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Mortgage Loans on Real Estate
 12 Months Ended
Dec. 31, 2014
Mortgage Loans On Real Estate [Abstract]  
Mortgage Loans on Real Estate, by Loan Disclosure [Text Block]

SCHEDULE IV

DDR Corp.  

Mortgage Loans on Real Estate

December 31, 2014

(Dollar amounts in thousands)

 

Description

 

Interest

Rate

 

 

Final

Maturity

Date

 

Periodic Payment Terms (A)

 

Prior Liens(B)

 

 

Face Amount

of Mortgages

 

 

Carrying

Amount of

Mortgages(C)

 

 

Principal

Amount of

Loans Subject

to Delinquent

Principal or

Interest

 

Senior Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower A

 

 

5.73%

 

 

Sep-17

 

P&I

 

$

—

 

 

$

33,000

 

 

$

29,415

 

 

$

—

 

Mezzanine Loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Multi-family

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower B

 

LIBOR+6.0%,

Floor 11%

 

 

Feb-17

 

I

 

 

26,000

 

 

 

5,868

 

 

 

5,923

 

 

 

—

 

Retail

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower C

 

 

10.00%

 

 

Nov-22

 

I

 

 

59,000

 

 

 

4,500

 

 

 

4,539

 

 

 

—

 

Borrower D

 

 

9.00%

 

 

Jun-23

 

I

 

 

20,500

 

 

 

7,500

 

 

 

7,541

 

 

 

—

 

Borrower E

 

LIBOR+8.0%,

Floor 12%

 

 

on demand

(loan

in default)

 

I

 

 

12,816

 

 

 

10,806

 

 

 

—

 

 

 

10,806

 

Mixed Use

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower F

 

LIBOR+10.0%,

Floor 14%

 

 

on demand

(loan

in default)

 

I

 

 

—

 

 

 

12,816

 

 

 

5,026

 

 

 

9,343

 

 

 

 

 

 

 

 

 

 

 

 

118,316

 

 

 

74,490

 

 

 

52,444

 

 

 

20,149

 

Investments in and Advances to Joint Ventures

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrower G

 

 

8.50%

 

 

Oct-21

 

QI

 

 

1,236,797

 

 

 

300,000

 

 

 

305,310

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

$

1,355,113

 

 

$

374,490

 

 

$

357,754

 

 

$

20,149

 

(A)

I = Interest only; P&I = Principal & Interest; QI = Quarterly partial payment Interest only.  

(B)

The first mortgage loans on certain properties are not held by the Company.  Accordingly, the amounts of the prior liens for those properties at December 31, 2014, are estimated.  

(C)

Carrying amount includes all applicable accrued interest and accretion of discount to date, net of amounts reserved for impairment.  

 

Changes in mortgage loans are summarized below (in thousands):

 

 

For the Year Ended December 31,

 

 

2014

 

 

2013

 

 

2012

 

Balance at beginning of period

$

143,989

 

 

$

246,907

 

 

$

84,541

 

Additions during period:

 

 

 

 

 

 

 

 

 

 

 

New mortgage loans

 

300,000

 

 

 

67,508

 

 

 

160,995

 

Interest

 

6,120

 

 

 

4,853

 

 

 

4,949

 

Accretion of discount

 

926

 

 

 

874

 

 

 

826

 

Deductions during period:

 

 

 

 

 

 

 

 

 

 

 

Provision for loan loss reserve

 

(500

)

 

 

—

 

 

 

(4,300

)

Collections of principal and interest

 

(92,781

)

 

 

(176,153

)

 

 

(104

)

Balance at close of period

$

357,754

 

 

$

143,989

 

 

$

246,907