Mortgages and Other Notes Payable

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Mortgages and Other Notes Payable

Mortgages and Other Notes Payable

Below is a summary of our notes and interest payable as of December 31, 2021 and 2020:

	Carrying Value				Interest Rate		Maturity Date
Property/ Entity	2021		2020
600 Las Colinas(1)	$	—	$	35,589	5.30	%	11/1/2023
770 South Post Oak	11,635		11,871		4.40	%	6/1/2025
Athens(2)	1,155		1,155		4.00	%	8/28/2022
Chelsea	8,037		8,194		3.40	%	12/1/2050
EQK Portage - Land	3,350		3,350		10.00	%	11/13/2024
HSW Partners(3)	—		17,790		9.50	%	6/17/2021
Forest Grove(4)	7,263		7,333		3.75	%	5/5/2024
Landing Bayou	14,407		14,643		3.50	%	9/1/2053
Legacy at Pleasant Grove	13,352		13,653		3.60	%	4/1/2048
McKinney 36 Land	—		820		8.00	%	6/30/2022
New Concept Energy	3,542		3,542		6.00	%	9/30/2022
Overlook at Allensville Phase II(5)	—		15,621		3.80	%	5/1/2059
Parc at Denham Springs Phase II	15,962		16,128		4.10	%	2/1/2060
RCM HC Enterprises(3)	5,086		—		9.50	%	12/17/2026
Stanford Center(6)	38,979		39,093		6.00	%	2/26/2022
Sugar Mill Phase III	9,216		9,298		4.50	%	2/1/2060
Toulon(7)	13,697		13,975		3.20	%	12/1/2051
Villas at Bon Secour(8)	19,492		10,280		3.08	%	9/1/2031
Vista Ridge	9,830		9,979		4.00	%	8/1/2053
Windmill Farms(9)	8,389		10,397		5.00	%	2/28/2023
	$	183,392	$	242,711

(1)    On August 26, 2021, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).

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

(3)     On June 4, 2021, the lender assumed the remaining $1,986 balance of our loan from HSW Partners and extended the maturity to December 17, 2026.

(4)    The loan bears interest at prime rate plus 0.5%.

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

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

(7)    On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 20 - Subsequent Events).

(8)    On August 25, 2021, we replaced the existing loan on the property with a new $20,015 loan that bears interest at 3.08% and matures on September 1, 2031.

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

Interest payable at December 31, 2021 and 2020, was $1,147 and $1,123, respectively. We capitalized interest of $3,733 and $2,305 during the years ended December 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.

Future principal payments due on our notes payable at December 31, 2021 are as follows:

Year	Amount
2022	$	50,763
2023	4,355
2024	9,444
2025	13,021
2026	2,172
Thereafter	107,307
	187,062
Deferred finance cost	(3,670)
	$	183,392