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NOTES AND INTEREST PAYABLE

3 Months Ended

Mar. 31, 2020

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, 2020 and December 31, 2019 (dollars in thousands):

	March 31,				December 31,
	2020				2019
Apartments	$	120,370			$	120,024
Apartments under Construction		16,710				9,017
Commercial		92,319				92,838
Land		17,644				19,128
Corporate and other notes		20,266				20,429
Total notes payable	$	267,309			$	261,436
Less: unamortized deferred borrowing costs		(7,189	)			(7,342
Total outstanding notes payable, net	$	260,120			$	254,094
Accrued Interest		849				779
Total notes payable, net and accrued interest	$	260,969			$	254,873

During the three months ended March 31, 2020, the Company drew down $4.3 million in construction loans to fund the development of various apartment projects. In addition, TCI through one of its subsidiaries issued a note payable of $3.4 million to purchase land for development in Kent, Ohio. The note has an interest rate of 10% and a maturity date of November 13, 2024.

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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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