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NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2017

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 5. NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands):

		Notes Payable				Accrued Interest				Total Debt
Apartments		$	566,576			$	1,585			$	568,161
Apartments under Construction		$	78,683			$	113			$	78,796
Commercial		$	126,955			$	622			$	127,577
Land		$	22,888			$	203			$	23,091
Real estate subject to sales contract		$	1,449			$	508			$	1,957
Mezzanine financing		$	110,172			$	453			$	110,625
Other		$	10,013			$	101			$	10,114
Total		$	916,736			$	3,585			$	920,321
Unamortized deferred borrowing costs			(19,237	)			—				(19,237	)
		$	897,499			$	3,585			$	901,084

The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands):

Year				Amount
	2018			$	86,323
	2019				101,134
	2020				64,255
	2021				48,806
	2022				11,204
	Thereafter				605,013
	Total			$	916,736

Interest payable at December 31, 2017, was $2.6 million. Interest accrues at rates ranging from 2.5% to 12.0% per annum, and mature between 2018 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $901 million.

During the year, the Company refinanced or modified five loans with a total principal balance of $78.9 million. The refinancing resulted in lower interest rates and the extension of the term of the loan.  The modifications resulted in lower interest rates.  The transactions provide for lower monthly payments over the term of the loans.

There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.

In conjunction with the development of various apartment projects and other developments, we drew down $13 million in construction loans during the year ended December 31, 2017.

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- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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