Debt (Tables)

3 Months Ended

Mar. 31, 2015

Debt Instrument [Line Items]

Schedule of Lines of Credit Outstanding

Lines of credit outstanding at March 31, 2015 and December 31, 2014 consist of the following (in thousands):

	March 31, 2015		December 31, 2014
Promissory note to Inwood National Bank (“Inwood”):
Direct finance leases A(1)	$	—	$	662
Direct finance leases B(2)	—		899
John’s Creek(3)	19,500		12,500
Total lines of credit	$	19,500	$	14,061

(1) During 2012, a subsidiary of JBGL opened a line of credit (“LOC”) issued by Inwood in the amount of $4.8 million maturing on April 13, 2014, bearing a minimum interest rate of 4.0%, which was in effect during the three months ended March 31, 2015, and collateralized by the leased assets. The LOC was renewed during 2014 until April 13, 2015. This LOC was paid off as of March 31, 2015.

(2) During 2012, a subsidiary of JBGL opened a LOC issued by Inwood in the amount of $3.0 million maturing on September 15, 2014, bearing a minimum interest rate of 4.0%, which was in effect during the three months ended March 31, 2015, and collateralized by the leased assets. The LOC was renewed until April 13, 2015. This LOC was paid off as of March 31, 2015.

(3) During 2012, a subsidiary of JBGL opened a LOC with Inwood in the amount of $8.0 million. On October 13, 2013, the JBGL subsidiary extended this revolving credit facility and increased the size from $8.0 million to $25.0 million maturing on October 13, 2014. Interest accrues and is payable monthly at a rate of 4.0%. Amounts drawn under this credit facility as of March 31, 2015 totaled $19.5 million and were secured by land owned in John’s Creek, Georgia. The credit facility was renewed until October 13, 2015.

Notes Payable

Debt Instrument [Line Items]

Schedule of Long-term Debt

Notes payable outstanding at March 31, 2015 and December 31, 2014 consist of the following (in thousands):

	March 31, 2015		December 31, 2014
Note payable to unrelated third party:
Briar Ridge Investments, LTD(1)	$	9,000	$	9,000
Lakeside DFW Land, LTD(2)	—		1,824
Subordinated Lot Notes(3)	1,750		1,327
Total notes payable	$	10,750	$	12,151

(1) On December 13, 2013, a subsidiary of JBGL signed a promissory note for $9 million maturing at December 13, 2017, bearing interest at 6.0% per annum collateralized by land purchased in Allen, Texas. Accrued interest at March 31, 2015 was $0.

(2) On April 15, 2013, a subsidiary of JBGL signed a promissory note for $3.5 million maturing on January 22, 2014 bearing interest at 6.0% per annum collateralized by land located in Denton, Texas. This note was paid in full during 2014. On April 16, 2014, a new promissory note was signed for $3.3 million maturing on April 30, 2015 bearing interest at 5.0% collateralized by land located in Denton, Texas. $1.5 million of this note was repaid in July, 2014. This note was paid in full during the three months ended March 31, 2015.

(3) Subsidiaries of the Company purchased lots under various agreements from unrelated third parties. The sellers of these lots have subordinated a percentage of the lot purchase price to various construction loans of subsidiaries of the Company’s construction loans. Notes were signed in relation to the subordination bearing interest at between 8.0% and 14.0%, collateralized by liens on the homes built on each lot. The sellers will release their lien upon payment of principle plus accrued interest at the closing of each individual home to a third party buyer

Secured Debt

Debt Instrument [Line Items]

Schedule of Long-term Debt

Term loan facility outstanding consists of the following (in thousands):

	March 31, 2015		December 31, 2014
Term Loan Facility	$	150,000	$	150,000