.9% to 16.0% at December 31, 2012 and 2.8% to 10.0% at December 31, 2011. These notes are due at various dates through 2014 and are generally secured by underlying real estate assets.

We believe these notes are fully collectible, and no allowance has been recorded. Interest income recognized on these notes was $3.0 million, $3.4 million and $4.3 million for the year ended December 31, 2012, 2011 and 2010, respectively.

In November 2012, a $16.1 million note matured and is under negotiations for repayment. We believe no loss will be incurred associated with this settlement.

In February 2012, we received $59.2 million in payment of our notes receivable from real estate joint ventures and partnerships, in conjunction with the sale of our interest in an unconsolidated real estate joint venture. See Note 20 for additional information.

In April 2011, we eliminated $21.9 million of our notes receivable from real estate joint ventures and partnerships upon the purchase of our partner’s 50% unconsolidated joint venture interest in a Florida development property.