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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.

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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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