XML 58 R23.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Indebtedness (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Summary of Information Concerning Indebtedness that Encumbered our Properties | The following table contains summary information concerning the indebtedness that encumbered our properties as of December 31, 2013 and 2012:
|  |  | Outstanding Principal |  |  |  |  |  |  |
|  | As of December 31, 2013 |  |  | As of December 31, 2012 |  |  | Current Interest Rate |  |  | Maturity Date
Belle Creek Apartments |  |  | 10,575 |  |  |  | 10,575 |  |  |  | 2.4 | %(1) |  | April 28, 2021
Berkshire Square Apartments |  |  | 8,612 |  |  |  | — |  |  |  | 4.4 | %(5) |  | January 1, 2021
Centrepoint Apartments |  |  | 17,600 |  |  |  | 17,600 |  |  |  | 3.7 | %(2) |  | January 1, 2019
Copper Mill Apartments |  |  | 7,293 |  |  |  | 7,350 |  |  |  | 5.7 | %(3) |  | May 1, 2021
Crestmont Apartments |  |  | 6,698 |  |  |  | 6,750 |  |  |  | 5.7 | %(3) |  | May 1, 2021
Cumberland Glen Apartments |  |  | 6,846 |  |  |  | 6,900 |  |  |  | 5.7 | %(3) |  | May 1, 2021
Heritage Trace Apartments |  |  | 5,457 |  |  |  | 5,500 |  |  |  | 5.7 | %(3) |  | May 1, 2021
Runaway Bay Apartments |  |  | 10,222 |  |  |  | 10,238 |  |  |  | 3.6 | %(4) |  | November 1, 2022
Tresa at Arrowhead |  |  | 27,500 |  |  |  | 27,500 |  |  |  | 2.4 | %(1) |  | April 28, 2021
Total mortgage debt/Weighted-Average |  | $ | 100,803 |  |  | $ | 92,413 |  |  |  | 3.8 | % |  |
Secured Credit Facility |  |  | 2,500 |  |  |  | — |  |  |  | 2.9 | %(6) |  | October 25, 2016
Total indebtedness /Weighted-Average |  | $ | 103,303 |  |  | $ | 92,413 |  |  |  | 3.8 | % |  |
(1) | Floating rate at 225 basis points over 30-day LIBOR. As of December 31, 2013 and 2012, 30-day LIBOR was 0.17% and 0.21%, respectively. Interest only payments are due monthly. These mortgages are held by RAIT.
(2) | Fixed rate. Interest only payments are due monthly. Beginning February 1, 2015, principal and interest payments are required based on a 30-year amortization schedule.
(3) | Fixed rate. Interest only payments are due monthly. Beginning May 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
(4) | Fixed Rate. Interest only payments are due monthly. Beginning December 1, 2013, principal and interest payments are required based on a 30-year amortization schedule.
(5) | Fixed Rate. Interest only payments are due monthly. Beginning February 1, 2016, principal and interest payments are required based on a 30-year amortization schedule.
(6) | Floating rate at 275 basis points our 30-day LIBOR. As of December 31, 2013, 30-day LIBOR was 0.17%. Interest only payments are due monthly.
Maturity of Indebtness | The following table displays the principal repayments on of our indebtedness by year:
2014 |  | $ | 550 |
2015 |  |  | 869 |
2016 |  |  | 3,556 |
2017 |  |  | 1,120 |
2018 |  |  | 1,172 |
Thereafter |  |  | 96,036 |
Total |  | $ | 103,303 |

X
- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6584090&loc=d3e28878-108400 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28551-108399 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=6451184&loc=d3e28541-108399 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 22 -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21521-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21538-112644 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823 + Details
Name: | us-gaap_ScheduleOfDebtInstrumentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the combined aggregate amount of maturities and sinking fund requirements for all long-term borrowings for each of the five years following the date of the latest balance sheet date presented. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6802200&loc=d3e1835-112601 + Details
Name: | us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration