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11. SUBSEQUENT EVENTS | 6 Months Ended
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Jun. 30, 2014
Subsequent Events [Abstract] |
SUBSEQUENT EVENTS | 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. 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. 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. 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 The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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