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11. SUBSEQUENT EVENTS (Details) | 1 Months Ended
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Jul. 31, 2014
Subsequent Events Details |
TCI invested | On July 1, 2014, TCI invested $5.9 million and $6.1 million in notes receivable from HGH Residential, LLC relating to the acquisition of an apartment complex known as Park West I and II in Pueblo, CO and the development of an apartment complex known as Tradewinds in Midland, TX.
Equity transaction | On July 17, 2014, Realty Advisors, Inc. requested that 890,797 shares of ARI Series A Cumulative Convertible Preferred Stock be converted into ARL Common Stock. This resulted in the issuance of 2,502,230 new shares of ARL Common Stock, converted at $6.07 per share.
Sale of land | On July 25, 2014, TCI sold 24.498 acres of land known as Stanley Tools and Kelly Lots located in Farmers Branch, Texas to an independent third party. TCI paid off the existing mortgage of $1.7 million in addition to making a $0.2 million payment on another existing mortgage related to another parcel of land located in McKinney, Texas. There was no gain or loss on the land parcel sale.
Morgage refinance | On July 31, 2014, TCI refinanced the existing mortgage on Desoto Ranch apartments, a 248-unit complex located in Desoto, Texas, for a new mortgage of $15.7 million. TCI paid off the existing mortgage of $15.7 million and $0.5 million in closing costs. The note accrues interest at 3.5% and payments of interest and principal are due monthly, maturing June 1, 2050.

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- Definition A unique description of a noncash or part noncash stock conversion. The description would be expected to include sufficient information to provide an understanding of the nature and purpose of the conversion. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586 + Details
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- Definition Description of the contractual payment terms of the loan receivable including whether principal and interest is payable at a level or varying amount over the life of the loan, the amount of any balloon payment required at maturity, and any prepayment penalties. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04.(c) Schedule IV) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 29 -Article 12 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule IV -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 948 -SubTopic 310 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-29.5) -URI http://asc.fasb.org/extlink&oid=6589523&loc=d3e617274-123014 + Details
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