Notes Receivable From Real Estate Joint Ventures And Partnerships

6 Months Ended

Jun. 30, 2014

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. At June 30, 2014, we had one outstanding note receivable from a real estate joint venture, which bore a fixed-rate of interest at 5.7% per year and matures in 2017. At December 31, 2013, various notes receivable from these entities bore interest ranging from approximately 2.9% to 5.7% per year and mature at various dates through 2017. Generally, these notes receivable are secured by underlying real estate assets.

We believe these notes are fully collectible, and therefore no allowance has been recorded. Interest income recognized on these notes was $.1 million and $.6 million for the three months ended June 30, 2014 and 2013, respectively, and $.1 million and $1.3 million for the six months ended June 30, 2014 and 2013, 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.