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Subsequent Events
9 Months Ended
Sep. 30, 2011
Subsequent Events [Abstract] 
Subsequent Events

NOTE 12. SUBSEQUENT EVENTS

Subsequent to the period ending September 30, 2011, several properties that were sold to a related party and treated on the books as "subject to sales contract" have been transferred back to the lender for credit against the loan balance. Any impairment necessary related to the inability to recover our original investment has been recorded in 2010 and 2011 and the sales that were deferred will be recognized in the third quarter 2011 when ownership transferred to a third party.

On October 12, 2011, Willowbrook Village, a retail shopping center located in Coldwater, Michigan, which was sold to a related party and treated on the books as "subject to sales contract", was transferred to the lender for credit against the loan balance. Any impairment necessary related to the inability to recover our original investment has been realized in 2011 and the sale that was deferred will be recognized in the fourth quarter, when ownership transferred to a third party.

On October 20, 2011, we sold 7.4 acres of land known as Keller Springs Lofts land located in Addison, Texas, for a sales price of $4.2 million. This land parcel is owned by TCI Woodmont Group VIII, LP, of which the Company has a 75% limited partner interest.

On October 27, 2011, a settlement agreement was reached with an existing lender pertaining to a $12.0 million real estate note made by a consolidated subsidiary of the Company. The note is secured by 257.52 acres of land known as Pioneer Crossing located in Austin, Texas. Ownership of the land will be transferred to the existing lender and ARL will have a liability of $3.0 million owed to the lender. The note accrues interest at prime+2.0% and payments of interest and principal are due monthly based upon a 20-year amortization schedule. The note matures on November 1, 2014, at which time the unpaid balance shall be due and payable.