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Mortgages and Notes Payable

3 Months Ended

Mar. 31, 2021

Debt Disclosure [Abstract]

Mortgages and Notes Payable

Mortgages and Other Notes Payable

The following table summarizes our mortgages and other notes payable as of March 31, 2021 and December 31, 2020:

						Carrying value
Property / Entity						March 31, 2021						December 31, 2020						Effective Interest Rate						Maturity Date
600 Las Colinas						35,396						35,589						5.30		%				11/1/2023
770 South Post Oak						11,816						11,871						4.40		%				6/1/2025
Athens(1)						1,155						1,155						5.90		%				8/28/2022
Chelsea						8,154						8,194						3.40		%				12/1/2050
EQK Portage - Land						3,350						3,350						10.00		%				11/13/2024
HSW Partners						17,802						17,790						9.50		%				6/17/2021
Forest Grove(2)						7,333						7,333						3.75		%				5/5/2024
Landing Bayou						14,584						14,643						3.50		%				9/1/2053
Legacy at Pleasant Grove						13,579						13,653						3.60		%				4/1/2048
McKinney 36 Land						783						820						8.00		%				6/30/2022
New Concept Energy						3,542						3,542						6.00		%				9/30/2021
Overlook at Allensville Phase II(3)						—						15,621						3.80		%				5/1/2059
Parc at Denham Springs Phase II						16,087						16,128						4.10		%				2/1/2060
Stanford Center						39,125						39,093						6.00		%				2/26/2022
Sugar Mill Phase III						9,278						9,298						4.50		%				2/1/2060
Toulon						13,914						13,975						3.20		%				12/1/2051
Villas at Bon Secour						10,226						10,280						4.00		%				1/1/2022
Vista Ridge						9,942						9,979						4.00		%				8/1/2053
Windmill Farms(4)						8,751						10,397						6.00		%				2/28/2023
						$	224,817					$	242,711

(1)    On March 2, 2021, the loan was extended to August 28, 2022.

(2)    The loan bears interest at prime rate plus 0.5%March 31, 2021 and December 31, 2020.

(3)    On March 30, 2021, the loan was assumed by VAA in connection with our contribution of of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures).

(4)    On March 4, 2021, the loan was extended to February 28, 2023 at an interest of 5%.

Interest payable at March 31, 2021 and December 31, 2020, was $1,169 and $1,123, respectively. We capitalized interest of $858 and $585 during the years ended March 31, 2021 and 2020, respectively.

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 working with our existing lenders and new lenders to modify, extend the loans before they become due or refinancing the loans with terms that are similar to the existing agreement.

As of March 31, 2021, we were in compliance with all our loan covenants.

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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.

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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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