Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 29, 2019 | Jun. 30, 2018 | |
Document And Entity Information | |||
Entity Registrant Name | AMERICAN REALTY INVESTORS INC | ||
Entity Central Index Key | 0001102238 | ||
Document Type | 10-K | ||
Trading Symbol | ARL | ||
Document Period End Date | Dec. 31, 2018 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Season Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Public Float | $ 31,925,560 | ||
Entity Common Stock, Shares Outstanding | 15,997,076 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2018 | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Real estate, at cost | $ 455,993 | $ 1,117,429 |
Real estate subject to sales contracts at cost | 3,149 | 48,234 |
Less accumulated depreciation | (78,099) | (177,546) |
Total real estate | 381,043 | 988,117 |
Notes and interest receivable (including $105,803 in 2018 and $99,410 in 2017 from related parties) | 140,327 | 127,865 |
Less allowance for estimated losses (including $14,269 in 2018 and 2017 from related parties) | (14,269) | (15,770) |
Total notes and interest receivable | 126,058 | 112,095 |
Cash and cash equivalents | 36,428 | 33,778 |
Restricted cash | 70,187 | 54,760 |
Investment in VAA | 68,399 | |
Investment in other unconsolidated investees | 7,602 | 6,396 |
Receivable from related party | 70,377 | 38,311 |
Other assets | 66,055 | 63,263 |
Total assets | 826,149 | 1,296,720 |
Liabilities: | ||
Notes and interest payable | 286,968 | 898,750 |
Notes related to real estate held for sale | 376 | |
Notes related to real estate subject to sales contracts | 1,957 | |
Bond and interest payable | 158,574 | 113,049 |
Deferred revenue (including $37,416 in 2018 and $56,887 in 2017 to related parties) | 33,904 | 77,332 |
Accounts payable and other liabilities (including $107 in 2018 and $11,893 in 2017 to related parties) | 25,576 | 39,373 |
Total liabilities | 505,022 | 1,130,837 |
Shareholders' equity: | ||
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 614 and 2,000,614 shares in 2018 and 2017 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and TCI in 2018 and 900,000 shares held by ARL in 2017. | 5 | 2,205 |
Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of 2018 and 15,930,145 shares issued and 15,514,360 outstanding as of 2017, including 140,000 shares held by TCI (consolidated) in 2018 and 2017. | 164 | 159 |
Treasury stock at cost; 415,785 shares in 2018 and 2017, and 140,000 shares held by TCI (consolidated) as of 2018 and 2017. | (6,395) | (6,395) |
Paid-in capital | 84,885 | 110,138 |
Retained earnings | 179,666 | 5,967 |
Total American Realty Investors, Inc. shareholders' equity | 258,325 | 112,074 |
Non-controlling interest | 62,802 | 53,809 |
Total shareholders' equity | 321,127 | 165,883 |
Total liabilities and shareholders' equity | $ 826,149 | $ 1,296,720 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Notes and interest receivable | $ 140,327 | $ 127,865 |
Allowance for doubtful accounts | 14,269 | 15,770 |
Deferred revenue from sales to related parties | 33,904 | 77,332 |
Accounts payable and other liabilities to related parties | $ 25,576 | $ 39,373 |
Series A Preferred stock, par value (in dollars per share) | $ 2 | $ 2 |
Series A Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Series A Preferred stock, issued (in shares) | 614 | 2,000,614 |
Series A Preferred stock, outstanding (in shares) | 614 | 2,000,614 |
Series A Preferred stock, liquidation preference (in dollars per share) | $ 10 | $ 10 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 16,412,861 | 15,997,076 |
Common stock, outstanding (in shares) | 15,930,145 | 15,514,360 |
Shares held by subsidiaries (in shares) | 2,000,614 | 1,800,614 |
Treasury stock (in shares) | 415,785 | 415,785 |
Convertible Preferred Stock [Member] | ||
Shares held by subsidiaries (in shares) | 1,800,000 | 900,000 |
Related Party [Member] | ||
Notes and interest receivable | $ 105,803 | $ 99,410 |
Allowance for doubtful accounts | 14,269 | 14,269 |
Deferred revenue from sales to related parties | 37,416 | 56,887 |
Accounts payable and other liabilities to related parties | $ 107 | $ 11,893 |
Southern Properties Capital LTD [Member] | Common Stock [Member] | ||
Shares held by subsidiaries (in shares) | 140,000 | 140,000 |
Treasury stock (in shares) | 140,000 | 140,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues: | |||
Rental and other property revenues (including $144, $839 and $708 for the year ended 2018, 2017 and 2016, respectively, from related parties) | $ 120,956 | $ 126,221 | $ 119,663 |
Expenses: | |||
Property operating expenses (including $254, $959 and $900 for the year ended 2018, 2017 and 2016, respectively, from related parties) | 59,587 | 64,091 | 62,950 |
Depreciation and amortization | 22,670 | 25,679 | 23,785 |
General and administrative (including $1,267, $3,225 and $4,053 for the year ended 2018, 2017 and 2016, respectively, from related parties) | 12,708 | 7,691 | 7,119 |
Net income fee to related party | 631 | 250 | 257 |
Advisory fee to related party | 11,475 | 11,082 | 10,918 |
Total operating expenses | 107,071 | 108,793 | 105,029 |
Net operating income | 13,885 | 17,428 | 14,634 |
Other income (expenses): | |||
Interest income (including $5,406, $16,298 and $18,864 for the year ended 2018, 2017 and 2016, respectively, from related parties) | 21,645 | 18,941 | 20,453 |
Other income | 28,993 | 4,082 | 2,091 |
Mortgage and loan interest (including $2,240, $6,695 and $5,300 for the year ended 2018, 2017 and 2016, respectively, from related parties) | (66,063) | (66,171) | (59,362) |
Loss on the sale of investments | (331) | ||
Foreign currency transaction gain (loss) | 12,399 | (4,536) | |
Equity earnings from VAA | 44 | ||
Earnings (losses) from other unconsolidated investees | 1,469 | 309 | 493 |
Total other (expenses) | (1,513) | (47,706) | (36,325) |
Income (loss) before gain on formation of joint venture, gain on land sales, non-controlling interest, and taxes | 12,372 | (30,278) | (21,691) |
Gain on disposition of 50% interest in VAA | 154,126 | ||
Gain on sale of income-producing properties | 16,698 | 16,207 | |
Gain on land sales | 17,404 | 4,884 | 3,121 |
Net income (loss) from continuing operations before taxes | 183,902 | (8,696) | (2,363) |
Income tax expense | (1,210) | (180) | (46) |
Net income (loss) from continuing operations | 182,692 | (8,876) | (2,409) |
Discontinued operations: | |||
Net loss from discontinued operations | (2) | ||
Income tax expense from discontinued operations | 1 | ||
Net income from discontinued operations | (1) | ||
Net income (loss) | 182,692 | (8,876) | (2,410) |
Net (income) loss attributable to non-controlling interest | (8,993) | 445 | (322) |
Net income (loss) attributable to American Realty Investors, Inc. | 173,699 | (8,431) | (2,732) |
Preferred dividend requirement | (901) | (1,105) | (1,101) |
Net income (loss) applicable to common shares | $ 172,798 | $ (9,536) | $ (3,833) |
Earnings per share - basic | |||
Net loss from continuing operations (in dollars per share) | $ 10.81 | $ (0.61) | $ (0.25) |
Earnings per share - diluted | |||
Net income (loss) from continuing operations (in dollars per share) | $ 10.81 | $ (0.61) | $ (0.25) |
Weighted average common shares used in computing earnings per share (in shares) | 15,982,528 | 15,514,360 | 15,514,360 |
Weighted average common shares used in computing diluted earnings per share (in shares) | 15,982,528 | 15,514,360 | 15,514,360 |
Amounts attributable to American Realty Investors, Inc. | |||
Net income (loss) from continuing operations (in dollars per share) | $ 173,699 | $ (8,431) | $ (2,731) |
Net loss from discontinued operations | (1) | ||
Net income (loss) applicable to American Realty Investors, Inc. | $ 173,699 | $ (8,431) | $ (2,732) |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Rental and other property revenues | $ 120,956 | $ 126,221 | $ 119,663 |
Property operating expenses | 59,587 | 64,091 | 62,950 |
General and administrative | 12,708 | 7,691 | 7,119 |
Interest income | 21,645 | 18,941 | 20,453 |
Mortgage and loan interest | 66,063 | 66,171 | 59,362 |
Related Party [Member] | |||
Rental and other property revenues | 144 | 839 | 708 |
Property operating expenses | 254 | 959 | 900 |
General and administrative | 1,267 | 3,225 | 4,053 |
Interest income | 5,406 | 16,298 | 18,864 |
Mortgage and loan interest | $ 2,240 | $ 6,695 | $ 5,300 |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Comprehensive Income (Loss) | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Paid-In Capital [Member] | Retained Earnings [Member] | Non-controlling Interest |
Balance, at beginning at Dec. 31, 2015 | $ 176,889 | $ (56,327) | $ 2,205 | $ 156 | $ (6,395) | $ 109,861 | $ 17,130 | $ 53,932 |
Balance, at beginning (in shares) at Dec. 31, 2015 | 15,930,145 | |||||||
Net income | (2,410) | (2,410) | (2,732) | 322 | ||||
Assumption of non-controlling interests | (268) | (268) | ||||||
Sale of non-controlling interests | 3,021 | $ 3 | 3,018 | |||||
Series A preferred stock cash dividend ($1.00 per share) | (1,101) | (1,101) | ||||||
Balance, at the end at Dec. 31, 2016 | 176,131 | (58,737) | 2,205 | $ 159 | (6,395) | 111,510 | 14,398 | 54,254 |
Balance, at the end (in shares) at Dec. 31, 2016 | 15,930,145 | |||||||
Net income | (8,876) | (8,876) | (8,431) | (445) | ||||
Assumption of non-controlling interests | (267) | (267) | ||||||
Series A preferred stock cash dividend ($1.00 per share) | (1,105) | (1,105) | ||||||
Balance, at the end at Dec. 31, 2017 | 165,883 | (67,613) | 2,205 | $ 159 | (6,395) | 110,138 | 5,967 | 53,809 |
Balance, at the end (in shares) at Dec. 31, 2017 | 15,930,145 | |||||||
Net income | 182,692 | 173,699 | 173,699 | 8,993 | ||||
Conversion of Series A preferred stock into common stock | (395) | (400) | $ 5 | |||||
Conversion of Series A preferred stock into common stock (in shares) | 482,716 | |||||||
Redemption of Series D preferred stock | (10,000) | (10,000) | ||||||
Acquisition of Series A preferred stock by consolidated subsidiary | (9,000) | (1,800) | (7,200) | |||||
Series D preferred dividend | (7,152) | (7,152) | ||||||
Series A preferred stock cash dividend ($1.00 per share) | (901) | (901) | ||||||
Balance, at the end at Dec. 31, 2018 | $ 321,127 | $ 106,086 | $ 5 | $ 164 | $ (6,395) | $ 84,885 | $ 179,666 | $ 62,802 |
Balance, at the end (in shares) at Dec. 31, 2018 | 16,412,861 |
CONSOLIDATED STATEMENTS OF SH_2
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Stockholders' Equity [Abstract] | |||
Preferred stock, dividend rate (in dollars per share) | $ 1 | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash Flow From Operating Activities: | |||
Net income (loss) | $ 182,692 | $ (8,876) | $ (2,410) |
Adjustments to reconcile net income (loss) applicable to common shares to net cash provided by (used in) operating activities: | |||
Gain on disposition of 50% interest in VAA | (154,126) | ||
Gain on sale of land | (17,404) | (4,884) | (3,121) |
Gain on sale of income-producing properties | (16,698) | (16,207) | |
Depreciation and amortization | 22,670 | 25,679 | 23,785 |
Provision on impairment of notes receivable and real estate assets | 558 | ||
Amortization of deferred borrowing costs | 4,994 | 3,591 | 4,357 |
Amortization of bond issuance costs | 2,994 | 971 | |
Equity earnings from VAA | (44) | ||
Earnings from other unconsolidated investees | (1,469) | (309) | (493) |
(Increase) decrease in assets: | |||
Accrued interest receivable | (33,279) | (581) | (1,151) |
Other assets | (86,796) | 11,751 | (2,343) |
Prepaid expense | 19,125 | (15,192) | (9,222) |
Rent receivables | (3,213) | (425) | 2,844 |
Related party receivables | (11,894) | (12,871) | (706) |
Increase (decrease) in liabilities: | |||
Accrued interest payable | (2,316) | 4,599 | 3,475 |
Other liabilities | (94,266) | (17,439) | 10,340 |
Net cash (used in) provided by operating activities | (172,332) | (30,126) | 10,134 |
Cash Flow From Investing Activities: | |||
Proceeds from disposition of 50% interest in VAA | 236,752 | ||
Proceeds from notes receivables | 6,541 | 30,233 | 6,532 |
Origination of notes receivables | (16,801) | (15,741) | (11,703) |
Acquisition of land held for development | (12,508) | ||
Acquisition of income producing properties | (10,558) | (37,044) | (79,736) |
Proceeds from sale of income producing properties | 4,889 | 4,623 | 21,850 |
Proceeds from sale of land | 11,857 | 6,301 | 29,128 |
Investment in unconsolidated real estate entities | (267) | 2,278 | |
Improvement of land held for development | (1,986) | (3,023) | |
Improvement of income producing properties | (3,688) | (5,998) | |
Sale of controlling interest | 3,021 | ||
Construction and development of new properties | (81,367) | (76,147) | (10,941) |
Net cash provided by (used in) investing activities | 147,625 | (90,028) | (61,100) |
Cash Flow From Financing Activities: | |||
Proceeds from bonds | 59,213 | 115,337 | |
Bond issuance costs | (5,257) | (6,887) | |
Proceeds from notes payable | 123,345 | 135,116 | 242,215 |
Recurring payment of principal on notes payable | (107,866) | (86,091) | (22,851) |
Acquisition of Series A preferred stock by consolidated subsidiary | (9,000) | ||
Payments on maturing notes payable | (16,750) | (173,160) | |
Deferred financing costs | (3,599) | 841 | |
Preferred stock dividends - Series A | (901) | (1,105) | (1,101) |
Net cash provided by financing activities | 42,784 | 152,771 | 45,944 |
Net increase in cash and cash equivalents | 18,077 | 32,617 | (5,022) |
Cash and cash equivalents, beginning of period | 88,538 | 55,921 | 60,943 |
Cash and cash equivalents, end of period | 106,615 | 88,538 | 55,921 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 57,981 | $ 39,732 | $ 50,945 |
Schedule of noncash investing and financing activities: | |||
Notes receivable received from sale of income-producing properties | 1,735 | ||
Seller financing note - acquisition of income-producing properties | 1,895 | ||
Notes payable issued on acquisition of income-producing properties | $ 31,175 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Consolidated Statements Of Comprehensive Income Loss | |||
Net income (loss) | $ 182,692 | $ (8,876) | $ (2,410) |
Total comprehensive income (loss) | 182,692 | (8,876) | (2,410) |
Comprehensive (income) loss attributable to non-controlling interest | (8,993) | 445 | (322) |
Comprehensive income (loss) attributable to American Realty Investors, Inc. | $ 173,699 | $ (8,431) | $ (2,732) |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and business. The Company, a Nevada corporation that was formed in 1999, is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (“NYSE American”) under the symbol “ARL”. Over 80% of ARL’s stock is owned by related party entities. ARL and a subsidiary own approximately 77.68% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. “TCI”, a Nevada corporation, whose common stock is traded on the NYSE American under the symbol “TCI”. TCI, a subsidiary of ARL, owns approximately 81.25% of the common stock of Income Opportunity Realty Investors, Inc. “IOR”. Effective July 17, 2009, IOR’s financial results were consolidated with those of ARL and TCI and their subsidiaries. IOR’s common stock is traded on the New York Stock Exchange (“NYSE American”) under the symbol “IOR”. ARL’s Board of Directors are responsible for directing the overall affairs of ARL and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (“Pillar”), a Nevada corporation, under a written Advisory Agreement that is reviewed annually by ARL’s Board of Directors. The directors of ARL are also directors of TCI and IOR. The Chairman of the Board of Directors of ARL also serves as the Chairman of the Board of Directors of TCI and IOR. The officers of ARL also serve as officers of TCI, IOR and Pillar. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is Realty Advisors, Inc. “RAI”, a Nevada corporation, the sole shareholder of which is May Realty Holdings, Inc. (“MRHI”, formerly known as Realty Advisors Management, Inc. “RAMI”, effective August 7, 2014), a Nevada corporation, the sole shareholder of which is a trust known as the May Trust, became the Company’s external Advisor and Cash Manager. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges, for the Company’s benefit, debt and equity financing with third party lenders and investors. Pillar also serves as an Advisor and Cash Manager to TCI and IOR. As the contractual advisor, Pillar is compensated by ARL under an Advisory Agreement that is more fully described in Part III, Item 10. “Directors, Executive Officers and Corporate Governance – The Advisor”. ARL has no employees. Employees of Pillar render services to ARL in accordance with the terms of the Advisory Agreement. Regis Realty Prime, LLC, dba Regis Property Management, LLC (“Regis”), the sole member of which is Realty Advisors, LLC, manages our commercial and provides brokerage services. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage”. ARL engages third-party companies to lease and manage its apartment properties. On January 1, 2012, the Company’s subsidiary, TCI, entered into a development agreement with Unified Housing Foundation, Inc. “UHF” a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. Southern Properties Capital Ltd. a British Virgin Island corporation (“Southern” or “SPC”), is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange (“TASE”) . Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI. On November 19, 2018, we executed an agreement between the Macquarie Group (“Macquarie”) and Southern and TCI to create a joint venture, Victory Abode Apartments, LLC (“VAA”) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, Southern and TCI contributed a portfolio of 49 income producing apartment complexes, and 3 development projects in various stages of construction and received cash consideration of $236.8 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (“HUD”). VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of SPC and Summerset Intermediate Holdings 2 LLC (“Summerset”), a wholly-owned indirect subsidiary of Macquarie. Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (“Class A Members”). The remaining 2% of the profits interest is held by Daniel J. Moos, who serves as the President and Chief Executive officer of the Company (“Class B Member”) and Manager of the joint venture. Our primary business is the acquisition, development and ownership of income-producing residential and commercial real estate properties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time to time and when we believe it appropriate to do so, we will also sell land and income-producing properties. We generate revenues by leasing apartment units to residents, and leasing office and retail space to various for-profit businesses as well as certain local, state and federal agencies. We also generate revenues from gains on sales of income-producing properties and land. At December 31, 2018, we owned through our wholly owned subsidiaries nine residential apartment communities comprising of 1,489 units, seven commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, and an investment in 2,346 acres of undeveloped and partially developed land. In addition, our joint venture VAA owns forty-nine residential apartment communities comprised of 9,192 units. Basis of presentation. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates nine and fifty-one multifamily residential properties located throughout the United States at December 31, 2018 and 2017, respectively, with total units of 1,489 and 8,427, respectively. Assets totaling approximately $459 Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. Real estate held for sale Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in Item 1 “Significant Real Estate Acquisitions/Dispositions and Financing.” Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets.” Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term. Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 — Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 — Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Related parties Recognition of revenue. Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. For hotel properties, revenues for room sales and guest services are recognized as rooms occupied and services rendered. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. Foreign currency translation. Non-performing notes receivable. Interest recognition on notes receivable. Allowance for estimated losses. Cash equivalents. Restricted cash. Concentration of credit risk. Earnings per share. Use of estimates. Income taxes. Recent accounting pronouncements . In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company does not believe the adoption of this guidance had a material impact on its financial statements. In February 2016, FASB issued ASU 2016-02 (“ASU 2016-02”), Leases. This guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial position and results of operations, if any. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years; however, early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted this standard effective on January 1, 2018. ASU 2016-15 will impact our presentation of operating, investing and financing activities related to certain cash receipts and payments on our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies guidance on the classification and presentation of changes in restricted cash. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. Upon adoption, restricted cash balances will be included along with cash and cash equivalents as of the end of the period and beginning period, respectively, in the Company’s consolidated statement of cash flows for all periods presented. Upon adoption, separate line items showing changes in restricted cash balances will be eliminated from the Company’s consolidated statement of cash flows. The Company adopted this guidance effective on January 1, 2018. ASU 2016-18 will impact our presentation of operating, investing and financing activities related to restricted cash on our consolidated statements of cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business and thus will be treated as asset acquisitions. Acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. The Company adopted this guidance effective January 1, 2018. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20), which requires that all entities account for the derecognition of a business in accordance with ASC 810, including instances in which the business is considered in-substance real estate. The ASU requires the Company to measure at fair value any retained interest in a partial sale of real estate. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2017. The Company adopted ASU 2017-05 effective January 1, 2018. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
INVESTMENT IN VAA
INVESTMENT IN VAA | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN VAA | NOTE 2. INVESTMENT IN VAA On November 19, 2018, TCI executed an agreement with Macquarie Group (“Macquarie”) to create a joint venture, Victory Abode Apartments, LLC (“VAA”) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, TCI contributed a portfolio of 49 income producing apartment complexes, and 3 development projects in various stages of construction. TCI received cash consideration of $236.8 million and recognized a gain of approximately $154.1 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (“HUD”). VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of Southern and Summerset Intermediate Holdings 2 LLC (“Summerset”), a wholly-owned indirect subsidiary of Macquarie. Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (“Class A Members”). The remaining 2% of the profit participation interest is held by Daniel J. Moos ARL’s President and Chief Executive Officer (“Class B Member”) who serves also as the Manager of the joint venture. In addition, upon the closing of the agreement the Class B Member received a one-time consideration payment of $1.9 million. The Company accounts for its investment in VAA under the equity method of accounting. Under the equity method of accounting, our net equity in the investment is reflected within the Consolidated Balance Sheets in the caption ‘Investment in VAA’, and our share of the net income or loss from the joint venture is included within the Consolidated Statements of Operations in the caption ‘Earnings from VAA’. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, our recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds and other agreed upon adjustments. The following is a summary of the financial position and results of operations of VAA (dollars in thousands): VAA December 31, 2018 Balance Sheet Net real estate assets $ 1,257,557 Other assets 67,020 Debt, net (791,225 ) Other liabilities (280,288 ) Total equity (253,064 ) For the period Results of Operations Total revenue $ 12,887 Total property, operating, and maintenance expenses (4,507 ) Total other expense (18,102 ) Net loss $ (9,722 ) Below is a reconciliation of our allocation of income or loss from VAA (dollars in thousands): For the period VAA net loss $ (9,722 ) Adjustments to reconcile to income (loss) from VAA Interest expense on mezzanine loan 2,815 In-place lease intangible amortization expense 3,983 Depreciation basis differences 3,012 Adjusted net income $ 88 Percentage ownership in VAA 50 % Earnings from VAA $ 44 The following table shows the location of the income-producing properties held for investment by VAA as of December 31, 2018: Apartments Location No. Units Alabama 1 168 Arkansas 6 1,320 Colorado 2 260 Florida 2 388 Georgia 1 222 Louisiana 3 464 Mississippi 1 196 Nevada 1 308 North Carolina 1 201 Tennessee 4 708 Texas-Greater Dallas-Ft Worth 13 2,323 Texas-Greater Houston 1 176 Texas-Other 13 2,458 Total 49 9,192 At December 31, 2018, VAA apartment projects in development included (dollars in thousands): Property Location No. of Costs to (1) Total Projected Costs (1) Terra Lago apartments Rowlett, TX 451 $ 66,395 $ — Lakeside lofts apartments Farmers Branch, TX 494 50,357 80,622 Sawgrass Creek apartments Phase II Tampa, FL 143 25,113 26,799 Total 1,088 $ 141,865 $ 107,421 (1) |
REAL ESTATE
REAL ESTATE | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
REAL ESTATE | NOTE 3. REAL ESTATE A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2018 2017 Apartments $ 126,274 $ 733,620 Apartments under construction 21,916 105,452 Commercial properties 224,162 200,797 Land held for development 83,641 77,560 Real estate subject to sales contract 3,149 48,234 Total real estate, at cost, less impairment 459,142 1,165,663 Less accumulated deprecation (78,099 ) (177,546 ) Total real estate, net of depreciation $ 381,043 $ 988,117 Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years Fair Value Measurement The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets. The Company is required to assess the fair value of its consolidated real estate assets with indicators of impairment. The value of impaired real estate assets is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flow of each asset, as well as the income capitalization approach, which considers prevailing market capitalization rates, analyses of recent comparable sales transactions, information from actual sales negotiations and bona fide purchase offers received from third parties. The methods used to measure fair value may produce an amount that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value measurements used in these evaluations are considered to be Level 2 and 3 valuations within the fair value hierarchy in the accounting rules, as there are significant observable (Level 2) and unobservable inputs (Level 3). Examples of Level 2 inputs the Company utilizes in its fair value calculations are appraisals and bona fide purchase offers from third parties. Examples of Level 3 inputs the Company utilizes in its fair value calculations are discount rates, market capitalization rates, expected lease rental rates, timing of new leases, an estimate of future sales prices and comparable sales prices of similar assets, if available. The highlights of our significant real estate transactions for the year ended December 31, 2018, are discussed below. Purchases During the year ended December 31, 2018, the Company purchased through one of its subsidiaries, eight residential apartment communities. A multi-family 80 unit community located in Baton Rouge, LA for a total purchase price of $12 million, paid through a seller’s financing note of $1.9 million, issuance of note payable of $8.6 million, and exercising an option to purchase of $1.5 million paid in the previous year. A multi-family 99 unit residential apartment community located in Mansfield, TX for a total purchase price of $14.8 million, paid through a seller’s financing note of $2.3 million, and an issuance of a note payable of $11.0 million. A multi-family 200 unit residential apartment community located in Gulf Shores, AL for a total purchase price of $18.1 million, paid through an issuance of a note payable of $11.5 million. A multi-family 144 unit residential apartment community located in Beaumont, TX for a total purchase price of $12.3 million. A multi-family 240 unit residential apartment community located in Houma, LA for a total purchase price of $20.1 million. A multi-family 208 unit residential apartment community located in Texarkana, TX for a total purchase price of $14.7 million. A multi-family 160 unit residential apartment community located in Tupelo, MS for a total purchase price of $11.1 million. Sales For the year ended December 31, 2018, TCI sold 62 acres of land to an independent third party for a total sales price of $3.0 million and recorded a gain of $1.3 million from the land sale. In the second quarter, a golf course comprising approximately 96.09 acres sold for an aggregate sales price of $2.3 million, out of which, $0.6 million was received in cash and $1.7 million in note receivables. During the first quarter, the Company sold six income-producing properties to a related party for an aggregate purchase price of $8.5 million, out of which, $2.1 million was received in cash and $6.4 million in note receivables. During the fourth quarter, the Company sold one income-producing properties to a related party for a purchase price of $2.2 million No gain or loss was recorded from the sale of income-producing properties. In addition, on November 19, 2018 TCI through one of its subsidiaries formed VAA a joint venture with Macquarie. In connection with the formation of the joint venture, TCI contributed fifty-two properties and received a cash consideration of $236.8 million from Macquarie for a voting and profit participation right of 50% and 49%, respectively (“Class A Members”). The remaining 2% of the profit participation interest is held by Daniel J. Moos ARL’s President and Chief Executive Officer (“Class B Member”) who also serves as the Manager of the joint venture. The Company recognized a gain of approximately $154.1 million from the sale of the contributed properties to the joint venture. Mercer Crossing In addition to the real estate sales noted above the Company recorded sales from a development project known as Mercer Crossing. At November 2015, our real estate land holdings at Mercer Crossing consisted of land developable into residential homes and commercial projects, located in Farmers Branch, Texas. In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for all of the developable land owned by the Company. In addition, TCI and ARL also sold land in this transaction. Total consideration for the sale was $75 million. The agreement among the parties to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, due to the inadequate down payment from the buyer and the level of seller financing involved, the transaction was accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition are met. During the third quarter of 2018, due to significant cumulative sales of real estate to unrelated third parties and cash received by TCI, the criteria for recording full accrual accounting had been met. Through the period ended August 21, 2018 approximately $28.1 million of the assets previously held by the Company were sold, resulting in a gain of $7.5 million. On August 22, 2018 the Company reacquired all the unsold portions of the real estate from the November 2015 transaction for the amount that remained from the original sales price. During the period August 23, 2018 through December 31, 2018 additional Mercer Crossing real estate was sold for $11.7 million resulting in a net gain on sale of real estate of $5.6 million. As of December 31, 2018, the Company has approximately 86 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions, TCI has deferred the recording of the sales in accordance with ASC 360-20. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 4. SUPPLEMENTAL CASH FLOW INFORMATION For the years ended December 31, 2018 and 2017, the Company paid interest expense of approximately $57.9 million and $39.7 million, respectively. Cash and cash equivalents, and restricted cash for fiscal year ended 2018 and 2017 was $106.6 million and $88.5 million, respectively. The following is a reconciliation of the Company’s cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: December 31, 2018 2017 Cash and cash equivalents $ 36,428 $ 33,778 Restricted cash (cash held in escrow) 37,928 44,687 Restricted cash (certificate of deposits) 9,687 5,651 Restricted cash (held with Trustee) 22,572 4,422 $ 106,615 $ 88,538 Amounts included in restricted cash represent funds required to meet contractual obligations with certain financial institutions for the payment of reserve replacement deposits and tax and insurance escrow. In addition, restricted cash includes funds to the Bond’s Trustee for payment of principal and interests. |
NOTES AND INTEREST RECEIVABLE
NOTES AND INTEREST RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
NOTES AND INTEREST RECEIVABLE | NOTE 5. NOTES AND INTEREST RECEIVABLE A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Maturity Interest Borrower Date Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % 5,907 Secured H198, LLC (Legacy at Pleasant Grove Land) 10/19 12.00 % 496 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured H198, LLC (McKinney Ranch Land) 09/20 6.00 % 4,554 Secured Forest Pines 09/19 5.00 % 2,223 Secured Spyglass Apartments of Ennis, LP 11/19 5.00 % 5,083 Secured Bellwether Ridge 05/20 5.00 % 3,429 Secured Parc at Windmill Farms 05/20 5.00 % 6,066 Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12/32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Inwood on the Park) (1) 12/32 12.00 % 3,639 Secured Unified Housing Foundation, Inc. (Kensington Park) (1) 12/32 12.00 % 3,933 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 6,369 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,732 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 4,000 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) 12/32 12.00 % 2,485 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) 12/32 12.00 % 2,555 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 6,140 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 12/32 12.00 % 3,815 Secured Unified Housing Foundation, Inc. (1) 12/19 12.00 % 10,401 Unsecured Unified Housing Foundation, Inc. (1) 06/20 12.00 % 11,074 Unsecured Unified Housing Foundation, Inc. (1) 12/32 12.00 % 1,349 Unsecured Realty Advisors Management, Inc. (1) 12/24 2.28 % 20,390 Unsecured One Realco Corporation (1,2) 01/20 3.00 % 7,000 Unsecured Other related party notes Various Various 2,890 Various secured interests Other non-related party notes Various Various 1,031 Various secured interests Other non-related party notes Various Various 2,670 Various unsecured interests Accrued interest 11,165 Total Performing $ 140,327 Allowance for estimated losses (14,269 ) Total $ 126,058 (1) Related party notes (2) An allowance was taken for estimated losses at full value of note. As of December 31, 2018, the obligors on approximately $97.5 million or 75.5% of the mortgage notes receivable portfolio were due from related parties. The Company recognized $10.3 million of interest income from these related party notes receivables. As of December 31, 2018 none of the mortgage notes receivable portfolio were non-performing. The Company has various notes receivable from Unified Housing Foundation, Inc. “UHF”. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired. |
INVESTMENTS IN UNCONSOLIDATED S
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | 12 Months Ended |
Dec. 31, 2018 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | NOTE 6. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company’s proportionate share of their undistributed earnings or losses, via the equity method of accounting. The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 ‘Investment in VAA’. Percentage ownership as of December 31, 2018 2017 2016 Gruppa Florentina, LLC (1) 20.00% 20.00% 20.00% (1) Other investees. The market values, other than unconsolidated subsidiaries, as of the years ended December 31, 2018, 2017 and 2016 were not determinable as there were no readily traded markets for these entities. The following is a summary of the financial position and results of operations from our investees (dollars in thousands): For the Twelve Months Ended December 31, 2018 2017 2016 Other Investees Real estate, net of accumulated depreciation $ 13,810 $ 12,587 $ 13,641 Notes receivable 11,238 2,724 9,561 Other assets 32,566 32,176 31,135 Notes payable (11,287 ) (17,845 ) (9,834 ) Other liabilities (7,320 ) (5,991 ) (8,284 ) Shareholders’ equity/partners capital (39,007 ) (23,651 ) (36,219 ) Revenue $ 53,834 $ 38,747 $ 54,264 Depreciation (1,456 ) (1,279 ) (1,150 ) Operating expenses (49,647 ) (35,410 ) (49,856 ) Interest expense (673 ) (1,065 ) (793 ) Income (loss) from continuing operations $ 2,058 $ 993 $ 2,465 Income (loss) from discontinued operations — — — Net income (loss) $ 2,058 $ 993 $ 2,465 Company’s proportionate share of earnings (1) $ 412 $ 199 $ 493 (1) Earnings represent continued and discontinued operations |
NOTES AND INTEREST PAYABLE
NOTES AND INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
NOTES AND INTEREST PAYABLE | NOTE 7. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2018 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 94,759 $ 270 $ 95,029 Apartments under Construction 14,402 — 14,402 Commercial 136,327 450 136,777 Land 27,520 124 27,644 Other 22,527 17 22,544 Total $ 295,535 $ 861 $ 296,396 Unamortized deferred borrowing costs (9,428 ) — (9,428 ) $ 286,107 $ 861 $ 286,968 The following table summarizes our contractual obligations for principal payments as of December 31, 2018 (dollars in thousands): Year Amount 2019 $ 47,427 2020 8,822 2021 43,202 2022 43,304 2023 37,259 Thereafter 115,521 Total $ 295,535 Interest payable at December 31, 2018, was approximately $0.9 million. Interest accrues at rates ranging from 2.5% to 9.75% per annum, and mature between 2019 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of approximately $459 million. During the year ended, the Company refinanced or modified one loan with a total principal balance of $40 million. The refinancing resulted in lower interest rates and the extension of the term of the loan. The modifications resulted in lower interest rates. The transactions provide for lower monthly payments over the term of the loans. 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 in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification. In conjunction with the development of various apartment projects and other developments, we drew down $81.4 million in construction loans during the year ended December 31, 2018. |
BONDS AND BONDS INTEREST PAYABL
BONDS AND BONDS INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2018 | |
Series Bonds Payable | |
BONDS AND BONDS INTEREST PAYABLE | NOTE 8. BONDS AND BONDS INTEREST PAYABLE In August 2016 Southern Properties Capital LTD (“Southern”), a British Virgin Islands corporation was incorporated for the purpose of raising funds by issuing Bonds to be traded on the Tel Aviv Stock Exchange (“TASE”). TCI transferred certain residential and commercial properties located in the United States to Southern, its wholly owned subsidiary. On February 13, 2017, Southern filed a final prospectus with the TASE for an offering and sale of nonconvertible Series A Bonds to be issued by Southern. The bonds are obligations of Southern. During the year ended December 31, 2017 on three separate occasions Southern issued nonconvertible Series A Bonds with a total value of approximately NIS400 million New Israeli Shekels (“NIS”) or approximately $115 million dollars. The Series A Bonds have a stated interest rate of 7.3%. At March 31, 2018 the effective interest rate is 9.17%. The bonds require semi-annual equal installments on January 31 and July 31 of each year from 2019 to 2023 (inclusive). The interest will be repaid on January 31 and July 31 of each of the years 2018 to 2023 (inclusive), with the first payment commencing on July 31, 2017. On January 25, 2018, interest payment of approximately NIS 14.6 million (or approximately $4.3 million) was paid to the Series A bond holders. On February 15, 2018, Southern issued Series B bonds in the amount of NIS 137.7 million par value (approximately $39.2 million as of February 15, 2018). The Series B bonds are registered on the TASE. The bonds are reported in NIS and bear annual interest rate of 6.8%. Interest shall be repaid January 31 and July 31 of each of the years 2019 to 2025 (inclusive), first payment commencing on July 31, 2018. The principal shall be repaid in ten equal installments on January 31 and July 31 of each of the years from 2021 to 2025 (inclusive). With this issuance the Company incurred approximately $1.4 million of bond issuance cost. The effective interest rate is 7.99%. On July 19, 2018, Southern closed a private placement of its Series B bonds in the amount of NIS 72.3 million (or approximately $19.8 million). The bonds are reported in NIS, are registered on the TASE, bear an annual interest rate of 6.8% and have an effective interest rate of 9.60%. Interest will be paid on January 31 and July 31 of each of the years 2019 and 2025 (inclusive). The principal will be repaid in ten equal installment on January 31 and July 31 of each of the years from 2021 to 2025 (inclusive). The Company incurred bonds issuance costs of approximately $1.9 million. On July 26, 2018, interest payment of approximately NIS 18.9 million (or approximately $5.2 million) was paid to Series A and B bond holders. In December 2018, the Company deposited $16.2 million with the bond Trustee for the upcoming January 2019 Series A and B bonds principal and interest payment. The outstanding balance of these Bonds at December 31, 2018 and 2017 were as follows: December 31, December 31, Bonds (Series A) $ 106,686 $ 115,336 Bonds (Series B) 36,740 — Bonds (Series B expansion) 19,290 — Less: deferred issuance expense, net (8,179 ) (5,914 ) Accrued Interest 4,037 3,627 $ 158,574 $ 113,049 The aggregate maturity of the bonds are as follows: Year December 31, December 31, 2019 $ 22,049 $ — 2020 22,049 23,067 2021 33,629 23,067 2022 33,629 23,067 2023 30,070 23,067 Thereafter 21,290 20,781 $ 162,716 $ 113,049 The funds were used primarily for the acquisition and development of additional real estate operations in the United States. The funds were raised and will be repaid in NIS, however the funds raised have been converted to US dollars. The Company records unrealized gains or losses each quarter based upon the relative exchange values of the US dollar and the NIS; however, no gain or loss will be realized until a conversion from US dollars to NIS actually occurs in the future. The recorded unrealized gain or loss is reflected as a separate line item to highlight the fact that it is a non-cash transaction until such time as actual payment of principal and interest on the bonds is made. For the years ended December 31, 2018, and 2017, the Company recorded a gain on foreign currency transaction of approximately $12.4 million, and a loss of $4.5 million, respectively. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND FEES | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND FEES | NOTE 9. RELATED PARTY TRANSACTIONS AND FEES We apply ASC Topic 805, “Business Combinations,” to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity. The Company has historically engaged in and may continue to engage in certain business transactions with related parties, including but not limited to asset acquisition and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in our best interest. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is RAI, a Nevada corporation, the sole shareholder of which is MRHI, a Nevada corporation, the sole shareholder of which is a trust known as the May Trust, became the Company’s external Advisor and Cash Manager. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges, for the Company’s benefit, debt and equity financing with third party lenders and investors. Pillar also serves as an Advisor and Cash Manager to TCI and IOR. As the contractual advisor, Pillar is compensated by ARL under an Advisory Agreement that is more fully described in Part III, Item 10. “Directors, Executive Officers and Corporate Governance – The Advisor.” ARL has no employees. Employees of Pillar render services to ARL in accordance with the terms of the Advisory Agreement. Regis Realty Prime, LLC, dba Regis Property Management, LLC (“Regis”), the sole member of which is Realty Advisors, LLC, manages our commercial properties and provides brokerage services. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage.” ARL engages third-party companies to lease and manage its apartment properties. Below is a description of the related party transactions and fees between Pillar and Regis for each of the three years ended December 31, 2018: Fees, expenses, and revenue paid to and/or received from our advisor: 2018 2017 2016 (dollars in thousands) Fees: Advisory $ 11,475 $ 11,082 $ 10,918 Mortgage brokerage and equity refinancing 852 1,712 775 Net income 631 250 257 $ 12,958 $ 13,044 $ 11,950 Other Expense: Cost reimbursements $ 4,720 $ 3,240 $ 3,826 Interest paid (received) (3,370 ) (1,195 ) (1,444 ) $ 1,350 $ 2,045 $ 2,382 Revenue: Rental $ 1,178 $ 783 $ 708 Fees paid to Regis and related parties: 2018 2017 2016 (dollars in thousands) Fees: Property acquisition $ 32,008 $ 9,128 $ 10,775 Property management, construction management and leasing commissions 540 963 888 Real estate brokerage 2,068 1,369 787 $ 34,616 $ 11,460 $ 12,450 The Company received rental revenue of $1.2 million, $0.8 million, and $0.7 million in the years ended December 31, 2018, 2017, and 2016, respectively, from Pillar and its related parties for properties owned by the Company. As of December 31, 2018, the Company had notes and interest receivables, net of allowances, of $67.2 million and $4.1 million, respectively, due from UHF, a related party. See Part 2, Item 8. Note 5. “Notes and Interest Receivable.” During 2018, the Company recognized interest income of $8.4 million, originated $5.3 million, received no principal payments, and received interest payments of $8.6 million from these related party notes receivables. On January 1, 2012, the Company’s subsidiary, TCI, entered into a development agreement with UHF, a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. The Company is the primary guarantor, on a $39.1 million mezzanine loan between UHF and a lender. In addition, ARL, and an officer of the Company are limited recourse guarantors of the loan. As of December 31, 2018, UHF was in compliance with the covenants to the loan agreement. The Company is part of a tax sharing and compensating agreement with respect to federal income taxes between ARL, TCI and IOR and their subsidiaries that was entered into in July of 2009. The expense (benefit) in each year was calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory tax rate of 21%. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties (Pillar) as of December 31, 2018 and 2017: 2018 2017 (dollars in thousands) Related party receivable, beginning balance $ 38,311 $ 24,672 Cash transfers 75,892 56,635 Advisory fees (11,475 ) (11,082 ) Net income fee (631 ) (250 ) Cost reimbursements (4,720 ) (3,240 ) Interest income 3,370 1,196 Notes receivable purchased (5,314 ) (447 ) Fees and commissions (2,919 ) (3,082 ) Expenses received (paid) by Advisor (62 ) (579 ) Financing (mortgage payments) 9,933 (17,313 ) Sales/purchases transactions (32,008 ) (9,818 ) Tax sharing — 1,619 Related party receivable, ending balance $ 70,377 $ 38,311 As of December 31, 2018, subsidiaries hold approximately 86 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2018 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 10. DIVIDENDS ARL’s Board of Directors established a policy that dividend declarations on common stock would be determined on an annual basis following the end of each year. In accordance with that policy, no dividends on ARL’s common stock were declared for fiscal years ended 2018, 2017, or 2016. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board. On January 12, 2018 Realty Advisors converted 200,000 preferred Series A shares plus accrued dividends into 482,716 shares of common stock. |
PREFERRED STOCK
PREFERRED STOCK | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
PREFERRED STOCK | NOTE 11. PREFERRED STOCK Under ARL’s Amended Articles of Incorporation, 15,000,000 shares of Series A 10.0% Cumulative Convertible Preferred Stock are authorized to be issued with a par value of $2.00 per share with a liquidation preference of $10.00 per share plus accrued and unpaid dividends. Dividends are payable at the annual rate of $1.00 per share, or $.25 per share quarterly, to stockholders of record on the last day of each March, June, September, and December, when and as declared by the Board of Directors. The Series A Preferred Stock may be converted into common stock at 90.0% of the average daily closing price of ARL’s common stock for the prior 20 trading days. On December 31, 2018, a stock transfer agreement was entered into between Realty Advisors, Inc. (“RAI”) and TCI whereby TCI purchased from RAI 900,000 shares of Series A Preferred Stock for a total purchase price of approximately $9 million. Also, as part of the agreement, TCI acquired accrued unpaid dividends on the 900,000 shares of Series A Preferred Stock of approximately $9.9 million. At December 31, 2018, 1.8 million shares of Series A Convertible Preferred Stock have been eliminated in consolidation. Unpaid accrued dividends in the amount of $9.9 million have also been eliminated in consolidation. After these eliminations, there are 614 shares outstanding of Series A Preferred Stock at December 31, 2018. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 12. INCOME TAXES We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. For financial reporting purposes, income before income taxes were: Years Ended December 31, 2018 2017 2016 (In thousands) Income (loss) from continuing operations before income taxes $ 183,902 $ (8,696 ) $ (2,363 ) The expense (benefit) for income taxes consists of: Years Ended December 31, 2018 2017 2016 (In thousands) Current: Federal $ 42 ,231 $ (3,044 ) $ — State 1,210 10 — Deferred and Other: Federal (42,231 ) 3,044 46 State — 170 — Total Tax Expense $ 1,210 $ 180 $ 46 The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31, 2018 2016 2015 (In thousands) Income Tax Expense (Benefit) at Federal Statutory Rate $ 38,619 $ (3,044 ) $ (827 ) State and Local Income Taxes Net of Federal Tax Benefit 1,210 180 — Permanent tax differences (224 ) — — Temporary tax differences Installment note on land sale (2,875 ) (1,918 ) Allowance for losses on note receivables (712 ) (2,372 ) Deferred gains (7,041 ) (10,758 ) Basis differences on fixed assets 22,110 9,284 Other basis/timing differences (7,646 ) 5,764 Use/generation on net operating loss carryforwards (42,231 ) 3,044 873 Reported Income Tax Expense $ 1,210 $ 180 $ 46 Effective Tax Rate 0.7 % N/A N/A The company is subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2018, the Company’s tax years for 2017, 2016, and 2015 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2018, the Company is no longer subject to U.S federal, state, local, or foreign examinations by tax authorities for the years before 2014. The 2017 effective tax rate is driven primarily by the passing of the Tax Cuts and Jobs Act by congress. This act has reduced the statutory tax rate for corporations from 35% to 21% starting in 2018. As a result, the tax assets of ARI had to be re-priced to reflect the new rate for future years with the impact on the 2017 provision for income taxes. Components of the Net Deferred Tax Asset or Liability Years Ended December 31, 2018 2017 (In thousands) Deferred Tax Assets: Allowance for losses on notes $ 2,879 $ 3,591 Installment note on land sale — 2,875 Deferred Gain 3,999 11,040 Net Operating Loss Carryforward 8,700 50,931 Total Deferred Tax Assets 15,578 68,437 Less: Valuation Allowance (12,246 ) (42,995 ) Total Net Deferred Tax Assets 3,332 25,442 Deferred Tax Liabilities: Deferred gain — — Basis Differences for Fixed Assets (3,332 ) (25,442 ) Total Deferred Tax Liability (3,332 ) (25,442 ) Current Net Deferred Tax Asset 3,332 25,442 Long-Term Net Deferred Tax Liability (3,332 ) (25,442 ) Net deferred tax asset (liability) $ — $ — Operating Loss and Tax Credit Carryforwards We have federal income tax net operating losses (NOLs) carryforwards related to our domestic operations of approximately $26 million on a standalone basis, which have an indefinite life. We also have state NOLs in many of the various states in which we operate. Valuation Allowance Reversal Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. At December 31, 2018, 2017 and 2016 ARL had a net deferred tax asset due to tax deductions available to it in future years. However, as management could not determine that it was more likely than not that ARL would realize the benefit of the deferred tax asset, a valuation allowance was established. |
FUTURE MINIMUM RENTAL INCOME UN
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | NOTE 13. FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES ARL’s operations include the leasing of commercial properties (office buildings, industrial warehouses and retail centers). The leases, thereon, expire at various dates through 2029. The following is a schedule of minimum future rents due to ARL under non-cancelable operating leases as of December 31, 2018 (dollars in thousands): Year Amount 2019 $ 27,346 2020 23,805 2021 21,249 2022 18,033 2023 12,825 Thereafter 13,983 Total $ 117,241 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE 14. OPERATING SEGMENTS Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, apartments, land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their operating income and cash flow. Items of income that are not reflected in the segments are interest, other income, equity in partnerships and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt. Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2018, 2017 and 2016 (dollars in thousands): For the Twelve Months Ended December 31, 2018 Commercial Apartments Land Other Total Operating revenue $ 33,113 $ 87,832 $ 1 $ 10 $ 120,956 Operating expenses (16,252 ) (42,134 ) (645 ) (556 ) (59,587 ) Depreciation and amortization (9,530 ) (13,140 ) — — (22,670 ) Mortgage and loan interest (7,663 ) (20,671 ) (636 ) (37,093 ) (66,063 ) Interest income — — — 21,645 21,645 Gain on land sales — — 17,404 — 17,404 Segment operating income (loss) $ (332 ) $ 11,887 $ 16,124 $ (15,994 ) $ 11,685 Capital expenditures $ 8,246 $ 16,953 $ — $ — $ 25,199 Assets $ 153,014 $ 143,500 $ 84,529 $ — $ 381,043 Property Sales Sales price $ — $ — $ 43,311 $ — $ 43,311 Cost of sale — — (25,907 ) — (25,907 ) Gain on land sales $ — $ — $ 17,404 $ — $ 17,404 For the Twelve Months Ended December 31, 2017 Commercial Apartments Land Other Total Operating revenue $ 33,286 $ 92,807 $ 111 $ 17 $ 126,221 Operating expenses (18,549 ) (43,677 ) (878 ) (987 ) (64,091 ) Depreciation and amortization (9,358 ) (16,354 ) — 33 (25,679 ) Mortgage and loan interest (7,527 ) (22,347 ) (1,945 ) (34,352 ) (66,171 ) Interest income — — — 18,941 18,941 Gain on sale of income producing properties 2,391 12,760 1,547 — 16,698 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ 243 $ 23,189 $ 3,719 $ (16,348 ) $ 10,803 Capital expenditures $ (5,817 ) $ 1,402 $ 609 $ — $ (3,806 ) Assets $ 137,157 $ 727,508 $ 123,452 $ — $ 988,117 Property Sales Sales price $ 5,050 $ — $ 29,969 $ — $ 35,019 Cost of sale (2,659 ) — (23,538 ) — (26,197 ) Recognized prior deferred gain — 12,760 — — 12,760 Gain on sale $ 2,391 $ 12,760 $ 6,431 $ — $ 21,582 For the Twelve Months Ended December 31, 2016 Commercial Apartments Land Other Total Operating revenue $ 33,026 $ 86,603 $ 30 $ 4 $ 119,663 Operating expenses (20,398 ) (40,786 ) (1,745 ) (21 ) (62,950 ) Depreciation and amortization (9,099 ) (14,759 ) — 73 (23,785 ) Mortgage and loan interest (7,191 ) (25,381 ) (2,232 ) (24,558 ) (59,362 ) Interest income — — — 20,453 20,453 Gain on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,900 ) $ 22,122 $ (826 ) $ (4,049 ) $ 13,347 Capital expenditures $ 5,008 $ 864 $ 268 $ — $ 6,140 Assets $ 150,838 $ 622,061 $ 128,107 $ — $ 901,006 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2018 2017 2016 Segment operating income (loss) $ 11,685 $ 10,803 $ 13,347 Other non-segment items of income (expense) General and administrative (12,708 ) (7,691 ) (7,119 ) Net income fee to related party (631 ) (250 ) (257 ) Advisory fee to related party (11,475 ) (11,082 ) (10,918 ) Other income 28,993 4,082 2,091 Gain on disposition of 50% interest in VAA 154,126 — — Loss on sale of investments — (331 ) — Earnings from unconsolidated joint ventures and investees 1,513 309 493 Foreign currency transaction gain (loss) 12,399 (4,536 ) — Income tax expense (1,210 ) (180 ) (46 ) Net income (loss) from continuing operations $ 182,692 $ (8,876 ) $ (2,409 ) The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2018 2017 2016 Segment assets $ 381,043 $ 988,117 $ 901,006 Investments in unconsolidated subsidiaries and investees 76,001 6,396 6,087 Notes and interest receivable 126,058 112,095 126,564 Other assets and receivables 243,047 190,112 141,252 Total assets $ 826,149 $ 1,296,720 $ 1,174,909 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS | NOTE 15. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of quarterly results of operations for the years 2018, 2017 and 2016. Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: Three Months Ended 2018 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,083 $ 31,607 $ 33,409 $ 24,857 Total operating expenses 26,165 27,990 28,199 24,717 Operating income 4,918 3,617 5,210 140 Other (expense) income (6,638 ) 2,678 5,955 (3,508 ) (Loss) income before gain on sales, non-contolling interest, and taxes (1,720 ) 6,295 11,165 (3,368 ) Gain on disposition of 50% interest in VAA — — — 154,126 Gain on land sales 1,335 — 12,243 3,826 Income tax expense — — (792 ) (418 ) Net income (loss) from continued operations (385 ) 6,295 22,616 154,166 Net income (loss) (385 ) 6,295 22,616 154,166 Less: net (income) attributable to non-controlling interest (275 ) (441 ) (2,265 ) (6,012 ) Preferred dividend requirement (225 ) (225 ) (225 ) (226 ) Net (loss) income applicable to common shares $ (885 ) $ 5,629 $ 20,126 $ 147,928 PER SHARE DATA Earnings per share - basic Income (loss) from continued operations $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Net income (loss) applicable to common shares $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Weighted average common shares used in computing earnings per share 15,938,077 15,997,076 15,997,076 15,997,076 Earnings per share - diluted Income (loss) from continued operations $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Net income (loss) applicable to common shares $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Weighted average common shares used in computing diluted earnings per share 15,938,077 15,997,076 15,997,076 15,997,076 Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,822 $ 31,587 $ 31,807 $ 31,005 Total operating expenses 27,345 26,759 26,397 28,292 Operating income (loss) 4,477 4,828 5,410 2,713 Other expense (10,829 ) (15,676 ) (9,348 ) (11,853 ) Loss before gain on sales, non-contolling interest, and taxes (6,352 ) (10,848 ) (3,938 ) (9,140 ) Gain (loss) on sale of income producing properties — — 12,760 3,938 Gain (loss) on land sales 445 (476 ) 1,062 3,853 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,907 ) (11,324 ) 9,884 (1,529 ) Net income (loss) (5,907 ) (11,324 ) 9,884 (1,529 ) Less: net (income) loss attributable to non-controlling interest 193 435 (522 ) 339 Preferred dividend requirement (275 ) (275 ) (275 ) (280 ) Net (loss) income applicable to common shares $ (5,989 ) $ (11,164 ) $ 9,087 $ (1,470 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 29,205 $ 30,834 $ 30,067 $ 29,557 Total operating expenses 25,881 26,212 26,272 26,664 Operating income (loss) 3,324 4,622 3,795 2,893 Other expense (8,470 ) (8,156 ) (9,252 ) (10,447 ) Loss before gain on sales, non-contolling interest, and taxes (5,146 ) (3,534 ) (5,457 ) (7,554 ) Gain (loss) on sale of income producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit (expense) — — (46 ) — Net income (loss) from continued operations (3,738 ) 3,353 (4,948 ) 2,924 Net loss from discontinued operations 2 — — (3 ) Net income (loss) (3,736 ) 3,353 (4,948 ) 2,921 Less: net (income) loss attributable to non-controlling interest 530 (864 ) 1,194 (1,182 ) Preferred dividend requirement (497 ) (53 ) (275 ) (276 ) Net (loss) income applicable to common shares $ (3,703 ) $ 2,436 $ (4,029 ) $ 1,463 PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY | NOTE 16. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY Liquidity. Guarantees. Partnership Buyouts ART and ART Midwest, Inc While the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the “Clapper Parties”). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust, Inc. “ART” and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre- and post-judgment interest thereon. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter. The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. “EQK”, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART’s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In February 2018 the court determined that this legal matter should not have been filed in federal court and therefore granted motions to dismiss on jurisdictional grounds. In June 2018, the court overruled its own grant of motions to dismiss and reinstated the case. We continue to vigorously defend the case and management believes it has defenses to the claims. In 2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the principal case with the Clapper Parties was pending, but the abatement was recently lifted. The trial court subsequently dismissed the case on procedural grounds, but ART has filed a notice of appeal. The appeal was heard in February 2018 and we are awaiting a ruling by the appeals court. In January 2012, the Company sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million. At December 31, 2012, the Company fully reserved and valued such note at zero. Dynex Capital, Inc. On July 20, 2015, the 68 th An original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of Basic for “lost opportunity,” as well as damages in favor of ART and in favor of TCI and its subsidiaries for “increased costs” and “lost opportunity.” The original Trial Court judge ignored the jury’s findings, however, and entered a “Judgment Notwithstanding the Verdict” (“JNOV”) in favor of the Dynex entities (the judge held the Plaintiffs were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex Capital, Inc. was ultimately dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial Court for a new judgment consistent with the jury’s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20, 2015. The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic was $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 million. The Judgment awarded ART was $14.2 million in damages, plus pre-judgment interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI was $11.1 million, plus pre-judgment interest of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the rate of 5% per annum from April 25, 2014 until the date their respective damages were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys’ fees from Dynex Commercial, Inc. TCI is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc. Berger Litigation On February 4, 2019, an individual claiming to be a stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. (“ IOR TCI ARL Pillar |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 17. EARNINGS PER SHARE Earnings per share (“EPS”) has been computed pursuant to the provisions of ASC Topic 260 “ Earnings Per Share.” For the years ended December 31, 2018 and 2017, we had 2,000,614 and 1,800,614 of outstanding shares of Series A 10.0% cumulative convertible preferred stock, respectively. These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20 trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive. On January 12, 2018 Realty Advisors (“RAI”) converted 200,000 preferred shares, plus accrued dividends into 482,716 shares of common stock. Of the outstanding 1,800,614 shares, 900,000 are held by ARL. Dividends are not paid on the shares owned by ARL. Prior to July 17, 2014, RAI owned 2,451,435 shares of the outstanding Series A 10.0.0% convertible preferred stock and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797 shares, including $6.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance of 2,502,230 new shares of ARL common stock. On April 9, 2015, RAI converted 460,638 shares including $2.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance of 1,486,741 new shares of ARL common stock. As of December 31, 2018, RAI owns 900,000 shares of the outstanding Series A convertible preferred stock and has accrued unpaid dividends of approximately $9.9 million. The Company had 135,000 shares of Series K convertible preferred stock, which were held by TCI and used as collateral on a note. The note has been paid in full and the Series K preferred stock was cancelled May 7, 2014. Prior to January 1, 2015, the Company had 1,000 shares of stock options outstanding. These options expired unexercised January 1, 2015. The options are no longer included in the dilutive earnings per share calculation for the current period, but are considered in the computation for the prior periods if applying the “treasury stock” method is dilutive. As of December 31, 2018 and 2017, the Series A convertible preferred stock and the stock options were anti-dilutive and therefore not included in the EPS calculation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18. SUBSEQUENT EVENTS The date to which events occurring after December 31, 2018, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 31, 2019, which is the date of which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements. |
Schedule III REAL ESTATE AND AC
Schedule III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III AMERICAN REALTY INVESTORS, INC. December 31, 2018 (dollars in thousands) Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amount of Which Carried at End of Year Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Depreciation In Latest Statement of Operation is Computed Properties Held for Investment Apartments Chelsea, Beaumont, TX $ 8,953 $ 1,225 $ 11,025 $ — $ — $ 1,225 $ 11,025 $ 12,250 $ 23 1999 11 /18 40 years Farnham Park, Port Aurther, TX 9,348 1,010 9,086 — — 1,010 9,086 10,096 — 11 /18 40 years Landing, Houma, LA 15,720 2,012 18,115 — — 2,012 18,115 20,127 38 12 /18 40 years Legacy at Pleasant Grove, Texarkana, TX 14,224 2,005 17,892 217 — 2,005 18,109 20,114 1,817 2006 12 /14 40 years Toulon, Gautier, MS 19,844 1,173 17,181 372 — 1,173 17,553 18,726 2,640 2011 9 /09 40 years Villager, Ft. Walton, FL 693 141 1,267 — — 141 1,267 1,408 116 1972 6 /15 40 years Villas at Bon Secour, Gulf Shores, AL 11,730 2,715 15,385 — — 2,715 15,385 18,100 160 2007 7 /18 40 years Vista Ridge, Tupelo, MS 10,394 1,339 13,398 — — 1,339 13,398 14,737 1,544 2009 10 /15 40 years Westwood, Mary Ester, FL 3,854 692 6,650 — — 692 6,650 7,342 596 1972 6 /15 40 years Total Apartments Held for Investment $ 94,760 $ 12,312 $ 109,999 $ 589 $ — $ 12,312 $ 110,588 $ 122,900 $ 6,934 Apartments Under Construction Apalache Point — — — 21 — — 21 21 — — — Forest Pines — 5,040 — 300 — 5,040 300 5,340 — — 6 /17 — Parc at Denham 3,325 714 — 4,138 — 714 4,138 4,852 — Overlook at Allensville Square II, Sevierville, TN 10,529 1,933 — 12,567 — 1,933 12,567 14,500 — — 11 /15 — Sugar Mill II 547 576 — — — 576 — 576 — — — Total Apartments Under Construction $ 14,401 $ 8,263 $ — $ 17,026 $ — $ 8,263 $ 17,026 $ 25,289 $ — Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Depreciation In Latest Statement of Operation is Computed Commercial 600 Las Colinas, Las Colinas, TX $ 37,926 $ 5,751 $ 51,759 $ 19,317 $ — $ 5,751 $ 71,076 $ 76,827 $ 29,896 1984 8 /05 40 years 770 South Post Oak, Houston, TX 12,394 1,763 15,834 412 — 1,763 16,246 18,009 1,619 1970 7 /15 40 years Bridgeview Plaza, LaCrosse, WI 4,423 — — 1,157 — — 1,157 1,157 710 1979 3 /03 40 years Browning Place (Park West I), Farmers Branch, TX 41,891 5,096 45,868 22,848 — 5,096 68,716 73,812 26,556 1984 4 /05 40 years Mahogany Run Golf Course, US Virgin Islands — — — — — — — — 15 1981 11 /14 40 years Cross County Mall S/C - IL C2117 — — — — — — — — — 40 years Fruitland Plaza, Fruitland Park, FL — 17 — 83 — 17 83 100 62 — 05 /92 40 years Senlac VHP, Farmers Branch, TX — 622 — 142 — 622 142 764 142 — 8 /05 40 years Stanford Center, Dallas, TX 40,000 20,278 34,862 7,953 -9,600 20,278 42,815 53,493 12,148 — 6 /08 40 years Total Commercial Held for Investment $ 136,634 $ 33,527 $ 148,323 $ 51,912 $ (9,600 ) $ 33,527 $ 200,235 $ 224,162 $ 71,148 Land Bonneau Land, Farmers Branch, TX $ — $ 1,309 $ — $ — $ — $ 1,309 $ — $ 1,309 $ — — 12 /14 — Cooks Lane, Fort Worth, TX — 1,094 — — — 1,094 — 1,094 — — 6 /04 — Dedeaux, Gulfport, MS — 1,612 — 46 (38 ) 1,612 46 1,620 — — 10 /06 — Gautier Land, Gautier, MS — 202 — — — 202 — 202 — — 7 /98 — Lake Shore Villas, Humble, TX — 81 — 3 — 81 3 84 — — 3 /02 — Lubbock Land, Lubbock, TX — 234 — — — 234 — 234 — — 1 /04 — Nakash, Malden, MO — 103 — — — 103 — 103 — — 1 /93 — Nashville, Nashville, TN — 278 — 59 — 278 59 337 — — 6 /02 — Ocean Estates, Gulfport, MS — 1,418 — 390 — 1,418 390 1,808 — — 10 /07 — Texas Plaza Land, Irving, TX — 1,738 — — (238 ) 1,738 — 1,500 — — 12 /06 — Union Pacific Railroad Land, Dallas, TX — 130 — — — 130 — 130 — — 3 /04 — Willowick Land, Pensacola, FL — 137 — — — 137 — 137 — — 1 /95 — Windmill Farms Land, Kaufman County, TX 14,402 57,345 — 13,911 (20,343 ) 57,345 13,911 50,913 — — 11 /11 — 2427 Valley View Ln, Farmers Branch, TX — 76 — — — 76 — 76 — — 7 /12 — GNB Land ARI 8/06 L2870 2,220 — — — — — — — — — — GNB Land Edina 6/07 L2875 3,100 — — — — — — — — — — Lacy Longhorn Land, Farmers Branch, TX — 1,169 — (760 ) — 1,169 (760 ) 409 — — 6 /04 — Manhattan Land — (344 ) — — — (344 ) — (344 ) — — — Minivest Land, Dallas, TX — 7 — — — 7 — 7 — — 4 /13 — Mira Lago, Farmers Branch, TX — 53 — 15 — 53 15 68 — — 5 /01 — Nicholson Croslin, Dallas, TX — 184 — (118 ) — 184 (118 ) 66 — — 10 /98 — Nicholson Mendoza, Dallas, TX — 80 — (51 ) — 80 (51 ) 29 — — 10 /98 — Valley View 34 (Mercer Crossing), Farmers Branch, TX — 1,173 — (945 ) — 1,173 (945 ) 228 — — 8 /08 — Mercer Crossing Land L2876 — 12,029 — — — 12,029 — 12,029 — Mercer Crossing Land L2877 — 2,834 — — — 2,834 — 2,834 — Dominion Mercer, Farmers Branch, TX 6,400 3,801 — 2,774 (133 ) 3,801 2,774 6,442 — — 10 /16 — McKinney 36, Collin County, TX 1,092 456 — 161 (19 ) 456 161 598 — — 1 /98 — Sugar Mill — — — — — — — — — Travis Ranch Land, Kaufman County, TX 307 80 — — — 80 — 80 — — 8 /08 — Travis Ranch Retail, Kaufman City, TX — 1,517 — — — 1,517 — 1,517 — — 8 /08 — Total Land Held for Investment $ 27,521 $ 88,796 $ — $ 15,485 $ (20,771 ) $ 88,796 $ 15,485 $ 83,510 $ — Corporate Departments/Investments/Misc. TCI - Corporate $ 18,225 $ — $ — $ — $ — $ — $ — $ — $ 17 Total Corporate Departments/Investments/Misc. $ 18,225 $ — $ — $ — $ — $ — $ — — $ 17 Total Properties Held for Investment $ 291,541 $ 142,898 $ 258,322 $ 85,012 $ (30,371 ) $ 142,898 $ 343,334 $ 455,861 $ 78,099 Properties Held for Sale Commercial Total Commercial Held for Sale Dunes Plaza C2195 $ 376 $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Sale $ 376 $ — $ — $ — $ — $ — $ — $ — $ — Land Dominion Tract, Dallas, TX $ — $ 2,083 $ — $ 53 $ — $ 2,083 $ 53 $ 2,136 $ — — 3 /99 — Hollywood Casino Tract I, Farmers Branch, TX — (482 ) — — — (482 ) — (482 ) — — 6 /02 — Whorton Land, Bentonville, AR — 3,510 — 568 (2,451 ) 3,510 568 1,627 — — 6 /05 — Total Properties Subject to Sales Contract $ — $ 5,111 $ — $ 621 $ (2,451 ) $ 5,111 $ 621 $ 3,281 $ — TOTAL: Real Estate $ 291,917 $ 148,009 $ 258,322 $ 85,633 $ (32,822 ) $ 148,009 $ 343,955 $ 459,142 $ 78,099 SCHEDULE III (Continued) AMERICAN REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2018 2018 2017 2016 (dollars in thousands) Reconciliation of Real Estate Balance at January 1, $ 1,165,663 $ 1,066,603 $ 1,003,545 Additions Acquisitions, improvements and construction 576,232 129,484 112,762 Deductions Sale of real estate (1,282,752 ) (30,424 ) (49,704 ) Asset impairments — — — Balance at December 31, $ 459,143 $ 1,165,663 $ 1,066,603 Reconciliation of Accumulated Depreciation Balance at January 1, $ 177,546 $ 165,597 $ 150,038 Additions Depreciation 22,670 24,417 23,277 Deductions Sale of real estate (122,117 ) (12,468 ) (7,718 ) Balance at December 31, $ 78,099 $ 177,546 $ 165,597 |
SCHEDULE IV MORTGAGE LOANS RECE
SCHEDULE IV MORTGAGE LOANS RECEIVABLE ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOANS RECEIVABLE ON REAL ESTATE | SCHEDULE IV AMERICAN REALTY INVESTORS, INC. MORTGAGE LOANS RECEIVABLE ON REAL ESTATE December 31, 2018 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage Principal or Loans Subject to Delinquent Principal or Interest (dollars in thousands) Christine Tunney 10.00 % Sep-19 Interest only paid quarterly. $ — $ 49 $ 48 $ — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Compton Partners 10.00 % Sep-19 Interest only paid quarterly. — 289 289 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. David Monier 10.00 % Sep-19 Interest only paid quarterly. — 97 97 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Earl Samson III 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Edward Samson III 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Hammon Operating Corporation 10.00 % Sep-19 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Harold Wolfe 10.00 % Sep-19 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Herrick Partners 10.00 % Sep-19 Interest only paid quarterly. — 91 91 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Mary Anna MacLean 10.00 % Sep-19 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Michael Monier 10.00 % Sep-19 Interest only paid quarterly. — 304 304 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Michael White 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Palmer Brown Madden 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Richard Schmaltz 10.00 % Sep-19 Interest only paid quarterly. — 203 203 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Robert Baylis 10.00 % Sep-19 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Sherman Bull 10.00 % Sep-19 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Willingham Revocable Trust 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. William H. Ingram 10.00 % Sep-19 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. William S. Urkiel 10.00 % Sep-19 Interest only paid quarterly. — 97 97 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. — Unified Housing Foundation, Inc. (Reserve at White Rock I) 12.00 % Dec-32 Excess cash flow 15,640 2,794 2,485 — 100% Interest in UH of Harvest Hill I, LLC Unified Housing Foundation, Inc. (Reserve at White Rock II) 12.00 % Dec-32 Excess cash flow 14,026 2,555 2,555 — 100% Interest in UH of Harvest Hill, LLC Unified Housing Foundation, Inc. (Trails at White Rock) 12.00 % Dec-32 Excess cash flow 21,712 3,815 3,815 — 100% Interest in UH of Harvest Hill III, LLC Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (68.5% of cash flow) 12.00 % Dec-32 Excess cash flow 15,965 2,959 2,732 — Unified Housing Foundation, Inc. (Kensington Park/UH of Kensington, LLC) 12.00 % Dec-32 Excess cash flow 18,723 4,310 3,933 — 100% Interest in UH of Kensington, LLC — Unified Housing Foundation, Inc. (Walnut Park Crossing) 12 % Dec-32 Excess cash flow — 340 369 — Unified Housing Foundation, Inc. (Samsung, Inc/Braker Lane) 12 % Dec-32 Excess cash flow — 2,794 720 — Unified Housing Foundation, Inc. (Terraces of Marine Creek/Blue Lake at Marine Creek) 12 % Dec-32 Excess cash flow — 140 128 — Unified Housing Foundation, Inc. (Inwood on the Park/UH of Inwood, LLC) 12.00 % Dec-32 Excess cash flow 22,227 5,462 3,639 — 100% Interest in UH of Inwood, LLC Excess cash flow Unified Housing Foundation, Inc. (Plaza at Chase Oaks/UH of Chase Oaks) 12 % Dec-32 Excess cash flow — 143 132 — H198, LLC 12.00 % Jan-20 Excess cash flow — 5,907 5,907 — Las Vegas Land — H198, LLC 12.00 % Oct-19 Excess cash flow — 496 496 — Legacy at Pleasant Grove — Oulan-Chikh Family Trust 8.00 % Mar-19 Excess cash flow — 174 174 — H198, LLC 12.00 % Oct-19 Excess cash flow — 4,554 4,554 — McKinney Ranch Land 6 % Sep-20 — Forest Pines 5 % Sep-19 Excess cash flow — 2,223 2,223 — Spyglass Apartments of Ennis, LP 5 % Nov-19 Excess cash flow — 5,083 5,083 — Bellwether Ridge 5 % May-20 Excess cash flow — 3,429 3,429 — Parc at Windmill Farms 5 % May-20 Excess cash flow — 6,066 6,066 — Unified Housing Foundation, Inc. (Echo Station) 12.00 % Dec-32 Excess cash flow 9,719 2,794 1,481 — 100% Interest in UH of Temple, LLC Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (31.5% of cash flow) 12.00 % Dec-32 Excess cash flow 15,756 8,836 6,369 — Interest in Unified Housing Foundation Inc. Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) 12.00 % Dec-32 Excess cash flow 15,965 2,959 2,000 — 100% Interest in HFS of Humble, LLC Unified Housing Foundation, Inc. (Limestone Ranch) 12.00 % Dec-32 Excess cash flow 18,641 12,335 7,953 — 100% Interest in UH of Vista Ridge, LLC Unified Housing Foundation, Inc. (Timbers of Terrell) 12.00 % Dec-32 Excess cash flow 7,294 1,702 1,323 — 100% Interest in UH of Terrell, LLC Unified Housing Foundation, Inc. (Tivoli) 12.00 % Dec-32 Excess cash flow 10,398 10,742 6,140 — 100% Interest in UH of Tivoli, LLC Unified Housing Foundation, Inc (2015 Advisory Fee) 12.00 % Dec-19 Excess cash flow — 3,994 3,994 — Unified Housing Foundation, Inc (2008-2014 Advisory Fee) 12.00 % Dec-19 Excess cash flow — 6,407 6,407 — Unified Housing Foundation, Inc (2017 Advisory Fee) 12.00 % Jun-19 Excess cash flow 5,760 5,760 — Unified Housing Foundation, Inc (2018 Advisory Fee) 12.00 % Jun-21 Excess cash flow 5,314 5,314 — Realty Advisors Management, Inc. 2.28 % Dec-19 Interest only paid quarterly. — 20,387 20,387 — One Realco Corporation 3.00 % Jan-20 10,000 7,000 — Various related party notes various various Excess cash flow — 1,349 2,890 — Various non-related party notes various various — 496 1,034 — $ 129,162 Accrued interest 11,165 Allowance for estimated losses (14,269 ) $ 126,058 2018 2017 2016 (dollars in thousands) Balance at January 1, 127,865 143,601 137,280 Additions New mortgage loans 13,123 15,741 11,703 Increase (decrease) of interest receivable on mortgage loans (6,389 ) 581 13,835 Deductions Amounts received (8,541 ) (32,058 ) (19,217 ) Balance at December 31, 126,058 127,865 143,601 |
ORGANIZATION AND SUMMARY OF S_2
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation. In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates nine and fifty-one multifamily residential properties located throughout the United States at December 31, 2018 and 2017, respectively, with total units of 1,489 and 8,427, respectively. Assets totaling approximately $459 |
Real Estate, Depreciation and Impairment | Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. |
Real Estate Held for Sale | Real estate held for sale Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in Item 1 “Significant Real Estate Acquisitions/Dispositions and Financing.” Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets.” |
Cost Capitalization | Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term. |
Fair Value Measurement | Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 — Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 — Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Related Parties | Related parties |
Recognition of revenue | Recognition of revenue. Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. For hotel properties, revenues for room sales and guest services are recognized as rooms occupied and services rendered. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. |
Foreign currency translation | Foreign currency translation. |
Non-performing notes receivable | Non-performing notes receivable. |
Interest recognition on notes receivable | Interest recognition on notes receivable. |
Allowance for estimated losses | Allowance for estimated losses. |
Cash equivalents | Cash equivalents. |
Restricted cash | Restricted cash. |
Concentration of credit risk | Concentration of credit risk. |
Earnings per share | Earnings per share. |
Use of estimates | Use of estimates. |
Income taxes | Income taxes. |
Recent accounting pronouncements | Recent accounting pronouncements . In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company does not believe the adoption of this guidance had a material impact on its financial statements. In February 2016, FASB issued ASU 2016-02 (“ASU 2016-02”), Leases. This guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial position and results of operations, if any. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments, which addresses how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The ASU is effective for fiscal years beginning after December 15, 2017, including interim periods within those years; however, early adoption is permitted. Entities must apply the guidance retrospectively to all periods presented but may apply it prospectively if retrospective application would be impracticable. The Company adopted this standard effective on January 1, 2018. ASU 2016-15 will impact our presentation of operating, investing and financing activities related to certain cash receipts and payments on our consolidated statements of cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies guidance on the classification and presentation of changes in restricted cash. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted, and will be applied retrospectively to all periods presented. Upon adoption, restricted cash balances will be included along with cash and cash equivalents as of the end of the period and beginning period, respectively, in the Company’s consolidated statement of cash flows for all periods presented. Upon adoption, separate line items showing changes in restricted cash balances will be eliminated from the Company’s consolidated statement of cash flows. The Company adopted this guidance effective on January 1, 2018. ASU 2016-18 will impact our presentation of operating, investing and financing activities related to restricted cash on our consolidated statements of cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business, which clarifies the definition of a business when evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The ASU is effective for reporting periods beginning after December 15, 2017, with early adoption permitted. The Company expects that acquisitions of real estate or in-substance real estate will not meet the revised definition of a business and thus will be treated as asset acquisitions. Acquisition costs for those acquisitions that are not businesses will be capitalized rather than expensed. The Company adopted this guidance effective January 1, 2018. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. In February 2017, the FASB issued ASU 2017-05, Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets (Topic 610-20), which requires that all entities account for the derecognition of a business in accordance with ASC 810, including instances in which the business is considered in-substance real estate. The ASU requires the Company to measure at fair value any retained interest in a partial sale of real estate. The ASU is effective for annual periods, and interim periods therein, beginning after December 15, 2017. The Company adopted ASU 2017-05 effective January 1, 2018. The Company does not believe the adoption of this guidance will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement |
INVESTMENT IN VAA (Tables)
INVESTMENT IN VAA (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of the financial position and results of operations of VAA | The following is a summary of the financial position and results of operations of VAA (dollars in thousands): VAA December 31, 2018 Balance Sheet Net real estate assets $ 1,257,557 Other assets 67,020 Debt, net (791,225 ) Other liabilities (280,288 ) Total equity (253,064 ) For the period Results of Operations Total revenue $ 12,887 Total property, operating, and maintenance expenses (4,507 ) Total other expense (18,102 ) Net loss $ (9,722 ) Below is a reconciliation of our allocation of income or loss from VAA (dollars in thousands): For the period VAA net loss $ (9,722 ) Adjustments to reconcile to income (loss) from VAA Interest expense on mezzanine loan 2,815 In-place lease intangible amortization expense 3,983 Depreciation basis differences 3,012 Adjusted net income $ 88 Percentage ownership in VAA 50 % Earnings from VAA $ 44 |
Schedule of the location of properties owned by VAA | The following table shows the location of the income-producing properties held for investment by VAA as of December 31, 2018: Apartments Location No. Units Alabama 1 168 Arkansas 6 1,320 Colorado 2 260 Florida 2 388 Georgia 1 222 Louisiana 3 464 Mississippi 1 196 Nevada 1 308 North Carolina 1 201 Tennessee 4 708 Texas-Greater Dallas-Ft Worth 13 2,323 Texas-Greater Houston 1 176 Texas-Other 13 2,458 Total 49 9,192 |
Schedule of apartment projects in development | At December 31, 2018, VAA apartment projects in development included (dollars in thousands): Property Location No. of Costs to (1) Total Projected Costs (1) Terra Lago apartments Rowlett, TX 451 $ 66,395 $ — Lakeside lofts apartments Farmers Branch, TX 494 50,357 80,622 Sawgrass Creek apartments Phase II Tampa, FL 143 25,113 26,799 Total 1,088 $ 141,865 $ 107,421 (1) |
REAL ESTATE (Tables)
REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of real estate owned | A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2018 2017 Apartments $ 126,274 $ 733,620 Apartments under construction 21,916 105,452 Commercial properties 224,162 200,797 Land held for development 83,641 77,560 Real estate subject to sales contract 3,149 48,234 Total real estate, at cost, less impairment 459,142 1,165,663 Less accumulated deprecation (78,099 ) (177,546 ) Total real estate, net of depreciation $ 381,043 $ 988,117 |
Schedule of estimated useful lives of the assets | Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of reconciliation of cash and cash equivalents and restricted cash | The following is a reconciliation of the Company’s cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: December 31, 2018 2017 Cash and cash equivalents $ 36,428 $ 33,778 Restricted cash (cash held in escrow) 37,928 44,687 Restricted cash (certificate of deposits) 9,687 5,651 Restricted cash (held with Trustee) 22,572 4,422 $ 106,615 $ 88,538 |
NOTES AND INTEREST RECEIVABLE (
NOTES AND INTEREST RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Receivables [Abstract] | |
Schedule of notes receivable | A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Maturity Interest Borrower Date Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % 5,907 Secured H198, LLC (Legacy at Pleasant Grove Land) 10/19 12.00 % 496 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured H198, LLC (McKinney Ranch Land) 09/20 6.00 % 4,554 Secured Forest Pines 09/19 5.00 % 2,223 Secured Spyglass Apartments of Ennis, LP 11/19 5.00 % 5,083 Secured Bellwether Ridge 05/20 5.00 % 3,429 Secured Parc at Windmill Farms 05/20 5.00 % 6,066 Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12/32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Inwood on the Park) (1) 12/32 12.00 % 3,639 Secured Unified Housing Foundation, Inc. (Kensington Park) (1) 12/32 12.00 % 3,933 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 6,369 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,732 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 4,000 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) 12/32 12.00 % 2,485 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) 12/32 12.00 % 2,555 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 6,140 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 12/32 12.00 % 3,815 Secured Unified Housing Foundation, Inc. (1) 12/19 12.00 % 10,401 Unsecured Unified Housing Foundation, Inc. (1) 06/20 12.00 % 11,074 Unsecured Unified Housing Foundation, Inc. (1) 12/32 12.00 % 1,349 Unsecured Realty Advisors Management, Inc. (1) 12/24 2.28 % 20,390 Unsecured One Realco Corporation (1,2) 01/20 3.00 % 7,000 Unsecured Other related party notes Various Various 2,890 Various secured interests Other non-related party notes Various Various 1,031 Various secured interests Other non-related party notes Various Various 2,670 Various unsecured interests Accrued interest 11,165 Total Performing $ 140,327 Allowance for estimated losses (14,269 ) Total $ 126,058 (1) Related party notes (2) An allowance was taken for estimated losses at full value of note. |
INVESTMENTS IN UNCONSOLIDATED_2
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Investments in and Advances to Affiliates, Schedule of Investments [Abstract] | |
Schedule of investments in unconsolidated investees | The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 ‘Investment in VAA’. Percentage ownership as of December 31, 2018 2017 2016 Gruppa Florentina, LLC (1) 20.00% 20.00% 20.00% (1) Other investees. |
Schedule of financial position and results of operations from our investees | The following is a summary of the financial position and results of operations from our investees (dollars in thousands): For the Twelve Months Ended December 31, 2018 2017 2016 Other Investees Real estate, net of accumulated depreciation $ 13,810 $ 12,587 $ 13,641 Notes receivable 11,238 2,724 9,561 Other assets 32,566 32,176 31,135 Notes payable (11,287 ) (17,845 ) (9,834 ) Other liabilities (7,320 ) (5,991 ) (8,284 ) Shareholders’ equity/partners capital (39,007 ) (23,651 ) (36,219 ) Revenue $ 53,834 $ 38,747 $ 54,264 Depreciation (1,456 ) (1,279 ) (1,150 ) Operating expenses (49,647 ) (35,410 ) (49,856 ) Interest expense (673 ) (1,065 ) (793 ) Income (loss) from continuing operations $ 2,058 $ 993 $ 2,465 Income (loss) from discontinued operations — — — Net income (loss) $ 2,058 $ 993 $ 2,465 Company’s proportionate share of earnings (1) $ 412 $ 199 $ 493 (1) Earnings represent continued and discontinued operations |
NOTES AND INTEREST PAYABLE (Tab
NOTES AND INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of notes and interest payable | NOTE 7. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2018 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 94,759 $ 270 $ 95,029 Apartments under Construction 14,402 — 14,402 Commercial 136,327 450 136,777 Land 27,520 124 27,644 Other 22,527 17 22,544 Total $ 295,535 $ 861 $ 296,396 Unamortized deferred borrowing costs (9,428 ) — (9,428 ) $ 286,107 $ 861 $ 286,968 |
Schedule of the principal payments on the notes payable | The following table summarizes our contractual obligations for principal payments as of December 31, 2018 (dollars in thousands): Year Amount 2019 $ 47,427 2020 8,822 2021 43,202 2022 43,304 2023 37,259 Thereafter 115,521 Total $ 295,535 |
BONDS AND BONDS INTEREST PAYA_2
BONDS AND BONDS INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Bonds And Bonds Interest Payable | |
Schedule of bonds and interest payable | The outstanding balance of these Bonds at December 31, 2018 and 2017 were as follows: December 31, 2018 December 31, 2017 Bonds (Series A) $ 106,686 $ 115,336 Bonds (Series B) 36,740 — Bonds (Series B expansion) 19,290 — Less: deferred issuance expense, net (8,179 ) (5,914 ) Accrued Interest 4,037 3,627 $ 158,574 $ 113,049 |
Schedule of principal payments on the bonds payable | The aggregate maturity of the bonds are as follows: Year December 31, December 31, 2019 $ 22,049 $ — 2020 22,049 23,067 2021 33,629 23,067 2022 33,629 23,067 2023 30,070 23,067 Thereafter 21,290 20,781 $ 162,716 $ 113,049 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND FEES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of description of the related party transactions and fees | Below is a description of the related party transactions and fees between Pillar and Regis for each of the three years ended December 31, 2018: Fees, expenses, and revenue paid to and/or received from our advisor: 2018 2017 2016 (dollars in thousands) Fees: Advisory $ 11,475 $ 11,082 $ 10,918 Mortgage brokerage and equity refinancing 852 1,712 775 Net income 631 250 257 $ 12,958 $ 13,044 $ 11,950 Other Expense: Cost reimbursements $ 4,720 $ 3,240 $ 3,826 Interest paid (received) (3,370 ) (1,195 ) (1,444 ) $ 1,350 $ 2,045 $ 2,382 Revenue: Rental $ 1,178 $ 783 $ 708 Fees paid to Regis and related parties: 2018 2017 2016 (dollars in thousands) Fees: Property acquisition $ 32,008 $ 9,128 $ 10,775 Property management, construction management and leasing commissions 540 963 888 Real estate brokerage 2,068 1,369 787 $ 34,616 $ 11,460 $ 12,450 |
Schedule of net receivable from related parties | The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties (Pillar) as of December 31, 2018 and 2017: 2018 2017 (dollars in thousands) Related party receivable, beginning balance $ 38,311 $ 24,672 Cash transfers 75,892 56,635 Advisory fees (11,475 ) (11,082 ) Net income fee (631 ) (250 ) Cost reimbursements (4,720 ) (3,240 ) Interest income 3,370 1,196 Notes receivable purchased (5,314 ) (447 ) Fees and commissions (2,919 ) (3,082 ) Expenses received (paid) by Advisor (62 ) (579 ) Financing (mortgage payments) 9,933 (17,313 ) Sales/purchases transactions (32,008 ) (9,818 ) Tax sharing — 1,619 Related party receivable, ending balance $ 70,377 $ 38,311 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense benefit | For financial reporting purposes, income before income taxes were: Years Ended December 31, 2018 2017 2016 (In thousands) Income (loss) from continuing operations before income taxes $ 183,902 $ (8,696 ) $ (2,363 ) The expense (benefit) for income taxes consists of: Years Ended December 31, 2018 2017 2016 (In thousands) Current: Federal $ 42 ,231 $ (3,044 ) $ — State 1,210 10 — Deferred and Other: Federal (42,231 ) 3,044 46 State — 170 — Total Tax Expense $ 1,210 $ 180 $ 46 |
Schedule of reconciliation effective tax rate on income from continuing operations and the statutory rate | The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31, 2018 2016 2015 (In thousands) Income Tax Expense (Benefit) at Federal Statutory Rate $ 38,619 $ (3,044 ) $ (827 ) State and Local Income Taxes Net of Federal Tax Benefit 1,210 180 — Permanent tax differences (224 ) — — Temporary tax differences Installment note on land sale (2,875 ) (1,918 ) Allowance for losses on note receivables (712 ) (2,372 ) Deferred gains (7,041 ) (10,758 ) Basis differences on fixed assets 22,110 9,284 Other basis/timing differences (7,646 ) 5,764 Use/generation on net operating loss carryforwards (42,231 ) 3,044 873 Reported Income Tax Expense $ 1,210 $ 180 $ 46 Effective Tax Rate 0.7 % N/A N/A |
Schedule of components of net deferred tax assets or liabilities | Components of the Net Deferred Tax Asset or Liability Years Ended December 31, 2018 2017 (In thousands) Deferred Tax Assets: Allowance for losses on notes $ 2,879 $ 3,591 Installment note on land sale — 2,875 Deferred Gain 3,999 11,040 Net Operating Loss Carryforward 8,700 50,931 Total Deferred Tax Assets 15,578 68,437 Less: Valuation Allowance (12,246 ) (42,995 ) Total Net Deferred Tax Assets 3,332 25,442 Deferred Tax Liabilities: Deferred gain — — Basis Differences for Fixed Assets (3,332 ) (25,442 ) Total Deferred Tax Liability (3,332 ) (25,442 ) Current Net Deferred Tax Asset 3,332 25,442 Long-Term Net Deferred Tax Liability (3,332 ) (25,442 ) Net deferred tax asset (liability) $ — $ — |
FUTURE MINIMUM RENTAL INCOME _2
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of minimum future rents under non-cancelable operating leases | The following is a schedule of minimum future rents due to ARL under non-cancelable operating leases as of December 31, 2018 (dollars in thousands): Year Amount 2019 $ 27,346 2020 23,805 2021 21,249 2022 18,033 2023 12,825 Thereafter 13,983 Total $ 117,241 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment operating income including segment assets and expenditures | Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2018, 2017 and 2016 (dollars in thousands): For the Twelve Months Ended December 31, 2018 Commercial Apartments Land Other Total Operating revenue $ 33,113 $ 87,832 $ 1 $ 10 $ 120,956 Operating expenses (16,252 ) (42,134 ) (645 ) (556 ) (59,587 ) Depreciation and amortization (9,530 ) (13,140 ) — — (22,670 ) Mortgage and loan interest (7,663 ) (20,671 ) (636 ) (37,093 ) (66,063 ) Interest income — — — 21,645 21,645 Gain on land sales — — 17,404 — 17,404 Segment operating income (loss) $ (332 ) $ 11,887 $ 16,124 $ (15,994 ) $ 11,685 Capital expenditures $ 8,246 $ 16,953 $ — $ — $ 25,199 Assets $ 153,014 $ 143,500 $ 84,529 $ — $ 381,043 Property Sales Sales price $ — $ — $ 43,311 $ — $ 43,311 Cost of sale — — (25,907 ) — (25,907 ) Gain on land sales $ — $ — $ 17,404 $ — $ 17,404 For the Twelve Months Ended December 31, 2017 Commercial Apartments Land Other Total Operating revenue $ 33,286 $ 92,807 $ 111 $ 17 $ 126,221 Operating expenses (18,549 ) (43,677 ) (878 ) (987 ) (64,091 ) Depreciation and amortization (9,358 ) (16,354 ) — 33 (25,679 ) Mortgage and loan interest (7,527 ) (22,347 ) (1,945 ) (34,352 ) (66,171 ) Interest income — — — 18,941 18,941 Gain on sale of income producing properties 2,391 12,760 1,547 — 16,698 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ 243 $ 23,189 $ 3,719 $ (16,348 ) $ 10,803 Capital expenditures $ (5,817 ) $ 1,402 $ 609 $ — $ (3,806 ) Assets $ 137,157 $ 727,508 $ 123,452 $ — $ 988,117 Property Sales Sales price $ 5,050 $ — $ 29,969 $ — $ 35,019 Cost of sale (2,659 ) — (23,538 ) — (26,197 ) Recognized prior deferred gain — 12,760 — — 12,760 Gain on sale $ 2,391 $ 12,760 $ 6,431 $ — $ 21,582 For the Twelve Months Ended December 31, 2016 Commercial Apartments Land Other Total Operating revenue $ 33,026 $ 86,603 $ 30 $ 4 $ 119,663 Operating expenses (20,398 ) (40,786 ) (1,745 ) (21 ) (62,950 ) Depreciation and amortization (9,099 ) (14,759 ) — 73 (23,785 ) Mortgage and loan interest (7,191 ) (25,381 ) (2,232 ) (24,558 ) (59,362 ) Interest income — — — 20,453 20,453 Gain on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,900 ) $ 22,122 $ (826 ) $ (4,049 ) $ 13,347 Capital expenditures $ 5,008 $ 864 $ 268 $ — $ 6,140 Assets $ 150,838 $ 622,061 $ 128,107 $ — $ 901,006 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 |
Schedule of reconciliation of segment information to Consolidated Statements of Operations | The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2018 2017 2016 Segment operating income (loss) $ 11,685 $ 10,803 $ 13,347 Other non-segment items of income (expense) General and administrative (12,708 ) (7,691 ) (7,119 ) Net income fee to related party (631 ) (250 ) (257 ) Advisory fee to related party (11,475 ) (11,082 ) (10,918 ) Other income 28,993 4,082 2,091 Gain on disposition of 50% interest in VAA 154,126 — — Loss on sale of investments — (331 ) — Earnings from unconsolidated joint ventures and investees 1,513 309 493 Foreign currency transaction gain (loss) 12,399 (4,536 ) — Income tax expense (1,210 ) (180 ) (46 ) Net income (loss) from continuing operations $ 182,692 $ (8,876 ) $ (2,409 ) |
Schedule of reconciliation of segment information to Consolidated Balance Sheets | The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2018 2017 2016 Segment assets $ 381,043 $ 988,117 $ 901,006 Investments in unconsolidated subsidiaries and investees 76,001 6,396 6,087 Notes and interest receivable 126,058 112,095 126,564 Other assets and receivables 243,047 190,112 141,252 Total assets $ 826,149 $ 1,296,720 $ 1,174,909 |
QUARTERLY RESULTS OF OPERATIO_2
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | The following is a tabulation of quarterly results of operations for the years 2018, 2017 and 2016. Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: Three Months Ended 2018 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,083 $ 31,607 $ 33,409 $ 24,857 Total operating expenses 26,165 27,990 28,199 24,717 Operating income 4,918 3,617 5,210 140 Other (expense) income (6,638 ) 2,678 5,955 (3,508 ) (Loss) income before gain on sales, non-contolling interest, and taxes (1,720 ) 6,295 11,165 (3,368 ) Gain on disposition of 50% interest in VAA — — — 154,126 Gain on land sales 1,335 — 12,243 3,826 Income tax expense — — (792 ) (418 ) Net income (loss) from continued operations (385 ) 6,295 22,616 154,166 Net income (loss) (385 ) 6,295 22,616 154,166 Less: net (income) attributable to non-controlling interest (275 ) (441 ) (2,265 ) (6,012 ) Preferred dividend requirement (225 ) (225 ) (225 ) (226 ) Net (loss) income applicable to common shares $ (885 ) $ 5,629 $ 20,126 $ 147,928 PER SHARE DATA Earnings per share - basic Income (loss) from continued operations $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Net income (loss) applicable to common shares $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Weighted average common shares used in computing earnings per share 15,938,077 15,997,076 15,997,076 15,997,076 Earnings per share - diluted Income (loss) from continued operations $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Net income (loss) applicable to common shares $ (0.06 ) $ 0.35 $ 1.26 $ 9.26 Weighted average common shares used in computing diluted earnings per share 15,938,077 15,997,076 15,997,076 15,997,076 Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,822 $ 31,587 $ 31,807 $ 31,005 Total operating expenses 27,345 26,759 26,397 28,292 Operating income (loss) 4,477 4,828 5,410 2,713 Other expense (10,829 ) (15,676 ) (9,348 ) (11,853 ) Loss before gain on sales, non-contolling interest, and taxes (6,352 ) (10,848 ) (3,938 ) (9,140 ) Gain (loss) on sale of income producing properties — — 12,760 3,938 Gain (loss) on land sales 445 (476 ) 1,062 3,853 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,907 ) (11,324 ) 9,884 (1,529 ) Net income (loss) (5,907 ) (11,324 ) 9,884 (1,529 ) Less: net (income) loss attributable to non-controlling interest 193 435 (522 ) 339 Preferred dividend requirement (275 ) (275 ) (275 ) (280 ) Net (loss) income applicable to common shares $ (5,989 ) $ (11,164 ) $ 9,087 $ (1,470 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 29,205 $ 30,834 $ 30,067 $ 29,557 Total operating expenses 25,881 26,212 26,272 26,664 Operating income (loss) 3,324 4,622 3,795 2,893 Other expense (8,470 ) (8,156 ) (9,252 ) (10,447 ) Loss before gain on sales, non-contolling interest, and taxes (5,146 ) (3,534 ) (5,457 ) (7,554 ) Gain (loss) on sale of income producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit (expense) — — (46 ) — Net income (loss) from continued operations (3,738 ) 3,353 (4,948 ) 2,924 Net loss from discontinued operations 2 — — (3 ) Net income (loss) (3,736 ) 3,353 (4,948 ) 2,921 Less: net (income) loss attributable to non-controlling interest 530 (864 ) 1,194 (1,182 ) Preferred dividend requirement (497 ) (53 ) (275 ) (276 ) Net (loss) income applicable to common shares $ (3,703 ) $ 2,436 $ (4,029 ) $ 1,463 PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 |
ORGANIZATION AND SUMMARY OF S_3
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands | Nov. 19, 2018USD ($)Number | Dec. 31, 2018USD ($)ft²aNumber | Dec. 31, 2017USD ($)Number |
Rentable square feet | ft² | 1,700,000 | ||
Number of apartment units | 1,489 | ||
Acres of land | a | 2,346 | ||
Residential Properties [Member] | |||
Number of apartment units | 1,489 | 8,427 | |
Consolidated assets of VIE's | $ | $ 459 | $ 1,200 | |
Daniel J Moos ARL's [Member] | Class B [Member] | |||
Interest held | 2.00% | ||
Residential Apartments [Member] | |||
Number of income-producing properties | 47 | ||
Victory Abode Apartments, LLC [Member] | |||
Percentage of ownership | 50.00% | ||
Number of income-producing properties | 49 | ||
Number of apartment units | 9,192 | ||
Projects in development | 5 | ||
Cash consideration | $ | $ 236,800 | ||
Victory Abode Apartments, LLC [Member] | Class A [Member] | |||
Ownership interest | 50.00% | ||
Transcontinential Realty Investors [Member] | |||
Ownership interest | 77.68% | ||
Transcontinential Realty Investors [Member] | Income Opportunity Realty Investors, Inc. [Member] | |||
Ownership interest | 81.25% | ||
Summerset Intermediate Holdings 2 LLC [Member] | Class A [Member] | |||
Ownership interest | 49.00% | ||
Related Party [Member] | |||
Percentage of ownership | 80.00% | ||
Acres of land | a | 86 | ||
Minimum [Member] | |||
Percentage of ownership | 20.00% | ||
Maximum [Member] | |||
Percentage of ownership | 50.00% | ||
Buildings And Improvements [Member] | Minimum [Member] | |||
Useful life of fixed assets | 10 years | ||
Buildings And Improvements [Member] | Maximum [Member] | |||
Useful life of fixed assets | 40 years | ||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | |||
Useful life of fixed assets | 3 years | ||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | |||
Useful life of fixed assets | 7 years |
INVESTMENT IN VAA (Details)
INVESTMENT IN VAA (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Balance Sheet | ||||||||||||||||
Net real estate assets | $ 381,043 | $ 381,043 | $ 988,117 | $ 381,043 | $ 988,117 | |||||||||||
Debt, net | (286,968) | (286,968) | (286,968) | |||||||||||||
Results of Operations | ||||||||||||||||
Total property, operating, and maintenance expenses | (24,717) | $ (28,199) | $ (27,990) | $ (26,165) | $ (28,292) | $ (26,397) | $ (26,759) | $ (27,345) | $ (26,664) | $ (26,272) | $ (26,212) | $ (25,881) | (107,071) | (108,793) | $ (105,029) | |
Net loss | 1,469 | $ 309 | $ 493 | |||||||||||||
Adjustments to reconcile to earnings from VAA | ||||||||||||||||
Equity earnings from VAA | 44 | |||||||||||||||
Victory Abode Apartments, LLC [Member] | ||||||||||||||||
Balance Sheet | ||||||||||||||||
Net real estate assets | 1,257,557 | 1,257,557 | 1,257,557 | |||||||||||||
Other assets | 67,020 | 67,020 | 67,020 | |||||||||||||
Debt, net | (791,225) | (791,225) | (791,225) | |||||||||||||
Other liabilities | (280,288) | (280,288) | (280,288) | |||||||||||||
Total equity | (253,064) | $ (253,064) | $ (253,064) | |||||||||||||
Results of Operations | ||||||||||||||||
Total revenue | 12,887 | |||||||||||||||
Total property, operating, and maintenance expenses | (4,507) | |||||||||||||||
Total other expense | (18,102) | |||||||||||||||
Net loss | (9,722) | |||||||||||||||
Adjustments to reconcile to earnings from VAA | ||||||||||||||||
Interest expense on mezzanine loan | 2,815 | |||||||||||||||
In-place lease intangibles - amortization expense | 3,983 | |||||||||||||||
Depreciation basis differences | 3,012 | |||||||||||||||
Adjusted net income | $ 88 | |||||||||||||||
Percentage ownership in VAA | 50.00% | 50.00% | 50.00% | |||||||||||||
Equity earnings from VAA | $ 44 |
INVESTMENT IN VAA (Details 1)
INVESTMENT IN VAA (Details 1) | Dec. 31, 2018Number |
Total Apartment Units | 1,489 |
Victory Abode Apartments, LLC [Member] | |
Number of properties | 49 |
Total Apartment Units | 9,192 |
Victory Abode Apartments, LLC [Member] | ALABAMA | |
Number of properties | 1 |
Total Apartment Units | 168 |
Victory Abode Apartments, LLC [Member] | ARKANSAS | |
Number of properties | 6 |
Total Apartment Units | 1,320 |
Victory Abode Apartments, LLC [Member] | COLORADO | |
Number of properties | 2 |
Total Apartment Units | 260 |
Victory Abode Apartments, LLC [Member] | FLORIDA | |
Number of properties | 2 |
Total Apartment Units | 388 |
Victory Abode Apartments, LLC [Member] | GEORGIA | |
Number of properties | 1 |
Total Apartment Units | 222 |
Victory Abode Apartments, LLC [Member] | LOUISIANA | |
Number of properties | 3 |
Total Apartment Units | 464 |
Victory Abode Apartments, LLC [Member] | MISSISSIPPI | |
Number of properties | 1 |
Total Apartment Units | 196 |
Victory Abode Apartments, LLC [Member] | NEVADA | |
Number of properties | 1 |
Total Apartment Units | 308 |
Victory Abode Apartments, LLC [Member] | NORTH CAROLINA | |
Number of properties | 1 |
Total Apartment Units | 201 |
Victory Abode Apartments, LLC [Member] | TENNESSEE | |
Number of properties | 4 |
Total Apartment Units | 708 |
Victory Abode Apartments, LLC [Member] | Texas-Greater Dallas Ft. Worth | |
Number of properties | 13 |
Total Apartment Units | 2,323 |
Victory Abode Apartments, LLC [Member] | Texas-Greater Houston | |
Number of properties | 1 |
Total Apartment Units | 176 |
Victory Abode Apartments, LLC [Member] | TEXAS | |
Number of properties | 13 |
Total Apartment Units | 2,458 |
INVESTMENT IN VAA (Details 2)
INVESTMENT IN VAA (Details 2) $ in Thousands | Dec. 31, 2018USD ($)Number | Dec. 31, 2017USD ($) | |
Total Apartment Units | Number | 1,489 | ||
Costs to Date | $ 21,916 | $ 105,452 | |
Victory Abode Apartments, LLC [Member] | |||
Total Apartment Units | Number | 9,192 | ||
Victory Abode Apartments, LLC [Member] | Terra Lago Apartments [Member] | Rowlett, Texas | |||
Total Apartment Units | Number | 451 | ||
Costs to Date | [1] | $ 66,395 | |
Victory Abode Apartments, LLC [Member] | Lakeside Lofts Apartments [Member] | Framers Branch, Texas | |||
Total Apartment Units | Number | 494 | ||
Costs to Date | [1] | $ 50,357 | |
Total Projected Costs | [1] | $ 80,622 | |
Victory Abode Apartments, LLC [Member] | Sawgrass Creek Apartments Phase II [Member] | tampa, Florida | |||
Total Apartment Units | Number | 143 | ||
Costs to Date | [1] | $ 25,113 | |
Total Projected Costs | [1] | $ 26,799 | |
Victory Abode Apartments, LLC [Member] | Apartment Projects In Development [Member] | |||
Total Apartment Units | Number | 1,088 | ||
Costs to Date | [1] | $ 141,865 | |
Total Projected Costs | [1] | $ 107,421 | |
[1] | Costs include construction hard costs, construction soft costs and loan borrowing costs. |
INVESTMENT IN VAA (Details Narr
INVESTMENT IN VAA (Details Narrative) $ in Thousands | Nov. 19, 2018USD ($) | Dec. 31, 2018Number |
Transcontinental Realty Investors, Inc. [Member] | Residential Apartments [Member] | ||
Number of portfolio contributed | Number | 47 | |
Transcontinental Realty Investors, Inc. [Member] | Development Projects [Member] | ||
Number of portfolio contributed | Number | 5 | |
Class A [Member] | Summerset Intermediate Holdings 2 LLC [Member] | ||
Ownership interest | 49.00% | |
Class B [Member] | Daniel J Moos ARL's [Member] | ||
Interest held | 2.00% | |
Cash payment upon closing | $ 1,900 | |
Victory Abode Apartments, LLC [Member] | ||
Cash consideration | 236,800 | |
Recognized gain | $ 155,100 | |
Victory Abode Apartments, LLC [Member] | Class A [Member] | ||
Ownership interest | 50.00% |
REAL ESTATE (Details)
REAL ESTATE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||||
Apartments | $ 126,274 | $ 733,620 | ||
Apartments under construction | 21,916 | 105,452 | ||
Commercial properties | 224,162 | 200,797 | ||
Land held for development | 83,641 | 77,560 | ||
Real estate subject to sales contract | 3,149 | 48,234 | ||
Total real estate, at cost, less impairment | 459,142 | 1,165,663 | ||
Less accumulated deprecation | (78,099) | (177,546) | $ (165,597) | $ (150,038) |
Total real estate, net of depreciation | $ 381,043 | $ 988,117 |
REAL ESTATE (Details Narrative
REAL ESTATE (Details Narrative) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2018USD ($)aNumber | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 19, 2018USD ($) | Jun. 30, 2018USD ($)a | Mar. 31, 2018USD ($) | |
Aggregate price of properties | $ 8,500 | |||||
Notes receivable | 6,400 | |||||
Cash | $ 2,100 | |||||
Gain (loss) on land sales | $ 17,404 | $ 4,884 | $ 3,121 | |||
Minimum [Member] | ||||||
Percentage of ownership | 20.00% | |||||
Maximum [Member] | ||||||
Percentage of ownership | 50.00% | |||||
Related Party [Member] | ||||||
Area of land sold | a | 86 | |||||
Percentage of ownership | 80.00% | |||||
Daniel J Moos ARL's [Member] | Class B [Member] | ||||||
Interest held | 2.00% | |||||
Residential Apartments [Member] | ||||||
Cash | $ 236,800 | |||||
Transcontinental Realty Investors, Inc. [Member] | ||||||
Gain on sale of real estate | $ 154,100 | |||||
Number of residential apartment purchased | Number | 52 | |||||
Percentage of ownership | 50.00% | |||||
Profit rights | 49.00% | |||||
Golf Shores, AL [Member] | ||||||
Area of land sold | a | 96.09 | |||||
Aggregate price of properties | $ 2,300 | |||||
Notes receivable | 1,700 | |||||
Cash | $ 600 | |||||
Land Improvements [Member] | Minimum [Member] | ||||||
Useful life | 25 years | |||||
Land Improvements [Member] | Maximum [Member] | ||||||
Useful life | 40 years | |||||
Buildings And Improvements [Member] | Minimum [Member] | ||||||
Useful life | 10 years | |||||
Buildings And Improvements [Member] | Maximum [Member] | ||||||
Useful life | 40 years | |||||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | ||||||
Useful life | 3 years | |||||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | ||||||
Useful life | 7 years | |||||
TCI | Land [Member] | ||||||
Area of land sold | a | 62 | |||||
Gain on sale of real estate | $ 1,300 | |||||
Aggregate price of properties | $ 3,000 | |||||
Baton Rouge, LA [Member] | ||||||
Number of residential apartment purchased | Number | 80 | |||||
Purchase price of units | $ 12,000 | |||||
Baton Rouge, LA [Member] | Financing Note [Member] | ||||||
Purchase price of units | 1,900 | |||||
Baton Rouge, LA [Member] | Notes Payable [Member] | ||||||
Purchase price of units | 8,600 | |||||
Baton Rouge, LA [Member] | Exercising an Option to Purchase [Member] | ||||||
Purchase price of units | $ 1,500 | |||||
Mansfield, TX [Member] | ||||||
Number of residential apartment purchased | Number | 99 | |||||
Purchase price of units | $ 14,800 | |||||
Mansfield, TX [Member] | Financing Note [Member] | ||||||
Purchase price of units | 2,300 | |||||
Mansfield, TX [Member] | Notes Payable [Member] | ||||||
Purchase price of units | $ 11,000 | |||||
Golf Shores, AL [Member] | ||||||
Number of residential apartment purchased | Number | 200 | |||||
Purchase price of units | $ 18,100 | |||||
Golf Shores, AL [Member] | Notes Payable [Member] | ||||||
Purchase price of units | $ 11,500 | |||||
Beaumont, TX [Member] | ||||||
Number of residential apartment purchased | Number | 144 | |||||
Purchase price of units | $ 2,300 | |||||
Houma, LA [Member] | ||||||
Number of residential apartment purchased | Number | 240 | |||||
Purchase price of units | $ 20,100 | |||||
Texarkana, TX [Member] | ||||||
Number of residential apartment purchased | Number | 208 | |||||
Purchase price of units | $ 14,700 | |||||
Tupelo, MS [Member] | ||||||
Number of residential apartment purchased | Number | 160 | |||||
Purchase price of units | $ 11,100 |
REAL ESTATE (Details Narrative
REAL ESTATE (Details Narrative 1) - USD ($) $ in Thousands | Aug. 21, 2018 | Nov. 30, 2015 | Dec. 31, 2018 | Dec. 31, 2017 |
Net gain on sale of real estate | $ 381,043 | $ 988,117 | ||
Mercer Crossing [Member] | ||||
Notes receivable - land sales | $ 50,000 | |||
Mercer Crossing [Member] | Land [Member] | ||||
Sale of land, total consideration | $ 75,000 | |||
Sale of real estate (book value) | $ 28,100 | 11,700 | ||
Gain on sale of real estate land | $ 7,500 | 1,700 | ||
Net gain on sale of real estate | $ 5,600 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents | $ 36,428 | $ 33,778 | ||
Cash and cash equivalents, and restricted cash | 106,615 | 88,538 | $ 55,921 | $ 60,943 |
Held In Escrow [Member] | ||||
Restricted cash | 37,928 | 44,687 | ||
Certificates of Deposit [Member] | ||||
Restricted cash | 9,687 | 5,651 | ||
Held with Trustee [Member] | ||||
Restricted cash | $ 22,572 | $ 4,422 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | ||
Interest expense paid | $ 57,900 | $ 39,700 |
Cash and cash equivalents, and restricted cash | $ 106,600 | $ 88,500 |
NOTES AND INTEREST RECEIVABLE_2
NOTES AND INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Accrued interest | $ 11,165 | ||||
Allowance for estimated losses | (14,269) | ||||
Total notes receivable | 126,058 | $ 112,095 | $ 126,564 | $ 137,280 | |
Performing Loans [Member] | |||||
Performing loans, total | $ 140,327 | ||||
Performing Loans [Member] | H198, LLC (Las Vegas Land) [Member] | |||||
Maturity Date | Jan. 31, 2020 | ||||
Description of property | H198, LLC (Las Vegas Land) | ||||
Interest Rate | 12.00% | ||||
Performing loans, total | $ 5,907 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | H198, LLC (Legacy at Pleasant Grove Land) [Member] | |||||
Maturity Date | Oct. 31, 2019 | ||||
Description of property | H198, LLC (Legacy at Pleasant Grove Land) | ||||
Interest Rate | 12.00% | ||||
Performing loans, total | $ 496 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Oulan-Chikh Family Trust [Member] | |||||
Maturity Date | Mar. 31, 2021 | ||||
Description of property | Oulan-Chikh Family Trust | ||||
Interest Rate | 8.00% | ||||
Performing loans, total | $ 174 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | H198, LLC (McKinney Ranch Land) [Member] | |||||
Maturity Date | Sep. 30, 2020 | ||||
Description of property | H198, LLC (McKinney Ranch Land | ||||
Interest Rate | 6.00% | ||||
Performing loans, total | $ 4,554 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Forest Pines [Member] | |||||
Maturity Date | Sep. 30, 2019 | ||||
Description of property | Forest Pines | ||||
Interest Rate | 5.00% | ||||
Performing loans, total | $ 2,223 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Spyglass Apartments of Ennis, LP [Member] | |||||
Maturity Date | Nov. 30, 2019 | ||||
Description of property | Spyglass Apartments of Ennis, LP | ||||
Interest Rate | 5.00% | ||||
Performing loans, total | $ 5,083 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Bellwether Ridge [Member] | |||||
Maturity Date | May 30, 2020 | ||||
Description of property | Bellwether Ridge | ||||
Interest Rate | 5.00% | ||||
Performing loans, total | $ 3,429 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Parc at Windmill Farms [Member] | |||||
Maturity Date | May 30, 2020 | ||||
Description of property | Parc at Windmill Farms | ||||
Interest Rate | 5.00% | ||||
Performing loans, total | $ 6,066 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Echo Station) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 1,481 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Inwood on the Park) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Inwood on the Park) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 3,639 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Kensington Park) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Kensington Park) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 3,933 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Lakeshore Villas) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 2,000 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Lakeshore Villas) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 6,369 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | [1] | Unified Housing Foundation, Inc. (Lakeshore Villas) | |||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 2,732 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Limestone Ranch) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 1,953 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Limestone Ranch) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 2,000 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | [1] | Unified Housing Foundation, Inc. (Limestone Ranch) | |||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 4,000 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 2,485 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 2,555 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | Unified Housing Foundation, Inc. (Timbers of Terrell) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 1,323 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2018 | |||
Description of property | Unified Housing Foundation, Inc. (Tivoli) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 6,140 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Trails at White Rock) [Member] | |||||
Maturity Date | [1] | Dec. 31, 2018 | |||
Description of property | Unified Housing Foundation, Inc. (Trails at White Rock) | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 3,815 | |||
Description of Security | [1] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member] | |||||
Maturity Date | [1] | Dec. 31, 2019 | |||
Description of property | [1] | Unified Housing Foundation, Inc. | |||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 10,401 | |||
Description of Security | [1] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member] | |||||
Maturity Date | [1] | Jun. 30, 2020 | |||
Description of property | Unified Housing Foundation, Inc. | ||||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 11,074 | |||
Description of Security | [1] | Unsecured | |||
Performing Loans [Member] | One Realco Corp [Member] | |||||
Maturity Date | [1],[2] | Jan. 31, 2020 | |||
Description of property | One Realco Corporation | ||||
Interest Rate | [1],[2] | 3.00% | |||
Performing loans, total | [1],[2] | $ 7,000 | |||
Description of Security | [1],[2] | Unsecured | |||
Performing Loans [Member] | Realty Advisors Mgmt [Member] | |||||
Maturity Date | [1] | Dec. 31, 2024 | |||
Description of property | Realty Advisors Management, Inc. | ||||
Interest Rate | [1] | 2.28% | |||
Performing loans, total | [1] | $ 20,390 | |||
Description of Security | [1] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #5 [Member] | |||||
Maturity Date | [1] | Dec. 31, 2032 | |||
Description of property | [1] | Unified Housing Foundation, Inc. | |||
Interest Rate | [1] | 12.00% | |||
Performing loans, total | [1] | $ 11,074 | |||
Description of Security | [1] | Unsecured | |||
Performing Loans [Member] | Other Related Party Notes #1 [Member] | |||||
Description of property | Other related party notes | ||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 2,890 | ||||
Description of Security | Various secured interests | ||||
Performing Loans [Member] | Other Non-Related Party Notes #1 [Member] | |||||
Description of property | Other non-related party notes | ||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 1,031 | ||||
Description of Security | Various secured interests | ||||
Performing Loans [Member] | Other Non-Related Party Notes #2 [Member] | |||||
Description of property | Other non-related party notes | ||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 2,670 | ||||
Description of Security | Various unsecured interests | ||||
[1] | Related party notes | ||||
[2] | An allowance was taken for estimated losses at full value of note. |
NOTES AND INTEREST RECEIVABLE_3
NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Notes and interest receivable | $ 126,058 | $ 112,095 | $ 126,564 | $ 137,280 |
Percentage on mortgage notes receivable | 75.50% | |||
Related Party [Member] | ||||
Notes and interest receivable | $ 103,000 |
INVESTMENTS IN UNCONSOLIDATED_3
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gruppa Florentina LLC [Member] | ||||
Percentage of ownership | [1] | 20.00% | 20.00% | 20.00% |
[1] | Other investees. |
INVESTMENTS IN UNCONSOLIDATED_4
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Real estate, net of accumulated depreciation | $ 381,043 | $ 988,117 | $ 381,043 | $ 988,117 | ||||||||||||
Other assets | 66,055 | 63,263 | 66,055 | 63,263 | ||||||||||||
Shareholders' equity/partners capital | 258,325 | 112,074 | 258,325 | 112,074 | ||||||||||||
Revenue | 24,857 | $ 33,409 | $ 31,607 | $ 31,083 | 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | $ 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | 120,956 | 126,221 | $ 119,663 | |
Operating expenses | 24,717 | 28,199 | 27,990 | 26,165 | 28,292 | 26,397 | 26,759 | 27,345 | 26,664 | 26,272 | 26,212 | 25,881 | 107,071 | 108,793 | 105,029 | |
Income (loss) from continuing operations | 12,372 | (30,278) | (21,691) | |||||||||||||
Income (loss) from discontinued operations | (3) | 2 | (1) | |||||||||||||
Net income (loss) | 154,166 | $ 22,616 | $ 6,295 | $ (385) | (1,529) | $ 9,884 | $ (11,324) | $ (5,907) | 2,921 | $ (4,948) | $ 3,353 | $ (3,736) | 182,692 | (8,876) | (2,410) | |
Company's proportionate share of earnings | 1,469 | 309 | 493 | |||||||||||||
Gruppa Florentina LLC [Member] | ||||||||||||||||
Real estate, net of accumulated depreciation | 13,810 | 12,587 | 13,641 | 13,810 | 12,587 | 13,641 | ||||||||||
Notes receivable | 11,238 | 2,724 | 9,561 | 11,238 | 2,724 | 9,561 | ||||||||||
Other assets | 32,566 | 32,176 | 31,135 | 32,566 | 32,176 | 31,135 | ||||||||||
Notes payable | (11,287) | (17,845) | (9,834) | (11,287) | (17,845) | (9,834) | ||||||||||
Other liabilities | (7,320) | (5,991) | (8,284) | (7,320) | (5,991) | (8,284) | ||||||||||
Shareholders' equity/partners capital | $ (39,007) | $ (23,651) | $ (36,219) | (39,007) | (23,651) | (36,219) | ||||||||||
Revenue | 53,834 | 38,747 | 54,264 | |||||||||||||
Depreciation | (1,456) | (1,279) | (1,150) | |||||||||||||
Operating expenses | (49,647) | (35,410) | (49,856) | |||||||||||||
Interest expense | (673) | (1,065) | (793) | |||||||||||||
Income (loss) from continuing operations | 2,058 | 993 | 2,465 | |||||||||||||
Net income (loss) | 2,058 | 993 | 2,465 | |||||||||||||
Company's proportionate share of earnings | [1] | $ 412 | $ 199 | $ 493 | ||||||||||||
[1] | Earnings represent continued and discontinued operations |
INVESTMENTS IN UNCONSOLIDATED_5
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details Narrative) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Gruppa Florentina LLC [Member] | ||||
Percentage of ownership | [1] | 20.00% | 20.00% | 20.00% |
Minimum [Member] | ||||
Percentage of ownership | 20.00% | |||
Maximum [Member] | ||||
Percentage of ownership | 50.00% | |||
[1] | Other investees. |
NOTES AND INTEREST PAYABLE (Det
NOTES AND INTEREST PAYABLE (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Short-term Debt [Line Items] | |
Notes Payable | $ 286,107 |
Accrued Interest | 861 |
Total Debt | 286,968 |
Unamortized deferred borrowing costs | (9,428) |
Apartments [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 94,759 |
Accrued Interest | 270 |
Total Debt | 95,029 |
Apartments Under Construction [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 14,402 |
Total Debt | 14,402 |
Commercial [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 136,327 |
Accrued Interest | 450 |
Total Debt | 136,777 |
Land [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 27,520 |
Accrued Interest | 124 |
Total Debt | 27,644 |
Real Estate Held Fpr Sale[Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 376 |
Total Debt | 376 |
Other [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 22,527 |
Accrued Interest | 17 |
Total Debt | 22,544 |
Total Notes Payable [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 295,535 |
Accrued Interest | 861 |
Total Debt | 296,396 |
Unamortized deferred borrowing costs | $ (9,428) |
NOTES AND INTEREST PAYABLE (D_2
NOTES AND INTEREST PAYABLE (Details 1) $ in Thousands | Dec. 31, 2018USD ($) |
Total | $ 286,107 |
Total Notes Payable [Member] | |
2019 | 47,427 |
2020 | 8,822 |
2021 | 43,202 |
2022 | 43,304 |
2023 | 37,259 |
Thereafter | 115,521 |
Total | $ 295,535 |
NOTES AND INTEREST PAYABLE (D_3
NOTES AND INTEREST PAYABLE (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Loans refinanced or modified | $ 40,000 |
Increase in construction loans | 81,400 |
Interest payable | $ 861 |
Description of maturity date | Mature between 2019 and 2055. |
Real estate, net carrying value | $ 45,900 |
Minimum [Member] | |
Interest rate | 2.50% |
Maximum [Member] | |
Interest rate | 9.75% |
BONDS AND BONDS INTEREST PAYA_3
BONDS AND BONDS INTEREST PAYABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Less: deferred issuance expense, net | $ (9,428) | |
Accrued Interest | 861 | |
Bonds Series A [Member] | ||
Notes Payable | 106,686 | $ 115,336 |
Nonconvertible Series B Bonds [Member] | ||
Notes Payable | 36,740 | |
Bonds Series B Expansion [Member] | ||
Notes Payable | 19,290 | |
Bonds [Member] | ||
Less: deferred issuance expense, net | (8,179) | (5,916) |
Accrued Interest | 4,037 | 3,627 |
Bond and bond interest payable | $ 158,574 | $ 113,047 |
BONDS AND BONDS INTEREST PAYA_4
BONDS AND BONDS INTEREST PAYABLE (Details 1) - Bonds [Member] - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Year ended December 31, | ||
2019 | $ 22,049 | |
2020 | 22,049 | $ 23,067 |
2021 | 33,629 | 23,067 |
2022 | 33,629 | 23,067 |
2023 | 30,070 | 23,067 |
Thereafter | 21,290 | 20,781 |
Total | $ 162,716 | $ 113,049 |
BONDS AND BONDS INTEREST PAYA_5
BONDS AND BONDS INTEREST PAYABLE (Details Narrative) ₪ in Thousands, $ in Thousands | Jul. 26, 2018ILS (₪) | Jul. 26, 2018USD ($) | Jul. 26, 2018ILS (₪) | Jan. 25, 2018USD ($) | Jan. 25, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Jul. 19, 2018USD ($) | Jul. 19, 2018ILS (₪) | Mar. 31, 2018 | Feb. 15, 2018USD ($) | Feb. 15, 2018ILS (₪) |
Foreign currency loss - debenture transactions | $ 12,400 | $ 4,500 | |||||||||||
Interest paid to bondholders | 57,900 | 39,700 | |||||||||||
Series A and B Bonds [Member] | |||||||||||||
Funds deposited for princiapl and interest payment | $ 16,200 | ||||||||||||
Nonconvertible Series B Bonds [Member] | |||||||||||||
Effective interest rate | 7.99% | ||||||||||||
Interest paid to bondholders | $ 5,200 | ||||||||||||
Funds deposited for princiapl and interest payment | $ 16,200 | ||||||||||||
Nonconvertible Series B Bonds [Member] | Israel Shekel [Member] | |||||||||||||
Interest paid to bondholders | ₪ | ₪ 18,900 | ||||||||||||
Bonds Series A [Member] | |||||||||||||
Effective interest rate | 9.17% | ||||||||||||
Interest paid to bondholders | $ 4,300 | ||||||||||||
Bonds Series A [Member] | Southern Properties Capital LTD [Member] | |||||||||||||
Debentures offering amount | $ 115,000 | ||||||||||||
Interest rate | 7.30% | ||||||||||||
Bonds Series A [Member] | Israel Shekel [Member] | |||||||||||||
Interest paid to bondholders | ₪ | ₪ 14,600 | ||||||||||||
Bonds Series A [Member] | Israel Shekel [Member] | Southern Properties Capital LTD [Member] | |||||||||||||
Interest paid to bondholders | ₪ | ₪ 400,000 | ||||||||||||
Series A Bonds [Member] | |||||||||||||
Interest paid to bondholders | $ 5,200 | ||||||||||||
Nonconvertible Series B Bonds [Member] | Southern Properties Capital LTD [Member] | |||||||||||||
Debentures offering amount | $ 39,200 | ||||||||||||
Interest rate | 6.80% | 6.80% | |||||||||||
Nonconvertible Series B Bonds [Member] | Israel Shekel [Member] | Southern Properties Capital LTD [Member] | |||||||||||||
Debentures offering amount | ₪ | ₪ 137,700 | ||||||||||||
Bonds [Member] | |||||||||||||
Bond issuance cost | $ 1,400 | ||||||||||||
Series B Bonds [Member] | |||||||||||||
Debentures offering amount | $ 19,800 | ||||||||||||
Interest rate | 6.80% | 6.80% | |||||||||||
Effective interest rate | 9.60% | 9.60% | |||||||||||
Bond issuance cost | $ 1,900 | ||||||||||||
Series B Bonds [Member] | Israel Shekel [Member] | |||||||||||||
Debentures offering amount | ₪ | ₪ 72,300 |
RELATED PARTY TRANSACTIONS AN_3
RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Pillar Income Asset Management, Inc [Member] | |||
Fees: | |||
Advisory | $ 11,475 | $ 11,082 | $ 10,918 |
Mortgage brokerage and equity refinancing | 852 | 1,712 | 775 |
Net income | 631 | 250 | 257 |
Total fees | 12,958 | 13,044 | 11,950 |
Other Expense: | |||
Cost reimbursements | 4,720 | 3,240 | 3,826 |
Interest paid (received) | (3,370) | (1,195) | (1,444) |
Total other expense | 1,350 | 2,045 | 2,382 |
Revenue: | |||
Rental | 1,178 | 783 | 708 |
Regis Realty Prime, LLC [Member] | |||
Fees: | |||
Property acquisition | 32,008 | 9,128 | 10,775 |
Property management, construction management and leasing commissions | 540 | 963 | 888 |
Real estate brokerage | 2,068 | 1,369 | 787 |
Total fees | $ 34,616 | $ 11,460 | $ 12,450 |
RELATED PARTY TRANSACTIONS AN_4
RELATED PARTY TRANSACTIONS AND FEES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related party receivables [Roll Forward] | |||
Related party receivable, beginning balance | $ 38,311 | ||
Advisory fees | (11,475) | $ (11,082) | $ (10,918) |
Net income fee | (631) | (250) | (257) |
Related party receivable, ending balance | 70,377 | 38,311 | |
Pillar Income Asset Management, Inc [Member] | |||
Related party receivables [Roll Forward] | |||
Related party receivable, beginning balance | 38,311 | 24,672 | |
Cash transfers | 75,892 | 56,635 | |
Advisory fees | (11,475) | (11,082) | |
Net income fee | (631) | (250) | |
Cost reimbursements | (4,720) | (3,240) | (3,826) |
Interest income | 3,370 | 1,196 | |
Notes receivable purchased | (5,314) | (447) | |
Fees and commissions | (2,919) | (3,082) | |
Expenses received (paid) by Advisor | (62) | (579) | |
Financing (mortgage payments) | 9,933 | (17,313) | |
Sales/purchases transactions | (32,008) | (9,818) | |
Tax sharing | 1,619 | ||
Related party receivable, ending balance | $ 70,377 | $ 38,311 | $ 24,672 |
RELATED PARTY TRANSACTIONS AN_5
RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018USD ($)a | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Interest receivable | $ 11,165 | |||
Total notes receivable | 126,058 | $ 112,095 | $ 126,564 | $ 137,280 |
Notes payable | $ 286,107 | |||
Previous statutory tax rate | 35.00% | |||
Statutory tax rate | 21.00% | 35.00% | ||
Area of land | a | 2,346 | |||
Pillar Income Asset Management, Inc [Member] | ||||
Rent received | $ 1,200 | $ 800 | $ 700 | |
Interest income | 3,370 | $ 1,196 | ||
Related Party [Member] | ||||
Total notes receivable | $ 103,000 | |||
Area of land | a | 86 | |||
Mezzanine Financing [Member] | Related Party [Member] | ||||
Notes payable | $ 39,100 | |||
Unified Housing Foundation Inc [Member] | ||||
Interest receivable | 67,200 | |||
Total notes receivable | 4,100 | |||
Recognized interest income | 8,400 | |||
Originated interest income | 53,000 | |||
Interest income | $ 8,600 |
DIVIDENDS (Details Narrative)
DIVIDENDS (Details Narrative) - Convertible Preferred Stock [Member] - RAI [Member] | Jan. 12, 2018shares |
Number of shares converted | 200,000 |
Number of shares issued upon conversion | 482,716 |
PREFERRED STOCK (Details Narrat
PREFERRED STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Series A Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Series A Preferred stock, par value (in dollars per share) | $ 2 | $ 2 |
Series A Preferred stock, liquidation preference (in dollars per share) | 10 | $ 10 |
Dividends payable annually (in dollars per share) | 1 | |
Dividends payable quarterly (in dollars per share) | $ 0.25 | |
Series A Preferred stock, outstanding (in shares) | 614 | 2,000,614 |
Convertible Preferred Stock [Member] | ||
Preferred stock, dividend rate | 10.00% | |
Percentage of the average daily closing price of common stock | 90.00% | |
Number of trading days | 20 days | |
Convertible Preferred Stock [Member] | Stock Transfer Agreement [Member] | Realty Advisors, Inc. [Member] | ||
Series A Preferred Stock, acquire | 900,000 | |
Purchase consideration | $ 9,000 | |
Series A Preferred stock, outstanding (in shares) | 614 | |
Purchase of accrued unpaid dividends | $ 9,900 | |
Convertible Preferred Stock [Member] | Stock Transfer Agreement [Member] | Transcontinential Realty Investors [Member] | ||
Series A Preferred stock, outstanding (in shares) | 1,800 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Income (loss) from continuing operations before income taxes | $ 183,902 | $ (8,696) | $ (2,363) |
Current: | |||
Federal | 42,231 | (3,044) | |
State | 1,210 | 10 | |
Deferred and Other: | |||
Federal | 3,044 | 46 | |
State | (42,231) | 170 | |
Total Tax Expense | $ 1,210 | $ 180 | $ 46 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Expense (Benefit) at Federal Statutory Rate | $ 38,619 | $ (3,044) | $ (827) | ||||||
State and Local Income Taxes Net of Federal Tax Benefit | 1,210 | 180 | |||||||
Permanent differences | (224) | ||||||||
Timing differences | |||||||||
Installment note on land sale | (2,875) | (1,918) | |||||||
Allowance for losses on notes | (712) | (2,372) | |||||||
Deferred gains | (7,041) | (10,758) | |||||||
Basis difference on fixed assets | 22,110 | 9,284 | |||||||
Other basis/timing differences | (7,646) | 5,764 | |||||||
Use/generation of net operating loss carryforwards | (42,231) | 3,044 | 873 | ||||||
Reported Income Tax Expense | $ (418) | $ (792) | $ (180) | $ (46) | $ 1,210 | $ 180 | $ 46 | ||
Effective Tax Rate | 0.70% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred Tax Assets: | ||
Allowance for losses on Notes | $ 2,879 | $ 3,591 |
Installment Note on Land Sale | 2,875 | |
Deferred Gain | 3,999 | 11,040 |
Net Operating Loss Carryforward | 8,700 | 50,931 |
Total Deferred Tax Assets | 15,578 | 68,437 |
Less: Valuation Allowance | (12,246) | (42,995) |
Total Net Deferred Tax Assets | 3,332 | 25,442 |
Total Deferred Tax Liability | ||
Basis Differences for Fixed Assets | (3,332) | (25,442) |
Total Deferred Tax Liability | (3,332) | (25,442) |
Current Net Deferred Tax Asset | 3,332 | 25,442 |
Long-Term Net Deferred Tax Liability | (3,332) | (25,442) |
Net deferred tax asset | $ 0 | $ 0 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||
Net operating losses carryforwards | $ 26,000 | |
Statutory tax rate | 21.00% | 35.00% |
FUTURE MINIMUM RENTAL INCOME _3
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 27,346 |
2020 | 23,805 |
2021 | 21,249 |
2022 | 18,033 |
2023 | 12,825 |
Thereafter | 13,983 |
Total | $ 117,241 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | $ 24,857 | $ 33,409 | $ 31,607 | $ 31,083 | $ 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | $ 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | $ 120,956 | $ 126,221 | $ 119,663 |
Operating expenses | (59,587) | (64,091) | (62,950) | ||||||||||||
Interest income | 21,645 | 18,941 | 20,453 | ||||||||||||
Gain on sale of income-producing properties | 16,698 | 16,207 | |||||||||||||
Gain on land sales | 3,826 | 12,243 | 1,335 | 3,853 | 1,062 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 17,404 | 4,884 | 3,121 | |
Segment operating income (loss) | 140 | $ 5,210 | $ 3,617 | $ 4,918 | 2,713 | $ 5,410 | $ 4,828 | $ 4,477 | 2,893 | $ 3,795 | $ 4,622 | $ 3,324 | 13,885 | 17,428 | 14,634 |
Assets | 381,043 | 988,117 | 381,043 | 988,117 | |||||||||||
Property Sales | |||||||||||||||
Gain on land sales | 16,698 | 16,207 | |||||||||||||
Commercial Properties [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 33,113 | 33,286 | 33,026 | ||||||||||||
Operating expenses | (16,252) | (18,549) | (20,398) | ||||||||||||
Depreciation and amortization | (9,530) | (9,358) | (9,099) | ||||||||||||
Mortgage and loan interest | (7,663) | (7,527) | (7,191) | ||||||||||||
Interest income | |||||||||||||||
Gain on sale of income-producing properties | 2,391 | (238) | |||||||||||||
Gain on land sales | |||||||||||||||
Segment operating income (loss) | (332) | 243 | (3,900) | ||||||||||||
Capital expenditures | 8,246 | (5,817) | 5,008 | ||||||||||||
Assets | 153,014 | 137,157 | 150,838 | 153,014 | 137,157 | 150,838 | |||||||||
Property Sales | |||||||||||||||
Sales price | 5,050 | ||||||||||||||
Cost of sale | (2,659) | 1,500 | |||||||||||||
Recognized prior deferred gain | (1,738) | ||||||||||||||
Gain on land sales | 2,391 | (238) | |||||||||||||
Apartments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 87,832 | 92,807 | 86,603 | ||||||||||||
Operating expenses | (42,134) | (43,677) | (40,786) | ||||||||||||
Depreciation and amortization | (13,140) | (16,354) | (14,759) | ||||||||||||
Mortgage and loan interest | (20,671) | (22,347) | (25,381) | ||||||||||||
Interest income | |||||||||||||||
Gain on sale of income-producing properties | 12,760 | 16,445 | |||||||||||||
Gain on land sales | |||||||||||||||
Segment operating income (loss) | 11,887 | 23,189 | 22,122 | ||||||||||||
Capital expenditures | 16,953 | 1,402 | 864 | ||||||||||||
Assets | 143,500 | 727,508 | 622,061 | 143,500 | 727,508 | 622,061 | |||||||||
Property Sales | |||||||||||||||
Sales price | |||||||||||||||
Cost of sale | 20,350 | ||||||||||||||
Recognized prior deferred gain | 12,760 | (3,905) | |||||||||||||
Gain on land sales | 12,760 | 16,445 | |||||||||||||
Land [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 1 | 111 | 30 | ||||||||||||
Operating expenses | (645) | (878) | (1,745) | ||||||||||||
Depreciation and amortization | |||||||||||||||
Mortgage and loan interest | (636) | (1,945) | (2,232) | ||||||||||||
Interest income | |||||||||||||||
Gain on sale of income-producing properties | 1,547 | ||||||||||||||
Gain on land sales | 17,404 | 4,884 | 3,121 | ||||||||||||
Segment operating income (loss) | 16,124 | 3,719 | (826) | ||||||||||||
Capital expenditures | 609 | 268 | |||||||||||||
Assets | 84,529 | 123,452 | 128,107 | 84,529 | 123,452 | 128,107 | |||||||||
Property Sales | |||||||||||||||
Sales price | 43,311 | 29,969 | |||||||||||||
Cost of sale | (25,907) | (23,538) | 29,128 | ||||||||||||
Recognized prior deferred gain | (26,007) | ||||||||||||||
Gain on land sales | 17,404 | 6,431 | 3,121 | ||||||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 10 | 17 | 4 | ||||||||||||
Operating expenses | (556) | (987) | (21) | ||||||||||||
Depreciation and amortization | 33 | 73 | |||||||||||||
Mortgage and loan interest | (37,093) | (34,352) | (24,558) | ||||||||||||
Interest income | 21,645 | 18,941 | 20,453 | ||||||||||||
Gain on sale of income-producing properties | |||||||||||||||
Gain on land sales | |||||||||||||||
Segment operating income (loss) | (15,994) | (16,348) | (4,049) | ||||||||||||
Capital expenditures | |||||||||||||||
Assets | |||||||||||||||
Property Sales | |||||||||||||||
Sales price | |||||||||||||||
Cost of sale | |||||||||||||||
Recognized prior deferred gain | |||||||||||||||
Gain on land sales | |||||||||||||||
Total Segment [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Operating revenue | 120,956 | 126,221 | 119,663 | ||||||||||||
Operating expenses | (59,587) | (64,091) | (62,950) | ||||||||||||
Depreciation and amortization | (22,670) | (25,679) | (23,785) | ||||||||||||
Mortgage and loan interest | (66,063) | (66,171) | (59,362) | ||||||||||||
Interest income | 21,645 | 18,941 | 20,453 | ||||||||||||
Gain on sale of income-producing properties | 16,698 | 16,207 | |||||||||||||
Gain on land sales | 17,404 | 4,884 | 3,121 | ||||||||||||
Segment operating income (loss) | 11,685 | 10,803 | 13,347 | ||||||||||||
Capital expenditures | 25,199 | (3,806) | 6,140 | ||||||||||||
Assets | $ 381,043 | $ 988,117 | $ 901,006 | 381,043 | 988,117 | 901,006 | |||||||||
Property Sales | |||||||||||||||
Sales price | 43,311 | 35,019 | |||||||||||||
Cost of sale | (25,907) | (26,197) | 50,978 | ||||||||||||
Recognized prior deferred gain | 12,760 | (31,650) | |||||||||||||
Gain on land sales | $ 17,404 | $ 21,582 | $ 19,328 |
OPERATING SEGMENTS (Details 1)
OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Segment operating income (loss) | $ 140 | $ 5,210 | $ 3,617 | $ 4,918 | $ 2,713 | $ 5,410 | $ 4,828 | $ 4,477 | $ 2,893 | $ 3,795 | $ 4,622 | $ 3,324 | $ 13,885 | $ 17,428 | $ 14,634 |
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (12,708) | (7,691) | (7,119) | ||||||||||||
Net income fee to related party | (631) | (250) | (257) | ||||||||||||
Advisory fee to related party | (11,475) | (11,082) | (10,918) | ||||||||||||
Other income | 28,993 | 4,082 | 2,091 | ||||||||||||
Gain on disposition of 50% interest in VAA | 154,126 | 154,126 | |||||||||||||
Earnings from unconsolidated joint ventures and investees | 1,469 | 309 | 493 | ||||||||||||
Foreign currency transaction gain (loss) | 12,399 | (4,536) | |||||||||||||
Income tax benefit (expense) | 418 | 792 | 180 | 46 | (1,210) | (180) | (46) | ||||||||
Net income (loss) from continuing operations | $ 154,166 | $ 22,616 | $ 6,295 | $ (385) | $ (1,529) | $ 9,884 | $ (11,324) | $ (5,907) | $ 2,924 | $ (4,948) | $ 3,353 | $ (3,738) | 182,692 | (8,876) | (2,409) |
Total Segment [Member] | |||||||||||||||
Segment operating income (loss) | 11,685 | 10,803 | 13,347 | ||||||||||||
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (12,708) | (7,691) | (7,119) | ||||||||||||
Net income fee to related party | (631) | (250) | (257) | ||||||||||||
Advisory fee to related party | (11,475) | (11,082) | (10,918) | ||||||||||||
Other income | 28,993 | 4,082 | 2,091 | ||||||||||||
Gain on disposition of 50% interest in VAA | 154,126 | ||||||||||||||
Loss on sale of investments | (331) | ||||||||||||||
Earnings from unconsolidated joint ventures and investees | 1,513 | 309 | 493 | ||||||||||||
Foreign currency transaction gain (loss) | 12,399 | (4,536) | |||||||||||||
Income tax benefit (expense) | (1,210) | (180) | (46) | ||||||||||||
Net income (loss) from continuing operations | $ 182,692 | $ (8,876) | $ (2,409) |
OPERATING SEGMENTS (Details 2)
OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment assets | $ 381,043 | $ 988,117 | ||
Investments in unconsolidated subsidiaries and investees | 7,602 | 6,396 | ||
Notes and interest receivable | 126,058 | 112,095 | $ 126,564 | $ 137,280 |
Total assets | 826,149 | 1,296,720 | ||
Total Segment [Member] | ||||
Segment assets | 381,043 | 988,117 | 901,006 | |
Investments in unconsolidated subsidiaries and investees | 76,001 | 6,396 | 6,087 | |
Notes and interest receivable | 126,058 | 112,095 | 126,564 | |
Other assets and receivables | 243,047 | 190,112 | 141,252 | |
Total assets | $ 826,149 | $ 1,296,720 | $ 1,174,909 |
QUARTERLY RESULTS OF OPERATIO_3
QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Operating revenue | $ 24,857 | $ 33,409 | $ 31,607 | $ 31,083 | $ 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | $ 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | $ 120,956 | $ 126,221 | $ 119,663 |
Total operating expenses | 24,717 | 28,199 | 27,990 | 26,165 | 28,292 | 26,397 | 26,759 | 27,345 | 26,664 | 26,272 | 26,212 | 25,881 | 107,071 | 108,793 | 105,029 |
Operating income | 140 | 5,210 | 3,617 | 4,918 | 2,713 | 5,410 | 4,828 | 4,477 | 2,893 | 3,795 | 4,622 | 3,324 | 13,885 | 17,428 | 14,634 |
Other (expense) income | (3,508) | 5,955 | 2,678 | (6,638) | (11,853) | (9,348) | (15,676) | (10,829) | (10,447) | (9,252) | (8,156) | (8,470) | (1,513) | (47,706) | (36,325) |
(Loss) income before gain on sales, non-controlling interest, and taxes | (3,368) | 11,165 | 6,295 | (1,720) | (9,140) | (3,938) | (10,848) | (6,352) | (7,554) | (5,457) | (3,534) | (5,146) | 183,902 | (8,696) | (2,363) |
Gain on disposition of 50% interest in VAA | 154,126 | 154,126 | |||||||||||||
Gain (loss) on sale of income producing properties | 3,938 | 12,760 | 11,283 | 5,168 | (244) | ||||||||||
Gain on land sales | 3,826 | 12,243 | 1,335 | 3,853 | 1,062 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 17,404 | 4,884 | 3,121 | |
Income tax expense | (418) | (792) | (180) | (46) | 1,210 | 180 | 46 | ||||||||
Net income (loss) from continued operations | 154,166 | 22,616 | 6,295 | (385) | (1,529) | 9,884 | (11,324) | (5,907) | 2,924 | (4,948) | 3,353 | (3,738) | 182,692 | (8,876) | (2,409) |
Net loss from discontinued operations | (3) | 2 | (1) | ||||||||||||
Net income (loss) | 154,166 | 22,616 | 6,295 | (385) | (1,529) | 9,884 | (11,324) | (5,907) | 2,921 | (4,948) | 3,353 | (3,736) | 182,692 | (8,876) | (2,410) |
Less: net (income) loss attributable to non-controlling interest | (6,012) | (2,265) | (441) | (275) | 339 | (522) | 435 | 193 | (1,182) | 1,194 | (864) | 530 | 8,993 | (445) | 322 |
Preferred dividend requirement | (226) | (225) | (225) | (225) | (280) | (275) | (275) | (275) | (276) | (275) | (53) | (497) | (901) | (1,105) | (1,101) |
Net income (loss) applicable to common shares | $ 147,928 | $ 20,126 | $ 5,629 | $ (885) | $ (1,470) | $ 9,087 | $ (11,164) | $ (5,989) | $ 1,463 | $ (4,029) | $ 2,436 | $ (3,703) | $ 172,798 | $ (9,536) | $ (3,833) |
Earnings per share - basic | |||||||||||||||
Loss from continued operations | $ 9.26 | $ 1.26 | $ 0.35 | $ (0.06) | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ 10.81 | $ (0.61) | $ (0.25) |
Net income (loss) applicable to common shares | $ 9.26 | $ 1.26 | $ 0.35 | $ (0.06) | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | |||
Weighted average common shares used in computing earnings per share | 15,997,076 | 15,997,076 | 15,997,076 | 15,938,077 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,982,528 | 15,514,360 | 15,514,360 |
Earnings per share - diluted | |||||||||||||||
Loss from continued operations | $ 9.26 | $ 1.26 | $ 0.35 | $ (0.06) | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ 10.81 | $ (0.61) | $ (0.25) |
Net income (loss) applicable to common shares | $ 9.26 | $ 1.26 | $ 0.35 | $ (0.06) | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | |||
Weighted average common shares used in computing diluted earnings per share | 15,997,076 | 15,997,076 | 15,997,076 | 15,938,077 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,982,528 | 15,514,360 | 15,514,360 |
COMMITMENTS, CONTINGENCIES, A_2
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands | Feb. 04, 2019 | Jul. 20, 2015 | Jan. 31, 2012 | Oct. 31, 2011 | Dec. 31, 2018 |
Dynex Capital, Inc.Litigation [Member] | |||||
Damages sought value | $ 160,000 | ||||
Unfunded loan commitment | 160,000 | ||||
Awarded attorney fees | $ 1,600 | ||||
Post-judgment interest rate | 5.00% | ||||
Dynex Capital, Inc.Litigation [Member] | Southern Properties Capital LTD [Member] | |||||
Damages - awarded amount | $ 11,100 | ||||
Damages - pre-judgement interest | 8,400 | ||||
Damages - total | 19,500 | ||||
Dynex Capital, Inc.Litigation [Member] | American Reality Trust, Inc. [Member] | |||||
Damages - awarded amount | 14,200 | ||||
Damages - pre-judgement interest | 10,600 | ||||
Damages - total | 24,800 | ||||
Dynex Capital, Inc.Litigation [Member] | Basic Capital Management, Inc. [Member] | |||||
Damages - awarded amount | 256 | ||||
Damages - pre-judgement interest | 192 | ||||
Damages - total | $ 448 | ||||
ART and ART Midwest, Inc. Litigation [Member] | |||||
Damages sought value | $ 74,000 | ||||
Actual damages sought value | $ 59,000 | 26,000 | |||
Interest damages sought value | $ 48,000 | ||||
Description of plaintiff | Mr. David Clapper and entities related to Mr. Clapper (collectively, the “Clapper Parties”). | ||||
Description of defendant | A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) | ||||
Description of allegation | The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. | ||||
Notes receivable from the sale of ART | $ 10,000 | ||||
Individual Shareholder [Member] | Subsequent Event [Member] | |||||
Description of allegation | That the sale and/or exchange of certain tangible and intangible property between the Companies and IOR during the last ten years of business operations constitutes a breach of fiduciary duty by the one or more of Companies, the Additional Defendants and/or the directors of IOR. | ||||
Minority stockholders | 7,900 | ||||
UHF Debt Guarantee [Member] | |||||
Loan guarantee amount | $ 39,100 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - USD ($) $ in Thousands | Jan. 12, 2018 | Apr. 09, 2015 | Jul. 17, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 |
Shares held by subsidiaries | 2,000,614 | 1,800,614 | ||||
Convertible Preferred Stock [Member] | ||||||
Shares held by subsidiaries | 1,800,000 | 900,000 | ||||
Percentage of the average daily closing price of common stock | 90.00% | |||||
Preferred stock, dividend rate | 10.00% | |||||
Number of trading days | 20 days | |||||
Stock options outstanding | 1,000 | |||||
Convertible Preferred Stock [Member] | RAI [Member] | ||||||
Shares held by subsidiaries | 2,451,435 | 900,000 | ||||
Accrued dividends unpaid | $ 15,100 | $ 9,900 | ||||
Number of preferred stock converted | 460,638 | 890,797 | ||||
Accumulated dividends unpaid upon conversion | $ 2,300 | $ 6,300 | ||||
Number of common stock issued for conversion | 1,486,741 | 2,502,230 | ||||
Number of shares converted | 200,000 | |||||
Number of shares issued upon conversion | 482,716 |
SCHEDULE III REAL ESTATE AND _2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Gross Amounts of Which Carried at End of Year Total | $ 459,143 | $ 1,165,663 | $ 1,066,603 | $ 1,003,545 |
Accumulated Depreciation | 78,099 | $ 177,546 | $ 165,597 | $ 150,038 |
Properties Held for Investment/Corporate Debt [Member] | ||||
Encumbrances | 291,541 | |||
Initial Cost Land | 142,898 | |||
Initial Cost Building &Improvements | 258,322 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 85,012 | |||
Asset Impairment | (30,371) | |||
Gross Amounts of Which Carried at End of Year Land | 142,898 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 343,334 | |||
Gross Amounts of Which Carried at End of Year Total | 455,861 | |||
Accumulated Depreciation | 78,099 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | ||||
Encumbrances | 94,760 | |||
Initial Cost Land | 12,312 | |||
Initial Cost Building &Improvements | 109,999 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 589 | |||
Gross Amounts of Which Carried at End of Year Land | 12,312 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 110,588 | |||
Gross Amounts of Which Carried at End of Year Total | 122,900 | |||
Accumulated Depreciation | 6,934 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Chelsea, Beaumont [Member] | TEXAS | ||||
Encumbrances | 8,953 | |||
Initial Cost Land | 1,225 | |||
Initial Cost Building &Improvements | 11,025 | |||
Gross Amounts of Which Carried at End of Year Land | 1,225 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 11,025 | |||
Gross Amounts of Which Carried at End of Year Total | 12,250 | |||
Accumulated Depreciation | $ 23 | |||
Date of Construction | 1999 | |||
Date Acquired | 18-Nov | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Farnham Park, Port Aurther [Member] | TEXAS | ||||
Encumbrances | $ 9,348 | |||
Initial Cost Land | 1,010 | |||
Initial Cost Building &Improvements | 9,086 | |||
Gross Amounts of Which Carried at End of Year Land | 1,010 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 9,086 | |||
Gross Amounts of Which Carried at End of Year Total | $ 10,096 | |||
Date Acquired | 18-Nov | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Landing, Houma [Member] | LOUISIANA | ||||
Encumbrances | $ 15,720 | |||
Initial Cost Land | 2,012 | |||
Initial Cost Building &Improvements | 18,115 | |||
Gross Amounts of Which Carried at End of Year Land | 2,012 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 18,115 | |||
Gross Amounts of Which Carried at End of Year Total | 20,127 | |||
Accumulated Depreciation | $ 38 | |||
Date Acquired | 18-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Legacy at Pleasant Grove, Texarkana [Member] | TEXAS | ||||
Encumbrances | $ 14,224 | |||
Initial Cost Land | 2,005 | |||
Initial Cost Building &Improvements | 17,892 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 217 | |||
Gross Amounts of Which Carried at End of Year Land | 2,005 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 18,109 | |||
Gross Amounts of Which Carried at End of Year Total | 20,114 | |||
Accumulated Depreciation | $ 1,817 | |||
Date of Construction | 2006 | |||
Date Acquired | 14-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Toulon, Gautier [Member] | MONTSERRAT | ||||
Encumbrances | $ 19,844 | |||
Initial Cost Land | 1,173 | |||
Initial Cost Building &Improvements | 17,181 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 372 | |||
Gross Amounts of Which Carried at End of Year Land | 1,173 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 17,553 | |||
Gross Amounts of Which Carried at End of Year Total | 18,726 | |||
Accumulated Depreciation | $ 2,640 | |||
Date of Construction | 2011 | |||
Date Acquired | 9-Sep | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villager, Ft. Walton [Member] | FLORIDA | ||||
Encumbrances | $ 693 | |||
Initial Cost Land | 141 | |||
Initial Cost Building &Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Land | 141 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Total | 1,408 | |||
Accumulated Depreciation | $ 116 | |||
Date of Construction | 1972 | |||
Date Acquired | 15-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villas at Bon Secour, Gulf Shores [Member] | ALABAMA | ||||
Encumbrances | $ 11,730 | |||
Initial Cost Land | 2,715 | |||
Initial Cost Building &Improvements | 15,385 | |||
Gross Amounts of Which Carried at End of Year Land | 2,715 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 15,385 | |||
Gross Amounts of Which Carried at End of Year Total | 18,100 | |||
Accumulated Depreciation | $ 160 | |||
Date of Construction | 2007 | |||
Date Acquired | 18-Jul | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Vista Ridge, Tupelo [Member] | MONTSERRAT | ||||
Encumbrances | $ 10,394 | |||
Initial Cost Land | 1,339 | |||
Initial Cost Building &Improvements | 13,398 | |||
Gross Amounts of Which Carried at End of Year Land | 1,339 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,398 | |||
Gross Amounts of Which Carried at End of Year Total | 14,737 | |||
Accumulated Depreciation | $ 1,544 | |||
Date of Construction | 2009 | |||
Date Acquired | 15-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Westwood, Mary Ester [Member] | FLORIDA | ||||
Encumbrances | $ 3,854 | |||
Initial Cost Land | 692 | |||
Initial Cost Building &Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Land | 692 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Total | 7,343 | |||
Accumulated Depreciation | $ 596 | |||
Date of Construction | 1972 | |||
Date Acquired | 15-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | ||||
Encumbrances | $ 14,401 | |||
Initial Cost Land | 8,263 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 17,026 | |||
Gross Amounts of Which Carried at End of Year Land | 8,263 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 17,026 | |||
Gross Amounts of Which Carried at End of Year Total | 25,289 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Forest Pines [Member] | ||||
Initial Cost Land | 5,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 300 | |||
Gross Amounts of Which Carried at End of Year Land | 5,040 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 300 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,340 | |||
Date Acquired | 17-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Overlook at Allensville Square II, Seigerville [Member] | TUNISIA | ||||
Encumbrances | $ 10,529 | |||
Initial Cost Land | 1,933 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 12,567 | |||
Gross Amounts of Which Carried at End of Year Land | 1,933 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,567 | |||
Gross Amounts of Which Carried at End of Year Total | $ 14,500 | |||
Date Acquired | 15-Nov | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Apalache Point [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 21 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 21 | |||
Gross Amounts of Which Carried at End of Year Total | 21 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc At Denham [Member] | ||||
Encumbrances | 3,325 | |||
Initial Cost Land | 714 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,138 | |||
Gross Amounts of Which Carried at End of Year Land | 714 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 4,138 | |||
Gross Amounts of Which Carried at End of Year Total | 4,852 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Sugar Mill II [Member] | ||||
Encumbrances | 547 | |||
Initial Cost Land | 576 | |||
Gross Amounts of Which Carried at End of Year Land | 576 | |||
Gross Amounts of Which Carried at End of Year Total | 576 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | ||||
Encumbrances | 136,634 | |||
Initial Cost Land | 33,527 | |||
Initial Cost Building &Improvements | 148,323 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 51,912 | |||
Asset Impairment | (9,600) | |||
Gross Amounts of Which Carried at End of Year Land | 33,527 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 200,235 | |||
Gross Amounts of Which Carried at End of Year Total | 224,162 | |||
Accumulated Depreciation | 71,148 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass Colinas [Member] | TEXAS | ||||
Encumbrances | 37,926 | |||
Initial Cost Land | 5,751 | |||
Initial Cost Building &Improvements | 51,759 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 19,317 | |||
Gross Amounts of Which Carried at End of Year Land | 5,751 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 71,076 | |||
Gross Amounts of Which Carried at End of Year Total | 76,827 | |||
Accumulated Depreciation | $ 29,896 | |||
Date of Construction | 1984 | |||
Date Acquired | 5-Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 770 South Post Oak, Houston [Member] | TEXAS | ||||
Encumbrances | $ 12,394 | |||
Initial Cost Land | 1,763 | |||
Initial Cost Building &Improvements | 15,834 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 412 | |||
Gross Amounts of Which Carried at End of Year Land | 1,763 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,246 | |||
Gross Amounts of Which Carried at End of Year Total | 18,009 | |||
Accumulated Depreciation | $ 1,619 | |||
Date of Construction | 1970 | |||
Date Acquired | 15-July | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Bridgeview Plaza, LaCrosse [Member] | WISCONSIN | ||||
Encumbrances | $ 4,423 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,157 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,157 | |||
Gross Amounts of Which Carried at End of Year Total | 1,157 | |||
Accumulated Depreciation | $ 710 | |||
Date of Construction | 1979 | |||
Date Acquired | 3-Mar | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Browning Place (Park West I), Farmers Branch [Member] | TEXAS | ||||
Encumbrances | $ 41,891 | |||
Initial Cost Land | 5,096 | |||
Initial Cost Building &Improvements | 45,868 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 22,848 | |||
Gross Amounts of Which Carried at End of Year Land | 5,096 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 68,716 | |||
Gross Amounts of Which Carried at End of Year Total | 73,812 | |||
Accumulated Depreciation | $ 26,556 | |||
Date of Construction | 1984 | |||
Date Acquired | 5-Apr | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Mahogany Run Golf Course [Member] | VIRGIN ISLANDS, US | ||||
Accumulated Depreciation | $ 15 | |||
Date of Construction | 1981 | |||
Date Acquired | 14-Nov | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Cross County Mall [Member] | ILLINOIS | ||||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Fruitland Plaza, Fruitland Park [Member] | FLORIDA | ||||
Initial Cost Land | $ 17 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 83 | |||
Gross Amounts of Which Carried at End of Year Land | 17 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 83 | |||
Gross Amounts of Which Carried at End of Year Total | 100 | |||
Accumulated Depreciation | $ 62 | |||
Date Acquired | May-92 | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Senlac VHP, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 622 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 142 | |||
Gross Amounts of Which Carried at End of Year Land | 622 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 142 | |||
Gross Amounts of Which Carried at End of Year Total | 764 | |||
Accumulated Depreciation | $ 142 | |||
Date Acquired | 5-Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Stanford Center, Dallas [Member] | TEXAS | ||||
Encumbrances | $ 40,000 | |||
Initial Cost Land | 20,278 | |||
Initial Cost Building &Improvements | 34,862 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,953 | |||
Asset Impairment | (9,600) | |||
Gross Amounts of Which Carried at End of Year Land | 20,278 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 42,815 | |||
Gross Amounts of Which Carried at End of Year Total | 53,493 | |||
Accumulated Depreciation | $ 12,148 | |||
Date Acquired | 8-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | ||||
Encumbrances | $ 27,521 | |||
Initial Cost Land | 88,796 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15,485 | |||
Asset Impairment | (20,771) | |||
Gross Amounts of Which Carried at End of Year Land | 88,796 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 15,485 | |||
Gross Amounts of Which Carried at End of Year Total | 83,510 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Bonneau Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | 1,309 | |||
Gross Amounts of Which Carried at End of Year Land | 1,309 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,309 | |||
Date Acquired | 14-Dec | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Cooks Lane, Fort Worth [Member] | TEXAS | ||||
Initial Cost Land | $ 1,094 | |||
Gross Amounts of Which Carried at End of Year Land | 1,094 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,094 | |||
Date Acquired | 4-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dedeaux, Gulfport [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 1,612 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 46 | |||
Asset Impairment | (38) | |||
Gross Amounts of Which Carried at End of Year Land | 1,612 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 46 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,620 | |||
Date Acquired | 6-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Gautier Land, Gautier [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 202 | |||
Gross Amounts of Which Carried at End of Year Land | 202 | |||
Gross Amounts of Which Carried at End of Year Total | $ 202 | |||
Date Acquired | Jul-98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lake Shore Villas, Humble [Member] | TEXAS | ||||
Initial Cost Land | $ 81 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3 | |||
Gross Amounts of Which Carried at End of Year Land | 81 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 3 | |||
Gross Amounts of Which Carried at End of Year Total | $ 84 | |||
Date Acquired | 2-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lubbock Land, Lubbock [Member] | TEXAS | ||||
Initial Cost Land | $ 234 | |||
Gross Amounts of Which Carried at End of Year Land | 234 | |||
Gross Amounts of Which Carried at End of Year Total | $ 234 | |||
Date Acquired | 4-Jan | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nakash, Malden [Member] | MACAU | ||||
Initial Cost Land | $ 103 | |||
Gross Amounts of Which Carried at End of Year Land | 103 | |||
Gross Amounts of Which Carried at End of Year Total | $ 103 | |||
Date Acquired | Jan-93 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nashville, Nashville [Member] | TUNISIA | ||||
Initial Cost Land | $ 278 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Land | 278 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Total | $ 337 | |||
Date Acquired | 2-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Ocean Estates, Gulfport [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 1,418 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 390 | |||
Gross Amounts of Which Carried at End of Year Land | 1,418 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 390 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,808 | |||
Date Acquired | 7-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Texas Plaza Land, Irving [Member] | TEXAS | ||||
Initial Cost Land | $ 1,738 | |||
Asset Impairment | (238) | |||
Gross Amounts of Which Carried at End of Year Land | 1,738 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,500 | |||
Date Acquired | 6-Dec | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Union Pacific Railroad Land, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 130 | |||
Gross Amounts of Which Carried at End of Year Land | 130 | |||
Gross Amounts of Which Carried at End of Year Total | $ 130 | |||
Date Acquired | 4-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Willowick Land, Pensacola [Member] | FLORIDA | ||||
Initial Cost Land | $ 137 | |||
Gross Amounts of Which Carried at End of Year Land | 137 | |||
Gross Amounts of Which Carried at End of Year Total | $ 137 | |||
Date Acquired | Jan-95 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Windmill Farms Land, Kaufman County [Member] | TEXAS | ||||
Encumbrances | $ 14,402 | |||
Initial Cost Land | 57,345 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 13,911 | |||
Asset Impairment | (20,343) | |||
Gross Amounts of Which Carried at End of Year Land | 57,345 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,911 | |||
Gross Amounts of Which Carried at End of Year Total | $ 50,913 | |||
Date Acquired | 11-Nov | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | 2427 Valley View Ln, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 76 | |||
Gross Amounts of Which Carried at End of Year Land | 76 | |||
Gross Amounts of Which Carried at End of Year Total | $ 76 | |||
Date Acquired | 12-July | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,169 | |||
Cost Capitalized Subsequent to Acquisition Improvements | (760) | |||
Gross Amounts of Which Carried at End of Year Land | 1,169 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (760) | |||
Gross Amounts of Which Carried at End of Year Total | $ 409 | |||
Date Acquired | 4-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Minivest Land, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 7 | |||
Gross Amounts of Which Carried at End of Year Land | 7 | |||
Gross Amounts of Which Carried at End of Year Total | $ 7 | |||
Date Acquired | 13-Apr | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mira Lago, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 53 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15 | |||
Gross Amounts of Which Carried at End of Year Land | 53 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 15 | |||
Gross Amounts of Which Carried at End of Year Total | $ 68 | |||
Date Acquired | 1-May | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Croslin, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 184 | |||
Cost Capitalized Subsequent to Acquisition Improvements | (118) | |||
Gross Amounts of Which Carried at End of Year Land | 184 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (118) | |||
Gross Amounts of Which Carried at End of Year Total | $ 66 | |||
Date Acquired | Oct-98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Mendoza, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 80 | |||
Cost Capitalized Subsequent to Acquisition Improvements | (51) | |||
Gross Amounts of Which Carried at End of Year Land | 80 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (51) | |||
Gross Amounts of Which Carried at End of Year Total | $ 29 | |||
Date Acquired | Oct-98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Valley View 34 (Mercer Crossing), Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,173 | |||
Cost Capitalized Subsequent to Acquisition Improvements | (945) | |||
Gross Amounts of Which Carried at End of Year Land | 1,173 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (945) | |||
Gross Amounts of Which Carried at End of Year Total | $ 228 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dominion Mercer, Farmers Branch, TX [Member] | TEXAS | ||||
Encumbrances | $ 6,400 | |||
Initial Cost Land | 3,801 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,774 | |||
Asset Impairment | (133) | |||
Gross Amounts of Which Carried at End of Year Land | 3,801 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 2,774 | |||
Gross Amounts of Which Carried at End of Year Total | $ 6,442 | |||
Date Acquired | 16-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney 36, Collin County [Member] | TEXAS | ||||
Encumbrances | $ 1,092 | |||
Initial Cost Land | 456 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 161 | |||
Asset Impairment | (19) | |||
Gross Amounts of Which Carried at End of Year Land | 456 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 161 | |||
Gross Amounts of Which Carried at End of Year Total | $ 598 | |||
Date Acquired | Jan-98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Land, Kaufman County [Member] | TEXAS | ||||
Encumbrances | $ 307 | |||
Initial Cost Land | 80 | |||
Gross Amounts of Which Carried at End of Year Land | 80 | |||
Gross Amounts of Which Carried at End of Year Total | $ 80 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Retail, Kaufman City [Member] | TEXAS | ||||
Initial Cost Land | $ 1,517 | |||
Gross Amounts of Which Carried at End of Year Land | 1,517 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,517 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | GNB Land ARI 8/06 L2870 [Member] | ||||
Encumbrances | $ 2,220 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | GNB Land Edina 6/07 L2875 [Member] | ||||
Encumbrances | 3,100 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Manhattan Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | (344) | |||
Asset Impairment | (344) | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (344) | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mercer Crossing Land L2876 [Member] | ||||
Initial Cost Land | 12,029 | |||
Gross Amounts of Which Carried at End of Year Land | 12,029 | |||
Gross Amounts of Which Carried at End of Year Total | 12,029 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mercer Crossing Land L2877 [Member] | ||||
Initial Cost Land | 2,834 | |||
Gross Amounts of Which Carried at End of Year Land | 2,834 | |||
Gross Amounts of Which Carried at End of Year Total | 2,834 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | ||||
Encumbrances | 18,225 | |||
Accumulated Depreciation | 17 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | TCI - Corporate [Member] | ||||
Encumbrances | 18,225 | |||
Accumulated Depreciation | 17 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Sale [Member] | ||||
Encumbrances | 376 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Sale [Member] | Dunes Plaza C2195 [Member] | ||||
Encumbrances | 376 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | ||||
Initial Cost Land | 5,111 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 621 | |||
Asset Impairment | (2,451) | |||
Gross Amounts of Which Carried at End of Year Land | 5,111 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 621 | |||
Gross Amounts of Which Carried at End of Year Total | 3,281 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Dominion Tract, Dallas [Member] | TEXAS | ||||
Initial Cost Land | 2,083 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 53 | |||
Gross Amounts of Which Carried at End of Year Land | 2,083 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 53 | |||
Gross Amounts of Which Carried at End of Year Total | $ 2,136 | |||
Date Acquired | Mar-99 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Hollywood Casino Tract I, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ (482) | |||
Gross Amounts of Which Carried at End of Year Land | (482) | |||
Gross Amounts of Which Carried at End of Year Total | $ (482) | |||
Date Acquired | 2-Jun | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Whorton Land Bentonville [Member] | ARGENTINA | ||||
Initial Cost Land | $ 3,510 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 568 | |||
Asset Impairment | (2,451) | |||
Gross Amounts of Which Carried at End of Year Land | 3,510 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 568 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,627 | |||
Date Acquired | 5-Jun | |||
Land Sold [Member] | ||||
Encumbrances | $ 291,917 | |||
Initial Cost Land | 148,009 | |||
Initial Cost Building &Improvements | 258,322 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 85,633 | |||
Asset Impairment | (32,822) | |||
Gross Amounts of Which Carried at End of Year Land | 148,009 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 343,955 | |||
Gross Amounts of Which Carried at End of Year Total | 459,142 | |||
Accumulated Depreciation | $ 78,099 |
SCHEDULE III REAL ESTATE AND _3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate | |||
Balance at at beginning | $ 1,165,663 | $ 1,066,603 | $ 1,003,545 |
Additions | |||
Acquisitions, improvements and construction | 576,232 | 129,484 | 112,762 |
Deductions | |||
Sale of real estate | (1,282,752) | (30,424) | (49,704) |
Balance at ending | 459,143 | 1,165,663 | 1,066,603 |
Reconciliation of Accumulated Depreciation | |||
Balance at at beginning | 177,546 | 165,597 | 150,038 |
Additions | |||
Depreciation | 22,670 | 24,417 | 23,277 |
Deductions | |||
Sale of real estate | (122,117) | (12,468) | (7,718) |
Balance at ending | $ 78,099 | $ 177,546 | $ 165,597 |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Carrying Amount of Mortgage | $ 126,058 | $ 112,095 | $ 126,564 | $ 137,280 |
Accrued interest | 11,165 | |||
Allowance for estimated losses | (14,269) | |||
Total notes and interest receivable | $ 126,058 | |||
Mortgage Loans [Member] | Christine Tunney [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 49 | |||
Total notes and interest receivable | $ 48 | |||
Mortgage Loans [Member] | Compton Partners [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 289 | |||
Total notes and interest receivable | $ 289 | |||
Mortgage Loans [Member] | David Monier [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 97 | |||
Total notes and interest receivable | $ 97 | |||
Mortgage Loans [Member] | Earl Samson III [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | Edward Samson III [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | Hammon Operating Corporation [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 193 | |||
Total notes and interest receivable | $ 193 | |||
Mortgage Loans [Member] | Harold Wolfe [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 193 | |||
Total notes and interest receivable | $ 193 | |||
Mortgage Loans [Member] | Herrick Partners [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 91 | |||
Total notes and interest receivable | $ 91 | |||
Mortgage Loans [Member] | Mary Anna MacLean [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 193 | |||
Total notes and interest receivable | $ 193 | |||
Mortgage Loans [Member] | Michael Monier [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 304 | |||
Total notes and interest receivable | $ 304 | |||
Mortgage Loans [Member] | Michale Witte [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | Palmer Brown Madden [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | Richard Schmaltz [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 203 | |||
Total notes and interest receivable | $ 203 | |||
Mortgage Loans [Member] | Robert Baylis [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 193 | |||
Total notes and interest receivable | $ 193 | |||
Mortgage Loans [Member] | Sherman Bull [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 193 | |||
Total notes and interest receivable | $ 193 | |||
Mortgage Loans [Member] | Willingham Revocable Trust [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | William H. Ingram [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 96 | |||
Total notes and interest receivable | $ 96 | |||
Mortgage Loans [Member] | William S. Urkiel [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | ||||
Interest Rate | 10.00% | |||
Final Maturity Date | 2017-09 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 97 | |||
Total notes and interest receivable | $ 97 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock I) [Member] | 100% Interest in UH of Harvest Hill I, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 15,640 | |||
Face Amount of Mortgage | 2,794 | |||
Total notes and interest receivable | $ 2,485 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock II) [Member] | 100% Interest in UH of Harvest Hill, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 14,026 | |||
Face Amount of Mortgage | 2,555 | |||
Total notes and interest receivable | $ 2,555 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Trails at White Rock) [Member] | 100% Interest in UH of Harvest Hill III, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 21,712 | |||
Face Amount of Mortgage | 3,815 | |||
Total notes and interest receivable | $ 3,815 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Kensington Park/UH of Kensington,LLC) [Member] | 100% Interest in UH of Kensington, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 18,723 | |||
Face Amount of Mortgage | 4,310 | |||
Total notes and interest receivable | $ 3,933 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Walnut Park Crossing) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 340 | |||
Total notes and interest receivable | $ 369 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Samsung, Inc/Braker Lane) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 2,794 | |||
Total notes and interest receivable | $ 720 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Terraces of Marine Creek/Blue Lake at Marine Creek) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 140 | |||
Total notes and interest receivable | $ 128 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Inwood on the Park/UH of Inwood,LLC) [Member] | 100% Interest in UH of Inwood, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 22,227 | |||
Face Amount of Mortgage | 5,462 | |||
Total notes and interest receivable | $ 3,639 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Plaza at Chase Oaks/UH of Chase Oaks) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 143 | |||
Total notes and interest receivable | $ 132 | |||
Mortgage Loans [Member] | H198, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2019-10 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 4,554 | |||
Total notes and interest receivable | $ 4,554 | |||
Mortgage Loans [Member] | H198, LLC [Member] | Las Vegas Land [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2020-01 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 5,907 | |||
Total notes and interest receivable | $ 5,907 | |||
Mortgage Loans [Member] | H198, LLC [Member] | Legacy at Pleasant Grove [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2019-10 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 496 | |||
Total notes and interest receivable | $ 496 | |||
Mortgage Loans [Member] | McKinney Ranch Land [Member] | ||||
Interest Rate | 6.00% | |||
Final Maturity Date | 2020-09 | |||
Mortgage Loans [Member] | Forest Pines [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2019-09 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 2,223 | |||
Total notes and interest receivable | $ 2,223 | |||
Mortgage Loans [Member] | Spyglass Apartments of Ennis, LP [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2019-11 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 5,083 | |||
Total notes and interest receivable | $ 5,083 | |||
Mortgage Loans [Member] | Bellwether Ridge [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2020-05 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 3,429 | |||
Total notes and interest receivable | $ 3,429 | |||
Mortgage Loans [Member] | Parc at Windmill Farms [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2020-05 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 6,066 | |||
Total notes and interest receivable | $ 6,066 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | 100% Interest in UH of Temple, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 9,719 | |||
Face Amount of Mortgage | 2,794 | |||
Total notes and interest receivable | $ 1,481 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% of cash flow) [Member] | Interest in Unified Housing Foundation Inc. [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 15,756 | |||
Face Amount of Mortgage | 8,836 | |||
Total notes and interest receivable | $ 6,369 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% of cash flow) [Member] | 100% Interest in HFS of Humble, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 15,965 | |||
Face Amount of Mortgage | 2,959 | |||
Total notes and interest receivable | $ 2,000 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 100% Interest in UH of Vista Ridge, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 18,641 | |||
Face Amount of Mortgage | 12,335 | |||
Total notes and interest receivable | $ 7,953 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | 100% Interest in UH of Terrell, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 7,294 | |||
Face Amount of Mortgage | 1,702 | |||
Total notes and interest receivable | $ 1,323 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | 100% Interest in UH of Tivoli, LLC [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 10,398 | |||
Face Amount of Mortgage | 10,742 | |||
Total notes and interest receivable | $ 6,140 | |||
Mortgage Loans [Member] | Various Related Party Notes [Member] | ||||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 1,349 | |||
Total notes and interest receivable | 2,890 | |||
Mortgage Loans [Member] | Various Non-Related Party Notes [Member] | ||||
Face Amount of Mortgage | 496 | |||
Total notes and interest receivable | $ 1,034 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 15,965 | |||
Face Amount of Mortgage | 2,959 | |||
Total notes and interest receivable | $ 2,732 | |||
Mortgage Loans [Member] | Oulan-Chikh Family Trust [Member] | ||||
Interest Rate | 8.00% | |||
Final Maturity Date | 2019-03 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 174 | |||
Total notes and interest receivable | $ 174 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2019-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 3,994 | |||
Total notes and interest receivable | $ 3,994 | |||
Mortgage Loans [Member] | Unified Housing Foundation Inc [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2019-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 6,407 | |||
Total notes and interest receivable | $ 6,407 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2019-06 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 5,760 | |||
Total notes and interest receivable | $ 5,760 | |||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2021-06 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 5,314 | |||
Total notes and interest receivable | $ 5,314 | |||
Mortgage Loans [Member] | Realty Advisors Management, Inc. [Member] | ||||
Interest Rate | 2.28% | |||
Final Maturity Date | 2019-12 | |||
Periodic Payment Terms | Interest only paid quarterly. | |||
Face Amount of Mortgage | $ 20,387 | |||
Total notes and interest receivable | $ 20,387 | |||
Mortgage Loans [Member] | One Realco Corporation [Member] | ||||
Interest Rate | 3.00% | |||
Final Maturity Date | 2020-01 | |||
Face Amount of Mortgage | $ 10,000 | |||
Total notes and interest receivable | $ 7,000 |
SCHEDULE IV MORTGAGE LOANS ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at at beginning | $ 112,095 | $ 126,564 | $ 137,280 |
Additions | |||
New mortgage loans | 13,123 | 15,741 | 11,703 |
Increase (decrease) of interest receivable on mortgage loans | (6,389) | 581 | 13,835 |
Deductions | |||
Amounts received | (8,541) | (32,058) | (19,217) |
Balance at ending | $ 126,058 | $ 112,095 | $ 126,564 |