XML 21 R11.htm IDEA: XBRL DOCUMENT v3.19.2
REAL ESTATE ACTIVITY
 6 Months Ended
Jun. 30, 2019
Real Estate [Abstract]  
REAL ESTATE ACTIVITY

NOTE 3. REAL ESTATE ACTIVITY

 

The following table summarizes ARL’s real estate investments as of June 30, 2019 and December 31, 2018 (dollars in thousands):

 

   June 30,
2019		   December 31,
2018		 
Apartments  $119,982   $126,274 
Apartments under construction   24,710    21,916 
Commercial properties   228,206    224,162 
Land held for development   77,245    83,641 
Real estate subject to sales contract   1,626    3,149 
Real estate held for sale   14,737    — 
Total real estate, at cost, less impairment  $466,506    459,142 
Less accumulated deprecation   (83,084)   (78,099)
Total real estate, net of depreciation  $383,422   $381,043 

 

The following is a description of the Company’s significant real estate and financing transactions for the three months ended June 30, 2019:

 

●Sold 12.16 acres of land located in Farmers Branch, Texas for an aggregate sales price of $3.5 million and recognized a gain on the sale of approximately $0.7 million.

 

●Sold 6.25 acres of land located in Nashville, Tennessee for a total sales price of $2.3 million and recognized a gain on the sale of approximately $0.9 million.

 

●Sold 23.24 acres of land located in Fort Worth, Texas for a sales price of $1.8 million and recognized a gain on the sale of approximately $0.5 million.

 

●Sold a multifamily residential property, located in Mary Ester, Florida for a total sales price of $3.1 million out of which $1.8 million represents land received with a total acreage of 1.27 acres located in Riverside, California in exchange for a note receivable of the same value. The Company recognized a loss from this sale of approximately $0.08 million.

 

●Sold water district receivables related to infrastructure development work, located in Kaufman County, Texas for $7.0 million. No gain or loss was recognized from the sale of these receivables.

 

●Purchased a plot of land (0.47 acres) in Athens, Alabama for a purchase price of $0.4 million.

 

●Purchased notes receivables from related parties for an aggregate purchase price of $31.9 million. No gain or loss was recognized from the purchase of the notes receivables (refer to Note 5).

The Company continues to invest in the development of apartment projects. During the six months ended June 30, 2019, TCI has invested $17.0 million related to the construction or predevelopment of various apartment complexes and capitalized $0.4 million of interest costs.