XML 39 R28.htm IDEA: XBRL DOCUMENT v3.20.2
Notes Receivable, Net (Tables)
 9 Months Ended
Sep. 30, 2020
Accounts And Notes Receivable Net [Abstract]  
Schedule of Notes Receivable

The Company’s notes receivable, net are generally collateralized either by the underlying properties or the borrowers’ ownership interests in the entities that own the properties, and were as follows (dollars in thousands):

 

 

 

September 30,

 

 

December 31,

 

 

September 30, 2020

 

Description

 

2020

 

 

2019

 

 

Number

 

 

Maturity Date

 

Interest Rate

 

Core Portfolio (a, b)

 

$

96,794

 

 

$

76,467

 

 

 

6

 

 

Apr 2020 - Dec 2027

 

4.7% - 9%

 

Fund II

 

 

33,608

 

 

 

33,170

 

 

 

1

 

 

Dec 2020

 

1.75%

 

Fund III

 

 

5,306

 

 

 

5,306

 

 

 

1

 

 

Jul 2020

 

18.0%

 

Total notes receivable

 

 

135,708

 

 

 

114,943

 

 

 

 

 

 

 

 

 

 

 

Credit loss reserves

 

 

(910

)

 

 

—

 

 

 

 

 

 

 

 

 

 

 

Notes receivable, net

 

$

134,798

 

 

$

114,943

 

 

 

8

 

 

 

 

 

 

 

 

 

(a)

Includes two notes receivable from OP Unit holders, with balances totaling $6.5 million at September 30, 2020 and December 31, 2019.

 

(b)

Balance at December 31, 2019 includes $38.7 million for the Brandywine Note Receivable, which was collateralized by the remaining 24.78% undivided interest in Town Center (Note 4).