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REAL ESTATE ACTIVITY | 9 Months Ended
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Sep. 30, 2019
Real Estate [Abstract] |
REAL ESTATE ACTIVITY | NOTE 3. REAL ESTATE ACTIVITY The following table summarizes ARL’s real estate investments as of September 30, 2019 and December 31, 2018 (dollars in thousands):
|  | September 30, 2019 |  |  | December 31, 2018 |
Apartments |  | $ | 135,172 |  |  | $ | 126,274 |
Apartments under construction |  |  | 32,285 |  |  |  | 21,916 |
Commercial properties |  |  | 228,805 |  |  |  | 224,162 |
Land held for development |  |  | 68,190 |  |  |  | 83,641 |
Real estate subject to sales contract |  |  | 1,626 |  |  |  | 3,149 |
Total real estate, at cost, less impairment |  |  | 466,078 |  |  |  | 459,142 |
Less accumulated deprecation |  |  | (86,088 | ) |  |  | (78,099 | )
Total real estate, net of depreciation |  | $ | 379,990 |  |  | $ | 381,043 |
The following is a description of the Company’s significant real estate and financing transactions for the three months ended September 30, 2019:
| ● | Sold 7.37 acres of land located in Farmers Branch, Texas for an aggregate sales price of $5.4 million and recognized a gain on the sale of approximately $3.9 million.
| ● | Sold 8.78 acres of land located in Forney, Texas for a total sales price of $1.6 million and recognized a gain on the sale of approximately $1.2 million.
| ● | Purchased 32.58 acres of land in Athens, Alabama for a total purchase price of $1.8 million, out of which $0.6 million was paid in cash and the remaining balance of $1.2 million was issued as a note payable. The note payable matures in eighteen months and bears an annual interest rate of 5.91%.
| ● | Sold water district receivables related to infrastructure development work, located in Kaufman County, Texas for $5.0 million. No gain or loss was recognized from the sale of these receivables.
| ● | Issued Series C bonds on the TASE in the amount of NIS 275 million (or approximately $78.1 million), bearing an annual interest of 4.65%. The interest will be paid on January 31 and July 31 of each of the years 2020 through 2023, with the bond principal payment due in 2023. From the proceeds from the sale of the Series C bonds the Company paid off the mortgage debt of $41.5 million related to one of its commercial buildings used as collateral for this issuance.
The Company continues to invest in the development of apartment projects. During the nine months ended September 30, 2019, ARL has invested $26.4 million related to the construction or predevelopment of various apartment complexes and capitalized $0.3 million of interest costs.

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- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -URI http://asc.fasb.org/topic&trid=2156125 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 978 -URI http://asc.fasb.org/topic&trid=2134977 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 976 -URI http://asc.fasb.org/topic&trid=2134846 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 974 -URI http://asc.fasb.org/topic&trid=2156429 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 972 -URI http://asc.fasb.org/topic&trid=2134617 + Details
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