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NOTES AND INTEREST PAYABLE

3 Months Ended

Mar. 31, 2019

Debt Disclosure [Abstract]

NOTES AND INTEREST PAYABLE

NOTE 7. NOTES AND INTEREST PAYABLE

Below is a summary of our notes and interest payable as of March 31, 2019 (dollars in thousands):

		Notes Payable				Accrued Interest				Total
Apartments		$	94,368			$	269			$	94,637
Apartments under Construction			21,919				—				21,919
Commercial			136,126				670				136,796
Land			26,930				180				27,110
Corporate and other notes			22,027				73				22,100
Total		$	301,370			$	1,192			$	302,562
Unamortized deferred borrowing costs			(9,089	)			—				(9,089	)
		$	292,281			$	1,192			$	293,473

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 $7.5 million in construction loans during the three months ended March 31, 2019.

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI http://asc.fasb.org/topic&trid=2208564

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