Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Mar. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
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 LBJ 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 37.4 | ||
Entity Common Stock, Shares Outstanding | 8,639,316 | ||
Documents Incorporated by Reference | Consolidated Financial Statements of Income Opportunity Realty Investors, Inc. Commission File No. 001-14784 Consolidated Financial Statements of American Realty Investors, Inc. Commission File No. 001-15663 | ||
Entity Central Index Key | 0000733590 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2021 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | FARMER, FUQUA & HUFF, PC |
Auditor Location | Richardson, Texas |
Auditor Firm ID | 782 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Real estate | $ 296,363 | $ 377,383 |
Cash and cash equivalents | 50,735 | 36,761 |
Restricted cash | 21,986 | 50,206 |
Short-term investments | 16,001 | 0 |
Notes receivable (including $68,991 and $62,448 at December 31, 2021 and 2020, respectively, from related parties) | 129,726 | 123,556 |
Investment in unconsolidated joint ventures | 52,879 | 51,786 |
Receivable from related parties | 136,715 | 159,777 |
Other assets (including $4,223 and $3,830 at December 31, 2021 and 2020, respectively, from related parties) | 84,004 | 79,613 |
Total assets | 788,409 | 879,082 |
Liabilities: | ||
Mortgages and other notes payable | 176,750 | 236,069 |
Bonds payable | 189,452 | 237,888 |
Accounts payable and other liabilities (including $616 and $930 at December 31, 2021 and 2020, respectively, to related parties) | 43,602 | 26,729 |
Interest payable | 6,416 | 7,550 |
Deferred revenue | 581 | 9,315 |
Total liabilities | 416,801 | 517,551 |
Equity: | ||
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued, 8,639,116 outstanding | 86 | 86 |
Treasury stock at cost, 200 shares | 0 | (2) |
Additional paid-in capital | 260,387 | 260,389 |
Retained earnings | 90,732 | 81,334 |
Total shareholders’ equity | 351,205 | 341,807 |
Noncontrolling interest | 20,403 | 19,724 |
Total equity | 371,608 | 361,531 |
Total liabilities and equity | $ 788,409 | $ 879,082 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Notes and interest receivable | $ 129,726 | $ 123,556 |
Other assets | 84,004 | 79,613 |
Accounts payable and other liabilities | $ 43,602 | $ 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 |
Affiliate | ||
Notes and interest receivable | $ 68,991 | $ 62,448 |
Other assets | 4,223 | 3,830 |
Accounts payable and other liabilities | $ 616 | $ 930 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Rental revenues (including $944, $1,083 and $841 for 2021, 2020 and 2019, respectively, from related parties) | $ 37,808 | $ 51,909 | $ 46,231 |
Other income | 2,966 | 5,113 | 1,823 |
Total revenue | 40,774 | 57,022 | 48,054 |
Expenses: | |||
Property operating expenses (including $889, $990 and $991 for 2021, 2020 and 2019, respectively, from related parties) | 20,860 | 24,360 | 25,213 |
Depreciation and amortization | 11,870 | 14,755 | 13,379 |
General and administrative (including $4,091, $3,869 and $4,144 for 2021, 2020 and 2019, respectively, from related parties) | 12,425 | 9,287 | 8,704 |
Advisory fee to related party | 11,782 | 8,648 | 8,410 |
Total operating expenses | 56,937 | 57,050 | 55,706 |
Net operating loss | (16,163) | (28) | (7,652) |
Interest income (including $15,950, $19,515 and $17,413 for 2021, 2020 and 2019, respectively, from related parties) | 19,572 | 18,660 | 19,607 |
Interest expense (including $1,621, $1,581 and $1,999 for 2021, 2020 and 2019, respectively, from related parties) | (24,600) | (29,374) | (31,816) |
Loss on foreign currency transactions | (6,175) | (13,378) | (15,108) |
Loss on extinguishment of debt | (1,451) | 0 | (5,219) |
Equity in income (loss) from unconsolidated joint ventures | 14,531 | (519) | (2,758) |
Gain on sale or write-down of assets, net | 23,352 | 32,107 | 14,809 |
Income tax provision | 1,011 | (4) | 2,000 |
Net income (loss) | 10,077 | 7,464 | (26,137) |
Net income attributable to noncontrolling interest | (679) | (795) | (783) |
Net income (loss) attributable to the Company | $ 9,398 | $ 6,669 | $ (26,920) |
Earnings per share - basic | |||
Earnings per share, basic (in dollars per share) | $ 1.09 | $ 0.77 | $ (3.09) |
Earnings per share, diluted (in dollars per share) | $ 1.09 | $ 0.77 | $ (3.09) |
Weighted average common shares used in computing earnings per share | |||
Weighted average common shares used in computing earnings per share, basic (in shares) | 8,639,316 | 8,639,316 | 8,717,767 |
Weighted average common shares used in computing earnings per share, diluted (in shares) | 8,639,316 | 8,639,316 | 8,717,767 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rental revenue | $ 37,808 | $ 51,909 | $ 46,231 |
Property operating expenses | 20,860 | 24,360 | 25,213 |
General and administrative | 12,425 | 9,287 | 8,704 |
Interest income | 19,572 | 18,660 | 19,607 |
Interest expense | 24,600 | 29,374 | 31,816 |
Affiliate | |||
Rental revenue | 944 | 1,083 | 841 |
Property operating expenses | 889 | 990 | 991 |
General and administrative | 4,091 | 3,869 | 4,144 |
Interest income | 15,950 | 19,515 | 17,413 |
Interest expense | $ 1,621 | $ 1,581 | $ 1,999 |
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 of the year at Dec. 31, 2018 | $ 380,401 | $ 359,720 | $ 86 | $ (2) | $ 258,051 | $ 101,585 | $ 20,681 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | (26,137) | (26,920) | (26,920) | 783 | |||
Distribution to equity partner | (197) | (197) | (197) | ||||
Balance at ending of the year at Dec. 31, 2019 | 354,067 | 332,603 | 86 | (2) | 257,854 | 74,665 | 21,464 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 7,464 | 6,669 | 6,669 | 795 | |||
Distribution to equity partner | 0 | 2,535 | 2,535 | (2,535) | |||
Balance at ending of the year at Dec. 31, 2020 | 361,531 | 341,807 | 86 | (2) | 260,389 | 81,334 | 19,724 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income (loss) | 10,077 | 9,398 | 9,398 | 679 | |||
Cancellation of treasury stock | 0 | 2 | (2) | ||||
Balance at ending of the year at Dec. 31, 2021 | $ 371,608 | $ 351,205 | $ 86 | $ 0 | $ 260,387 | $ 90,732 | $ 20,403 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow From Operating Activities: | |||
Net income (loss) | $ 10,077 | $ 7,464 | $ (26,137) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Gain on sale or write down of assets | (23,352) | (32,107) | (14,809) |
Loss income on foreign currency transactions | 6,175 | 13,378 | 15,108 |
Loss on debt extinguishment | 1,451 | 0 | 5,219 |
Depreciation and amortization | 15,029 | 18,579 | 15,585 |
(Recovery) provision for bad debts | (1,017) | 984 | 0 |
Equity in (income) loss from unconsolidated joint ventures | (14,531) | 519 | 2,758 |
Distribution of income from unconsolidated joint ventures | 3,157 | 1,782 | 0 |
Changes in assets and liabilities, net of dispositions: | |||
Other assets | (12,928) | (7,397) | 798 |
Related party receivables | 12,572 | 4,389 | (35,257) |
Accrued interest payable | (2,909) | (1,340) | 2,349 |
Accounts payable and other liabilities | (4,710) | (620) | (1,361) |
Net cash (used in) provided by operating activities | (10,986) | 5,631 | (35,747) |
Cash Flow From Investing Activities: | |||
Collection of notes receivable | 17,674 | 4,436 | 13,862 |
Originations and advances on notes receivable | (4,968) | (33,015) | (21,434) |
Purchase of short-term investment | (16,000) | 0 | 0 |
Acquisition of real estate | 0 | 0 | (3,422) |
Development and renovation of real estate | (8,070) | (17,505) | (33,730) |
Deferred leasing costs | (877) | (2,603) | 0 |
Proceeds from sale of assets | 105,547 | 40,982 | 28,622 |
Contribution to unconsolidated joint venture | (411) | 0 | 0 |
Distribution from unconsolidated joint venture | 7,430 | 8,086 | 6,504 |
Net cash provided by (used in) investing activities | 100,325 | 381 | (9,598) |
Cash Flow From Financing Activities: | |||
Proceeds from mortgages and notes payable | 20,015 | 30,727 | 103,800 |
Payments on mortgages, other notes and bonds payable | (118,900) | (31,736) | (73,719) |
Debt extinguishment costs | (4,086) | 0 | (3,799) |
Deferred financing costs | (614) | (1,297) | (4,241) |
Net cash (used in) provided by financing activities | (103,585) | (2,306) | 22,041 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (14,246) | 3,706 | (23,304) |
Cash, cash equivalents and restricted cash, beginning of year | 86,967 | 83,261 | 106,565 |
Cash, cash equivalents and restricted cash, end of year | $ 72,721 | $ 86,967 | $ 83,261 |
Organization
Organization | 12 Months Ended |
Dec. 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 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 listed 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 residential 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 December 31, 2021, our property portfolio consisted of: ● Five commercial properties consisting of four office buildings and 1 retail property comprising in aggregate of approximately 1,063,515 square feet; ● Nine multifamily properties owned directly by us, comprising in 1,492 units, excluding apartments being developed; ● Approxima tely 1,875 acres of developed and undeveloped land; and ● Fifty-two multifamily properties totaling 10,281 units owned by our joint venture. 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 our employees are Pillar employees. Four of 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 13 – Related Party Transactions). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. 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. Real estate, depreciation, and impairment Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated remaining useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements—10 to 40 years; furniture, fixtures and equipment—5 to 10 years). We assess whether an indicator of impairment in the value of our real estate exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. We generally hold and operate our income producing real estate long-term, which decreases the likelihood of their carrying values not being recoverable. Real estate classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. Real estate held for sale We classify properties as held for sale when certain criteria are met in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. We did not have any real estate assets classified as held for sale at December 31, 2021 or 2020. Cost capitalization The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. We also capitalize development costs including costs directly related to planning, developing, initial leasing and constructing a property as well as interest, property taxes, insurance, and other direct project costs incurred during the period of development. Capitalized costs also include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. 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. Deferred leasing costs We capitalize leasing costs on our commercial properties, 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 represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date that is other than in a forced or liquidation sale. In determining fair value we apply the following hierarchy: 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 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. Recognition of revenue Rental revenue includes fixed minimum rents, reimbursement of operating costs and other leasing income. Rental revenue for residential property, which is generally leased for twelve months or less, is recorded when due from residents, whereas rental revenue for commercial properties, which is generally leased for more than twelve months, is recognized on a straight-line basis over the terms of the related leases. 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; we have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Cash and Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes cash balances held in escrow by financial institutions under the terms of certain secured notes payable and certain unsecured bonds payable. Concentration of credit risk We maintain our cash balances at commercial banks and through investment companies, the deposits that are insured by the Federal Deposit Insurance Corporation (FDIC). At December 31, 2021 and 2020, we maintained balances in excess of the insured amount. Income taxes We are a “C” corporation” for U.S. federal income tax purposes. However, we are included in the May Realty Holdings, Inc. (the "MRHI") consolidated group for tax purposes. We have a tax sharing agreement that specifies the manner in which the group will share the consolidated tax liability and also how certain tax attributes are to be treated among members of the group. Comprehensive income (loss) Net income (loss) and comprehensive income (loss) are the same for the year ended December 31, 2021, 2020 and 2019. Use of estimates In the preparation of consolidated financial statements in conformity with GAAP, it is necessary for management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expense for the year ended. Actual results could differ from those estimates. Recent accounting pronouncements. In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The adoption of the standard on January 1, 2020, did not have a material impact on our financial position and results of operations. 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 year ended December 31, 2021. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Earnings per share (“EPS”) has been computed by dividing net income available to common shares by the weighted-average number of common shares outstanding during the period. The following table provides our basic and diluted EPS calculation: For the Year Ended 2021 2020 2019 Net income (loss) $ 10,077 $ 7,464 $ (26,137) Net income attributable to noncontrolling interest (679) (795) (783) Net income (loss) attributable to the Company 9,398 6,669 (26,920) Weighted-average common shares outstanding-basic and diluted 8,639 8,639 8,718 EPS - attributable to common shares- basic and diluted $ 1.09 $ 0.77 $ (3.09) |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flows Information | Supplemental Cash Flows Information The following presents the schedule of interest paid and other supplemental cash flow information: For the Year Ended 2021 2020 2019 Cash paid for interest $ 24,471 $ 27,127 $ 29,430 Cash - beginning of year Cash and cash equivalents $ 36,761 $ 51,179 $ 36,358 Restricted cash 50,206 32,082 70,207 $ 86,967 $ 83,261 $ 106,565 Cash - end of year Cash and cash equivalents $ 50,735 $ 36,761 $ 51,179 Restricted cash 21,986 50,206 32,082 $ 72,721 $ 86,967 $ 83,261 Proceeds from mortgages, notes and bonds payable Proceeds from mortgages and notes payable $ 20,015 $ 10,942 $ 25,675 Proceeds from bonds — 19,785 78,125 $ 20,015 $ 30,727 $ 103,800 Payment of mortgages, notes and bonds payable Recurring payment on mortgages and notes payable $ 65,242 $ 12,144 $ 51,977 Bond payments 53,658 19,592 21,742 $ 118,900 $ 31,736 $ 73,719 The following is a schedule of noncash investing and financing activities: For the Year Ended 2021 2020 2019 Assets contributed to joint venture $ 18,608 $ — $ — Liabilities assumed by joint venture $ 15,606 $ — $ — Notes receivable received in exchange for related party receivable $ 9,259 $ — $ — Distribution from joint venture applied to Earn Out Obligation $ 5,441 $ — $ — Property acquired in exchange for note payable $ — $ 3,350 $ 1,155 Note receivable issued in exchange for property $ — $ 1,761 $ — Debt assumed in sale of properties $ — $ 8,238 $ — Property acquired in exchange for note receivable $ — $ — $ 1,800 |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Operating Segments | Operating Segments Our 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 properties ("Residential Segment") and (ii) the acquisition, ownership and management of commercial real estate properties ("Commercial Segment"). The services for our segments include rental of property 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 profit by reportable segment: For the Year Ended 2021 2020 2019 Residential Segment Revenue $ 14,495 $ 14,686 $ 13,517 Operating expenses (8,167) (8,482) (8,824) Profit from segment 6,328 6,204 4,693 Commercial Segment Revenue 23,313 37,223 32,714 Operating expenses (12,693) (15,878) (16,389) Profit from segment 10,620 21,345 16,325 Total profit from all segments $ 16,948 $ 27,549 $ 21,018 The following table reconciles our profit by reportable segment to net income (loss): For the Year Ended 2021 2020 2019 Profit from reportable segments $ 16,948 $ 27,549 $ 21,018 Other non-segment items of income (expense) Depreciation and amortization (11,870) (14,755) (13,379) General and administrative (12,425) (9,287) (8,704) Advisory fee to related party (11,782) (8,648) (8,410) Other income 2,966 5,113 1,823 Interest income 19,572 18,660 19,607 Interest expense (24,600) (29,374) (31,816) Loss on foreign currency transactions (6,175) (13,378) (15,108) Loss on extinguishment of debt (1,451) — (5,219) Equity in income (loss) from unconsolidated joint ventures 14,531 (519) (2,758) Gain on sale or write-down of assets, net 23,352 32,107 14,809 Income tax provision 1,011 (4) 2,000 Net income (loss) $ 10,077 $ 7,464 $ (26,137) The table below reconciles our segment information to the corresponding amounts in our consolidated balance sheets: December 31, 2021 2020 Segment assets $ 263,937 $ 342,965 Real estate 63,945 65,149 Investment in unconsolidated joint ventures 52,879 51,786 Notes receivable 129,726 123,556 Receivable from related parties 136,715 159,777 Cash and other non-segment assets 141,207 135,849 Total assets $ 788,409 $ 879,082 |
Lease Revenue
Lease Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Lease Revenue | Lease Revenue We lease our multifamily properties 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 years ended December 31, 2021, 2020 and 2019: For the Year Ended 2021 2020 2019 Fixed component $ 35,555 $ 49,974 $ 43,749 Variable component 2,253 1,935 2,482 Total rental revenue $ 37,808 $ 51,909 $ 46,231 The following table summarizes the future rental payments to us from under non-cancelable leases, which excludes multifamily leases, which typically have a term of one-year or less: Year Amount 2022 $ 13,368 2023 9,128 2024 5,613 2025 5,200 2026 4,912 Thereafter 20,008 Total $ 58,229 |
Real Estate Activity
Real Estate Activity | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Real Estate Activity | Real Estate Activity At December 31, 2021 and 2020, our real estate investment is comprised of the following: December 31, 2021 2020 Land $ 67,348 $ 78,755 Building and improvements 219,327 297,644 Tenant improvements 21,364 30,935 Construction in progress 51,091 49,895 Total cost 359,130 457,229 Less accumulated deprecation (62,933) (82,418) Total real estate, net 296,197 374,811 Property held for sale 166 2,572 Total real estate $ 296,363 $ 377,383 Our property held for sale consists of land parcels at Mercer Crossing that are currently under contract for sale and our construction in progress consists of development of Windmill Farms. Gain on sale or write-down of assets, net consists of the following: For the Year Ended 2021 2020 2019 Land(1) $ 16,645 $ 23,383 $ 14,889 Residential properties(2) 9,110 3,702 (80) Commercial properties(3) 27,196 4,610 — Other(4) (29,599) 412 — $ 23,352 $ 32,107 $ 14,809 (1) Includes the gain sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) Includes the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 9 – Investment in Unconsolidated Joint Ventures) and the gains on the sale of various multifamily properties that had previously been deferred (See Note 16 – Deferred Income). (3) On August 26, 2021, we sold 600 Las Colinas, a 512,173 square foot office building in Irving, Texas for $74,750, resulting in gain on sale of $27,270. We used the proceeds to pay down the mortgage note payable on the property (See Note 10 - Mortgages and Other Notes Payable) and for general corporate purposes. On May 1, 2020, we sold Villager , a 33 unit multifamily property in Fort Walton , Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of a $665 mortgage note payable on the property. On July 16, 2020, we sold Farnham Park , a 144 unit multifamily property in Port Arthur , Texas for $13,300, resulting in a gain on sale of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property. (4) Includes a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 9 - Investment in Unconsolidated Joint Ventures). |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | Short-term InvestmentsThe Company has an investment in variable denominated floating rate notes with a a financial institution. The notes are have no stated maturity and are subject to immediate repayment at the Company’s option. At December 31, 2021, the interest rate on the notes was 1.15%. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable The following table summarizes our notes receivables at December 31, 2021 and 2020: Carrying Value Interest Maturity Borrower / Project 2021 2020 ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/2026 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/2026 Autumn Breeze(1) 2,486 1,867 5.00 % 7/1/2022 Bellwether Ridge(1) 3,967 3,858 5.00 % 11/1/2026 Forest Pines(1) 6,472 2,869 5.00 % 11/1/2022 Lake Wales 3,000 3,000 9.50 % 6/30/2026 Legacy Pleasant Grove 496 496 12.00 % 10/23/2022 McKinney Ranch 4,554 4,554 6.00 % 9/15/2022 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,700 2,523 5.00 % 11/1/2026 Parc at Opelika(1) 2,305 — 10.00 % 1/13/2023 Parc at Windmill Farms(1) 7,830 7,803 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) — 61 12.00 % 3/31/2023 Phillips Foundation for Better Living, Inc.(2) 813 — 12.00 % 3/31/2024 Plum Tree(1) 1,537 857 5.00 % 4/26/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 RNC Portfolio, Inc. — 8,853 5.00 % 9/1/2024 Spartan Land 5,907 5,907 12.00 % 1/16/2023 Spyglass of Ennis(1) 5,319 5,360 5.00 % 11/1/2022 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Unified Housing Foundation(2)(3) 2,881 2,880 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 212 212 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 6,831 6,831 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,401 10,896 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,096 10,096 12.00 % 3/31/2022 Unified Housing Foundation(2)(3) 6,990 6,990 12.00 % 3/31/2023 Unified Housing Foundation(2)(3) 3,615 3,615 12.00 % 5/31/2023 Unified Housing Foundation(2)(3) 17,172 19,139 12.00 % 12/31/2032 Unified Housing Foundation(2)(3) 6,521 — 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 1,549 — 12.00 % 4/30/2024 Unified Housing Foundation(2)(3) 183 — 12.00 % 6/30/2024 $ 129,726 $ 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 | 12 Months Ended |
Dec. 31, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures On November 16, 2018 , we formed Victory Abode Apartments, LLC ("VAA"), a joint venture with the Macquarie Group (“Macquarie”). VAA was formed as a result of a sale of the 50% ownership interest in 51 multifamily properties owned by us in exchange for a 50% voting interest / 49% profit participation interest ("Class A interest") in VAA a nd a note payable (“Mezzanine Loan”). 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.In connection with the formation of VAA, ten out of the initial properties were subject to an earn-out provision ("Earn Out") that provides for a remeasurement of value after a two-year period following the completion of construction. Upon the formation of VAA, we recorded a liability ("Earn Out Obligation") for the $10,000 advance on the Earn Out that we received from Macquarie. On March 30, 2021, we sold a 50% ownership interest in Overlook at Allensville Phase II, a 144 unit multifamily property in Sevierville, Tennessee to Macquarie for $2,551 resulting in gain on sale of $1,417. Concurrent with the sale, we each contributed our 50% ownership interests in Overlook at Allensville Phase II into VAA. On July 13, 2021, we received the arbitration result of a dispute regarding the measurement of the Earn Out Obligation. Our position and claims were declined, and the position of Macquarie was fully accepted. As a result, we are required to pay approximately $39,600 to Macquarie to satisfy the Earn Out Obligation, and therefore, recorded a charge of $29,600 during the year ended December 31, 2021 (See Note 7 – Real Estate Activity). In accordance with the joint venture operating agreement, the Earn Out Obligation will be paid from our share of future distributions from VAA, which generally occur each six months. In July 2021, our $5,441 distribution from VAA was paid directly to Macquarie as a reduction of the Earn Out Obligation. On November 17, 2021 , we entered into a Major Decision with Macquarie to engage a broker and initiate a sale of all the properties held by the VAAoperties. In connection with the sale, VAA will distribute seven of its existing properties to us (referred to herein as the "Holdback Properties") and we in turn, will contribute one of our properties ("Contributed Property") into the portfolio offered for sale to third-parties. The remaining forty-five properties as referred to herein as the VAA Portfolio. The sales price for the Holdback Properties and Contributed Property will be the estimated value of these properties as stated in the agreement, multiplied by the ratio of the actual sales price of the VAA Portfolio over the estimated value of the portfolio as stated in the agreement. Each of the properties in the VAA Portfolio is appraised on an annual basis as part of our filing requirement with the TASE. As of December 31, 2021, the fair value of the VAA Portfolio, based on these appraisals was $1.4 billion. The appraised value reflects an aggregate of individual property appraised value and does not reflect a premium that is sometimes offered in a portfolio sale. These values reflects a compression of cap rates for multifamily properties during the last year. However, there can be no assurances that these values will be realized. The Major Decision agreement will terminate on August 1, 2022, if the VAA Portfolio has not been sold. The following is a summary of our investment in unconsolidated joint ventures: December 31, 2021 2020 Condensed Balance Sheets of VAA Assets Real estate $ 1,208,716 $ 1,217,725 Other assets 72,151 61,472 Total assets $ 1,280,867 $ 1,279,197 Liabilities and Partners Capital Mortgage notes payable $ 854,015 $ 830,721 Mezzanine notes payable 242,942 239,878 Other liabilities 40,316 35,632 Our share of partners' capital 71,800 84,983 Outside partner's capital 71,794 87,983 Total liabilities and partners' capital $ 1,280,867 $ 1,279,197 Investment in unconsolidated joint ventures Our share of partners' capital $ 71,800 $ 84,983 Our share of Mezzanine note payable and accrued interest 125,306 123,752 Basis adjustment (1) (144,227) (156,949) Total investment in unconsolidated joint ventures $ 52,879 $ 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 (loss) income from investments in unconsolidated joint venture: For the Years Ended December 31, 2021 2020 2019 Condensed Statements of Operations of VAA Revenue Rental revenue $ 131,455 $ 117,336 $ 109,746 Other revenue 7,706 6,240 5,631 Total revenue 139,161 123,576 115,377 Expenses Operating expenses 72,001 62,919 60,516 Depreciation and amortization 31,073 30,456 43,942 Interest 55,129 56,903 61,315 Total expenses 158,203 150,278 165,773 Net loss $ (19,042) $ (26,702) $ (50,396) Our share of net income (loss) in unconsolidated joint venture $ 14,531 $ (519) $ (2,758) |
Mortgages and Other Notes Payab
Mortgages and Other Notes Payable | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable Below is a summary of our notes and interest payable as of December 31, 2021 and 2020: Carrying Value Interest Maturity Property/ Entity 2021 2020 600 Las Colinas(1) $ — $ 35,589 5.30 % 11/1/2023 770 South Post Oak 11,635 11,871 4.40 % 6/1/2025 Athens(2) 1,155 1,155 4.00 % 8/28/2022 Chelsea 8,037 8,194 3.40 % 12/1/2050 EQK Portage - Land 3,350 3,350 10.00 % 11/13/2024 HSW Partners(3) — 14,690 9.50 % 6/17/2021 Forest Grove(4) 7,263 7,333 3.75 % 5/5/2024 Landing Bayou 14,407 14,643 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,352 13,653 3.60 % 4/1/2048 McKinney 36 Land — 820 8.00 % 6/30/2022 Overlook at Allensville Phase II(5) — 15,621 3.80 % 5/1/2059 Parc at Denham Springs Phase II 15,962 16,128 4.10 % 2/1/2060 RCM HC Enterprises(3) 1,986 — 9.50 % 12/17/2026 Stanford Center(6) 38,979 39,093 6.00 % 2/26/2022 Sugar Mill Phase III 9,216 9,298 4.50 % 2/1/2060 Toulon(7) 13,697 13,975 3.20 % 12/1/2051 Villas at Bon Secour(8) 19,492 10,280 3.08 % 9/1/2031 Vista Ridge 9,830 9,979 4.00 % 8/1/2053 Windmill Farms(9) 8,389 10,397 5.00 % 2/28/2023 $ 176,750 $ 236,069 (1) On August 26, 2021, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity). (2) On March 2, 2021, the loan was extended to August 28, 2022. (3) On June 4, 2021, the lender assumed the remaining $1,986 balance of our loan from HSW Partners and extended the maturity to December 17, 2026. (4) The loan bears interest at prime rate plus 0.5%. (5) On March 30, 2021 , the loan was assumed by VAA in connection with our contribution of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures). (6) On March 3, 2022 , the loan was extended to February 26, 2023. (7) On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 20 - Subsequent Events). (8) On August 25, 2021, we replaced the existing loan on the property with a new $20,015 loan that bears interest at 3.08% and matures on September 1, 2031. (9) On March 4, 2021, the loan was extended to February 28, 2023 at an interest rate of 5%. Interest payable at December 31, 2021 and 2020, was $1,147 and $1,123, respectively. We capitalized interest of $3,733 and $2,305 during the years ended December 31, 2021 and 2020, respectively. All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Athens, Forest Grove, Stanford Center and Villas at Bon Secour. There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are working with our existing lenders and new lenders to modify, extend the loans before they become due or refinancing the loans with terms that are similar to the existing agreement. Future principal payments due on our notes payable at December 31, 2021 are as follows: Year Amount 2022 $ 44,120 2023 4,355 2024 9,444 2025 13,021 2026 2,172 Thereafter 107,308 180,420 Deferred finance cost (3,670) $ 176,750 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 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 on foreign currency transactions of $6,175, $13,378, and $15,108, for the years ended December 31, 2021 , 2020 and 2019, respectively. We have hedging agreement that effectively prevents the exchange rate for the NIS to the U.S. Dollar from falling below 2.7. The outstanding balance of our Bonds at December 31, 2021 and 2020 is as follows: December 31, Interest Rate Bond Issuance 2021 2020 Maturity Series A Bonds(1) $ 65,563 $ 95,133 7.30 % 7/31/23 Series B Bonds(1) 54,019 65,318 6.80 % 7/31/25 Series C Bonds(2) 75,298 85,537 4.65 % 1/31/23 194,880 245,988 Less unamortized deferred issuance costs (5,428) (8,100) $ 189,452 $ 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. The aggregate maturities of our Bonds are as follows: Year Amount 2022 $ 46,286 2023 121,584 2024 13,505 2025 13,505 $ 194,880 The Bonds include a number of covenants, including restrictions on the amount of cash that can distributed from SPC. As of December 31, 2021, we were in compliance with our bond covenants. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 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 $944, $1,083 and $841 for the years ended December 31, 2021, 2020 and 2019, respectively, for office space leased to Pillar and Regis. Property operating expense includes $889, $990 and $991 for the years ended December 31, 2021, 2020 and 2019, respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $4,091, $3,869 and $4,144 for the years ended December 31, 2021, 2020 and 2019, respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisory fees paid to Pillar were $11,782, $8,648 and $8,410 for the years ended December 31, 2021, 2020 and 2019, respectively. Notes receivable are includes amounts held by UHF and Pillar (See Note 8 – 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 $15,950, $19,515 and $17,413 for the years ended December 31, 2021, 2020 and 2019, respectively. Interest expense on notes payable to Pillar was $1,621, $1,581 and $1,999 for the years ended December 31, 2021, 2020 and 2019, respectively. Related party receivables represents amounts outstanding from Pillar for loans and advances, net of unreimbursed fees, expenses and costs as provided above. |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2021 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling InterestsThe noncontrolling interest represents the third party ownership interest in Income Opportunity Realty Investors, Inc. ("IOR"). Shares of IOR are listed on the NYSE American under the symbol of IOR. We owned 81.1% in in IOR during the years ended December 31, 2021, 2020 and 2019. |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2021 | |
Equity [Abstract] | |
Stockholders Equity | Stockholders Equity Our decision to declare dividends on common stock is determined on an annual basis following the end of each year. In accordance with that policy, no dividends on our common stock were declared for 2021, 2020 or 2019. Future distributions to common stockholders will be determined in light of conditions then existing, including our financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by our board of directors. |
Deferred Income
Deferred Income | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Income | Deferred IncomeIn previous years, we sold properties to related parties where we 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 was not met, and as such, we deferred the gain recognition and accounted for the transactions by applying the finance, deposit, installment or cost recovery methods, as appropriate. The gains on these transactions have been deferred until the properties are sold to a non-related third party. As of December 31, 2021, we had a deferred gain of $581. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 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 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. The (benefit) expense for income taxes consists of: Year Ended December 31, 2021 2020 2019 Current: Federal $ (1,011) $ — $ — State — 4 — Deferred and Other: Federal — — (2,000) State — — — Total tax expense (benefit) $ (1,011) $ 4 $ (2,000) The reconciliation between our effective tax rate on income from operations and the statutory rate is as follows: Year Ended December 31, 2021 2020 2019 Income tax (benefit) expense at federal statutory rate $ 2,373 $ 1,568 $ (5,909) State and local income taxes net of federal tax benefit — 4 — AMT refund (1,011) — — Permanent differences (1,758) (1,766) (2,406) Timing differences Deferred gains (4,893) (878) (588) Basis difference on fixed assets (720) 1,307 — Other basis/timing differences (2,729) 2,296 3,173 Generation (use) of net operating loss carryforwards 7,727 (2,527) 3,730 Calculated income tax expense (benefit) $ (1,011) $ 4 $ (2,000) Effective tax rate — % — % 0.6 % We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2021, our tax years for 2021, 2020, and 2019 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2020, we are no longer subject to U.S federal, state, local, or foreign examinations by tax authorities for the years before 2016. Components of the Net Deferred Tax Asset or Liability December 31, 2021 2020 Cumulative foreign currency translation loss $ 1,088 3,818 Basis difference for fixed assets 706 1,426 Deferred gain (2,937) 1,956 Net operating loss carryforward 15,146 7,107 14,003 14,307 Less: valuation allowance (14,003) (6,480) $ — $ 7,827 We have state net operating losses in many of the various states in which we operate. We assess 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, 2021, we had a net deferred tax asset due to tax deductions available to us in future years. However, as we could not determine that it was more likely than not that we would realize the benefit of the deferred tax asset, we established a 100% valuation allowance. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies 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 are are also a guarantor on the mortgage notes payable on two properties in that are owned by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures) and four that are owned directly by us (See Note 11 - Mortgages and Other Notes Payable). |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Quarterly Results of Operations The following is a tabulation of our quarterly results of operations for the years December 31, 2021, 2020 and 2019. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2021 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 11,828 $ 10,795 $ 10,034 $ 8,117 Net operating loss (2,226) (5,225) (4,558) (4,154) Net income (loss) attributable to the Company 22,632 (30,733) 26,246 (8,747) EPS - basic and diluted $ 2.62 $ (3.56) $ 3.04 $ (1.01) 2020 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 12,753 $ 13,431 $ 12,159 $ 18,679 Net operating income (loss) (3,146) 635 (1,537) 4,020 Net (loss) income attributable to the Company 4,613 (4,158) 7,693 (1,479) EPS - basic and diluted $ 0.53 $ (0.48) $ 0.88 $ (0.17) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 14, 2022, we sold Toulon, a 240 unit multifamily property property in Gautier, Mississippi for $26,750. The proceeds were used to pay off the mortgage note payable on the property and for general corporate purposes. The date to which events occurring after December 31, 2021, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 28, 2021, 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
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2021 Initial Cost Cost Gross Amount Carried at End of Year Property/Location Encumbrances Land Buildings Land Building & Total Accumulated Date of Date Multifamily Chelsea $ 8,037 $ 1,225 $ 11,230 $ 17 $ 1,231 $ 11,241 $ 12,472 $ 893 1999 2018 Forest Grove 7,263 1,440 10,234 32 1,440 10,266 11,706 410 2020 2020 Landing Bayou 14,407 2,011 18,255 (5,962) 2,011 12,293 14,304 1,425 2005 2018 Legacy at Pleasant Grove 13,352 2,005 18,109 57 2,033 18,138 20,171 3,237 2006 2018 Parc at Denham Springs Phase II 15,962 1,505 16,975 — 1,505 16,975 18,480 873 2010 2009 Sugar Mill Phase III 9,216 576 9,755 (15) 576 9,740 10,316 382 2015 2015 Toulon 13,697 1,621 20,107 411 1,993 20,146 22,139 5,279 2011 2014 Villas at Bon Secour 19,492 2,715 15,385 52 2,715 15,437 18,152 1,318 2007 2018 Vista Ridge 9,830 1,339 13,398 6 1,339 13,404 14,743 2,590 2009 2018 111,256 14,437 133,448 (5,402) 14,843 127,640 142,483 16,407 Commercial 770 South Post Oak 11,635 1,763 16,312 672 1,763 16,984 18,747 3,037 1970 2015 Browning Place 75,298 5,096 49,441 14,453 5,096 63,894 68,990 28,140 1984 2005 Stanford Center 38,979 20,278 25,876 6,224 20,278 32,100 52,378 15,275 2007 2008 Other — 646 74 — 646 74 720 74 125,912 27,783 91,703 21,349 27,783 113,052 140,835 46,526 Developed and Undeveloped Land Mercer Crossing — 2,999 — — 2,999 — 2,999 — 2018 Windmill Farms 8,389 43,608 — 2,159 45,767 — 45,767 — 2006 Other 6,491 19,608 — 7,604 27,212 — 27,212 — 14,880 66,215 — 9,763 75,978 — 75,978 — $ 252,048 $ 108,435 $ 225,151 $ 25,710 $ 118,604 $ 240,692 $ 359,296 $ 62,933 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2021 2021 2020 2019 Reconciliation of Real Estate Balance at January 1, $ 459,801 $ 477,963 $ 463,732 Additions 5,814 21,223 92,964 Deductions (106,319) (39,385) (78,733) Balance at December 31, $ 359,296 $ 459,801 $ 477,963 Reconciliation of Accumulated Depreciation Balance at January 1, 82,418 90,173 79,228 Additions 10,820 12,188 13,379 Deductions (30,305) (19,943) (2,434) Balance at December 31, $ 62,933 $ 82,418 $ 90,173 |
SCHEDULE IV - MORTGAGE LOANS
SCHEDULE IV - MORTGAGE LOANS | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract] | |
SCHEDULE IV - MORTGAGE LOANS | SCHEDULE IV - MORTGAGE LOANS December 31, 2021 Description Interest Rate Maturity Date Periodic Payment Prior Liens Face Amount Carrying Value Convertible loans Autumn Breeze 5.00% 7/1/2022 No payments until maturity or conversion $ 24,756 $ 2,486 $ 2,486 Bellwether Ridge 5.00% 11/1/2026 No payments until maturity or conversion 18,070 3,967 3,967 Forest Pines 5.00% 11/1/2022 No payments until maturity or conversion 26,407 6,472 6,472 Parc at Ingleside 5.00% 11/1/2026 No payments until maturity or conversion 25,201 3,700 3,700 Parc at Opelika 10.00% 1/13/2023 No payments until maturity or conversion 23,661 2,305 2,305 Parc at Windmill Farms 5.00% 11/1/2022 No payments until maturity or conversion 35,524 7,830 7,830 Plum Tree 5.00% 4/26/2026 No payments until maturity or conversion 17,105 1,537 1,537 Spyglass of Ennis 5.00% 11/1/2022 No payments until maturity or conversion 22,793 5,319 5,319 Steeple Crest 5.00% 8/1/2026 No payments until maturity or conversion 11,529 6,498 6,498 205,046 40,114 40,114 Land loans ABC Land and Development, Inc. 9.50% 6/30/2026 No payments until maturity — 4,408 4,408 ABC Paradise, LLC 9.50% 6/30/2026 No payments until maturity — 1,210 1,210 Lake Wales 9.50% 6/30/2026 No payments until maturity — 3,000 3,000 Legacy Pleasant Grove 12.00% 10/23/2022 No payments until maturity — 496 496 McKinney Ranch 6.00% 9/15/2022 No payments until maturity — 4,554 4,554 One Realco Land Holding, Inc. 9.50% 6/30/2026 No payments until maturity — 1,728 1,728 Riverview on the Park Land, LLC 9.50% 6/30/2026 No payments until maturity — 1,045 1,045 Spartan Land 12.00% 1/16/2023 No payments until maturity — 5,907 5,907 — 22,348 22,348 Subsidized housing Phillips Foundation for Better Living, Inc. 12.00% 3/31/2024 Payments from excess property cash flows — 813 813 Unified Housing Foundation 12.00% 6/30/2023 Payments from excess property cash flows — 2,881 2,881 Unified Housing Foundation 12.00% 6/30/2023 Payments from excess property cash flows — 212 212 Unified Housing Foundation 12.00% 6/30/2023 Payments from excess property cash flows — 6,831 6,831 Unified Housing Foundation 12.00% 6/30/2023 Payments from excess property cash flows — 10,401 10,401 Description Interest Rate Maturity Date Periodic Payment Prior Liens Face Amount Carrying Value Unified Housing Foundation 12.00% 3/31/2022 Payments from excess property cash flows — 10,096 10,096 Unified Housing Foundation 12.00% 3/31/2023 Payments from excess property cash flows — 6,990 6,990 Unified Housing Foundation 12.00% 5/31/2023 Payments from excess property cash flows — 3,615 3,615 Unified Housing Foundation 12.00% 12/31/2032 Payments from excess property cash flows 96,929 17,172 17,172 Unified Housing Foundation 12.00% 3/31/2024 Payments from excess property cash flows — 6,521 6,521 Unified Housing Foundation 12.00% 4/30/2024 Payments from excess property cash flows — 1,549 1,549 Unified Housing Foundation 12.00% 6/30/2024 Payments from excess property cash flows — 183 183 96,929 67,264 67,264 $ 301,975 $ 129,726 $ 129,726 SCHEDULE IV - MORTGAGE LOANS As of December 31, 2021 2020 2019 Balance at January 1, $ 123,556 $ 112,357 $ 83,541 Additions 18,844 26,535 59,241 Deductions (12,674) (15,336) (30,425) Balance at December 31, $ 129,726 $ 123,556 $ 112,357 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. 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. |
Real estate, depreciation, and impairment | Real estate, depreciation, and impairment Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated remaining useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements—10 to 40 years; furniture, fixtures and equipment—5 to 10 years). We assess whether an indicator of impairment in the value of our real estate exists by considering expected future operating income, trends and prospects, as well as the effects of demand, competition and other economic factors. Such factors include projected rental revenue, operating costs and capital expenditures as well as estimated holding periods and capitalization rates. If an impairment indicator exists, the determination of recoverability is made based upon the estimated undiscounted future net cash flows, excluding interest expense. The amount of impairment loss, if any, is determined by comparing the fair value, as determined by a discounted cash flows analysis, with the carrying value of the related assets. We generally hold and operate our income producing real estate long-term, which decreases the likelihood of their carrying values not being recoverable. Real estate classified as held for sale are measured at the lower of the carrying amount or fair value less cost to sell. |
Real estate held for sale | Real estate held for sale We classify properties as held for sale when certain criteria are met in accordance with GAAP. At that time, we present the assets and obligations of the property held for sale separately in our consolidated balance sheet and we cease recording depreciation and amortization expense related to that property. Properties held for sale are reported at the lower of their carrying amount or their estimated fair value, less estimated costs to sell. We did not have any real estate assets classified as held for sale at December 31, 2021 or 2020. |
Cost capitalization | Cost capitalization The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. We also capitalize development costs including costs directly related to planning, developing, initial leasing and constructing a property as well as interest, property taxes, insurance, and other direct project costs incurred during the period of development. Capitalized costs also include direct and certain indirect costs clearly associated with the project. Indirect costs include real estate taxes, insurance and certain shared administrative costs. In assessing the amounts of direct and indirect costs to be capitalized, allocations are made to projects based on estimates of the actual amount of time spent on each activity. Indirect costs not clearly associated with specific projects are expensed as period costs. 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. |
Deferred leasing costs | Deferred leasing costs We capitalize leasing costs on our commercial properties, 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 Fair value represents the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date that is other than in a forced or liquidation sale. In determining fair value we apply the following hierarchy: 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 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. |
Recognition of revenue | Recognition of revenue Rental revenue includes fixed minimum rents, reimbursement of operating costs and other leasing income. Rental revenue for residential property, which is generally leased for twelve months or less, is recorded when due from residents, whereas rental revenue for commercial properties, which is generally leased for more than twelve months, is recognized on a straight-line basis over the terms of the related leases. 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; we have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents, for which cost approximates fair value. Restricted cash includes cash balances held in escrow by financial institutions under the terms of certain secured notes payable and certain unsecured bonds payable. |
Concentration of credit risk | Concentration of credit risk We maintain our cash balances at commercial banks and through investment companies, the deposits that are insured by the Federal Deposit Insurance Corporation (FDIC). At December 31, 2021 and 2020, we maintained balances in excess of the insured amount. |
Income taxes | Income taxes We are a “C” corporation” for U.S. federal income tax purposes. However, we are included in the May Realty Holdings, Inc. (the "MRHI") consolidated group for tax purposes. We have a tax sharing agreement that specifies the manner in which the group will share the consolidated tax liability and also how certain tax attributes are to be treated among members of the group. |
Comprehensive income (loss) | Comprehensive income (loss) Net income (loss) and comprehensive income (loss) are the same for the year ended December 31, 2021, 2020 and 2019. |
Use of estimates | Use of estimates In the preparation of consolidated financial statements in conformity with GAAP, it is necessary for management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expense for the year ended. Actual results could differ from those estimates. |
Recent accounting pronouncements | Recent accounting pronouncements. In October 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The adoption of the standard on January 1, 2020, did not have a material impact on our financial position and results of operations. 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 year ended December 31, 2021. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides our basic and diluted EPS calculation: For the Year Ended 2021 2020 2019 Net income (loss) $ 10,077 $ 7,464 $ (26,137) Net income attributable to noncontrolling interest (679) (795) (783) Net income (loss) attributable to the Company 9,398 6,669 (26,920) Weighted-average common shares outstanding-basic and diluted 8,639 8,639 8,718 EPS - attributable to common shares- basic and diluted $ 1.09 $ 0.77 $ (3.09) |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 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: For the Year Ended 2021 2020 2019 Cash paid for interest $ 24,471 $ 27,127 $ 29,430 Cash - beginning of year Cash and cash equivalents $ 36,761 $ 51,179 $ 36,358 Restricted cash 50,206 32,082 70,207 $ 86,967 $ 83,261 $ 106,565 Cash - end of year Cash and cash equivalents $ 50,735 $ 36,761 $ 51,179 Restricted cash 21,986 50,206 32,082 $ 72,721 $ 86,967 $ 83,261 Proceeds from mortgages, notes and bonds payable Proceeds from mortgages and notes payable $ 20,015 $ 10,942 $ 25,675 Proceeds from bonds — 19,785 78,125 $ 20,015 $ 30,727 $ 103,800 Payment of mortgages, notes and bonds payable Recurring payment on mortgages and notes payable $ 65,242 $ 12,144 $ 51,977 Bond payments 53,658 19,592 21,742 $ 118,900 $ 31,736 $ 73,719 The following is a schedule of noncash investing and financing activities: For the Year Ended 2021 2020 2019 Assets contributed to joint venture $ 18,608 $ — $ — Liabilities assumed by joint venture $ 15,606 $ — $ — Notes receivable received in exchange for related party receivable $ 9,259 $ — $ — Distribution from joint venture applied to Earn Out Obligation $ 5,441 $ — $ — Property acquired in exchange for note payable $ — $ 3,350 $ 1,155 Note receivable issued in exchange for property $ — $ 1,761 $ — Debt assumed in sale of properties $ — $ 8,238 $ — Property acquired in exchange for note receivable $ — $ — $ 1,800 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Segment Reporting [Abstract] | |
Schedule of Profit by Reportable segment | The following table presents our profit by reportable segment: For the Year Ended 2021 2020 2019 Residential Segment Revenue $ 14,495 $ 14,686 $ 13,517 Operating expenses (8,167) (8,482) (8,824) Profit from segment 6,328 6,204 4,693 Commercial Segment Revenue 23,313 37,223 32,714 Operating expenses (12,693) (15,878) (16,389) Profit from segment 10,620 21,345 16,325 Total profit from all segments $ 16,948 $ 27,549 $ 21,018 |
Reconciliation of Revenue from Segments to Consolidated | The following table reconciles our profit by reportable segment to net income (loss): For the Year Ended 2021 2020 2019 Profit from reportable segments $ 16,948 $ 27,549 $ 21,018 Other non-segment items of income (expense) Depreciation and amortization (11,870) (14,755) (13,379) General and administrative (12,425) (9,287) (8,704) Advisory fee to related party (11,782) (8,648) (8,410) Other income 2,966 5,113 1,823 Interest income 19,572 18,660 19,607 Interest expense (24,600) (29,374) (31,816) Loss on foreign currency transactions (6,175) (13,378) (15,108) Loss on extinguishment of debt (1,451) — (5,219) Equity in income (loss) from unconsolidated joint ventures 14,531 (519) (2,758) Gain on sale or write-down of assets, net 23,352 32,107 14,809 Income tax provision 1,011 (4) 2,000 Net income (loss) $ 10,077 $ 7,464 $ (26,137) |
Reconciliation of Assets from Segment to Consolidated | The table below reconciles our segment information to the corresponding amounts in our consolidated balance sheets: December 31, 2021 2020 Segment assets $ 263,937 $ 342,965 Real estate 63,945 65,149 Investment in unconsolidated joint ventures 52,879 51,786 Notes receivable 129,726 123,556 Receivable from related parties 136,715 159,777 Cash and other non-segment assets 141,207 135,849 Total assets $ 788,409 $ 879,082 |
Lease Revenue (Tables)
Lease Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Schedule of Rental Revenue | The following table summarizes the components of rental revenue for the years ended December 31, 2021, 2020 and 2019: For the Year Ended 2021 2020 2019 Fixed component $ 35,555 $ 49,974 $ 43,749 Variable component 2,253 1,935 2,482 Total rental revenue $ 37,808 $ 51,909 $ 46,231 |
Schedule of Future Rental Payments | The following table summarizes the future rental payments to us from under non-cancelable leases, which excludes multifamily leases, which typically have a term of one-year or less: Year Amount 2022 $ 13,368 2023 9,128 2024 5,613 2025 5,200 2026 4,912 Thereafter 20,008 Total $ 58,229 |
Real Estate Activity (Tables)
Real Estate Activity (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Real Estate [Abstract] | |
Schedule of the Real Estate Owned | At December 31, 2021 and 2020, our real estate investment is comprised of the following: December 31, 2021 2020 Land $ 67,348 $ 78,755 Building and improvements 219,327 297,644 Tenant improvements 21,364 30,935 Construction in progress 51,091 49,895 Total cost 359,130 457,229 Less accumulated deprecation (62,933) (82,418) Total real estate, net 296,197 374,811 Property held for sale 166 2,572 Total real estate $ 296,363 $ 377,383 |
Schedule of Gain (Loss) on Sale or Write-down of Assets | Gain on sale or write-down of assets, net consists of the following: For the Year Ended 2021 2020 2019 Land(1) $ 16,645 $ 23,383 $ 14,889 Residential properties(2) 9,110 3,702 (80) Commercial properties(3) 27,196 4,610 — Other(4) (29,599) 412 — $ 23,352 $ 32,107 $ 14,809 (1) Includes the gain sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) Includes the gain from the sale of a 50% ownership interest in Overlook at Allensville Phase II (See Note 9 – Investment in Unconsolidated Joint Ventures) and the gains on the sale of various multifamily properties that had previously been deferred (See Note 16 – Deferred Income). (3) On August 26, 2021, we sold 600 Las Colinas, a 512,173 square foot office building in Irving, Texas for $74,750, resulting in gain on sale of $27,270. We used the proceeds to pay down the mortgage note payable on the property (See Note 10 - Mortgages and Other Notes Payable) and for general corporate purposes. On May 1, 2020, we sold Villager , a 33 unit multifamily property in Fort Walton , Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of a $665 mortgage note payable on the property. On July 16, 2020, we sold Farnham Park , a 144 unit multifamily property in Port Arthur , Texas for $13,300, resulting in a gain on sale of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property. (4) Includes a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 9 - Investment in Unconsolidated Joint Ventures). |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Receivables [Abstract] | |
Schedule of Notes Receivable | The following table summarizes our notes receivables at December 31, 2021 and 2020: Carrying Value Interest Maturity Borrower / Project 2021 2020 ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/2026 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/2026 Autumn Breeze(1) 2,486 1,867 5.00 % 7/1/2022 Bellwether Ridge(1) 3,967 3,858 5.00 % 11/1/2026 Forest Pines(1) 6,472 2,869 5.00 % 11/1/2022 Lake Wales 3,000 3,000 9.50 % 6/30/2026 Legacy Pleasant Grove 496 496 12.00 % 10/23/2022 McKinney Ranch 4,554 4,554 6.00 % 9/15/2022 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,700 2,523 5.00 % 11/1/2026 Parc at Opelika(1) 2,305 — 10.00 % 1/13/2023 Parc at Windmill Farms(1) 7,830 7,803 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) — 61 12.00 % 3/31/2023 Phillips Foundation for Better Living, Inc.(2) 813 — 12.00 % 3/31/2024 Plum Tree(1) 1,537 857 5.00 % 4/26/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 RNC Portfolio, Inc. — 8,853 5.00 % 9/1/2024 Spartan Land 5,907 5,907 12.00 % 1/16/2023 Spyglass of Ennis(1) 5,319 5,360 5.00 % 11/1/2022 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Unified Housing Foundation(2)(3) 2,881 2,880 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 212 212 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 6,831 6,831 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,401 10,896 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,096 10,096 12.00 % 3/31/2022 Unified Housing Foundation(2)(3) 6,990 6,990 12.00 % 3/31/2023 Unified Housing Foundation(2)(3) 3,615 3,615 12.00 % 5/31/2023 Unified Housing Foundation(2)(3) 17,172 19,139 12.00 % 12/31/2032 Unified Housing Foundation(2)(3) 6,521 — 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 1,549 — 12.00 % 4/30/2024 Unified Housing Foundation(2)(3) 183 — 12.00 % 6/30/2024 $ 129,726 $ 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) | 12 Months Ended |
Dec. 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 unconsolidated joint ventures: December 31, 2021 2020 Condensed Balance Sheets of VAA Assets Real estate $ 1,208,716 $ 1,217,725 Other assets 72,151 61,472 Total assets $ 1,280,867 $ 1,279,197 Liabilities and Partners Capital Mortgage notes payable $ 854,015 $ 830,721 Mezzanine notes payable 242,942 239,878 Other liabilities 40,316 35,632 Our share of partners' capital 71,800 84,983 Outside partner's capital 71,794 87,983 Total liabilities and partners' capital $ 1,280,867 $ 1,279,197 Investment in unconsolidated joint ventures Our share of partners' capital $ 71,800 $ 84,983 Our share of Mezzanine note payable and accrued interest 125,306 123,752 Basis adjustment (1) (144,227) (156,949) Total investment in unconsolidated joint ventures $ 52,879 $ 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 (loss) income from investments in unconsolidated joint venture: For the Years Ended December 31, 2021 2020 2019 Condensed Statements of Operations of VAA Revenue Rental revenue $ 131,455 $ 117,336 $ 109,746 Other revenue 7,706 6,240 5,631 Total revenue 139,161 123,576 115,377 Expenses Operating expenses 72,001 62,919 60,516 Depreciation and amortization 31,073 30,456 43,942 Interest 55,129 56,903 61,315 Total expenses 158,203 150,278 165,773 Net loss $ (19,042) $ (26,702) $ (50,396) Our share of net income (loss) in unconsolidated joint venture $ 14,531 $ (519) $ (2,758) |
Mortgages and Other Notes Pay_2
Mortgages and Other Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Below is a summary of our notes and interest payable as of December 31, 2021 and 2020: Carrying Value Interest Maturity Property/ Entity 2021 2020 600 Las Colinas(1) $ — $ 35,589 5.30 % 11/1/2023 770 South Post Oak 11,635 11,871 4.40 % 6/1/2025 Athens(2) 1,155 1,155 4.00 % 8/28/2022 Chelsea 8,037 8,194 3.40 % 12/1/2050 EQK Portage - Land 3,350 3,350 10.00 % 11/13/2024 HSW Partners(3) — 14,690 9.50 % 6/17/2021 Forest Grove(4) 7,263 7,333 3.75 % 5/5/2024 Landing Bayou 14,407 14,643 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,352 13,653 3.60 % 4/1/2048 McKinney 36 Land — 820 8.00 % 6/30/2022 Overlook at Allensville Phase II(5) — 15,621 3.80 % 5/1/2059 Parc at Denham Springs Phase II 15,962 16,128 4.10 % 2/1/2060 RCM HC Enterprises(3) 1,986 — 9.50 % 12/17/2026 Stanford Center(6) 38,979 39,093 6.00 % 2/26/2022 Sugar Mill Phase III 9,216 9,298 4.50 % 2/1/2060 Toulon(7) 13,697 13,975 3.20 % 12/1/2051 Villas at Bon Secour(8) 19,492 10,280 3.08 % 9/1/2031 Vista Ridge 9,830 9,979 4.00 % 8/1/2053 Windmill Farms(9) 8,389 10,397 5.00 % 2/28/2023 $ 176,750 $ 236,069 (1) On August 26, 2021, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity). (2) On March 2, 2021, the loan was extended to August 28, 2022. (3) On June 4, 2021, the lender assumed the remaining $1,986 balance of our loan from HSW Partners and extended the maturity to December 17, 2026. (4) The loan bears interest at prime rate plus 0.5%. (5) On March 30, 2021 , the loan was assumed by VAA in connection with our contribution of the underlying property to the joint venture (See Note 9 – Investment in Unconsolidated Joint Ventures). (6) On March 3, 2022 , the loan was extended to February 26, 2023. (7) On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 20 - Subsequent Events). (8) On August 25, 2021, we replaced the existing loan on the property with a new $20,015 loan that bears interest at 3.08% and matures on September 1, 2031. (9) On March 4, 2021, the loan was extended to February 28, 2023 at an interest rate of 5%. |
Schedule of Future Principal Payments | Future principal payments due on our notes payable at December 31, 2021 are as follows: Year Amount 2022 $ 44,120 2023 4,355 2024 9,444 2025 13,021 2026 2,172 Thereafter 107,308 180,420 Deferred finance cost (3,670) $ 176,750 |
Bonds Payable (Tables)
Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Bonds Payable | The outstanding balance of our Bonds at December 31, 2021 and 2020 is as follows: December 31, Interest Rate Bond Issuance 2021 2020 Maturity Series A Bonds(1) $ 65,563 $ 95,133 7.30 % 7/31/23 Series B Bonds(1) 54,019 65,318 6.80 % 7/31/25 Series C Bonds(2) 75,298 85,537 4.65 % 1/31/23 194,880 245,988 Less unamortized deferred issuance costs (5,428) (8,100) $ 189,452 $ 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. |
Schedule of Maturities of Bonds Payable | The aggregate maturities of our Bonds are as follows: Year Amount 2022 $ 46,286 2023 121,584 2024 13,505 2025 13,505 $ 194,880 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax (Benefit) Expense | The (benefit) expense for income taxes consists of: Year Ended December 31, 2021 2020 2019 Current: Federal $ (1,011) $ — $ — State — 4 — Deferred and Other: Federal — — (2,000) State — — — Total tax expense (benefit) $ (1,011) $ 4 $ (2,000) |
Schedule of Reconciliation of Effective Tax Rate | The reconciliation between our effective tax rate on income from operations and the statutory rate is as follows: Year Ended December 31, 2021 2020 2019 Income tax (benefit) expense at federal statutory rate $ 2,373 $ 1,568 $ (5,909) State and local income taxes net of federal tax benefit — 4 — AMT refund (1,011) — — Permanent differences (1,758) (1,766) (2,406) Timing differences Deferred gains (4,893) (878) (588) Basis difference on fixed assets (720) 1,307 — Other basis/timing differences (2,729) 2,296 3,173 Generation (use) of net operating loss carryforwards 7,727 (2,527) 3,730 Calculated income tax expense (benefit) $ (1,011) $ 4 $ (2,000) Effective tax rate — % — % 0.6 % |
Components of the Net Deferred Tax Asset or Liability | Components of the Net Deferred Tax Asset or Liability December 31, 2021 2020 Cumulative foreign currency translation loss $ 1,088 3,818 Basis difference for fixed assets 706 1,426 Deferred gain (2,937) 1,956 Net operating loss carryforward 15,146 7,107 14,003 14,307 Less: valuation allowance (14,003) (6,480) $ — $ 7,827 |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Results of Operations | The following is a tabulation of our quarterly results of operations for the years December 31, 2021, 2020 and 2019. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2021 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 11,828 $ 10,795 $ 10,034 $ 8,117 Net operating loss (2,226) (5,225) (4,558) (4,154) Net income (loss) attributable to the Company 22,632 (30,733) 26,246 (8,747) EPS - basic and diluted $ 2.62 $ (3.56) $ 3.04 $ (1.01) 2020 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 12,753 $ 13,431 $ 12,159 $ 18,679 Net operating income (loss) (3,146) 635 (1,537) 4,020 Net (loss) income attributable to the Company 4,613 (4,158) 7,693 (1,479) EPS - basic and diluted $ 0.53 $ (0.48) $ 0.88 $ (0.17) |
Organization (Details)
Organization (Details) | Dec. 31, 2021ft²apropertyapartment |
Unconsolidated joint venture | |
Real Estate Properties [Line Items] | |
Number of units in real estate property | apartment | 10,281 |
Commercial properties | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 5 |
Area | ft² | 1,063,515 |
Commercial properties | Regis Realty Prime, LLC | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 4 |
Office building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 4 |
Retail site | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 1 |
Apartment building | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 9 |
Number of units in real estate property | apartment | 1,492 |
Apartment building | Unconsolidated joint venture | |
Real Estate Properties [Line Items] | |
Number of real estate properties | 52 |
Developed and undeveloped land | |
Real Estate Properties [Line Items] | |
Area of land | a | 1,875 |
Transcontinental Realty Investors, Inc. | 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% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Minimum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 5 years |
Maximum | Buildings and improvements | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 40 years |
Maximum | Furniture, fixtures and equipment | |
Property, Plant and Equipment [Line Items] | |
Estimated useful lives | 10 years |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 10,077 | $ 7,464 | $ (26,137) | ||||||||
Net income attributable to noncontrolling interest | (679) | (795) | (783) | ||||||||
Net income (loss) attributable to the Company | $ (8,747) | $ 26,246 | $ (30,733) | $ 22,632 | $ (1,479) | $ 7,693 | $ (4,158) | $ 4,613 | $ 9,398 | $ 6,669 | $ (26,920) |
Weighted-average common shares outstanding-basic (in shares) | 8,639,316 | 8,639,316 | 8,717,767 | ||||||||
Weighted-average common shares outstanding- diluted (in shares) | 8,639,316 | 8,639,316 | 8,717,767 | ||||||||
EPS - attributable to common shares- basic (in dollars per share) | $ (1.01) | $ 3.04 | $ (3.56) | $ 2.62 | $ (0.17) | $ 0.88 | $ (0.48) | $ 0.53 | $ 1.09 | $ 0.77 | $ (3.09) |
EPS - attributable to common shares- diluted (in dollars per share) | $ (1.01) | $ 3.04 | $ (3.56) | $ 2.62 | $ (0.17) | $ 0.88 | $ (0.48) | $ 0.53 | $ 1.09 | $ 0.77 | $ (3.09) |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information - Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 24,471 | $ 27,127 | $ 29,430 |
Cash and cash equivalents, beginning balance | 36,761 | 51,179 | 36,358 |
Restricted cash and cash equivalents, beginning balance | 50,206 | 32,082 | 70,207 |
Cash and cash equivalents, ending balance | 50,735 | 36,761 | 51,179 |
Restricted cash and cash equivalents, ending balance | 21,986 | 50,206 | 32,082 |
Cash, cash equivalents and restricted cash, beginning of year | 86,967 | 83,261 | 106,565 |
Cash, cash equivalents and restricted cash, end of year | 72,721 | 86,967 | 83,261 |
Proceeds from mortgages, notes and bonds payable | |||
Proceeds from mortgages and notes payable | 20,015 | 10,942 | 25,675 |
Proceeds from bonds | 0 | 19,785 | 78,125 |
Proceeds from mortgages, notes and bonds payable | 20,015 | 30,727 | 103,800 |
Payment of mortgages, notes and bonds payable | |||
Recurring payment on mortgages and notes payable | 65,242 | 12,144 | 51,977 |
Bond payments | 53,658 | 19,592 | 21,742 |
Payment of mortgages, notes and bonds payable | $ 118,900 | $ 31,736 | $ 73,719 |
Supplemental Cash Flows Infor_4
Supplemental Cash Flows Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||||
Assets contributed to joint venture | $ 18,608 | $ 0 | $ 0 | |
Liabilities assumed by joint venture | 15,606 | 0 | 0 | |
Notes receivable received/issued | 0 | 1,761 | 0 | |
Distribution from joint venture applied to Earn Out Obligation | 7,430 | 8,086 | 6,504 | |
Property acquired in exchange for note payable | 0 | 3,350 | 1,155 | |
Debt assumed in sale of properties | 0 | 8,238 | 0 | |
Property acquired in exchange for note receivable | 0 | 0 | 1,800 | |
Macquarie Group | VAA | ||||
Related Party Transaction [Line Items] | ||||
Distribution from joint venture applied to Earn Out Obligation | $ 5,441 | 5,441 | 0 | 0 |
Affiliate | ||||
Related Party Transaction [Line Items] | ||||
Notes receivable received/issued | $ 9,259 | $ 0 | $ 0 |
Operating Segments - Profit by
Operating Segments - Profit by Reportable Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Jun. 30, 2021USD ($) | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2021USD ($)segment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 8,117 | $ 10,034 | $ 10,795 | $ 11,828 | $ 18,679 | $ 12,159 | $ 13,431 | $ 12,753 | $ 40,774 | $ 57,022 | $ 48,054 |
Profit from reportable segments | $ (4,154) | $ (4,558) | $ (5,225) | $ (2,226) | $ 4,020 | $ (1,537) | $ 635 | $ (3,146) | (16,163) | (28) | (7,652) |
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | 16,948 | 27,549 | 21,018 | ||||||||
Residential Segment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 14,495 | 14,686 | 13,517 | ||||||||
Operating expenses | (8,167) | (8,482) | (8,824) | ||||||||
Profit from segment | 6,328 | 6,204 | 4,693 | ||||||||
Commercial Segment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 23,313 | 37,223 | 32,714 | ||||||||
Operating expenses | (12,693) | (15,878) | (16,389) | ||||||||
Profit from segment | $ 10,620 | $ 21,345 | $ 16,325 |
Operating Segments - Profit b_2
Operating Segments - Profit by Reportable Segment to Net Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | $ (4,154) | $ (4,558) | $ (5,225) | $ (2,226) | $ 4,020 | $ (1,537) | $ 635 | $ (3,146) | $ (16,163) | $ (28) | $ (7,652) |
Depreciation and amortization | (15,029) | (18,579) | (15,585) | ||||||||
General and administrative | (12,425) | (9,287) | (8,704) | ||||||||
Advisory fee to related party | (11,782) | (8,648) | (8,410) | ||||||||
Other income | 2,966 | 5,113 | 1,823 | ||||||||
Interest income | 19,572 | 18,660 | 19,607 | ||||||||
Interest expense | (24,600) | (29,374) | (31,816) | ||||||||
Loss on foreign currency transactions | (6,175) | (13,378) | (15,108) | ||||||||
Loss on extinguishment of debt | (1,451) | 0 | (5,219) | ||||||||
Equity in income (loss) from unconsolidated joint ventures | 14,531 | (519) | (2,758) | ||||||||
Gain on sale or write-down of assets, net | 23,352 | 32,107 | 14,809 | ||||||||
Income tax provision | 1,011 | (4) | 2,000 | ||||||||
Net income (loss) | 10,077 | 7,464 | (26,137) | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | 16,948 | 27,549 | 21,018 | ||||||||
Other non-segment items of income (expense) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | (11,870) | (14,755) | (13,379) | ||||||||
General and administrative | (12,425) | (9,287) | (8,704) | ||||||||
Advisory fee to related party | (11,782) | (8,648) | (8,410) | ||||||||
Other income | 2,966 | 5,113 | 1,823 | ||||||||
Interest income | 19,572 | 18,660 | 19,607 | ||||||||
Interest expense | (24,600) | (29,374) | (31,816) | ||||||||
Loss on foreign currency transactions | (6,175) | (13,378) | (15,108) | ||||||||
Loss on extinguishment of debt | (1,451) | 0 | (5,219) | ||||||||
Equity in income (loss) from unconsolidated joint ventures | 14,531 | (519) | (2,758) | ||||||||
Gain on sale or write-down of assets, net | 23,352 | 32,107 | 14,809 | ||||||||
Income tax provision | $ 1,011 | $ (4) | $ 2,000 |
Operating Segments - Segment In
Operating Segments - Segment Information to Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Real estate | $ 296,363 | $ 377,383 |
Investment in unconsolidated joint ventures | 52,879 | 51,786 |
Notes and interest receivable | 129,726 | 123,556 |
Receivable from related parties | 136,715 | 159,777 |
Total assets | 788,409 | 879,082 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Total assets | 263,937 | 342,965 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Real estate | 63,945 | 65,149 |
Investment in unconsolidated joint ventures | 52,879 | 51,786 |
Notes and interest receivable | 129,726 | 123,556 |
Receivable from related parties | 136,715 | 159,777 |
Cash and other non-segment assets | $ 141,207 | $ 135,849 |
Lease Revenue - Schedule of Ren
Lease Revenue - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Leases [Abstract] | |||
Fixed component | $ 35,555 | $ 49,974 | $ 43,749 |
Variable component | 2,253 | 1,935 | 2,482 |
Total rental revenue | $ 37,808 | $ 51,909 | $ 46,231 |
Lease Revenue - Schedule of Fut
Lease Revenue - Schedule of Future Rental Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 13,368 |
2023 | 9,128 |
2024 | 5,613 |
2025 | 5,200 |
2026 | 4,912 |
Thereafter | 20,008 |
Total | $ 58,229 |
Real Estate Activity - Real Est
Real Estate Activity - Real Estate Investment Components (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate [Abstract] | ||
Land | $ 67,348 | $ 78,755 |
Building and improvements | 219,327 | 297,644 |
Tenant improvements | 21,364 | 30,935 |
Construction in progress | 51,091 | 49,895 |
Total cost | 359,130 | 457,229 |
Less accumulated deprecation | (62,933) | (82,418) |
Total real estate, net | 296,197 | 374,811 |
Property held for sale | 166 | 2,572 |
Total real estate | $ 296,363 | $ 377,383 |
Real Estate Activity - Schedule
Real Estate Activity - Schedule of Gain (Loss) on Sale or Write-down of Assets (Details) $ in Thousands | Aug. 26, 2021USD ($)ft² | Jul. 16, 2020USD ($)property | May 01, 2020USD ($)property | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
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 | $ 23,352 | $ 32,107 | $ 14,809 | |||
Macquarie Group | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Earn out obligation charge | 29,600 | |||||
600 Las Colinas | Sold | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Area | ft² | 512,173 | |||||
Proceeds from sale | $ 74,750 | |||||
Gain on sale | $ 27,270 | |||||
Villager | Sold | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Proceeds from sale | $ 2,426 | |||||
Gain on sale | $ 898 | |||||
Number of units in real estate property | property | 33 | |||||
Assumption value of the mortgage note payable | $ 665 | |||||
Villager | Sold | Notes Receivable | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Note receivable | $ 1,761 | |||||
Farnham Park | Sold | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Proceeds from sale | $ 13,300 | |||||
Gain on sale | $ 2,684 | |||||
Number of units in real estate property | property | 144 | |||||
Assumption value of the mortgage note payable | $ 9,085 | |||||
Cash received | $ 4,215 | |||||
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 | 16,645 | 23,383 | 14,889 | |||
Residential properties | ||||||
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 | $ 9,110 | 3,702 | (80) | |||
Residential properties | Overlook At Allensville Phase I I Apartments | ||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||||
Ownership interest sold | 50.00% | |||||
Commercial properties | ||||||
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 | $ 27,196 | 4,610 | 0 | |||
Other | ||||||
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 | $ (29,599) | $ 412 | $ 0 |
Short-term Investments (Details
Short-term Investments (Details) | Dec. 31, 2021 |
Investments, Debt and Equity Securities [Abstract] | |
Interest rate | 1.15% |
Notes Receivable - Schedule of
Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 129,726 | $ 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 | $ 2,486 | 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 | $ 3,967 | 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 | $ 6,472 | 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 | $ 3,700 | 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 | $ 2,305 | 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 | $ 7,830 | 7,803 |
Interest Rate | 5.00% | |
Ownership interest if note converted | 100.00% | |
Notes Receivable | Phillips Foundation for Better Living, Inc. | ||
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. | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 813 | 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 | $ 1,537 | 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 | $ 0 | 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 | $ 5,319 | 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 June 30, 2023 A | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 2,881 | 2,880 |
Interest Rate | 12.00% | |
Notes Receivable | Unified Housing Foundation Inc., Maturing June 30, 2023 B | ||
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 June 30, 2023 C | ||
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 June 30, 2023 D | ||
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 | $ 17,172 | 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 | $ 6,521 | 0 |
Interest Rate | 12.00% | |
Notes Receivable | Unified Housing Foundation Inc., Maturing April 30, 2024 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 1,549 | 0 |
Interest Rate | 12.00% | |
Notes Receivable | Unified Housing Foundation Inc., Maturing June 30, 2024 | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Carrying Value | $ 183 | $ 0 |
Interest Rate | 12.00% |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands | Mar. 30, 2021USD ($)apartment | Nov. 16, 2018USD ($)property | Jul. 31, 2021USD ($) | Dec. 31, 2021USD ($)apartment | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 17, 2021property | Jul. 13, 2021USD ($) |
Schedule of Equity Method Investments [Line Items] | ||||||||
Distribution from unconsolidated joint venture | $ 7,430 | $ 8,086 | $ 6,504 | |||||
Overlook At Allensville Phase I I Apartments | Overlook At Allensville Phase I I Apartments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Ownership interest sold | 50.00% | |||||||
Macquarie Group | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Liability | $ 39,600 | |||||||
Earn out obligation charge | $ 29,600 | |||||||
Earn out obligation, term | 6 months | |||||||
Macquarie Group | Sold | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of real estate properties | property | 45 | |||||||
Aggregate of individual property appraised value | $ 1,400,000 | |||||||
Macquarie Group | VAA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Distribution from unconsolidated joint venture | $ 5,441 | $ 5,441 | $ 0 | $ 0 | ||||
Macquarie Group | VAA | Sold | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of real estate properties | property | 7 | |||||||
VAA | Overlook at Allensville Phase II | Sold | Contributions to VAA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of units in real estate property | apartment | 144 | |||||||
Proceeds from sale | $ 2,551 | |||||||
Unconsolidated joint venture | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage ownership in VAA | 50.00% | |||||||
Contributed properties with earn-out provisions | property | 10 | |||||||
Earn-out provision terms | 2 years | |||||||
Liability | $ 10,000 | |||||||
Number of units in real estate property | apartment | 10,281 | |||||||
Unconsolidated joint venture | Overlook At Allensville Phase I I Apartments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Gain on sale | $ 1,417 | |||||||
Unconsolidated joint venture | VAA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage ownership in VAA | 50.00% | |||||||
Unconsolidated joint venture | VAA | Class A interest | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment profit participation percentage | 0.49 | |||||||
Unconsolidated joint venture | VAA | Class B interest | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Equity method investment profit participation percentage | 0.02 | |||||||
Unconsolidated joint venture | Overlook At Allensville Phase I I Apartments | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Percentage ownership in VAA | 50.00% | |||||||
Unconsolidated joint venture | Multifamily | VAA | ||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||
Number of real estate properties | property | 51 |
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 | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||||||||||
Real estate | $ 296,363 | $ 377,383 | $ 296,363 | $ 377,383 | |||||||
Other assets | 84,004 | 79,613 | 84,004 | 79,613 | |||||||
Total assets | 788,409 | 879,082 | 788,409 | 879,082 | |||||||
Liabilities and Equity | |||||||||||
Total liabilities and equity | 788,409 | 879,082 | 788,409 | 879,082 | |||||||
Investment in unconsolidated joint ventures | 52,879 | 51,786 | 52,879 | 51,786 | |||||||
Revenues: | |||||||||||
Rental revenue | 37,808 | 51,909 | $ 46,231 | ||||||||
Other income | 2,966 | 5,113 | 1,823 | ||||||||
Total revenue | 8,117 | $ 10,034 | $ 10,795 | $ 11,828 | 18,679 | $ 12,159 | $ 13,431 | $ 12,753 | 40,774 | 57,022 | 48,054 |
Expenses: | |||||||||||
Depreciation and amortization | 15,029 | 18,579 | 15,585 | ||||||||
Net income (loss) | 10,077 | 7,464 | (26,137) | ||||||||
Our share of net income (loss) in unconsolidated joint venture | 14,531 | (519) | (2,758) | ||||||||
Unconsolidated joint venture | |||||||||||
Liabilities and Equity | |||||||||||
Our share of partners' capital | 71,800 | 84,983 | 71,800 | 84,983 | |||||||
Our share of Mezzanine note payable and accrued interest | 125,306 | 123,752 | 125,306 | 123,752 | |||||||
Basis adjustment | (144,227) | (156,949) | (144,227) | (156,949) | |||||||
Investment in unconsolidated joint ventures | 52,879 | 51,786 | 52,879 | 51,786 | |||||||
Revenues: | |||||||||||
Rental revenue | 131,455 | 117,336 | 109,746 | ||||||||
Other income | 7,706 | 6,240 | 5,631 | ||||||||
Total revenue | 139,161 | 123,576 | 115,377 | ||||||||
Expenses: | |||||||||||
Operating expenses | 72,001 | 62,919 | 60,516 | ||||||||
Depreciation and amortization | 31,073 | 30,456 | 43,942 | ||||||||
Interest | 55,129 | 56,903 | 61,315 | ||||||||
Total operating expenses | 158,203 | 150,278 | 165,773 | ||||||||
Net income (loss) | (19,042) | (26,702) | (50,396) | ||||||||
Our share of net income (loss) in unconsolidated joint venture | 14,531 | (519) | $ (2,758) | ||||||||
Unconsolidated joint venture | Unconsolidated Joint Ventures | |||||||||||
Assets | |||||||||||
Real estate | 1,208,716 | 1,217,725 | 1,208,716 | 1,217,725 | |||||||
Other assets | 72,151 | 61,472 | 72,151 | 61,472 | |||||||
Total assets | 1,280,867 | 1,279,197 | 1,280,867 | 1,279,197 | |||||||
Liabilities and Equity | |||||||||||
Mortgage notes payable | 854,015 | 830,721 | 854,015 | 830,721 | |||||||
Mezzanine notes payable | 242,942 | 239,878 | 242,942 | 239,878 | |||||||
Other liabilities | 40,316 | 35,632 | 40,316 | 35,632 | |||||||
Our share of partners' capital | 71,800 | 84,983 | 71,800 | 84,983 | |||||||
Outside partner's capital | 71,794 | 87,983 | 71,794 | 87,983 | |||||||
Total liabilities and equity | $ 1,280,867 | $ 1,279,197 | $ 1,280,867 | $ 1,279,197 |
Mortgages and Other Notes Pay_3
Mortgages and Other Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Aug. 25, 2021 | Jun. 04, 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 other notes payable | $ 176,750 | $ 236,069 | |||
Mortgages and Other Notes Payable | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | 176,750 | 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 other notes payable | $ 0 | 35,589 | |||
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 other notes payable | $ 11,635 | 11,871 | |||
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 other notes payable | $ 1,155 | 1,155 | |||
Interest Rate | 4.00% | ||||
Mortgages and Other Notes Payable | Chelsea | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 8,037 | 8,194 | |||
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 other notes payable | $ 3,350 | 3,350 | |||
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 other notes payable | $ 0 | 14,690 | |||
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 other notes payable | $ 7,263 | 7,333 | |||
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 other notes payable | $ 14,407 | 14,643 | |||
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 other notes payable | $ 13,352 | 13,653 | |||
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 other notes payable | $ 0 | 820 | |||
Interest Rate | 8.00% | ||||
Mortgages and Other Notes Payable | Overlook at Allensville Phase II | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 0 | 15,621 | |||
Interest Rate | 3.80% | ||||
Mortgages and Other Notes Payable | Parc at Denham Springs Phase II | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 15,962 | 16,128 | |||
Interest Rate | 4.10% | ||||
Mortgages and Other Notes Payable | RCM HC Enterprises | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 1,986 | $ 1,986 | 0 | ||
Interest Rate | 9.50% | ||||
Mortgages and Other Notes Payable | Stanford Center | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 38,979 | 39,093 | |||
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 other notes payable | $ 9,216 | 9,298 | |||
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 other notes payable | $ 13,697 | 13,975 | |||
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 other notes payable | $ 19,492 | $ 20,015 | 10,280 | ||
Interest Rate | 3.08% | 3.08% | |||
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 other notes payable | $ 9,830 | 9,979 | |||
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 other notes payable | $ 8,389 | $ 10,397 | |||
Interest Rate | 5.00% | 5.00% |
Mortgages and Other Notes Pay_4
Mortgages and Other Notes Payable - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||
Interest payable | $ 6,416 | $ 7,550 |
Interest costs capitalized | 3,733 | 2,305 |
Mortgages and Other Notes Payable | ||
Debt Instrument [Line Items] | ||
Interest payable | $ 1,147 | $ 1,123 |
Mortgages and Other Notes Pay_5
Mortgages and Other Notes Payable - Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2022 | $ 44,120 | |
2023 | 4,355 | |
2024 | 9,444 | |
2025 | 13,021 | |
2026 | 2,172 | |
Thereafter | 107,308 | |
Mortgages and other notes payable | 180,420 | |
Deferred finance cost | (3,670) | |
Long-term debt | $ 176,750 | $ 236,069 |
Bonds Payable - Narrative (Deta
Bonds Payable - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)instrument | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Debt Disclosure [Abstract] | |||
Number of instruments | instrument | 3 | ||
Loss on foreign currency transactions | $ | $ (6,175) | $ (13,378) | $ (15,108) |
Exchange rate floor | 2.7 |
Bonds Payable - Schedule of Lon
Bonds Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)ft² | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | ||
Bonds | $ 194,880 | $ 245,988 |
Less unamortized deferred issuance costs | (5,428) | (8,100) |
Bonds payable | $ 189,452 | 237,888 |
Browning Place | ||
Debt Instrument [Line Items] | ||
Land collateral | ft² | 625,297 | |
Series A Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | $ 65,563 | 95,133 |
Interest Rate | 7.30% | |
Series B Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | $ 54,019 | 65,318 |
Interest Rate | 6.80% | |
Series C Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | $ 75,298 | $ 85,537 |
Interest Rate | 4.65% |
Bonds Payable - Schedule of Mat
Bonds Payable - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
Long-term debt | $ 194,880 | $ 245,988 |
Bonds | ||
Long-term Debt, Fiscal Year Maturity [Abstract] | ||
2022 | 46,286 | |
2023 | 121,584 | |
2024 | 13,505 | |
2025 | 13,505 | |
Long-term debt | $ 194,880 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Rental revenue | $ 37,808 | $ 51,909 | $ 46,231 |
Property operating expenses | 20,860 | 24,360 | 25,213 |
General and administrative | 12,425 | 9,287 | 8,704 |
Advisory fee to related party | 11,782 | 8,648 | 8,410 |
Interest income | 19,572 | 18,660 | 19,607 |
Interest expense | 24,600 | 29,374 | 31,816 |
Affiliate | |||
Related Party Transaction [Line Items] | |||
Rental revenue | 944 | 1,083 | 841 |
Property operating expenses | 889 | 990 | 991 |
General and administrative | 4,091 | 3,869 | 4,144 |
Interest income | 15,950 | 19,515 | 17,413 |
Interest expense | 1,621 | 1,581 | 1,999 |
Affiliate | Pillar and Regis | |||
Related Party Transaction [Line Items] | |||
Rental revenue | 944 | 1,083 | 841 |
Affiliate | Regis | |||
Related Party Transaction [Line Items] | |||
Property operating expenses | 889 | 990 | 991 |
Affiliate | Pillar | |||
Related Party Transaction [Line Items] | |||
General and administrative | 4,091 | 3,869 | 4,144 |
Advisory fee to related party | 11,782 | 8,648 | 8,410 |
Interest expense | 1,621 | 1,581 | 1,999 |
Affiliate | UHF and Pillar | |||
Related Party Transaction [Line Items] | |||
Interest income | $ 15,950 | $ 19,515 | $ 17,413 |
Affiliate | ARL | MRHI | |||
Related Party Transaction [Line Items] | |||
Ownership interest | 90.80% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
IOR | |||
Noncontrolling Interest [Line Items] | |||
Ownership percentage by noncontrolling owners | 81.10% | 81.10% | 81.10% |
Stockholders Equity (Details)
Stockholders Equity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | |||
Common stock dividends declared (in dollars per share) | $ 0 | $ 0 | $ 0 |
Deferred Income (Details)
Deferred Income (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Deferred revenue | $ 581 | $ 9,315 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ (1,011) | $ 0 | $ 0 |
State | 0 | 4 | 0 |
Deferred and Other: | |||
Federal | 0 | 0 | (2,000) |
State | 0 | 0 | 0 |
Total tax expense (benefit) | $ (1,011) | $ 4 | $ (2,000) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense at federal statutory rate | $ 2,373 | $ 1,568 | $ (5,909) |
State and local income taxes net of federal tax benefit | 0 | 4 | 0 |
AMT refund | (1,011) | 0 | 0 |
Permanent differences | (1,758) | (1,766) | (2,406) |
Timing differences | |||
Deferred gains | (4,893) | (878) | (588) |
Basis difference on fixed assets | (720) | 1,307 | 0 |
Other basis/timing differences | (2,729) | 2,296 | 3,173 |
Generation (use) of net operating loss carryforwards | 7,727 | (2,527) | 3,730 |
Total tax expense (benefit) | $ (1,011) | $ 4 | $ (2,000) |
Effective tax rate | 0.00% | 0.00% | 0.60% |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Tax Assets | ||
Cumulative foreign currency translation loss | $ 1,088 | $ 3,818 |
Basis difference for fixed assets | 706 | 1,426 |
Deferred gain | (2,937) | |
Deferred gain | 1,956 | |
Net operating loss carryforward | 15,146 | 7,107 |
Total deferred tax assets, gross | 14,003 | 14,307 |
Less: valuation allowance | (14,003) | (6,480) |
Total deferred tax assets, net | $ 0 | $ 7,827 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | Dec. 31, 2021 |
Income Tax Disclosure [Abstract] | |
Valuation allowance percent | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2021USD ($)property |
Mezzanine loan | UHF | |
Loss Contingencies [Line Items] | |
Loan guarantee amount | $ | $ 24,300 |
Mortgages and Other Notes Payable | |
Loss Contingencies [Line Items] | |
Number of real estate properties | 4 |
Mortgages and Other Notes Payable | VAA | |
Loss Contingencies [Line Items] | |
Number of real estate properties | 2 |
Quarterly Results of Operatio_3
Quarterly Results of Operations - Schedule of Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 8,117 | $ 10,034 | $ 10,795 | $ 11,828 | $ 18,679 | $ 12,159 | $ 13,431 | $ 12,753 | $ 40,774 | $ 57,022 | $ 48,054 |
Net operating income (loss) | (4,154) | (4,558) | (5,225) | (2,226) | 4,020 | (1,537) | 635 | (3,146) | (16,163) | (28) | (7,652) |
Net income (loss) attributable to the Company | $ (8,747) | $ 26,246 | $ (30,733) | $ 22,632 | $ (1,479) | $ 7,693 | $ (4,158) | $ 4,613 | $ 9,398 | $ 6,669 | $ (26,920) |
Earnings per share, basic (in dollars per share) | $ (1.01) | $ 3.04 | $ (3.56) | $ 2.62 | $ (0.17) | $ 0.88 | $ (0.48) | $ 0.53 | $ 1.09 | $ 0.77 | $ (3.09) |
Earnings per share, diluted (in dollars per share) | $ (1.01) | $ 3.04 | $ (3.56) | $ 2.62 | $ (0.17) | $ 0.88 | $ (0.48) | $ 0.53 | $ 1.09 | $ 0.77 | $ (3.09) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event - Toulon - Sold $ in Thousands | Jan. 14, 2022USD ($)apartment |
Subsequent Event [Line Items] | |
Number of units in real estate property | apartment | 240 |
Proceeds from sale | $ | $ 26,750 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 252,048 | |||
Land | 108,435 | |||
Buildings | 225,151 | |||
Cost Capitalized Subsequent to Acquisition | 25,710 | |||
Land | 118,604 | |||
Building & Improvements | 240,692 | |||
Total | 359,296 | $ 459,801 | $ 477,963 | $ 463,732 |
Accumulated Depreciation | 62,933 | $ 82,418 | $ 90,173 | $ 79,228 |
Multifamily | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 111,256 | |||
Land | 14,437 | |||
Buildings | 133,448 | |||
Cost Capitalized Subsequent to Acquisition | (5,402) | |||
Land | 14,843 | |||
Building & Improvements | 127,640 | |||
Total | 142,483 | |||
Accumulated Depreciation | 16,407 | |||
Multifamily | Chelsea | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,037 | |||
Land | 1,225 | |||
Buildings | 11,230 | |||
Cost Capitalized Subsequent to Acquisition | 17 | |||
Land | 1,231 | |||
Building & Improvements | 11,241 | |||
Total | 12,472 | |||
Accumulated Depreciation | 893 | |||
Multifamily | Forest Grove | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,263 | |||
Land | 1,440 | |||
Buildings | 10,234 | |||
Cost Capitalized Subsequent to Acquisition | 32 | |||
Land | 1,440 | |||
Building & Improvements | 10,266 | |||
Total | 11,706 | |||
Accumulated Depreciation | 410 | |||
Multifamily | Landing Bayou | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,407 | |||
Land | 2,011 | |||
Buildings | 18,255 | |||
Cost Capitalized Subsequent to Acquisition | (5,962) | |||
Land | 2,011 | |||
Building & Improvements | 12,293 | |||
Total | 14,304 | |||
Accumulated Depreciation | 1,425 | |||
Multifamily | Legacy at Pleasant Grove | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,352 | |||
Land | 2,005 | |||
Buildings | 18,109 | |||
Cost Capitalized Subsequent to Acquisition | 57 | |||
Land | 2,033 | |||
Building & Improvements | 18,138 | |||
Total | 20,171 | |||
Accumulated Depreciation | 3,237 | |||
Multifamily | Parc at Denham Springs Phase II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,962 | |||
Land | 1,505 | |||
Buildings | 16,975 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,505 | |||
Building & Improvements | 16,975 | |||
Total | 18,480 | |||
Accumulated Depreciation | 873 | |||
Multifamily | Sugar Mill Phase III | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,216 | |||
Land | 576 | |||
Buildings | 9,755 | |||
Cost Capitalized Subsequent to Acquisition | (15) | |||
Land | 576 | |||
Building & Improvements | 9,740 | |||
Total | 10,316 | |||
Accumulated Depreciation | 382 | |||
Multifamily | Toulon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,697 | |||
Land | 1,621 | |||
Buildings | 20,107 | |||
Cost Capitalized Subsequent to Acquisition | 411 | |||
Land | 1,993 | |||
Building & Improvements | 20,146 | |||
Total | 22,139 | |||
Accumulated Depreciation | 5,279 | |||
Multifamily | Villas at Bon Secour | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,492 | |||
Land | 2,715 | |||
Buildings | 15,385 | |||
Cost Capitalized Subsequent to Acquisition | 52 | |||
Land | 2,715 | |||
Building & Improvements | 15,437 | |||
Total | 18,152 | |||
Accumulated Depreciation | 1,318 | |||
Multifamily | Vista Ridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,830 | |||
Land | 1,339 | |||
Buildings | 13,398 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Land | 1,339 | |||
Building & Improvements | 13,404 | |||
Total | 14,743 | |||
Accumulated Depreciation | 2,590 | |||
Commercial | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 125,912 | |||
Land | 27,783 | |||
Buildings | 91,703 | |||
Cost Capitalized Subsequent to Acquisition | 21,349 | |||
Land | 27,783 | |||
Building & Improvements | 113,052 | |||
Total | 140,835 | |||
Accumulated Depreciation | 46,526 | |||
Commercial | 770 South Post Oak | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,635 | |||
Land | 1,763 | |||
Buildings | 16,312 | |||
Cost Capitalized Subsequent to Acquisition | 672 | |||
Land | 1,763 | |||
Building & Improvements | 16,984 | |||
Total | 18,747 | |||
Accumulated Depreciation | 3,037 | |||
Commercial | Browning Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 75,298 | |||
Land | 5,096 | |||
Buildings | 49,441 | |||
Cost Capitalized Subsequent to Acquisition | 14,453 | |||
Land | 5,096 | |||
Building & Improvements | 63,894 | |||
Total | 68,990 | |||
Accumulated Depreciation | 28,140 | |||
Commercial | Stanford Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,979 | |||
Land | 20,278 | |||
Buildings | 25,876 | |||
Cost Capitalized Subsequent to Acquisition | 6,224 | |||
Land | 20,278 | |||
Building & Improvements | 32,100 | |||
Total | 52,378 | |||
Accumulated Depreciation | 15,275 | |||
Commercial | Other | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 646 | |||
Buildings | 74 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 646 | |||
Building & Improvements | 74 | |||
Total | 720 | |||
Accumulated Depreciation | 74 | |||
Developed and Undeveloped Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,880 | |||
Land | 66,215 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 9,763 | |||
Land | 75,978 | |||
Building & Improvements | 0 | |||
Total | 75,978 | |||
Accumulated Depreciation | 0 | |||
Developed and Undeveloped Land | Mercer Crossing | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 2,999 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,999 | |||
Building & Improvements | 0 | |||
Total | 2,999 | |||
Accumulated Depreciation | 0 | |||
Developed and Undeveloped Land | Windmill Farms | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,389 | |||
Land | 43,608 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,159 | |||
Land | 45,767 | |||
Building & Improvements | 0 | |||
Total | 45,767 | |||
Accumulated Depreciation | 0 | |||
Developed and Undeveloped Land | Other | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,491 | |||
Land | 19,608 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 7,604 | |||
Land | 27,212 | |||
Building & Improvements | 0 | |||
Total | 27,212 | |||
Accumulated Depreciation | $ 0 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Real Estate | |||
Balance at January 1, | $ 459,801 | $ 477,963 | $ 463,732 |
Additions | 5,814 | 21,223 | 92,964 |
Deductions | (106,319) | (39,385) | (78,733) |
Balance at December 31, | 359,296 | 459,801 | 477,963 |
Reconciliation of Accumulated Depreciation | |||
Balance at January 1, | 82,418 | 90,173 | 79,228 |
Additions | 10,820 | 12,188 | 13,379 |
Deductions | (30,305) | (19,943) | (2,434) |
Balance at December 31, | $ 62,933 | $ 82,418 | $ 90,173 |
SCHEDULE IV - MORTGAGE LOANS -
SCHEDULE IV - MORTGAGE LOANS - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 301,975 | |||
Face Amount | 129,726 | |||
Carrying Value | 129,726 | $ 123,556 | $ 112,357 | $ 83,541 |
Convertible loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 205,046 | |||
Face Amount | 40,114 | |||
Carrying Value | $ 40,114 | |||
Convertible loans | Autumn Breeze | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 24,756 | |||
Face Amount | 2,486 | |||
Carrying Value | $ 2,486 | |||
Convertible loans | Bellwether Ridge | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 18,070 | |||
Face Amount | 3,967 | |||
Carrying Value | $ 3,967 | |||
Convertible loans | Forest Pines | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 26,407 | |||
Face Amount | 6,472 | |||
Carrying Value | $ 6,472 | |||
Convertible loans | Parc at Ingleside | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 25,201 | |||
Face Amount | 3,700 | |||
Carrying Value | $ 3,700 | |||
Convertible loans | Parc at Opelika | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 10.00% | |||
Prior Liens | $ 23,661 | |||
Face Amount | 2,305 | |||
Carrying Value | $ 2,305 | |||
Convertible loans | Parc at Windmill Farms | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 35,524 | |||
Face Amount | 7,830 | |||
Carrying Value | $ 7,830 | |||
Convertible loans | Plum Tree | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 17,105 | |||
Face Amount | 1,537 | |||
Carrying Value | $ 1,537 | |||
Convertible loans | Spyglass of Ennis | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 22,793 | |||
Face Amount | 5,319 | |||
Carrying Value | $ 5,319 | |||
Convertible loans | Steeple Crest | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.00% | |||
Prior Liens | $ 11,529 | |||
Face Amount | 6,498 | |||
Carrying Value | 6,498 | |||
Land loans | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 0 | |||
Face Amount | 22,348 | |||
Carrying Value | $ 22,348 | |||
Land loans | ABC Land and Development, Inc. | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Prior Liens | $ 0 | |||
Face Amount | 4,408 | |||
Carrying Value | $ 4,408 | |||
Land loans | ABC Paradise, LLC | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Prior Liens | $ 0 | |||
Face Amount | 1,210 | |||
Carrying Value | $ 1,210 | |||
Land loans | Lake Wales | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Prior Liens | $ 0 | |||
Face Amount | 3,000 | |||
Carrying Value | $ 3,000 | |||
Land loans | Legacy Pleasant Grove | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 496 | |||
Carrying Value | $ 496 | |||
Land loans | McKinney Ranch | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 4,554 | |||
Carrying Value | $ 4,554 | |||
Land loans | One Realco Land Holding, Inc. | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Prior Liens | $ 0 | |||
Face Amount | 1,728 | |||
Carrying Value | $ 1,728 | |||
Land loans | Riverview on the Park Land, LLC | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Prior Liens | $ 0 | |||
Face Amount | 1,045 | |||
Carrying Value | $ 1,045 | |||
Land loans | Spartan Land | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 5,907 | |||
Carrying Value | 5,907 | |||
Subsidized housing | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | 96,929 | |||
Face Amount | 67,264 | |||
Carrying Value | $ 67,264 | |||
Subsidized housing | Phillips Foundation for Better Living, Inc. | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 813 | |||
Carrying Value | $ 813 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing July 31, 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 2,881 | |||
Carrying Value | $ 2,881 | |||
Subsidized housing | Unified Housing Foundation Inc ., Maturing August 30, 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 212 | |||
Carrying Value | $ 212 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing October 31, 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 6,831 | |||
Carrying Value | $ 6,831 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing December 31, 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 10,401 | |||
Carrying Value | $ 10,401 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing March 31, 2022 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 10,096 | |||
Carrying Value | $ 10,096 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing March 31, 2023 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 6,990 | |||
Carrying Value | $ 6,990 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing May 31, 2023 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 3,615 | |||
Carrying Value | $ 3,615 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing December 31, 2032 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 96,929 | |||
Face Amount | 17,172 | |||
Carrying Value | $ 17,172 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing March 31, 2024 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 6,521 | |||
Carrying Value | $ 6,521 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing April 30, 2024 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 1,549 | |||
Carrying Value | $ 1,549 | |||
Subsidized housing | Unified Housing Foundation Inc., Maturing June 30, 2024 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12.00% | |||
Prior Liens | $ 0 | |||
Face Amount | 183 | |||
Carrying Value | $ 183 |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS - Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1, | $ 123,556 | $ 112,357 | $ 83,541 |
Additions | 18,844 | 26,535 | 59,241 |
Deductions | (12,674) | (15,336) | (30,425) |
Balance at December 31, | $ 129,726 | $ 123,556 | $ 112,357 |