SCHEDULE IV - MORTGAGE LOANS ON REAL ESTATE

12 Months Ended

Dec. 31, 2017

Mortgage Loans on Real Estate [Abstract]

SCHEDULE IV-MORTGAGE LOANS ON REAL ESTATE

Description	Effective Interest Rate	Final Maturity Date	Face Amount of Notes Receivable		Net Carrying Amount of Notes Receivable as of December 31, 2017
First Mortgage Loan	6.0%	6/1/2018	$	15,000	$	15,000
First Mortgage Loan	LIBOR + 7.1%	6/25/2018	26,000		26,000
First Mortgage Loan	8.1%	4/30/2019	153,400		60,695
Zero Coupon Loan	2.5%	5/31/2020	29,793		31,778
Mezzanine Loan	18.0%	7/1/2020	3,007		5,106
Preferred Equity	15.3%	2/3/2021	14,000		15,250
Total			$	241,200	$	153,829

The Company monitors the credit quality of its notes receivable on an ongoing basis and considers indicators of credit quality such as loan payment activity, the estimated fair value of the underlying collateral, the seniority of the Company's loan in relation to other debt secured by the collateral, the personal guarantees of the borrower and the prospects of the borrower.

The following table reconciles the activity for loans on real estate from January 1, 2015 to December 31, 2017 (in thousands):

	Reconciliation of Loans on Real Estate
	Year Ended December 31,
	2017			2016			2015
Balance at beginning of year	$	276,163		$	147,188		$	102,286
Additions	11,371			171,794			48,500
Disposition of air rights through issuance of notes	—			—			29,539
Repayments	(32,000		)	(42,819		)	(15,984		)
Conversion to real estate through receipt of deed or through foreclosure	(101,705		)	—			(13,386		)
Other	—			—			(3,767		)
Balance at end of year	$	153,829		$	276,163		$	147,188