Notes Receivable From Real Estate Joint Ventures And Partnerships

12 Months Ended

Dec. 31, 2013

Receivables [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 5.7% at December 31, 2013 and 2.9% to 16.0% at December 31, 2012. These notes are due at various dates through 2017 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 $2.2 million, $3.0 million and $3.4 million for the year ended December 31, 2013, 2012 and 2011, respectively.

In December 2013, we acquired our partner’s 50% unconsolidated joint venture interest in a California property, which includes the settlement of $54.8 million of our notes receivable from real estate joint ventures and partnerships. See Note 23 for additional information.

In November 2012, a $16.1 million note matured and negotiations for repayment were entered into. During 2013, the note was paid. See Note 21 for additional information.

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.