Transcontinental Realty Investors (TCI) 10-Q 13 May 21 2021 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2021	May 13, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	001-09240
Entity Registrant Name	TRANSCONTINENTAL REALTY INVESTORS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-6565852
Entity Address, Address Line One	1603 Lyndon B. Johnson Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75234
City Area Code	469
Local Phone Number	522-4200
Title of 12(b) Security	Common Stock
Trading Symbol	TCI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,639,316
Entity Central Index Key	0000733590
Amendment Flag	false
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2021
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Assets
Real estate, net	$ 351,120	$ 377,383
Notes receivable (including $68,562 at March 31, 2021 and $62,448 at December 31, 2020 from related parties)	131,145	123,556
Cash and cash equivalents	53,863	36,761
Restricted cash	21,196	50,206
Investment in unconsolidated joint ventures	47,125	51,786
Receivable from related parties	157,402	159,777
Other assets	75,651	79,613
Total assets	837,502	879,082
Liabilities:
Mortgages and notes payable	218,175	236,069
Bonds payable	208,021	237,888
Accounts payable and other liabilities (including $921 at March 31, 2021 and $930 at December 31, 2020 to related parties)	22,988	26,729
Accrued interest payable	3,319	7,550
Deferred revenue	581	9,315
Total liabilities	453,084	517,551
Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued, 8,639,116 outstanding	87	87
Treasury stock at cost, 200 shares	(2)	(2)
Paid-in capital	260,388	260,388
Retained earnings	103,966	81,334
Total shareholders' equity	364,439	341,807
Non-controlling interest	19,979	19,724
Total equity	384,418	361,531
Total liabilities and equity	$ 837,502	$ 879,082

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Notes and interest receivable	$ 131,145	$ 123,556
Accounts payable and other liabilities	$ 22,988	$ 26,729
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	8,639,316	8,639,316
Common stock, outstanding (in shares)	8,639,116	8,639,116
Treasury stock (in shares)	(200)	(200)
Related parties
Notes and interest receivable	$ 68,562	$ 62,448
Accounts payable and other liabilities	$ 921	$ 930

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Revenues:
Rental revenues (including $242 and $221 for three months ended March 31, 2021 and 2020, respectively, from related parties)	$ 10,361	$ 11,442
Other income	1,467	1,311
Total revenue	11,828	12,753
Expenses:
Property operating expenses (including $382 and $242 for three months ended March 31, 2021 and 2020, respectively, from related parties)	5,832	6,309
Depreciation and amortization	3,327	3,394
General and administrative (including $1,553 and $1,055 for three months ended March 31, 2021 and 2020, respectively, from related parties)	2,646	4,015
Advisory fee to related party	2,249	2,181
Total operating expenses	14,054	15,899
Net operating loss	(2,226)	(3,146)
Interest income (including $3,826 and $3,839 for the three months ended March 31, 2021 and 2020, respectively, from related parties)	4,701	4,527
Interest expense (including $387 and $444 for the three months ended March 31, 2021 and 2020, respectively, from related parties)	(6,604)	(7,967)
Gain on foreign currency transactions	7,617	7,843
Equity in (loss) income from unconsolidated joint ventures	3,336	(377)
Gain on sale or write-down of assets, net	16,103	4,138
Income tax provision	(40)	(247)
Net income	22,887	4,771
Net income attributable to noncontrolling interest	(255)	(158)
Net income (loss) attributable to the Company	$ 22,632	$ 4,613
Earnings per share - basic
Basic and diluted (in dollars per share)	$ 2.62	$ 0.53
Weighted average common shares used in computing earnings per share
Basic and diluted (in shares)	8,639,316	8,717,677

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Rental revenues	$ 10,361	$ 11,442
Property operating expenses	5,832	6,309
General and administrative	2,646	4,015
Interest income	4,701	4,527
Interest expense	6,604	7,967
Affiliate
Rental revenues	242	221
Property operating expenses	382	242
General and administrative	1,553	1,055
Interest income	3,826	3,839
Interest expense	$ 387	$ 444

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Parent	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings	Noncontrolling Interest
Balance at beginning at Dec. 31, 2019	$ 354,067	$ 332,603	$ 87	$ (2)	$ 257,853	$ 74,665	$ 21,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,771	4,613				4,613	158
Balance at ending at Mar. 31, 2020	358,838	337,216	87	(2)	257,853	79,278	21,622
Balance at beginning at Dec. 31, 2020	361,531	341,807	87	(2)	260,388	81,334	19,724
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	22,887	22,632				22,632	255
Balance at ending at Mar. 31, 2021	$ 384,418	$ 364,439	$ 87	$ (2)	$ 260,388	$ 103,966	$ 19,979

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash Flow From Operating Activities:
Net income	$ 22,887	$ 4,771
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale or write down of assets	(16,103)	(4,138)
Gain on foreign currency transactions	(7,617)	(7,843)
Depreciation and amortization	3,953	4,325
Provision for bad debts	(1,017)	0
Equity in (income ) loss from unconsolidated joint ventures	(3,336)	377
Distribution of income from unconsolidated joint ventures	3,157	0
Changes in assets and liabilities, net of dispositions:
Other assets	2,632	(1,217)
Related party receivables	2,375	3,264
Accrued interest payable	(4,221)	(3,138)
Accounts payable and other liabilities	(3,611)	(4,162)
Net cash used in operating activities	(901)	(7,761)
Cash Flow From Investing Activities:
Collection of notes receivable	8,876	1,227
Originations and advances on notes receivable	(10,448)	(768)
Acquisition of real estate	0	(2,000)
Development and renovation of real estate	(4,978)	(7,742)
Deferred leasing costs	(755)	0
Proceeds from sale of assets	14,434	5,638
Contribution to unconsolidated joint venture	(411)	0
Distribution from unconsolidated joint venture	7,430	5,264
Net cash provided by investing activities	14,148	1,619
Cash Flow From Financing Activities:
Proceeds from mortgages, other notes and bonds payable	0	5,114
Payments on mortgages, other notes and bonds payable	(25,133)	(14,153)
Deferred financing costs	(22)	0
Net cash used in financing activities	(25,155)	(9,039)
Net decrease in cash, cash equivalents and restricted cash	(11,908)	(15,181)
Cash, cash equivalents and restricted cash, beginning of period	86,967	83,261
Cash, cash equivalents and restricted cash, end of period	$ 75,059	$ 68,080

Organization

Organization	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization As used herein, the terms “the Company”, “We”, “Our”, or “Us” refer to Transcontinental Realty Investors, Inc., a Nevada corporation which was formed in 1984. Our common stock is listed and trades on the New York Stock Exchange (“NYSE”) under the symbol “TCI”. We are owned approximately 78% by American Realty Investors, Inc. (“ARL”), whose common stock is traded on the NYSE under the symbol “ARL”, and 7% by the parent of ARL. Our primary business is the acquisition, development and ownership of income-producing multifamily and commercial 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, industrial 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. Substantially all of our assets are held by our wholly-owned subsidiary, Southern Properties Capital Ltd. (“SPC”), which was formed to allow us to raise funds by issuing non-convertible bonds that are listed and traded on the Tel-Aviv Stock Exchange ("TASE"). At March 31, 2021, our portfolio of income-producing properties consisted of: ● Six commercial properties consisting of five office buildings and 1 retail property comprising in aggregate of approximately 1,575,685 square feet; ● Nine multifamily properties owned directly by us comprising in 1,492 units, excluding apartments being developed; ● Approximately 1,922 acres of developed and undeveloped land; and ● Fifty-two multifamily properties totaling 10,032 units owned by our 50% owned investment in VAA. Our day to day operations are managed by Pillar Income Asset Management, Inc. (“Pillar”). Their duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing with third party lenders and investors. All of the Companies employees are Pillar employees. Our commercial properties are managed by Regis Realty Prime, LLC (“Regis”). Regis provides leasing, construction management and brokerage services. Our multifamily properties are managed by outside management companies. Pillar and Regis are considered to be related parties (See Note 12 – Related Party Transactions).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2020 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. Certain 2020 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations. Newly Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides guidance, optional expedients and exceptions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The standard was effective upon issuance and can be applied through December 31, 2022. We have mortgage notes payable with interest rates that reference LIBOR, and therefore, we will adopt this standard when LIBOR is discontinued. On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our adoption of the guidance of the Q&A did not have a significant impact on our consolidated financial statements during the three months ended March 31, 2021 and 2020.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) have been computed by dividing income available to common shares by the weighted-average number of common shares outstanding during the period. Shares issued during the period shall be weighted for the portion of the period that they were outstanding. The following table details our basic and diluted earnings per common share calculation: Three Months Ended March 31, 2021 2020 Net income $ 22,887 $ 4,771 Net income attributable to non-controlling interest (255) (158) Net income attributable to common shares $ 22,632 $ 4,613 Weighted-average common shares outstanding — basic and diluted 8,639,316 8,717,677 EPS - attributable to common shares — basic and diluted $ 2.62 $ 0.53

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following presents the schedule of interest paid and other supplemental cash flow information: Three Months Ended March 31, 2021 2020 Cash paid for interest $ 12,105 $ 11,400 Cash - Beginning of period Cash and cash equivalents $ 36,761 $ 51,179 Restricted cash 50,206 32,082 $ 86,967 $ 83,261 Cash - End of Period Cash and cash equivalents $ 53,863 $ 39,922 Restricted cash 21,196 28,158 $ 75,059 $ 68,080 Proceeds from mortgages, notes and bonds payable Proceeds from mortgages and notes payable $ — $ 5,114 Proceeds from bonds — — $ — $ 5,114 Payment of mortgages, notes and bonds payable Recurring payment on mortgages and notes payable $ 2,421 $ 2,592 Bond payments 22,712 11,561 $ 25,133 $ 14,153 The following is a schedule of noncash investing and financing activities: Three Months Ended March 31, 2021 2020 Property acquired in exchange for note payable $ — $ 3,350 Assets contributed to joint venture 18,608 — Liabilities assumed by joint venture 17,592 —

Operating Segments

Operating Segments	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Operating Segments	Operating SegmentsOur segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily apartment communities and (ii) the acquisition, ownership and management of commercial real estate properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The following table presents our reportable segments for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Multifamily Segment Revenues $ 3,836 $ 3,556 Operating expenses (2,123) (1,945) Profit from segment 1,713 1,611 Commercial Segment Revenues 6,525 7,886 Operating expenses (3,709) (4,364) Profit from segment 2,816 3,522 Total profit from segments $ 4,529 $ 5,133 The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Total profit from segments $ 4,529 $ 5,133 Other non-segment items of income (expense) Depreciation (3,327) (3,394) General and administrative (2,646) (4,015) Advisory fee to related party (2,249) (2,181) Other income 1,467 1,311 Interest income 4,701 4,527 Interest expense (6,604) (7,967) Gain on foreign currency transaction 7,617 7,843 Income (losses) from unconsolidated joint ventures 3,336 (377) Gain on sales or write-down of assets 16,103 4,138 Income tax expense (40) (247) Net income $ 22,887 $ 4,771

Lease Revenue

Lease Revenue	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Lease Revenue	Lease RevenueWe lease our multifamily apartment communities and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The following table summarizes the components of rental revenue for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Fixed component $ 9,863 $ 10,812 Variable component 498 630 $ 10,361 $ 11,442 The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less: 2021 $ 17,909 2022 21,363 2023 16,003 2024 10,889 2025 6,938 Thereafter 25,566 $ 98,668

Real Estate Activity

Real Estate Activity	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Real Estate Activity	Real Estate Activity Below is a summary of the real estate owned as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Land $ 48,357 $ 50,759 Building and improvements 281,115 297,644 Tenant improvements 30,935 30,935 Construction in progress 73,656 77,891 Total cost 434,063 457,229 Less accumulated deprecation (84,603) (82,418) Total real estate, net 349,460 374,811 Property held for sale 1,660 2,572 Total real estate $ 351,120 $ 377,383 The gain on sale or write-down of assets, net for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, 2021 2020 Land(1) $ 5,957 $ 4,138 Residential Properties(2) 10,146 — Total $ 16,103 $ 4,138 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) Includes the gain from Overlook at Allensville Phase II transaction ( See Note 9 – Investment in Unconsolidated Joint Ventures ) and the recognition of gains on various multifamily properties that had been previously been deferred (See Note 14 – Deferred Income).

Notes Receivable

Notes Receivable	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Notes Receivable	Notes Receivable The following table summarizes our notes receivable as of March 31, 2021 and December 31, 2020: Carrying value Property/Borrower March 31, 2021 December 31, 2020 Interest Rate Maturity Date ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/21 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/21 Autumn Breeze(1) 2,102 1,867 5.00 % 7/1/22 Bellwether Ridge(1) 3,971 3,858 5.00 % 11/1/21 Forest Pines(1) 2,872 2,869 5.00 % 11/1/22 Lake Wales 3,000 3,000 9.50 % 6/30/21 Legacy Pleasant Grove 496 496 12.00 % 10/23/22 McKinney Ranch 4,554 4,554 6.00 % 9/15/22 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/21 Parc at Ingleside(1) 2,670 2,523 5.00 % 12/1/21 Parc at Opelika(1) 1,698 — 10.00 % 1/13/23 Parc at Windmill Farms(1) 7,937 7,803 5.00 % 11/1/22 Phillips Foundation for Better Living, Inc.(2) — 61 12.00 % 3/31/23 Phillips Foundation for Better Living, Inc.(2) 1,009 — 12.00 % 3/31/24 Plum Tree(1) 1,102 857 5.00 % 4/26/26 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/21 RNC Portfolio, Inc. 8,853 8,853 5.00 % 9/1/24 Spartan Land 5,907 5,907 12.00 % 1/16/23 Spyglass of Ennis(1) 5,362 5,360 5.00 % 11/1/22 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/21 Unified Housing Foundation, Inc. (2)(3) 2,880 2,880 12.00 % 7/31/21 Unified Housing Foundation, Inc. (2)(3) 212 212 12.00 % 8/30/21 Unified Housing Foundation, Inc. (2)(3) 6,831 6,831 12.00 % 10/31/21 Unified Housing Foundation, Inc. (2)(3) 10,401 10,896 12.00 % 12/31/21 Unified Housing Foundation, Inc. (2)(3) 10,096 10,096 12.00 % 3/31/22 Unified Housing Foundation, Inc. (2)(3) 6,990 6,990 12.00 % 3/31/23 Unified Housing Foundation, Inc. (2)(3) 3,615 3,615 12.00 % 5/31/23 Unified Housing Foundation, Inc. (2)(3) 17,173 19,139 12.00 % 12/31/32 Unified Housing Foundation, Inc. (2)(3) 6,525 — 12.00 % 3/31/24 $ 131,145 $ 123,556 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property. (2) The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures On November 19, 2018, we formed the VAA joint venture with the Macquarie Group (“Macquarie”). In connection with the formation of VAA, we sold a 50% ownership interest in certain multifamily properties to Macquarie for a $236.8 million cash payment, resulting in a gain on sale of assets of $154.1 million. We then immediately transferred our respective ownership interests in the multifamily projects ("VAA Portfolio") to VAA in exchange for a 50% voting interest and a 49% profit participation interest ("Class A interest") in VAA a nd note payable (“Mezzanine Loan”) in accordance with the terms of a contribution agreement (the “Contribution”). Upon completion of the Contribution, VAA owned and controlled 52 multifamily properties. VAA assumed all liabilities of those properties, including mortgage debt insured by the Department of Housing and Urban Development (“HUD”). Concurrent with the Contributi on, VAA issued Class B interests with a 2% profits participation interest and no voting rights to Daniel J. Moos, our former President and Chief Executive Officer (“Class B Member”). The Class B Member serves as the Manager of VAA. Interest on the Mezzanine loan is limited to cash generated from the properties and matures concurrently with the termination of VAA. Accordingly, we account for our interest in the Mezzanine Loan as additional equity interest and includes any interest payments accrued as income from unconsolidated joint ventures. On March 30, 2021, we sold a 50% ownership interest in the special purpose entity that owned Overlook at Allensville Phase II, a 144 unit multifamily property in Sevierville, Tennessee to Macquarie bank for $2,551 resulting in gain on sale of assets of $1,417. Concurrent with the sale, we each contributed our 50% ownership interests into VAA. The following is a summary of our investment in VAA: March 31, 2021 December 31, 2020 Condensed Balance Sheets of VAA Assets Real estate $ 1,230,671 $ 1,217,725 Other assets 50,228 61,472 Total assets $ 1,280,899 $ 1,279,197 Liabilities and Partners Capital Mortgage notes payable $ 860,864 $ 830,721 Mezzanine notes payable 245,356 239,878 Other liabilities 19,171 35,632 Our share of partners' capital 77,757 84,983 Outside partner's capital 77,751 87,983 Total liabilities and partners' capital $ 1,280,899 $ 1,279,197 Investment in unconsolidated joint ventures Our share of partners' capital $ 77,757 $ 84,983 Our share of Mezzanine note payable 122,678 119,939 Basis adjustment (1) (153,310) (153,136) Total investment in unconsolidated joint ventures 47,125 51,786 (1) We amortize the difference between the cost of our investment in unconsolidated joint ventures and the book value of our underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The following is a summary of our income (loss) from VAA: Three Months Ended March 31, 2021 2020 Revenue Rental revenue $ 31,070 $ 28,194 Other revenue 1,615 1,365 Total revenue 32,685 29,559 Expenses Operating expenses 15,706 14,755 Depreciation and amortization 7,703 7,657 Interest 14,048 15,041 Total expenses 37,457 37,453 Net loss $ (4,772) $ (7,894) Our share of net income (loss) in unconsolidated joint ventures $ 3,336 $ (377)

Mortgages and Notes Payable

Mortgages and Notes Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Mortgages and Notes Payable	Mortgages and Other Notes Payable The following table summarizes our mortgages and other notes payable as of March 31, 2021 and December 31, 2020: Carrying value Property / Entity March 31, 2021 December 31, 2020 Effective Maturity Date 600 Las Colinas $ 35,396 $ 35,589 5.30 % 11/1/2023 770 South Post Oak 11,816 11,871 4.40 % 6/1/2025 Athens(1) 1,155 1,155 5.90 % 8/28/2022 Chelsea 8,154 8,194 3.40 % 12/1/2050 EQK Portage - Land 3,350 3,350 10.00 % 11/13/2024 HSW Partners 14,702 14,690 9.50 % 6/17/2021 Forest Grove(2) 7,333 7,333 3.75 % 5/5/2024 Landing Bayou 14,584 14,643 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,579 13,653 3.60 % 4/1/2048 McKinney 36 Land 783 820 8.00 % 6/30/2022 Overlook at Allensville Phase II(3) — 15,621 3.80 % 5/1/2059 Parc at Denham Springs Phase II 16,087 16,128 4.10 % 2/1/2060 Stanford Center 39,125 39,093 6.00 % 2/26/2022 Sugar Mill Phase III 9,278 9,298 4.50 % 2/1/2060 Toulon 13,914 13,975 3.20 % 12/1/2051 Villas at Bon Secour 10,226 10,280 4.00 % 1/1/2022 Vista Ridge 9,942 9,979 4.00 % 8/1/2053 Windmill Farms(4) 8,751 10,397 6.00 % 2/28/2023 $ 218,175 $ 236,069 (1) On March 2, 2021, the loan was extended to August 28, 2022. (2) The loan bears interest at prime rate plus 0.5%. (3) On March 30, 2021 , the loan was assumed by VAA in connection with our contribution of of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures). (4) On March 4, 2021, the loan was extended to February 28, 2023 at an interest of 5%. I nterest payable at March 31, 2021 and December 31, 2020, was $1,169 and $1,123, respectively. We capitalized interest of $858 and $585 during the years ended March 31, 2021 and 2020, respectively. There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are working with our existing lenders and new lenders to modify, extend the loans before they become due or refinancing the loans with terms that are similar to the existing agreement. As of March 31, 2021 , we were in compliance with all our loan covenants.

Bonds Payable

Bonds Payable	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Bonds Payable	Bonds Payable We have issued three series of nonconvertible bonds ("Bonds") through SPC, which are traded on the TASE. The Bonds are denominated in New Israeli Shekels ("NIS") and provide for semiannual principal and interest payments through maturity. In connection with the Bonds, we incurred a (loss) gain on foreign currency transactions of $7,617 and $7,843 for the three months ended March 31, 2021 and 2020, respectively. The outstanding balance of our Bonds at March 31, 2021 and December 31, 2020 is as follows: Bond Issuance March 31, 2021 December 31, 2020 Interest Rate Maturity Series A Bonds(1) $ 76,448 $ 95,133 7.30 % 7/31/23 Series B Bonds(2) 56,688 65,318 6.80 % 7/31/25 Series C Bonds(1) 82,484 85,537 4.65 % 1/31/23 215,620 245,988 Less unamortized deferred issuance costs (7,599) (8,100) $ 208,021 $ 237,888 (1) The bonds are collateralized by the assets of SPC. (2) The bonds are collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Farmers Branch, Texas.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We engage in certain business transactions with related parties, including but not limited to asset acquisition and dispositions of real estate. 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. Pillar and Regis are wholly owned by an affiliates of the MRHI, which also owns appro ximately 90.8% of ARL. Pillar is compensated for advisory services in accordance with an agreement. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. In addition, Regis is entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. Rental income includes $242 and $221 for the three months ended March 31, 2021 and 2020 , respectively, for office space leased to Pillar and Regis. Property operating expense includes $382 and $242 for the three months ended March 31, 2021 and 2020 , respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $1,553 and $1,055 for the three months ended March 31, 2021 and 2020 , respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisor fees paid to Pillar were $2,249 and $2,181 for the three months ended March 31, 2021 and 2020 , respectively. Notes receivable are includes amounts held by UHF and Pillar (See Note 8 – Notes Notes Receivable). UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. Interest income on these notes was $3,826 and $3,839 for the three months ended March 31, 2021 and 2020 , respectively. Interest expense on notes payable to Pillar was $387 and $444 for the three months ended March 31, 2021 and 2020

Noncontrolling Interests

Noncontrolling Interests	3 Months Ended
	Mar. 31, 2021
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest represents the third party ownership interest in Income Opportunity Realty Investors, Inc. ("IOR"). Shares of of IOR are listed on the New York stock exchange under the symbol of IOR. We owned 18.9% in in IOR during the three months ended March 31, 2021 and 2020

Deferred Income

Deferred Income	3 Months Ended
	Mar. 31, 2021
Revenue Recognition and Deferred Revenue [Abstract]
Deferred Income	Deferred Income In previous years, we sold properties to related parties where we have had continuing involvement in the form of management or financial assistance associated with the sale of the properties. Because of the continuing involvement associated with the sale, the sales criteria for the full accrual method is not met, and as such we deferred some or all of the gain recognition and accounted for the sale by applying the finance, deposit, installment or cost recovery methods, as appropriate, until the sales criteria is met. The gain on these transactions have been deferred until the properties are sold to a non-related third party. On January 29, 2021, UHF sold El Dorado, a 208 unit multifamily property in McKinney, Texas; and Limestone Ranch, a 252 unit multifamily property in Lewisville, Texas; to a non-related third party. As a result, we recognized a gain of $8,730 that had been previously deferred upon our sale of these properties to UHF. As of March 31, 2021 and December 31, 2020, we had deferred gain of $581 and $9,315, respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are part of a tax sharing and compensating agreement with respect to federal income taxes with ARL. In accordance with the agreement, o ur expense (benefit) in each year is calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory tax rate of 21%. The following table summarizes our income tax provision: Three Months Ended March 31, 2021 2020 Current $ 40 $ 247 Deferred — — $ 40 $ 247 The 2020 and 2019 effective tax rate is driven primarily by the passing of the Tax Cuts and Jobs Act by congress on December 22, 2017. This act reduced the statutory tax rate for corporations to 21%, starting in 2019. As a result, our tax assets were remeasured to reflect the new tax rate for future years with the impact on the 2018 provision for income taxes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Comittments and Contigencies We believe that we will generate excess cash from property operations in the next twelve months; such excess, however, might not be sufficient to discharge all of our obligations as they become due. We intend to sell income-producing assets, refinance real estate and obtain additional borrowings primarily secured by real estate to meet our liquidity requirements. We were the primary guarantor, on a $24,300 mezzanine loan between UHF and a lender. The guarantee was removed on January 29, 2021, concurrent with the repayment of the loan by UHF. We were the plaintiff in a lawsuit against Dynex Commercial, Inc. (“Dynex”) for failure to fulfill certain loan commitments. In January 2015, the court awarded us with a judgment of $24,800. We are pursuing all legal means to collect this award. However, due to the uncertainty of the collectability of the award, the receivable has been fully reserved.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe date to which events occurring after March 31, 2021, the date of the most recent balance sheet, have been evaluated for possible adjustment to the consolidated financial statements or disclosure is May 13, 2021, which is the date on which the consolidated financial statements were available to be issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2020 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2020. Certain 2020 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations.
Newly Issued Accounting Standards	Newly Issued Accounting Standards In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides guidance, optional expedients and exceptions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The standard was effective upon issuance and can be applied through December 31, 2022. We have mortgage notes payable with interest rates that reference LIBOR, and therefore, we will adopt this standard when LIBOR is discontinued. On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our adoption of the guidance of the Q&A did not have a significant impact on our consolidated financial statements during the three months ended March 31, 2021 and 2020.

Earnings per Share (Tables)

Earnings per Share (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table details our basic and diluted earnings per common share calculation: Three Months Ended March 31, 2021 2020 Net income $ 22,887 $ 4,771 Net income attributable to non-controlling interest (255) (158) Net income attributable to common shares $ 22,632 $ 4,613 Weighted-average common shares outstanding — basic and diluted 8,639,316 8,717,677 EPS - attributable to common shares — basic and diluted $ 2.62 $ 0.53

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Schedule of Cash Flow, Supplemental Disclosures	The following presents the schedule of interest paid and other supplemental cash flow information: Three Months Ended March 31, 2021 2020 Cash paid for interest $ 12,105 $ 11,400 Cash - Beginning of period Cash and cash equivalents $ 36,761 $ 51,179 Restricted cash 50,206 32,082 $ 86,967 $ 83,261 Cash - End of Period Cash and cash equivalents $ 53,863 $ 39,922 Restricted cash 21,196 28,158 $ 75,059 $ 68,080 Proceeds from mortgages, notes and bonds payable Proceeds from mortgages and notes payable $ — $ 5,114 Proceeds from bonds — — $ — $ 5,114 Payment of mortgages, notes and bonds payable Recurring payment on mortgages and notes payable $ 2,421 $ 2,592 Bond payments 22,712 11,561 $ 25,133 $ 14,153 The following is a schedule of noncash investing and financing activities: Three Months Ended March 31, 2021 2020 Property acquired in exchange for note payable $ — $ 3,350 Assets contributed to joint venture 18,608 — Liabilities assumed by joint venture 17,592 —

Operating Segments (Tables)

Operating Segments (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of Profit by Reportable segment	The following table presents our reportable segments for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Multifamily Segment Revenues $ 3,836 $ 3,556 Operating expenses (2,123) (1,945) Profit from segment 1,713 1,611 Commercial Segment Revenues 6,525 7,886 Operating expenses (3,709) (4,364) Profit from segment 2,816 3,522 Total profit from segments $ 4,529 $ 5,133
Reconciliation of Revenue from Segments to Consolidated	The table below reflects the reconciliation of total profit from segments to net income for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Total profit from segments $ 4,529 $ 5,133 Other non-segment items of income (expense) Depreciation (3,327) (3,394) General and administrative (2,646) (4,015) Advisory fee to related party (2,249) (2,181) Other income 1,467 1,311 Interest income 4,701 4,527 Interest expense (6,604) (7,967) Gain on foreign currency transaction 7,617 7,843 Income (losses) from unconsolidated joint ventures 3,336 (377) Gain on sales or write-down of assets 16,103 4,138 Income tax expense (40) (247) Net income $ 22,887 $ 4,771

Lease Revenue (Tables)

Lease Revenue (Tables)	3 Months Ended
	Mar. 31, 2021
Leases [Abstract]
Schedule of Rental Revenue	The following table summarizes the components of rental revenue for the three months ended March 31, 2021 and 2020: Three Months Ended March 31, 2021 2020 Fixed component $ 9,863 $ 10,812 Variable component 498 630 $ 10,361 $ 11,442
Schedule of Future Rental Payments	The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less: 2021 $ 17,909 2022 21,363 2023 16,003 2024 10,889 2025 6,938 Thereafter 25,566 $ 98,668

Real Estate Activity (Tables)

Real Estate Activity (Tables)	3 Months Ended
	Mar. 31, 2021
Real Estate [Abstract]
Schedule of the Real Estate Owned	Below is a summary of the real estate owned as of March 31, 2021 and December 31, 2020: March 31, 2021 December 31, 2020 Land $ 48,357 $ 50,759 Building and improvements 281,115 297,644 Tenant improvements 30,935 30,935 Construction in progress 73,656 77,891 Total cost 434,063 457,229 Less accumulated deprecation (84,603) (82,418) Total real estate, net 349,460 374,811 Property held for sale 1,660 2,572 Total real estate $ 351,120 $ 377,383
Schedule Of gain on Sale or Write-down of Assets, net	The gain on sale or write-down of assets, net for the three months ended March 31, 2021 and 2020 consist of the following: Three Months Ended March 31, 2021 2020 Land(1) $ 5,957 $ 4,138 Residential Properties(2) 10,146 — Total $ 16,103 $ 4,138 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) Includes the gain from Overlook at Allensville Phase II transaction ( See Note 9 – Investment in Unconsolidated Joint Ventures ) and the recognition of gains on various multifamily properties that had been previously been deferred (See Note 14 – Deferred Income).

Notes Receivable (Tables)

Notes Receivable (Tables)	3 Months Ended
	Mar. 31, 2021
Receivables [Abstract]
Schedule of Notes Receivable	The following table summarizes our notes receivable as of March 31, 2021 and December 31, 2020: Carrying value Property/Borrower March 31, 2021 December 31, 2020 Interest Rate Maturity Date ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/21 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/21 Autumn Breeze(1) 2,102 1,867 5.00 % 7/1/22 Bellwether Ridge(1) 3,971 3,858 5.00 % 11/1/21 Forest Pines(1) 2,872 2,869 5.00 % 11/1/22 Lake Wales 3,000 3,000 9.50 % 6/30/21 Legacy Pleasant Grove 496 496 12.00 % 10/23/22 McKinney Ranch 4,554 4,554 6.00 % 9/15/22 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/21 Parc at Ingleside(1) 2,670 2,523 5.00 % 12/1/21 Parc at Opelika(1) 1,698 — 10.00 % 1/13/23 Parc at Windmill Farms(1) 7,937 7,803 5.00 % 11/1/22 Phillips Foundation for Better Living, Inc.(2) — 61 12.00 % 3/31/23 Phillips Foundation for Better Living, Inc.(2) 1,009 — 12.00 % 3/31/24 Plum Tree(1) 1,102 857 5.00 % 4/26/26 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/21 RNC Portfolio, Inc. 8,853 8,853 5.00 % 9/1/24 Spartan Land 5,907 5,907 12.00 % 1/16/23 Spyglass of Ennis(1) 5,362 5,360 5.00 % 11/1/22 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/21 Unified Housing Foundation, Inc. (2)(3) 2,880 2,880 12.00 % 7/31/21 Unified Housing Foundation, Inc. (2)(3) 212 212 12.00 % 8/30/21 Unified Housing Foundation, Inc. (2)(3) 6,831 6,831 12.00 % 10/31/21 Unified Housing Foundation, Inc. (2)(3) 10,401 10,896 12.00 % 12/31/21 Unified Housing Foundation, Inc. (2)(3) 10,096 10,096 12.00 % 3/31/22 Unified Housing Foundation, Inc. (2)(3) 6,990 6,990 12.00 % 3/31/23 Unified Housing Foundation, Inc. (2)(3) 3,615 3,615 12.00 % 5/31/23 Unified Housing Foundation, Inc. (2)(3) 17,173 19,139 12.00 % 12/31/32 Unified Housing Foundation, Inc. (2)(3) 6,525 — 12.00 % 3/31/24 $ 131,145 $ 123,556 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property. (2) The borrower is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Summary of Investments in Unconsolidated Joint Ventures	The following is a summary of our investment in VAA: March 31, 2021 December 31, 2020 Condensed Balance Sheets of VAA Assets Real estate $ 1,230,671 $ 1,217,725 Other assets 50,228 61,472 Total assets $ 1,280,899 $ 1,279,197 Liabilities and Partners Capital Mortgage notes payable $ 860,864 $ 830,721 Mezzanine notes payable 245,356 239,878 Other liabilities 19,171 35,632 Our share of partners' capital 77,757 84,983 Outside partner's capital 77,751 87,983 Total liabilities and partners' capital $ 1,280,899 $ 1,279,197 Investment in unconsolidated joint ventures Our share of partners' capital $ 77,757 $ 84,983 Our share of Mezzanine note payable 122,678 119,939 Basis adjustment (1) (153,310) (153,136) Total investment in unconsolidated joint ventures 47,125 51,786 (1) We amortize the difference between the cost of our investment in unconsolidated joint ventures and the book value of our underlying equity into income on a straight-line basis consistent with the lives of the underlying assets. The following is a summary of our income (loss) from VAA: Three Months Ended March 31, 2021 2020 Revenue Rental revenue $ 31,070 $ 28,194 Other revenue 1,615 1,365 Total revenue 32,685 29,559 Expenses Operating expenses 15,706 14,755 Depreciation and amortization 7,703 7,657 Interest 14,048 15,041 Total expenses 37,457 37,453 Net loss $ (4,772) $ (7,894) Our share of net income (loss) in unconsolidated joint ventures $ 3,336 $ (377)

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our mortgages and other notes payable as of March 31, 2021 and December 31, 2020: Carrying value Property / Entity March 31, 2021 December 31, 2020 Effective Maturity Date 600 Las Colinas $ 35,396 $ 35,589 5.30 % 11/1/2023 770 South Post Oak 11,816 11,871 4.40 % 6/1/2025 Athens(1) 1,155 1,155 5.90 % 8/28/2022 Chelsea 8,154 8,194 3.40 % 12/1/2050 EQK Portage - Land 3,350 3,350 10.00 % 11/13/2024 HSW Partners 14,702 14,690 9.50 % 6/17/2021 Forest Grove(2) 7,333 7,333 3.75 % 5/5/2024 Landing Bayou 14,584 14,643 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,579 13,653 3.60 % 4/1/2048 McKinney 36 Land 783 820 8.00 % 6/30/2022 Overlook at Allensville Phase II(3) — 15,621 3.80 % 5/1/2059 Parc at Denham Springs Phase II 16,087 16,128 4.10 % 2/1/2060 Stanford Center 39,125 39,093 6.00 % 2/26/2022 Sugar Mill Phase III 9,278 9,298 4.50 % 2/1/2060 Toulon 13,914 13,975 3.20 % 12/1/2051 Villas at Bon Secour 10,226 10,280 4.00 % 1/1/2022 Vista Ridge 9,942 9,979 4.00 % 8/1/2053 Windmill Farms(4) 8,751 10,397 6.00 % 2/28/2023 $ 218,175 $ 236,069 (1) On March 2, 2021, the loan was extended to August 28, 2022. (2) The loan bears interest at prime rate plus 0.5%. (3) On March 30, 2021 , the loan was assumed by VAA in connection with our contribution of of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures). (4) On March 4, 2021, the loan was extended to February 28, 2023 at an interest of 5%.

Bonds Payable (Tables)

Bonds Payable (Tables)	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
Schedule of Bonds Payable	The outstanding balance of our Bonds at March 31, 2021 and December 31, 2020 is as follows: Bond Issuance March 31, 2021 December 31, 2020 Interest Rate Maturity Series A Bonds(1) $ 76,448 $ 95,133 7.30 % 7/31/23 Series B Bonds(2) 56,688 65,318 6.80 % 7/31/25 Series C Bonds(1) 82,484 85,537 4.65 % 1/31/23 215,620 245,988 Less unamortized deferred issuance costs (7,599) (8,100) $ 208,021 $ 237,888 (1) The bonds are collateralized by the assets of SPC. (2) The bonds are collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Farmers Branch, Texas.

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2021
Income Tax Disclosure [Abstract]
Summary of Income Tax Provision	The following table summarizes our income tax provision: Three Months Ended March 31, 2021 2020 Current $ 40 $ 247 Deferred — — $ 40 $ 247

Organization (Details)

Organization (Details)	Mar. 31, 2021aft²propertyapartment
VAA
Real Estate Properties [Line Items]
Number of units in real estate property | apartment	10,032
Percentage of ownership in VAA	50.00%
Commercial properties
Real Estate Properties [Line Items]
Number of real estate properties	6
Area (sq ft) | ft²	1,575,685
Office buildings
Real Estate Properties [Line Items]
Number of real estate properties	5
Retail property
Real Estate Properties [Line Items]
Number of real estate properties	1
Multifamily properties
Real Estate Properties [Line Items]
Number of real estate properties	9
Number of units in real estate property | apartment	1,492
Multifamily properties | VAA
Real Estate Properties [Line Items]
Number of real estate properties	52
Developed and undeveloped land
Real Estate Properties [Line Items]
Area of land (acres) | a	1,922
Transcontinental Realty Investors, Inc. | ARL | ARL
Real Estate Properties [Line Items]
Ownership interest	78.00%
Transcontinental Realty Investors, Inc. | Parent of ARL
Real Estate Properties [Line Items]
Ownership interest	7.00%

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Net income	$ 22,887	$ 4,771
Net income attributable to non-controlling interest	(255)	(158)
Net income (loss) attributable to the Company	$ 22,632	$ 4,613
Weighted-average common shares outstanding - basic and diluted (in shares)	8,639,316	8,717,677
EPS - attributable to common shares - basic and diluted (in dollars per share)	$ 2.62	$ 0.53

Supplemental Cash Flows Informa

Supplemental Cash Flows Information - Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 12,105	$ 11,400
Cash and cash equivalents, beginning balance	36,761	51,179
Restricted cash and cash equivalents, beginning balance	50,206	32,082
Cash and cash equivalents, ending balance	53,863	39,922
Restricted Cash and cash equivalents, ending balance	21,196	28,158
Cash, cash equivalents and restricted cash, beginning of period	86,967	83,261
Cash, cash equivalents and restricted cash, end of period	75,059	68,080
Proceeds from mortgages, notes and bonds payable
Proceeds from mortgages and notes payable	0	5,114
Proceeds from bonds	0	0
Proceeds from mortgages, other notes and bonds payable	0	5,114
Payment of mortgages, notes and bonds payable
Repayments of Notes Payable	2,421	2,592
Bond payments	22,712	11,561
Payments on mortgages, other notes and bonds payable	$ 25,133	$ 14,153

Supplemental Cash Flows Infor_2

Supplemental Cash Flows Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Property acquired in exchange for note payable	$ 0	$ 3,350
Assets contributed to joint venture	18,608	0
Liabilities assumed by joint venture	$ 17,592	$ 0

Operating Segments- Narrative (

Operating Segments- Narrative (Details)	3 Months Ended
	Mar. 31, 2021segment
Segment Reporting [Abstract]
Number of reportable segments	2

Operating Segments - Profit by

Operating Segments - Profit by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Revenues	$ 11,828	$ 12,753
Operating segments
Segment Reporting Information [Line Items]
Profit from segment	4,529	5,133
Multifamily Segment | Operating segments
Segment Reporting Information [Line Items]
Revenues	3,836	3,556
Operating expenses	(2,123)	(1,945)
Profit from segment	1,713	1,611
Commercial Segment | Operating segments
Segment Reporting Information [Line Items]
Revenues	6,525	7,886
Operating expenses	(3,709)	(4,364)
Profit from segment	$ 2,816	$ 3,522

Operating Segments - Profit b_2

Operating Segments - Profit by Reportable Segment to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Segment Reporting Information [Line Items]
Depreciation	$ (3,953)	$ (4,325)
General and administrative	(2,646)	(4,015)
Advisory fee to related party	(2,249)	(2,181)
Other income	1,467	1,311
Interest income	4,701	4,527
Interest expense	(6,604)	(7,967)
Gain on foreign currency transaction	7,617	7,843
Income (losses) from unconsolidated joint ventures	3,336	(377)
Gain on sales or write-down of assets	16,103	4,138
Income tax expense	(40)	(247)
Net income	22,887	4,771
Operating segments
Segment Reporting Information [Line Items]
Total profit from segments	4,529	5,133
Other non-segment items of income (expense)
Segment Reporting Information [Line Items]
Depreciation	(3,327)	(3,394)
General and administrative	(2,646)	(4,015)
Advisory fee to related party	(2,249)	(2,181)
Other income	1,467	1,311
Interest income	4,701	4,527
Interest expense	(6,604)	(7,967)
Gain on foreign currency transaction	7,617	7,843
Income (losses) from unconsolidated joint ventures	3,336	(377)
Gain on sales or write-down of assets	16,103	4,138
Income tax expense	$ (40)	$ (247)

Lease Revenue - Schedule of Ren

Lease Revenue - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Leases [Abstract]
Fixed component	$ 9,863	$ 10,812
Variable component	498	630
Total rental revenue	$ 10,361	$ 11,442

Lease Revenue - Schedule of Fut

Lease Revenue - Schedule of Future Rental Payments (Details) $ in Thousands	Mar. 31, 2021USD ($)
Leases [Abstract]
2021	$ 17,909
2022	21,363
2023	16,003
2024	10,889
2025	6,938
Thereafter	25,566
Total	$ 98,668

Real Estate Activity - Real Est

Real Estate Activity - Real Estate Investment Components (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Real Estate [Abstract]
Land	$ 48,357	$ 50,759
Building and improvements	281,115	297,644
Tenant improvements	30,935	30,935
Construction in progress	73,656	77,891
Total cost	434,063	457,229
Less accumulated deprecation	(84,603)	(82,418)
Total real estate, net	349,460	374,811
Property held for sale	1,660	2,572
Total real estate	$ 351,120	$ 377,383

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Gain (Loss) on Sale or Write-down of Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net	$ 16,103	$ 4,138
Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net	5,957	4,138
Multifamily
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net	$ 10,146	$ 0

Notes Receivable - Schedule of

Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 131,145	$ 123,556
Notes Receivable | ABC Land and Development, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 4,408	4,408
Interest Rate	9.50%
Notes Receivable | ABC Paradise, LLC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,210	1,210
Interest Rate	9.50%
Notes Receivable | Autumn Breeze
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 2,102	1,867
Interest Rate	5.00%
Notes Receivable | Bellwether Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,971	3,858
Interest Rate	5.00%
Notes Receivable | Forest Pines
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 2,872	2,869
Interest Rate	5.00%
Notes Receivable | Lake Wales
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,000	3,000
Interest Rate	9.50%
Notes Receivable | Legacy Pleasant Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 496	496
Interest Rate	12.00%
Notes Receivable | McKinney Ranch
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 4,554	4,554
Interest Rate	6.00%
Notes Receivable | One Realco Land Holding, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,728	1,728
Interest Rate	9.50%
Notes Receivable | Parc at Ingleside
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 2,670	2,523
Interest Rate	5.00%
Notes Receivable | Parc at Opelika
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,698	0
Interest Rate	10.00%
Notes Receivable | Parc at Windmill Farms
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 7,937	7,803
Interest Rate	5.00%
Ownership interest if note converted	100.00%
Notes Receivable | Phillips Foundation For Better Living Inc., Maturing March 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 0	61
Interest Rate	12.00%
Notes Receivable | Phillips Foundation For Better Living Inc ., Maturing March 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,009	0
Interest Rate	12.00%
Notes Receivable | Plum Tree
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,102	857
Interest Rate	5.00%
Notes Receivable | Riverview on the Park Land, LLC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,045	1,045
Interest Rate	9.50%
Notes Receivable | RNC Portfolio, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 8,853	8,853
Interest Rate	5.00%
Notes Receivable | Spartan Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 5,907	5,907
Interest Rate	12.00%
Notes Receivable | Spyglass of Ennis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 5,362	5,360
Interest Rate	5.00%
Notes Receivable | Steeple Crest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,498	6,498
Interest Rate	5.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing July 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 2,880	2,880
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc ., Maturing August 30, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 212	212
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing October 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,831	6,831
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing December 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 10,401	10,896
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing March 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 10,096	10,096
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing March 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,990	6,990
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing May 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,615	3,615
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing December 31, 2032
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 17,173	19,139
Interest Rate	12.00%
Notes Receivable | Unified Housing Foundation Inc., Maturing March 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,525	$ 0
Interest Rate	12.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	Mar. 30, 2021USD ($)property	Nov. 19, 2018USD ($)property	Mar. 31, 2021
Macquarie Group
Schedule of Equity Method Investments [Line Items]
Ownership interest sold		50.00%
Proceeds from real estate and real estate joint ventures		$ 236,800
Gain on sale		$ 154,100
Overlook At Allensville Phase II
Schedule of Equity Method Investments [Line Items]
Ownership interest sold	50.00%
Proceeds from real estate and real estate joint ventures	$ 2,551
VAA
Schedule of Equity Method Investments [Line Items]
Gain on sale	$ 1,417
Percentage of ownership in VAA			50.00%
VAA | Multifamily | VAA
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property		52
VAA | VAA
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in VAA		50.00%
VAA | VAA | Class A interest
Schedule of Equity Method Investments [Line Items]
Equity method investment profit participation percentage		0.49
VAA | VAA | Class B interest | Profit participation shares issued to Daniel J. Moos (former President and CEO)
Schedule of Equity Method Investments [Line Items]
Equity method investment profit participation percentage		0.02
VAA | Overlook At Allensville Phase II
Schedule of Equity Method Investments [Line Items]
Percentage of ownership in VAA	50.00%
VAA | Overlook At Allensville Phase II | Multifamily
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property	144

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Financial Position And Results of Operations From Our Investees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Assets
Real estate	$ 351,120		$ 377,383
Other assets	75,651		79,613
Total assets	837,502		879,082
Liabilities and Equity
Total liabilities and equity	837,502		879,082
Investment in unconsolidated joint ventures	47,125		51,786
Revenues:
Rental revenues	10,361	$ 11,442
Other income	1,467	1,311
Total revenue	11,828	12,753
Expenses:
Depreciation and amortization	3,953	4,325
Net income	22,887	4,771
Equity in (loss) income from unconsolidated joint ventures	3,336	(377)
VAA
Liabilities and Equity
Mezzanine notes payable	122,678		119,939
Our share of partners' capital	77,757		84,983
Basis adjustments	(153,310)		(153,136)
Investment in unconsolidated joint ventures	47,125		51,786
Revenues:
Rental revenues	31,070	28,194
Other income	1,615	1,365
Total revenue	32,685	29,559
Expenses:
Operating expenses	15,706	14,755
Depreciation and amortization	7,703	7,657
Interest	14,048	15,041
Total expenses	37,457	37,453
Net income	(4,772)	(7,894)
Equity in (loss) income from unconsolidated joint ventures	3,336	$ (377)
VAA | VAA
Assets
Real estate	1,230,671		1,217,725
Other assets	50,228		61,472
Total assets	1,280,899		1,279,197
Liabilities and Equity
Mortgage notes payable	860,864		830,721
Mezzanine notes payable	245,356		239,878
Other liabilities	19,171		35,632
Our share of partners' capital	77,757		84,983
Outside partner's capital	77,751		87,983
Total liabilities and equity	$ 1,280,899		$ 1,279,197

Mortgages and Other Notes Payab

Mortgages and Other Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 04, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 218,175		$ 236,069
Mortgages and other notes payable | 600 Las Colinas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 35,396		35,589
Effective Interest Rate	5.30%
Mortgages and other notes payable | 770 South Post Oak
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 11,816		11,871
Effective Interest Rate	4.40%
Mortgages and other notes payable | Athens
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 1,155		1,155
Effective Interest Rate	5.90%
Mortgages and other notes payable | Chelsea
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 8,154		8,194
Effective Interest Rate	3.40%
Mortgages and other notes payable | EQK Portage - Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 3,350		3,350
Effective Interest Rate	10.00%
Mortgages and other notes payable | HSW Partners
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 14,702		14,690
Effective Interest Rate	9.50%
Mortgages and other notes payable | Forest Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 7,333		7,333
Effective Interest Rate	3.75%
Mortgages and other notes payable | Forest Grove | Prime Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable interest rate	0.50%
Mortgages and other notes payable | Landing Bayou
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 14,584		14,643
Effective Interest Rate	3.50%
Mortgages and other notes payable | Legacy at Pleasant Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 13,579		13,653
Effective Interest Rate	3.60%
Mortgages and other notes payable | McKinney 36 Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 783		820
Effective Interest Rate	8.00%
Mortgages and other notes payable | Overlook at Allenville Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 0		15,621
Effective Interest Rate	3.80%
Mortgages and other notes payable | Parc at Denham Springs II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 16,087		16,128
Effective Interest Rate	4.10%
Mortgages and other notes payable | Standford Center
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 39,125		39,093
Effective Interest Rate	6.00%
Mortgages and other notes payable | Sugar Mill Phase III
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 9,278		9,298
Effective Interest Rate	4.50%
Mortgages and other notes payable | Toulon
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 13,914		13,975
Effective Interest Rate	3.20%
Mortgages and other notes payable | Villas at Bon Secour
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 10,226		10,280
Effective Interest Rate	4.00%
Mortgages and other notes payable | Vista Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 9,942		9,979
Effective Interest Rate	4.00%
Mortgages and other notes payable | Windmill Farms
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and notes payable	$ 8,751		$ 10,397
Effective Interest Rate	6.00%	5.00%

Mortgages and Other Notes Pay_2

Mortgages and Other Notes Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Debt Instrument [Line Items]
Interest payable	$ 3,319		$ 7,550
Interest costs capitalized	858	$ 585
Mortgages and other notes payable
Debt Instrument [Line Items]
Interest payable	$ 1,169	$ 1,123

Bonds Payable - Narrative (Deta

Bonds Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Debt Instrument [Line Items]
Gain on foreign currency transactions	$ 7,617	$ 7,843
Bonds
Debt Instrument [Line Items]
Gain on foreign currency transactions	$ 7,617	$ 7,843

Bonds Payable - Schedule of Lon

Bonds Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2021USD ($)ft²	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Bonds	$ 215,620	$ 245,988
Less: unamortized deferred bond issuance costs	(7,599)	(8,100)
Bonds payable	$ 208,021	237,888
Browning Place
Debt Instrument [Line Items]
Land collateral (acres) | ft²	625,297
Series A Bonds
Debt Instrument [Line Items]
Bonds	$ 76,448	95,133
Interest Rate	7.30%
Series B Bonds
Debt Instrument [Line Items]
Bonds	$ 56,688	65,318
Interest Rate	6.80%
Series C Bonds
Debt Instrument [Line Items]
Bonds	$ 82,484	$ 85,537
Interest Rate	4.65%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Related Party Transaction [Line Items]
Rental revenues	$ 10,361	$ 11,442
Property operating expenses	5,832	6,309
General and administrative	2,646	4,015
Advisory fee to related party	2,249	2,181
Interest income	4,701	4,527
Interest expense	6,604	7,967
Affiliate
Related Party Transaction [Line Items]
Rental revenues	242	221
Property operating expenses	382	242
General and administrative	1,553	1,055
Interest income	3,826	3,839
Interest expense	387	444
Affiliate | Pillar and Regis
Related Party Transaction [Line Items]
Rental revenues	242	221
Affiliate | Regis
Related Party Transaction [Line Items]
Property operating expenses	382	242
Affiliate | Pillar
Related Party Transaction [Line Items]
General and administrative	1,553	1,055
Advisory fee to related party	2,249	2,181
Interest expense	387	444
Affiliate | UHF and Pillar
Related Party Transaction [Line Items]
Interest income	$ 3,826	$ 3,839
Affiliate | ARL | MRHI
Related Party Transaction [Line Items]
Ownership interest	90.80%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Mar. 31, 2021	Mar. 31, 2020
IOR
Noncontrolling Interest [Line Items]
Ownership percentage by noncontrolling owners	18.90%	18.90%

Deferred Income (Details)

Deferred Income (Details) $ in Thousands	Jan. 29, 2021USD ($)property	Mar. 31, 2021USD ($)	Dec. 31, 2020USD ($)
Deferred Revenue Arrangement [Line Items]
Deferred revenue | $		$ 581	$ 9,315
UHF
Deferred Revenue Arrangement [Line Items]
Gain on sale | $	$ 8,730
Multifamily | McKinney Texas Limestone Ranch | UHF
Deferred Revenue Arrangement [Line Items]
Number of real estate properties | property	208
Multifamily | Lewisville Texas | UHF
Deferred Revenue Arrangement [Line Items]
Number of real estate properties | property	252

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Current	$ 40	$ 247
Deferred	0	0
Income tax expense	$ 40	$ 247

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Jan. 30, 2015USD ($)	Mar. 31, 2021USD ($)segment
UHF | Payment Guarantee
Loss Contingencies [Line Items]
Loan guarantee amount		$ 24,300
Dynex | Judgement
Loss Contingencies [Line Items]
Settlement award	$ 24,800
VAA | VAA
Loss Contingencies [Line Items]
Contributed properties with earn-out provisions | segment		10
Earn-out provision period		2 years
Liability		$ 10,000