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v3.23.1

Mortgages and Other Notes Payable | 3 Months Ended
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Mar. 31, 2023
Debt Disclosure [Abstract] |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable The following table summarizes our mortgages and other notes payable as of March 31, 2023 and December 31, 2022:
|  | Carrying Value |  | Interest Rate |  | Maturity Date
Property/ Entity |  | March 31, 2023 |  | December 31, 2022 |  |
770 South Post Oak |  | $ | 11,345 |  |  | $ | 11,406 |  |  | 4.40 | % |  | 6/1/2025
Athens |  | 1,155 |  |  | 1,155 |  |  | 4.00 | % |  | 8/28/2023
Blue Lake Villas(1) |  | 9,631 |  |  | 9,673 |  |  | 3.15 | % |  | 11/1/2055
Blue Lake Villas Phase II(1) |  | 3,405 |  |  | 3,424 |  |  | 2.85 | % |  | 6/1/2052
Chelsea |  | 7,834 |  |  | 7,875 |  |  | 3.40 | % |  | 12/1/2050
EQK Portage |  | 3,350 |  |  | 3,350 |  |  | 10.00 | % |  | 11/13/2024
Forest Grove |  | 7,092 |  |  | 7,128 |  |  | 3.75 | % |  | 5/5/2024
Landing Bayou |  | 14,099 |  |  | 14,161 |  |  | 3.50 | % |  | 9/1/2053
Legacy at Pleasant Grove |  | 12,960 |  |  | 13,039 |  |  | 3.60 | % |  | 4/1/2048
New Concept Energy |  | 3,542 |  |  | 3,542 |  |  | 6.00 | % |  | 9/30/2023
Northside on Travis(1) |  | 11,591 |  |  | 11,656 |  |  | 2.50 | % |  | 2/1/2053
Parc at Denham Springs(1) |  | 16,653 |  |  | 16,737 |  |  | 3.75 | % |  | 4/1/2051
Parc at Denham Springs Phase II |  | 15,744 |  |  | 15,789 |  |  | 4.05 | % |  | 2/1/2060
RCM HC Enterprises |  | 5,086 |  |  | 5,086 |  |  | 5.00 | % |  | 12/31/2024
Residences at Holland Lake(1) |  | 10,573 |  |  | 10,622 |  |  | 3.60 | % |  | 3/1/2053
Villas at Bon Secour |  | 19,310 |  |  | 19,410 |  |  | 3.08 | % |  | 9/1/2031
Villas of Park West I(1) |  | 9,326 |  |  | 9,373 |  |  | 3.04 | % |  | 3/1/2053
Villas of Park West II(1) |  | 8,462 |  |  | 8,504 |  |  | 3.18 | % |  | 3/1/2053
Vista Ridge |  | 9,634 |  |  | 9,674 |  |  | 4.00 | % |  | 8/1/2053
Windmill Farms(2) |  | 6,387 |  |  | 6,400 |  |  | 7.75 | % |  | 2/28/2024
|  | $ | 187,179 |  |  | $ | 188,004 |  |  |  |  |
(1) On November 1, 2022, we assumed the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and are in the process of obtaining lender approval of the assumption. (2) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 and an interest rate of 7.75%. Int erest payable at March 31, 2023 and December 31, 2022, was $2,155 and $2,004, respectively. We capitalized interest of $642 and $803 during the three months ended March 31, 2023 and 2022, respectively. On March 15, 2023, we entered into a $33,000 interest only loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bares interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026, with two one-year extension options. As of March 31, 2023, we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters. All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Athens, Forest Grove, Lake Wales and Villas at Bon Secour

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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 https://asc.fasb.org/topic&trid=2208564 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (h) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (g) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1C -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1E -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1I -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 20 -Section 50 -Paragraph 1B -Subparagraph (i) -URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611 + Details
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