Notes Receivable

12 Months Ended

Dec. 31, 2017

Receivables [Abstract]

Notes Receivable

4. Notes Receivable

The Company has notes receivable, including accrued interest, that are collateralized by certain rights in development projects, partnership interests, sponsor guaranties and/or real estate assets, some of which are subordinate to other financings.  At December 31, 2017, the Company’s loans outstanding had maturity dates ranging from June 2019 to June 2023 at an interest rate of 9.0%.  At December 31, 2017, the Company did not have any loans outstanding that were past due.  The following table reconciles the loans receivable on real estate (in thousands):  

	2017			2016
Balance at January 1	$	49,488		$	41,988
Additions:
New mortgage loans		—			11,139
Interest		2,276			3,160
Accretion of discount		269			1,038
Deductions:
Collections of principal and interest		(32,358	)		(7,837	)
Balance at December 31	$	19,675		$	49,488

In 2015, the Company sold a note receivable with a face value, including accrued interest, of $9.8 million and a net value of $5.0 million, for proceeds of $7.9 million.  As a result, the related loan loss reserve of $4.8 million was reversed, and income of $2.9 million was recognized and classified as Gain on Disposition of Real Estate in the Company’s consolidated statement of operations.  In connection with this transaction, the Company wrote off a cross-collateralized, fully reserved note receivable with a face value including accrued interest of $10.8 million.