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Bank and Other Notes Payable: | 6 Months Ended
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Jun. 30, 2014
Debt Disclosure [Abstract] |
Bank and Other Notes Payable: | Bank and Other Notes Payable: Bank and other notes payable consist of the following: Line of Credit: The Company has a $1,500,000 revolving line of credit that initially bore interest at LIBOR plus a spread of 1.75% to 3.0%, depending on the Company's overall leverage levels, and was to mature on May 2, 2015 with a one-year extension option. The line of credit had the ability to be expanded, depending on certain conditions, up to a total facility of $2,000,000 less the outstanding balance of the $125,000 unsecured term loan as described below. On August 6, 2013, the Company's line of credit was amended and extended. The amended facility provides for an interest rate of LIBOR plus a spread of 1.38% to 2.0%, depending on the Company's overall leverage levels, and matures on August 6, 2018. Based on the Company's leverage level as of June 30, 2014, the borrowing rate on the facility was LIBOR plus 1.38%. In addition, the line of credit can be expanded, depending on certain conditions, up to a total facility of $2,000,000 (without giving effect to the $125,000 unsecured term loan described below). As of June 30, 2014 and December 31, 2013, borrowings under the line of credit were $250,000 and $30,000, respectively, at an average interest rate of 2.17% and 1.85%, respectively. The estimated fair value (Level 2 measurement) of the line of credit at June 30, 2014 and December 31, 2013 was $239,362 and $28,214, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Term Loan: On December 8, 2011, the Company obtained a $125,000 unsecured term loan under the line of credit that bears interest at LIBOR plus a spread of 1.95% to 3.20%, depending on the Company's overall leverage level, and matures on December 8, 2018. Based on the Company's current leverage level as of June 30, 2014, the borrowing rate was LIBOR plus 1.95%. As of June 30, 2014 and December 31, 2013, the total interest rate was 2.25% and 2.51%, respectively. The estimated fair value (Level 2 measurement) of the term loan at June 30, 2014 and December 31, 2013 was $119,688 and $120,802, respectively, based on a present value model using a credit interest rate spread offered to the Company for comparable debt. Prasada Note: On March 29, 2013, the Company issued a $13,330 note payable that bears interest at 5.25% and matures on March 29, 2016. The note payable is collateralized by a portion of a development reimbursement agreement with the City of Surprise, Arizona. At June 30, 2014 and December 31, 2013, the note had a balance of $11,718 and $12,537, respectively. The estimated fair value (Level 2 measurement) of the note at June 30, 2014 and December 31, 2013 was $12,189 and $13,114, respectively, based on current interest rates for comparable notes. The method for computing fair value was determined using a present value model and an interest rate that included a credit value adjustment based on the estimated value of the collateral for the underlying debt. As of June 30, 2014 and December 31, 2013, the Company was in compliance with all applicable financial loan covenants.

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- Definition This element encapsulates disclosure pertaining to bank and other notes payable of the entity during the period. Bank and other notes payable include senior notes, term loans, line of credit and other notes. + References No definition available. + Details
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- Details
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