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Notes And Interest Receivable | 12 Months Ended
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Dec. 31, 2011
Notes And Interest Receivable [Abstract] |
Notes And Interest Receivable |
NOTE 3. | NOTES AND INTEREST RECEIVABLE
A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. Our mortgage notes receivable consist of first, wraparound and junior mortgage loans (dollars in thousands).
Borrower |  | Maturity Date |  |  | Interest Rate |  |  | Amount |  |  | Security
Performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Miscellaneous non-related party notes |  |  | Various |  |  |  | Various |  |  |  | 4,986 |  |  | Various security interests
Miscellaneous related party notes(1) |  |  | Various |  |  |  | Various |  |  |  | 2,829 |  |  | Various security interests
Realty Advisors Management, Inc. |  |  | 12/16 |  |  |  | 4.00 | % |  |  | 20,387 |  |  | Unsecured
Unified Housing Foundation, Inc. (Cliffs of El Dorado)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 2,469 |  |  | 100% Interest in Unified Housing of McKinney, LLC
Unified Housing Foundation, Inc. (Cliffs of El Dorado)(1) |  |  | 09/10 |  |  |  | 15.00 | % |  |  | 2,990 |  |  | 100% Interest in Unified Housing of McKinney, LLC
Unified Housing Foundation, Inc. (Echo Station)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 1,481 |  |  | 100% Interest in Unified Housing of Temple, LLC
Unified Housing Foundation, Inc. (Inwood on the Park)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 5,059 |  |  | 100% Interest in Unified Housing Inwood, LLC
Unified Housing Foundation, Inc. (Kensington Park)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 3,936 |  |  | 100% Interest in Unified Housing Kensington, LLC
Unified Housing Foundation, Inc. (Lakeshore Villas)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 2,000 |  |  | Unsecured
Unified Housing Foundation, Inc. (Lakeshore Villas)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 9,096 |  |  | Membership interest in Housing for Seniors of Humble, LLC
Unified Housing Foundation, Inc. (Limestone Canyon)(1) |  |  | 07/15 |  |  |  | 5.25 | % |  |  | 3,057 |  |  | 100% Interest in Unified Housing of Austin, LLC
Unified Housing Foundation, Inc. (Limestone Canyon)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 4,663 |  |  | 100% Interest in Unified Housing of Austin, LLC
Unified Housing Foundation, Inc. (Limestone Ranch)(1) |  |  | 07/15 |  |  |  | 5.25 | % |  |  | 2,250 |  |  | 100% Interest in Unified Housing of Vista Ridge, LLC
Unified Housing Foundation, Inc. (Limestone Ranch)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 6,000 |  |  | 100% Interest in Unified Housing of Vista Ridge, LLC
Unified Housing Foundation, Inc. (Parkside Crossing)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 2,272 |  |  | 100% Interest in Unified Housing of Parkside Crossing, LLC
Unified Housing Foundation, Inc. (Sendero Ridge)(1) |  |  | 07/15 |  |  |  | 5.25 | % |  |  | 5,174 |  |  | 100% Interest in Unified Housing of Sendero Ridge, LLC
Unified Housing Foundation, Inc. (Sendero Ridge)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 4,812 |  |  | 100% Interest in Unified Housing of Sendero Ridge, LLC
Unified Housing Foundation, Inc. (Timbers of Terrell)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 1,323 |  |  | 100% Interest in Unified Housing of Terrell, LLC
Unified Housing Foundation, Inc. (Tivoli)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 7,965 |  |  | 100% Interest in Unified Housing of Tivoli, LLC
Unified Housing Foundation, Inc. (Reserve at White Rock Phase I)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 2,524 |  |  | 100% Interest in Unified Housing of Harvest Hill I, LLC
Unified Housing Foundation, Inc. (Reserve at White Rock Phase II)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 2,555 |  |  | 100% Interest in Unified Housing of Harvest Hill, LLC
Unified Housing Foundation, Inc. (Trails at White Rock)(1) |  |  | 12/27 |  |  |  | 5.25 | % |  |  | 3,815 |  |  | 100% Interest in Unified Housing of Harvest Hill III, LLC
Accrued interest |  |  |  |  |  |  |  |  |  |  | 8,493 |  |  |
Total Performing |  |  |  |  |  |  |  |  |  | $ | 110,136 |  |  |
Non-Performing loans: |  |  |  |  |  |  |  |  |  |  |  |  |  |
130 Windmill Farms, L.P. |  |  | 10/11 |  |  |  | 7.00 | % |  |  | 507 |  |  | Unsecured
Dallas Fund XVII L.P.(2) |  |  | 10/09 |  |  |  | 9.00 | % |  |  | 1,432 |  |  | Assignment of partnership interests
Leman Development, Ltd. |  |  | 07/11 |  |  |  | 7.00 | % |  |  | 1,500 |  |  | Unsecured
Tracy Suttles |  |  | 12/11 |  |  |  | 0.00 | % |  |  | 1,077 |  |  | Unsecured
Miscellaneous non-related party notes |  |  | Various |  |  |  | Various |  |  |  | 133 |  |  | Various security interests
Accrued interest |  |  |  |  |  |  |  |  |  |  | 138 |  |  |
Total Non-Performing |  |  |  |  |  |  |  |  |  | $ | 4,787 |  |  |
Allowance for estimated losses |  |  |  |  |  |  |  |  |  |  | (13,383 | ) |  |
Total |  |  |  |  |  |  |  |  |  | $ | 101,540 |  |  |
(1) | Related Party notes
(2) | Note matured and an allowance was taken for estimated losses at full value of note
Junior Mortgage Loans. We may invest in junior mortgage loans, secured by mortgages that are subordinate to one or more prior liens either on the fee or a leasehold interest in real estate. Recourse on such loans ordinarily includes the real estate on which the loan is made, other collateral and personal guarantees by the borrower. The Board of Directors restricts investment in junior mortgage loans, excluding wraparound mortgage loans, to not more than 10.0% of our assets. At December 31, 2011, 9.2% of our assets were invested in junior and wraparound mortgage loans. Effective 2009, interest income is recorded when cash is received, and no accrued interest income is recorded on non-performing notes receivables. If the notes for the years 2011 and 2010 had been performing and if interest was recorded as accrued, an additional interest income totaling $1.1 million and $2.7 million, respectively, would have been recognized. As of December 31, 2011, the obligors on $96.7 million or 90.9% of the mortgage notes receivable portfolio were due from affiliated entities. Also at that date, $4.5 million or 3.9% of the mortgage notes receivable portfolio was non-performing. At December 31, 2011, approximately 8.2% of our assets were invested in notes and interest receivable.

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- Definition The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -URI http://asc.fasb.org/subtopic&trid=2196772 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 55 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=6951925&loc=SL6953791-111525 + Details
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