2.4.0.82107100 - Disclosure - Mortgages and Notes Receivabletruefalsefalse1false falsefalseD2013Q2YTDhttp://www.sec.gov/CIK0000923284duration2013-01-01T00:00:002013-06-30T00:00:001true 1us-gaap_ReceivablesAbstractus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsexbrli:stringItemTypestringfalse0Receivables [Abstract]2false 2us-gaap_LoansNotesTradeAndOtherReceivablesDisclosureTextBlockus-gaap_truenadurationfalsefalsefalsefalsefalsefalsefalsefalseterseLabel1falsefalsefalse00<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;">Mortgages and Notes Receivable</div><div style="line-height:120%;font-size:10pt;"> </div><div style="line-height:120%;font-size:10pt;">In April 2012, the Company entered into a loan agreement with a developer of the Warsaw Commons Shopping Center in Warsaw, Indiana.  The loan provided construction financing to the developer to complete the development of 87,826 square feet of rentable space.  The loan accrued interest at a rate of 7.0% per annum and was added to the balance of the loan on a monthly basis until the interest reserve was met, at which point the borrower began making cash payments. The maximum loan amount under the agreement was $11,545.  The total outstanding balance, plus accrued interest was due upon the May 31, 2013 maturity date.  In conjunction with this loan agreement, the Company earned a fee of $115, equal to 1.0% of the maximum allowed under the loan. Total interest income earned during the six months ended June 30, 2013 was $234.  Upon completion of the development, the Company had the obligation to acquire the property at a pre-determined price, expected to be approximately $13,000.  Due to the Company’s purchase obligation, the loan fee and interest income earned have not been reflected as income in the accompanying consolidated statements of operations and comprehensive income. </div><div style="line-height:120%;font-size:10pt;"> </div><div style="line-height:120%;font-size:10pt;">On April 24, 2013, the Company acquired title to the Warsaw Commons Shopping Center for a price of $11,393, subject to future earnout payments. Future earnout payments are estimated to be approximately $1,800, of which approximately $1,200 has already been paid. The balance of the outstanding note was $10,957, and for financial statement purposes was $10,272, at the time of closing. The settlement of this outstanding note resulted in a gain of $685 during the six months ended June 30, 2013.</div><div style="line-height:120%;font-size:10pt;"> </div><div style="line-height:120%;font-size:10pt;">In May 2012, the Company, through its TRS, paid approximately $3,969 to acquire the notes on two properties which were in default.  The loans were acquired at a discount to the outstanding balance.  The TRS acquired for $1,800, the $3,720 note encumbering the Winfield Pointe Shopping Center, located in Winfield, Illinois and acquired for $2,169, the $4,500 note encumbering the Eola Commons Shopping Center located in Aurora, Illinois.  The TRS obtained title to each of these properties through foreclosure proceedings during the six months ended June 30, 2013. </div><div style="line-height:120%;font-size:10pt;"> </div><div style="line-height:120%;font-size:10pt;">Upon the April 17, 2013 ownership transfer, we valued these properties utilizing information obtained from third party sources and internal valuation calculations, comprised of a discounted cash flow model, using discount rates and capitalization rates applied to the expected future cash flows of the property. In conjunction with the acquisitions, the notes were extinguished. The fair value of Eola Commons was determined to be $3,994 and the fair value of Winfield Pointe Center was $2,583. The title transfer resulted in a gain of $2,410.</div><div style="line-height:120%;font-size:10pt;"> </div><div style="line-height:120%;font-size:10pt;">Subsequent to the end of the quarter, the TRS sold the Eola Commons Shopping Center, and intends to sell Winfield Pointe Shopping Center. Reference is made to footnote 16 for information related to the sale of Eola Commons Shopping Center, subsequent to June 30, 2013.</div></div>falsefalsefalsenonnum:textBlockItemTypenaThe entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. 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