XML 52 R12.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST PAYABLE

12 Months Ended

Dec. 31, 2014

NOTE 5. NOTES AND INTEREST PAYABLE

The following table lists the mortgage notes payable as of December 31, 2014 (dollars in thousands):

Lender	Maturity	Principal Balance
Realty Advisors, Inc.*	12/30/16	$	10,236
Propel Financial Services	06/01/20	$	4
Accrued interest			-
		$	10,240

The following table shows the principal payments due on our notes payable through the next five years and thereafter (dollars in thousands):

	Year			Amount
	2015			$ 1,054
	2016			9,184
	2017			1
	2018			1
	2019			-
	Thereafter			-
	Total			$ 10,240

*On December 30, 2013, Realty Advisors, Inc. (“RAI”), a related party, obtained a $20 million mortgage to a lender on the Company’s behalf, secured by Mercer/Travelers land owned by the Company and 100.05 acres of land owned by its parent TCI. The Company and TCI have executed a promissory note to RAI for the same terms as the lender’s loan with a maturity of December 30, 2016, and a variable interest rate of prime plus 1.5% with an interest rate floor of 6%. On May 28, 2014, a $1.5 million principal payment was made and two additional land parcels, including 8.0 acres of Ladue land owned by TCI and 16.75 acres of Valwood land owned by ARL, were substituted as collateral under the note in exchange for a release of a $4 million deposit account. The principal balance is allocated based on the land valuation.

There is a property tax loan in the amount of $3,712 that accrues interest at 12.50% and matures on June 1, 2020.