XML 101 R16.htm IDEA: XBRL DOCUMENT
v3.20.1

NOTES AND INTEREST PAYABLE | 12 Months Ended
--- | ---
Dec. 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 December 31, 2019 and 2018 (dollars in thousands):
|  | December 31, |
|  | 2019 |  |  | 2018 |
Apartments |  | $ | 120,024 |  |  | $ | 94,759 |
Apartments under Construction |  |  | 9,017 |  |  |  | 14,402 |
Commercial |  |  | 92,838 |  |  |  | 136,327 |
Land |  |  | 19,128 |  |  |  | 27,520 |
Corporate and other notes |  |  | 20,429 |  |  |  | 22,527 |
Total notes payable |  | $ | 261,436 |  |  | $ | 295,535 |
Less: unamortized deferred borrowing costs |  |  | (7,342 | ) |  |  | (9,428 | )
Total outstanding notes payable, net |  | $ | 254,094 |  |  | $ | 286,107 |
Accrued Interest |  |  | 779 |  |  |  | 861 |
Total notes payable, net and accrued interest |  | $ | 254,873 |  |  | $ | 286,968 |
The following table summarizes our contractual obligations for principal payments as of December 31, 2019 (dollars in thousands):
Year |  | Amount |
2020 |  | $ | 34,304 |
2021 |  |  | 55,393 |
2022 |  |  | 13,437 |
2023 |  |  | 36,770 |
2024 |  |  | 1,995 |
Thereafter |  |  | 119,537 |
Total |  | $ | 261,436 |
Interest payable at December 31, 2019 and 2018, was approximately $.08 million and $.09 million, respectively. Our debt has interest rates ranging from 2.5% to 9.75% per annum with maturity dates between 2021 and 2059. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $311.5 million. 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 $8.5 million and $81.0 million in construction loans during the year ended December 31, 2019, and 2018, respectively.

X
- References No definition available. + Details
Name: | us-gaap_DebtDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration