Transcontinental Realty Investors (TCI) 10-K 23 Mar 23 2022 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 23, 2023	Jun. 30, 2022
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
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	2022

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2022
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, 2022	Dec. 31, 2021
Assets:
Real estate	$ 493,821	$ 296,363
Cash and cash equivalents	113,424	50,735
Restricted cash	108,883	21,986
Short-term investments	119,787	16,001
Notes receivable (including $66,630 and $68,991 at December 31, 2022 and 2021, respectively, from related parties)	129,304	129,726
Investment in unconsolidated joint ventures	20,904	52,879
Receivable from related parties	147,142	136,715
Other assets (including $4,040 and $4,223 at December 31, 2022 and 2021, respectively, from related parties)	84,900	84,004
Total assets	1,218,165	788,409
Liabilities:
Mortgages and other notes payable	184,462	176,750
Bonds payable	129,218	189,452
Accounts payable and other liabilities (including $599 and $616 at December 31, 2022 and 2021, respectively, to related parties)	58,094	43,602
Interest payable	5,198	6,416
Deferred revenue	581	581
Total liabilities	377,553	416,801
Equity:
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued, 8,639,116 outstanding	86	86
Additional paid-in capital	260,387	260,387
Retained earnings	558,994	90,732
Total shareholders’ equity	819,467	351,205
Noncontrolling interest	21,145	20,403
Total equity	840,612	371,608
Total liabilities and equity	$ 1,218,165	$ 788,409

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Notes receivable	$ 129,304	$ 129,726
Other assets	84,900	84,004
Accounts payable and other liabilities	$ 58,094	$ 43,602
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
Related parties
Notes receivable	$ 66,630	$ 68,991
Other assets	4,040	4,223
Accounts payable and other liabilities	$ 599	$ 616

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues:
Rental revenues (including $931, $944 and $1,083 for 2022, 2021 and 2020, respectively, from related parties)	$ 34,080	$ 37,808	$ 51,909
Other income	2,580	2,966	5,113
Total revenue	36,660	40,774	57,022
Expenses:
Property operating expenses (including $433, $889 and $990 for 2022, 2021 and 2020, respectively, from related parties)	18,339	20,860	24,360
Depreciation and amortization	9,686	11,870	14,755
General and administrative (including $3,899, $4,091 and $3,869 for 2022, 2021 and 2020, respectively, from related parties)	9,943	12,425	9,287
Advisory fee to related party	7,974	11,782	8,648
Total operating expenses	45,942	56,937	57,050
Net operating loss	(9,282)	(16,163)	(28)
Interest income (including $19,211, $15,950 and $19,515 for 2022, 2021 and 2020, respectively, from related parties)	26,745	19,572	18,660
Interest expense (including $2,497, $1,621 and $1,581 for 2022, 2021 and 2020, respectively, from related parties)	(19,813)	(24,600)	(29,374)
Gain (loss) on foreign currency transactions	20,067	(6,175)	(13,378)
Loss on early extinguishment of debt	(2,805)	(1,451)	0
Equity in income (loss) from unconsolidated joint venture	468,086	14,531	(519)
Gain on sale, remeasurement or write down of assets, net	89,196	23,352	32,107
Income tax provision	(103,190)	1,011	(4)
Net income	469,004	10,077	7,464
Net income attributable to noncontrolling interest	(742)	(679)	(795)
Net income attributable to the Company	$ 468,262	$ 9,398	$ 6,669
Earnings per share
Basic (in dollars per share)	$ 54.20	$ 1.09	$ 0.77
Diluted (in dollars per share)	$ 54.20	$ 1.09	$ 0.77
Weighted average common shares used in computing earnings per share
Basic (in shares)	8,639,316	8,639,316	8,639,316
Diluted (in shares)	8,639,316	8,639,316	8,639,316

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Rental revenue	$ 34,080	$ 37,808	$ 51,909
Property operating expenses	18,339	20,860	24,360
General and administrative	9,943	12,425	9,287
Interest income	26,745	19,572	18,660
Interest expense	19,813	24,600	29,374
Related parties
Rental revenue	931	944	1,083
Property operating expenses	433	889	990
General and administrative	3,899	4,091	3,869
Interest income	19,211	15,950	19,515
Interest expense	$ 2,497	$ 1,621	$ 1,581

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Parent	Common Stock	Treasury Stock	Paid-in Capital	Retained Earnings	Noncontrolling Interest
Balance at beginning at Dec. 31, 2019	$ 354,067	$ 332,603	$ 86	$ (2)	$ 257,854	$ 74,665	$ 21,464
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	7,464	6,669				6,669	795
Adjustment to noncontrolling interest	0	2,535			2,535		(2,535)
Balance at ending 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	10,077	9,398				9,398	679
Cancellation of treasury stock	0			2	(2)
Balance at ending at Dec. 31, 2021	371,608	351,205	86	0	260,387	90,732	20,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	469,004	468,262				468,262	742
Balance at ending at Dec. 31, 2022	$ 840,612	$ 819,467	$ 86	$ 0	$ 260,387	$ 558,994	$ 21,145

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash Flow From Operating Activities:
Net income	$ 469,004	$ 10,077	$ 7,464
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Gain on sale, remeasurement or write down of assets	(89,196)	(23,352)	(32,107)
(Gain) loss income on foreign currency transactions	(20,067)	6,175	13,378
Loss on early extinguishment of debt	2,805	1,451	0
Depreciation and amortization	13,111	15,029	18,579
Provision (recovery) for bad debts	140	(1,017)	984
Equity in (income) loss from unconsolidated joint venture	(468,086)	(14,531)	519
Distribution of income from unconsolidated joint ventures	2,600	3,157	1,782
Changes in assets and liabilities, net of acquisitions and dispositions:
Other assets	5,763	(12,928)	(7,397)
Related party receivables	(7,327)	12,572	4,389
Accrued interest payable	(1,169)	(2,909)	(1,340)
Accounts payable and other liabilities	47,028	(4,710)	(620)
Net cash (used in) provided by operating activities	(45,394)	(10,986)	5,631
Cash Flow From Investing Activities:
Collection of notes receivable	3,027	17,674	4,436
Originations and advances on notes receivable	(2,305)	(4,968)	(33,015)
Purchase of short-term investments	(277,641)	(16,000)	0
Redemption of short-term investments	175,250	0	0
Development and renovation of real estate	(18,686)	(8,070)	(17,505)
Deferred leasing costs	(1,163)	(877)	(2,603)
Proceeds from sale of assets	44,591	105,547	40,982
Contribution to unconsolidated joint venture	0	(411)	0
Distributions from unconsolidated joint venture	384,284	7,430	8,086
Net cash provided by investing activities	307,357	100,325	381
Cash Flow From Financing Activities:
Proceeds from mortgages, other notes and bonds payable	0	20,015	30,727
Payments on mortgages, other notes and bonds payable	(111,022)	(118,900)	(31,736)
Debt extinguishment costs	(1,355)	(4,086)	0
Deferred financing costs	0	(614)	(1,297)
Net cash used in financing activities	(112,377)	(103,585)	(2,306)
Net increase (decrease) in cash, cash equivalents and restricted cash	149,586	(14,246)	3,706
Cash, cash equivalents and restricted cash, beginning of year	72,721	86,967	83,261
Cash, cash equivalents and restricted cash, end of year	$ 222,307	$ 72,721	$ 86,967

Organization

Organization	12 Months Ended
	Dec. 31, 2022
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”. Approximately 78% of our common stock is owned by American Realty Investors, Inc. (“ARL”), whose common stock is listed on the NYSE under the symbol “ARL”, and 7% is owned by the controlling stockholder of ARL. Our primary business is the acquisition, development and ownership of income-producing residential and commercial real estate properties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time to time, and when we believe it appropriate to do so, we will also sell land and income-producing properties. We generate revenues by leasing apartment units to residents, and leasing office, industrial and retail space to various for-profit businesses as well as certain local, state and federal agencies. We also generate income from the 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, 2022, our property portfolio consisted of: ● Four office buildings ("commercial properties") comprising in aggregate of approximately 1,056,793 square feet; ● Fourteen multifamily properties comprising in 2,328 units; and ● Approxima tely 1,858 acres of developed and undeveloped land. 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-related investment opportunities and arranging debt and equity financing with third party lenders and investors. All of our employees are Pillar employees. Three of our commercial properties are managed by Regis Realty Prime, LLC (“Regis”). Regis provides leasing, construction management and brokerage services. All of our multifamily properties and one of our commercial properties are managed by outside management companies. Pillar and Regis are considered to be related parties (See Note 14 – Related Party Transactions).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
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. 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. 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, 2022 and 2021, 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. ("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 Net income and comprehensive income are the same for the year ended December 31, 2022, 2021 and 2020. 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 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. We do not have any mortgage notes payable with interest rates that reference LIBOR, and therefore, the adoption of this standard did not have an impact on our consolidated financial statements.

Earnings Per Share

Earnings Per Share	12 Months Ended
	Dec. 31, 2022
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 2022 2021 2020 Net income $ 469,004 $ 10,077 $ 7,464 Net income attributable to noncontrolling interest (742) (679) (795) Net income attributable to the Company 468,262 9,398 6,669 Weighted-average common shares outstanding-basic and diluted 8,639 8,639 8,639 EPS - attributable to common shares- basic and diluted $ 54.20 $ 1.09 $ 0.77

Supplemental Cash Flows Informa

Supplemental Cash Flows Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flows Information	Supplemental Cash Flow Information The following presents the schedule of interest paid and other supplemental cash flow information: For the Year Ended 2022 2021 2020 Cash paid for interest $ 17,802 $ 24,471 $ 27,127 Cash paid for income taxes $ 54,023 $ 682 $ 2,287 Cash, cash equivalents and restricted cash - beginning 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 Cash, cash equivalents, restricted cash - end of year Cash and cash equivalents $ 113,424 $ 50,735 $ 36,761 Restricted cash 108,883 21,986 50,206 $ 222,307 $ 72,721 $ 86,967 Proceeds from mortgages, other notes and bonds payable Mortgages and other notes payable $ — $ 20,015 $ 10,942 Bonds payable — — 19,785 $ — $ 20,015 $ 30,727 Payments on mortgages, other notes and bonds payable Mortgages and other notes payable $ 67,263 $ 65,242 $ 12,144 Bonds payable 43,759 53,658 19,592 $ 111,022 $ 118,900 $ 31,736 The following is a schedule of noncash investing and financing activities: For the Year Ended 2022 2021 2020 Assets distributed from joint venture $ 133,372 $ — $ — Liabilities assumed by joint venture $ 72,143 $ — $ — Distribution from joint venture applied to Earn Out Obligation $ 34,159 $ 5,441 $ — 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 $ — Property acquired in exchange for note payable $ — $ — $ 3,350 Note receivable issued in exchange for property $ — $ — $ 1,761 Debt assumed in sale of properties $ — $ — $ 8,238

Operating Segments

Operating Segments	12 Months Ended
	Dec. 31, 2022
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 2022 2021 2020 Residential Segment Revenue $ 17,828 $ 14,495 $ 14,686 Operating expenses (9,524) (8,167) (8,482) Profit from segment 8,304 6,328 6,204 Commercial Segment Revenue 16,252 23,313 37,223 Operating expenses (8,815) (12,693) (15,878) Profit from segment 7,437 10,620 21,345 Total profit from all segments $ 15,741 $ 16,948 $ 27,549 The following table reconciles our profit by reportable segment to net income: For the Year Ended 2022 2021 2020 Profit from reportable segments $ 15,741 $ 16,948 $ 27,549 Other non-segment items of income (expense) Depreciation and amortization (9,686) (11,870) (14,755) General and administrative (9,943) (12,425) (9,287) Advisory fee to related party (7,974) (11,782) (8,648) Other income 2,580 2,966 5,113 Interest income 26,745 19,572 18,660 Interest expense (19,813) (24,600) (29,374) Gain (loss) on foreign currency transactions 20,067 (6,175) (13,378) Loss on early extinguishment of debt (2,805) (1,451) — Equity in income (loss) from unconsolidated joint venture 468,086 14,531 (519) Gain on sale, remeasurement or write down of assets, net 89,196 23,352 32,107 Income tax provision (103,190) 1,011 (4) Net income $ 469,004 $ 10,077 $ 7,464 The table below reconciles our segment information to the corresponding amounts in our consolidated balance sheets: December 31, 2022 2021 Segment assets $ 461,303 $ 263,937 Real estate 67,747 63,945 Investment in unconsolidated joint venture 20,904 52,879 Notes receivable 129,304 129,726 Receivable from related parties 147,142 136,715 Cash, short-term investments and other non-segment assets 391,765 141,207 Total assets $ 1,218,165 $ 788,409

Lease Revenue

Lease Revenue	12 Months Ended
	Dec. 31, 2022
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, 2022, 2021 and 2020: For the Year Ended 2022 2021 2020 Fixed component $ 32,163 $ 35,555 $ 49,974 Variable component 1,917 2,253 1,935 Total rental revenue $ 34,080 $ 37,808 $ 51,909 The following table summarizes the future rental payments to us from under non-cancelable leases, which excludes multifamily properties, which typically have lease terms of one-year or less: Year Amount 2023 $ 11,620 2024 9,015 2025 8,638 2026 8,286 2027 8,012 Thereafter 21,713 Total $ 67,284

Real Estate Activity

Real Estate Activity	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Real Estate Activity	Real Estate Activity At December 31, 2022 and 2021, our real estate investment is comprised of the following: December 31, 2022 2021 Land $ 108,933 $ 67,514 Building and improvements 359,904 219,327 Tenant improvements 25,611 21,364 Construction in progress 65,427 51,091 Total cost 559,875 359,296 Less accumulated deprecation (66,054) (62,933) Total real estate $ 493,821 $ 296,363 Construction in progress consists of development of Windmill Farms and the renovation cost associated with Landing Bayou. We incurred depreciation expense of $8,962, $10,820 and $14,755 for the years ending December 31, 2022, 2021 and 2020, respectively. Gain on sale, remeasurement or write down of assets, net consists of the following: For the Year Ended 2022 2021 2020 Land(1) $ 4,752 $ 16,645 $ 23,383 Residential properties(2) 83,758 9,110 3,702 Commercial properties(3) 686 27,197 4,610 Other(4) — (29,600) 412 $ 89,196 $ 23,352 $ 32,107 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) On November 1, 2022, we acquired control of the VAA Holdback Portfolio from VAA (See Note 11 – Acquisitions), which resulted in a $73,187 gain on remeasurement of assets. On September 16, 2022, in connection with the sale of the VAA Sale Portfolio by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge , Louisiana for $11,800 , resulting in a gain on sale of $1,871 . We used the proceeds to pay off the $9,551 mortgage note payable on the property and for general corporate purposes. On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in a gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes. On March 30, 2021 we sold a 50% ownership interest in Overlook at Allensville Phase II to Macquarie in 2021 ( See Note 10 – Investment in Unconsolidated Joint Ventures). In 2021, we also recognized the gain on the sale of various multifamily properties that had previously been deferred (See Note 17 – Deferred Income). 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. (3) On May 17, 2022 , we sold Fruitland Park, a 6,722 square foot commercial building in Fruitland Park, Florida for $750, resulting in a gain on sale of $667. We used the proceeds for general corporate purposes. 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 off the $35,946 mortgage note payable on the property and for general corporate purposes. (4) In 2021, we incurred a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 10 - Investment in Unconsolidated Joint Ventures).

Short-term Investments

Short-term Investments	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Short-term InvestmentsWe have investment in variable denominated floating rate notes and commercial paper with maturities of less than 180 days. At December 31, 2022, the average interest rate on the notes was 4.67%

Notes Receivable

Notes Receivable	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Notes Receivable	Notes Receivable The following table summarizes our notes receivables at December 31, 2022 and 2021: Carrying Value Interest Maturity Borrower / Project 2022 2021 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) 2,326 2,486 5.00 % 7/1/2025 Bellwether Ridge(1) 3,798 3,967 5.00 % 11/1/2026 Forest Pines(1)(4) 6,472 6,472 5.00 % 11/1/2022 Lake Wales 3,000 3,000 9.50 % 6/30/2026 Legacy Pleasant Grove 496 496 12.00 % 10/23/2024 McKinney Ranch 3,926 4,554 6.00 % 9/15/2024 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,759 3,700 5.00 % 11/1/2026 Parc at Opelika Phase II(1)(4) 3,190 2,305 10.00 % 1/13/2023 Parc at Windmill Farms(1)(4) 7,886 7,830 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) 182 813 12.00 % 3/31/2024 Plum Tree(1) 1,767 1,537 5.00 % 4/26/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 Spartan Land 5,907 5,907 12.00 % 1/16/2025 Spyglass of Ennis(1)(4) 5,258 5,319 5.00 % 11/1/2022 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Unified Housing Foundation(2)(3) 2,881 2,881 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 10,401 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,096 10,096 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 6,990 6,990 12.00 % 3/31/2025 Unified Housing Foundation(2)(3) 3,615 3,615 12.00 % 5/31/2023 Unified Housing Foundation(2)(3) 17,172 17,172 12.00 % 12/31/2032 Unified Housing Foundation(2)(3) 6,521 6,521 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 1,549 1,549 12.00 % 4/30/2024 Unified Housing Foundation(2)(3) 180 183 12.00 % 6/30/2024 $ 129,304 $ 129,726 (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. (3) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. (4) We are working with the borrower to extend the maturity and/or exercise our conversion option.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2022
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures On November 16, 2018 , our SPC subsidiary formed the 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 the manager of VAA (“Class B Member”). In connection with the formation of VAA, ten of the initial properties were subject to an earn-out provision ("Earn Out") that provided for a remeasurement of value after a two-year period following the completion of construction. Upon the formation of VAA, we recorded an initial liability ("Earn Out Obligation") of $10,000 for the 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 were required to pay approximately $39,600 to Macquarie to satisfy the Earn Out Obligation, and therefore, recorded a charge of $29,600 in 2021 (See Note 7 – Real Estate Activity). In accordance with the joint venture operating agreement, the Earn Out Obligation was paid from our share of subsequent distributions from VAA. On June 17, 2022, we entered into an agreement to sell 45 properties (“VAA Sale Portfolio”) owned by VAA and one property owned by our SPC subsidiary. On September 15, 2022, VAA, SPC, Macquarie and Pillar entered a Distribution and Holdback Property Agreement (“Distribution Agreement”), which provided the timing and ordering of the distribution of the net proceeds from the sale of the VAA Sale Portfolio, the repayment of the Mezzanine Loans, and the distribution of the remaining seven properties of VAA (“VAA Holdback Portfolio”). On September 16, 2022, VAA completed the sale of the VAA Sale Portfolio for $1,810,700, resulting in gain on sale of $738,444 to the joint venture. In connection with sale, we received an initial distribution of $182,848 from VAA, which included the payment of the remaining balance of the Earn Out Obligation. On November 1, 2022, we received an additional distribution from VAA, which included the full operational control of the VAA Holdback Portfolio (See Note 11 - Acquisitions) and a cash payment of $204,036. We are in the process of negotiating the assumption of the mortgage notes payable on the VAA Holdback Portfolio with the lenders. We plan to use our share of the proceeds from the sale of the VAA Sale Portfolio to invest in additional income-producing real estate, pay down our debt and for general corporate purposes. Our ownership interest in VAA is held by SPC, and is therefore subject to the debt covenants of the bonds issued by SPC. These provisions include restrictions on the distribution of cash from SPC (See Note 13 - Bonds Payable). The following is a summary of our investment in unconsolidated joint venture: December 31, 2022 2021 Assets Assets from discontinued operations $ — $ 1,135,769 Real estate — 130,954 Other assets (1) 52,404 14,144 Total assets $ 52,404 $ 1,280,867 Liabilities and Partners Capital Liabilities from discontinued operations $ 8,824 $ 807,382 Mortgage notes payable — 70,540 Mezzanine notes payable — 242,942 Other liabilities 1,988 16,409 Our share of partners' capital 20,904 71,800 Outside partner's capital 20,688 71,794 Total liabilities and partners' capital $ 52,404 $ 1,280,867 Investment in unconsolidated joint venture Our share of partners' capital $ 20,904 $ 71,800 Our share of Mezzanine note payable and accrued interest — 125,306 Basis adjustment (2) — (144,227) Total investment in unconsolidated joint venture $ 20,904 $ 52,879 (1) Includes cash, cash equivalents and restricted cash of $50,058 and $13,828 at December 31, 2022 and 2021, respectively. (2) We amortized the difference between the cost of our investment in VAA and the book value of our underlying equity in VAA into income on a straight-line basis consistent with the lives of the underlying assets. The following is a summary of our income (loss) from investments in unconsolidated joint venture: For the Years Ended December 31, 2022 2021 2020 Revenue Rental revenue $ 11,362 $ 14,632 $ 13,402 Other revenue 601 704 622 Total revenue 11,963 15,336 14,024 Expenses Operating expenses 18,139 12,836 9,023 Depreciation and amortization 2,525 3,364 3,344 Interest 15,412 23,238 23,792 Total expenses 36,076 39,438 36,159 Loss from continuing operations (24,113) (24,102) (22,135) Income (loss) from discontinued operations (1) 708,341 7,416 (4,567) Net income (loss) $ 684,228 $ (16,686) $ (26,702) Our share of net income (loss) in unconsolidated joint venture $ 468,086 $ 14,531 $ (519) (1) The amount for the year ended December 31, 2022, includes $738,444 gain on sale of asset and $31,281 loss on early extinguishment of debt that were incurred in connection with the sale of the VAA Sale Portfolio.

Acquisitions

Acquisitions	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On November 1, 2022, we acquired the remaining 50% ownership interest in the VAA Holdback Portfolio that we did not previously own through a distribution from VAA (See Note 10 – Investment in Unconsolidated Joint Ventures). Prior to the acquisition, we had accounted for the VAA Holdback Portfolio under the equity method of accounting as part of our investment in VAA. As a result of this transaction, we obtained 100% ownership of the VAA Holdback Portfolio. The acquisition was completed in order to obtain 100% ownership and control over this well positioned portfolio of multifamily residential properties in southern United States. The VAA Holdback Portfolio consisted of the following properties: Property Location Units Blue Lake Villas Waxahachie, TX 186 Blue Lake Villas Phase II Waxahachie, TX 70 Northside on Travis Sherman, TX 200 Parc at Denham Springs Denham Spring, LA 224 Residences at Holland Lake Weatherford, TX 208 Villas of Park West I Pueblo, CO 148 Villas of Park West II Pueblo, CO 112 1,148 The following is a summary of the preliminary allocation of the fair value of the VAA Holdback Portfolio: Real estate $ 219,500 Other assets 4,843 Total assets acquired 224,343 Mortgage notes payable 70,330 Accounts payable and other liabilities 1,624 Accrued interest 190 Total liabilities assumed 72,144 Fair value of acquired net assets (100% ownership) $ 152,199 We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 219,500 Carrying value of investment 146,313 Gain on remeasurement of assets $ 73,187 From November 1, 2022 , we have included the VAA Holdback Portfolio in our consolidated financial statements.

Mortgages and Other Notes Payab

Mortgages and Other Notes Payable	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021: Carrying Value Interest Maturity Property/ Entity 2022 2021 770 South Post Oak $ 11,406 $ 11,635 4.40 % 6/1/2025 Athens 1,155 1,155 4.00 % 8/28/2023 Blue Lake Villas(1) 9,673 — 3.15 % 11/1/2055 Blue Lake Villas Phase II(1) 3,424 — 2.85 % 6/1/2052 Chelsea 7,875 8,037 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 7,128 7,263 3.75 % 5/5/2024 Landing Bayou 14,161 14,407 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,039 13,352 3.60 % 4/1/2048 Northside on Travis(1) 11,656 — 2.50 % 2/1/2053 Parc at Denham Springs(1) 16,737 — 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,789 15,962 4.05 % 2/1/2060 RCM HC Enterprises(5) 5,086 1,986 5.00 % 12/31/2022 Residences at Holland Lake(1) 10,622 — 3.60 % 3/1/2053 Stanford Center(2) — 38,979 6.00 % 2/26/2023 Sugar Mill Phase III(3) — 9,216 4.50 % 2/1/2060 Toulon(4) — 13,697 3.20 % 12/1/2051 Villas at Bon Secour 19,410 19,492 3.08 % 9/1/2031 Villas of Park West I(1) 9,373 — 3.04 % 3/1/2053 Villas of Park West II(1) 8,504 — 3.18 % 3/1/2053 Vista Ridge 9,674 9,830 4.00 % 8/1/2053 Windmill Farms(5) 6,400 8,389 5.00 % 2/28/2023 $ 184,462 $ 176,750 (1) On November 1, 2022, we assumed the mortgage note payable in connection with the acquisition of the underlying property (See Note 11 - Acquisitions). (2) On October 21, 2022, we paid off the loan, which resulted in a loss on early extinguishment of debt of $1,639. (3) On September 16, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity), which resulted in a loss on early extinguishment of debt of $1,166. (4) On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity). (5) We are currently negotiating an extension of the loan with the lender. Interest payable at December 31, 2022 and 2021, was $2,004 and $1,373, respectively. We capitalized interest of $3,417 and $3,733 during the years ended December 31, 2022 and 2021, respectively. As of December 31, 2022 , we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters. 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 and Villas at Bon Secour. Future principal payments due on our mortgages and other notes payable at December 31, 2022 are as follows: Year Amount 2023 $ 10,912 2024 18,899 2025 14,080 2026 3,265 2027 3,377 Thereafter 136,056 186,589 Deferred finance cost (2,127) $ 184,462

Bonds Payable

Bonds Payable	12 Months Ended
	Dec. 31, 2022
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 gain (loss) on foreign currency transactions of $20,067, $(6,175), and $(13,378), for the years ended December 31, 2022 , 2021 and 2020, respectively. The outstanding balance of our Bonds at December 31, 2022 and 2021 is as follows: December 31, Interest Rate Bond Issuance 2022 2021 Maturity Series A Bonds(1) $ 28,971 $ 65,563 7.30 % 7/31/23 Series B Bonds(1) 35,806 54,019 6.80 % 7/31/25 Series C Bonds(2) 66,546 75,298 4.65 % 1/31/23 131,323 194,880 Less unamortized deferred issuance costs (2,105) (5,428) $ 129,218 $ 189,452 (1) The bonds are collateralized by the assets of SPC. (2) The bonds were collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Dallas, Texas. On January 31, 2023, the series of bonds were paid off. The aggregate maturities of our Bonds are as follows: Year Amount 2023 (1) $ 107,453 2024 11,935 2025 11,935 $ 131,323 (1) Includes the $66,546 Series C Bonds that were repaid on January 31, 2023. The Bonds include a number of covenants, including restrictions on the amount of cash that can be distributed from SPC. As of December 31, 2022, we were in compliance with our bond covenants.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
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 indirectly owns appro ximately 90.8% of ARL. Pillar is compensated for services in accordance with an Advisory 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 $931, $944 and $1,083 for the years ended December 31, 2022, 2021 and 2020, respectively, for office space leased to Pillar and Regis. Property operating expense includes $433, $889 and $990 for the years ended December 31, 2022, 2021 and 2020, respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $3,899, $4,091 and $3,869 for the years ended December 31, 2022, 2021 and 2020, respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisory fees paid to Pillar were $7,974, $11,782 and $8,648 for the years ended December 31, 2022, 2021 and 2020, respectively. Notes receivable include amounts held by UHF and Pillar (See Note 9 – 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 $19,211, $15,950 and $19,515 for the years ended December 31, 2022, 2021 and 2020, respectively. Accrued interest on the these notes of $4,040 and $4,223 is included in other assets at December 31, 2022 and 2021, respectively. Interest expense on notes payable to Pillar was $2,497, $1,621 and $1,581 for the years ended December 31, 2022, 2021 and 2020, respectively. Related party receivables represent 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, 2022
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 IOR during the years ended December 31, 2022, 2021 and 2020.

Stockholders Equity

Stockholders Equity	12 Months Ended
	Dec. 31, 2022
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 2022, 2021 or 2020. Future dividends 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, 2022
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, 2022, we had a deferred gain of $581.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
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 expense (benefit) for income taxes consists of: Year Ended December 31, 2022 2021 2020 Current: Federal $ 77,668 $ (1,011) $ — State 7,710 — 4 Deferred and Other: Federal 17,812 — — State — — — Total tax expense (benefit) $ 103,190 $ (1,011) $ 4 The reconciliation between our effective tax rate on income from operations and the statutory rate is as follows: Year Ended December 31, 2022 2021 2020 Income tax (benefit) expense at federal statutory rate $ 118,700 $ 2,373 $ 1,328 State and local income taxes net of federal tax benefit 7,711 — 4 Alternative minimum tax refund — (1,011) — Valuation allowance (23,221) (2,373) (1,328) Calculated income tax expense (benefit) $ 103,190 $ (1,011) $ 4 Effective tax rate 22.5 % (8.6) % 2.6 % We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2022, our tax years for 2022, 2021, and 2020 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2021, 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, 2022 2021 Deferred tax asset Basis difference for fixed assets $ — $ 705 Foreign currency translations 4,279 2,513 Net operating loss carryforward — 12,448 4,279 15,666 Deferred tax liability Deferred gain 17,724 3,340 Basis differences for fixed assets 4,373 — 22,097 $ 3,340 (17,818) 12,326 Less: valuation allowance — (12,326) Net deferred tax asset (liability) $ (17,818) $ — We have state net operating losses in many of the various states in which we operate.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
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 are defendants in litigation related to a property sale ("Nixdorf") that was that was completed in 2008, which was tried to a jury in March 2023. On March 18, 2023, the jury in the case returned a “Plaintiff take nothing” verdict in our favor. If judgment is finally rendered by the Court confirming the jury verdict, Plaintiff may well appeal.

Quarterly Results of Operations

Quarterly Results of Operations	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2022 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 7,787 $ 7,770 $ 8,319 $ 12,784 Net operating (loss) income (4,126) (2,847) (2,765) 456 Net income attributable to the Company 14,502 16,461 378,351 58,948 EPS - basic and diluted $ 1.68 $ 1.91 $ 43.79 $ 6.82 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) The increase in net income and EPS - basic and diluted during the quarter ended September 30, 2022 is attributable to our share of the gain on the sale of the VAA Sale Portfolio by our joint venture in VAA (See Note 10 – Investment in Unconsolidated Joint Ventures).

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe date to which events occurring after December 31, 2022, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 23, 2023, 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, 2022
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, 2022 Initial Cost Cost Gross Amount Carried at End of Year Property/Location Encumbrances Land Buildings Land Building & Total Accumulated Date of Date Multifamily Blue Lake Villas $ 9,673 $ 6,920 $ 27,680 $ — $ 6,920 $ 27,680 $ 34,600 $ 115 2002 2022 Blue Lake Villas Phase II 3,424 2,400 9,600 — 2,400 9,600 12,000 40 2004 2022 Chelsea 7,875 1,225 11,230 53 1,231 11,277 12,508 1,192 1999 2018 Forest Grove 7,128 1,440 10,234 37 1,440 10,271 11,711 670 2020 2020 Landing Bayou 14,161 2,011 18,255 (1,502) 2,011 16,753 18,764 1,732 2005 2018 Legacy at Pleasant Grove 13,039 2,005 18,109 92 2,033 18,173 20,206 3,716 2006 2018 Northside on Travis 11,656 7,160 28,640 — 7,160 28,640 35,800 119 2008 2022 Parc at Denham Springs 16,737 6,060 24,240 14 6,060 24,254 30,314 101 2007 2022 Parc at Denham Springs Phase II 15,789 1,505 16,975 — 1,505 16,975 18,480 1,297 2010 2009 Residences at Holland Lake 10,622 6,300 25,200 7 6,300 25,207 31,507 105 2004 2022 Villas at Bon Secour 19,410 2,715 15,385 52 2,715 15,437 18,152 1,708 2007 2018 Villas of Park West I 9,373 8,200 32,800 — 8,200 32,800 41,000 137 2005 2022 Villas of Park West II 8,504 6,860 27,440 — 6,860 27,440 34,300 114 2010 2022 Vista Ridge 9,674 1,339 13,398 6 1,339 13,404 14,743 2,939 2009 2018 157,065 56,140 279,186 (1,241) 56,174 277,911 334,085 13,985 Commercial 770 South Post Oak 11,406 1,763 16,312 1,142 1,763 17,454 19,217 3,605 1970 2015 Browning Place 66,546 5,096 49,441 18,895 5,096 68,336 73,432 31,708 1984 2005 Stanford Center — 20,278 25,876 6,250 20,278 32,126 52,404 16,700 2007 2008 Other — 646 74 (40) 622 58 680 56 77,952 27,783 91,703 26,247 27,759 117,974 145,733 52,069 Developed and Undeveloped Land Mercer Crossing — 2,999 — (166) 2,833 — 2,833 — 2018 Windmill Farms 6,400 43,608 — 2,707 46,315 — 46,315 — 2006 Other 9,591 19,608 — 11,301 30,909 — 30,909 — 15,991 66,215 — 13,842 80,057 — 80,057 — $ 251,008 $ 150,138 $ 370,889 $ 38,848 $ 163,990 $ 395,885 $ 559,875 $ 66,054 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2022 2022 2021 2020 Reconciliation of Real Estate Balance at January 1, $ 359,296 $ 459,801 $ 477,963 Additions 240,018 5,814 21,223 Deductions (39,439) (106,319) (39,385) Balance at December 31, $ 559,875 $ 359,296 $ 459,801 Reconciliation of Accumulated Depreciation Balance at January 1, 62,933 82,418 90,173 Additions 8,962 10,820 12,188 Deductions (5,841) (30,305) (19,943) Balance at December 31, $ 66,054 $ 62,933 $ 82,418

SCHEDULE IV - MORTGAGE LOANS

SCHEDULE IV - MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2022
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, 2022 Description Interest Rate Maturity Date Periodic Payment Prior Liens Face Amount Carrying Value Convertible loans Autumn Breeze 5.00% 7/1/2025 No payments until maturity or conversion $ 24,474 $ 2,326 $ 2,326 Bellwether Ridge 5.00% 11/1/2026 No payments until maturity or conversion 17,843 3,798 3,798 Forest Pines 5.00% 11/1/2022 No payments until maturity or conversion 26,060 6,472 6,472 Parc at Ingleside 5.00% 11/1/2026 No payments until maturity or conversion 24,815 3,759 3,759 Parc at Opelika Phase II 10.00% 1/13/2023 No payments until maturity or conversion 21,904 3,190 3,190 Parc at Windmill Farms 5.00% 11/1/2022 No payments until maturity or conversion 35,112 7,886 7,886 Plum Tree 5.00% 4/26/2026 No payments until maturity or conversion 17,525 1,767 1,767 Spyglass of Ennis 5.00% 11/1/2022 No payments until maturity or conversion 22,509 5,258 5,258 Steeple Crest 5.00% 8/1/2026 No payments until maturity or conversion 11,298 6,498 6,498 201,540 40,954 40,954 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% 10/23/2024 No payments until maturity — 496 496 McKinney Ranch 6.00% 9/15/2024 No payments until maturity — 3,926 3,926 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% 1/16/2025 No payments until maturity — 5,907 5,907 — 21,720 21,720 Subsidized housing Phillips Foundation for Better Living, Inc. 12.00% 3/31/2024 Payments from excess property cash flows — 182 182 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% 3/31/2024 Payments from excess property cash flows — 10,096 10,096 Unified Housing Foundation 12.00% 3/31/2025 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 53,039 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 — 180 180 53,039 66,630 66,630 $ 254,579 $ 129,304 $ 129,304 SCHEDULE IV - MORTGAGE LOANS As of December 31, 2022 2021 2020 Balance at January 1, $ 129,726 $ 123,556 $ 112,357 Additions 1,229 18,844 26,535 Deductions (1,651) (12,674) (15,336) Balance at December 31, $ 129,304 $ 129,726 $ 123,556

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	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, 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.
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. 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, 2022 and 2021, 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. ("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	Comprehensive income Net income and comprehensive income are the same for the year ended December 31, 2022, 2021 and 2020.
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 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. We do not have any mortgage notes payable with interest rates that reference LIBOR, and therefore, the adoption of this standard did not have an impact on our consolidated financial statements.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table provides our basic and diluted EPS calculation: For the Year Ended 2022 2021 2020 Net income $ 469,004 $ 10,077 $ 7,464 Net income attributable to noncontrolling interest (742) (679) (795) Net income attributable to the Company 468,262 9,398 6,669 Weighted-average common shares outstanding-basic and diluted 8,639 8,639 8,639 EPS - attributable to common shares- basic and diluted $ 54.20 $ 1.09 $ 0.77

Supplemental Cash Flows Infor_2

Supplemental Cash Flows Information (Tables)	12 Months Ended
	Dec. 31, 2022
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 2022 2021 2020 Cash paid for interest $ 17,802 $ 24,471 $ 27,127 Cash paid for income taxes $ 54,023 $ 682 $ 2,287 Cash, cash equivalents and restricted cash - beginning 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 Cash, cash equivalents, restricted cash - end of year Cash and cash equivalents $ 113,424 $ 50,735 $ 36,761 Restricted cash 108,883 21,986 50,206 $ 222,307 $ 72,721 $ 86,967 Proceeds from mortgages, other notes and bonds payable Mortgages and other notes payable $ — $ 20,015 $ 10,942 Bonds payable — — 19,785 $ — $ 20,015 $ 30,727 Payments on mortgages, other notes and bonds payable Mortgages and other notes payable $ 67,263 $ 65,242 $ 12,144 Bonds payable 43,759 53,658 19,592 $ 111,022 $ 118,900 $ 31,736 The following is a schedule of noncash investing and financing activities: For the Year Ended 2022 2021 2020 Assets distributed from joint venture $ 133,372 $ — $ — Liabilities assumed by joint venture $ 72,143 $ — $ — Distribution from joint venture applied to Earn Out Obligation $ 34,159 $ 5,441 $ — 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 $ — Property acquired in exchange for note payable $ — $ — $ 3,350 Note receivable issued in exchange for property $ — $ — $ 1,761 Debt assumed in sale of properties $ — $ — $ 8,238

Operating Segments (Tables)

Operating Segments (Tables)	12 Months Ended
	Dec. 31, 2022
Segment Reporting [Abstract]
Schedule of Profit by Reportable segment	The following table presents our profit by reportable segment: For the Year Ended 2022 2021 2020 Residential Segment Revenue $ 17,828 $ 14,495 $ 14,686 Operating expenses (9,524) (8,167) (8,482) Profit from segment 8,304 6,328 6,204 Commercial Segment Revenue 16,252 23,313 37,223 Operating expenses (8,815) (12,693) (15,878) Profit from segment 7,437 10,620 21,345 Total profit from all segments $ 15,741 $ 16,948 $ 27,549
Reconciliation of Revenue from Segments to Consolidated	The following table reconciles our profit by reportable segment to net income: For the Year Ended 2022 2021 2020 Profit from reportable segments $ 15,741 $ 16,948 $ 27,549 Other non-segment items of income (expense) Depreciation and amortization (9,686) (11,870) (14,755) General and administrative (9,943) (12,425) (9,287) Advisory fee to related party (7,974) (11,782) (8,648) Other income 2,580 2,966 5,113 Interest income 26,745 19,572 18,660 Interest expense (19,813) (24,600) (29,374) Gain (loss) on foreign currency transactions 20,067 (6,175) (13,378) Loss on early extinguishment of debt (2,805) (1,451) — Equity in income (loss) from unconsolidated joint venture 468,086 14,531 (519) Gain on sale, remeasurement or write down of assets, net 89,196 23,352 32,107 Income tax provision (103,190) 1,011 (4) Net income $ 469,004 $ 10,077 $ 7,464
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, 2022 2021 Segment assets $ 461,303 $ 263,937 Real estate 67,747 63,945 Investment in unconsolidated joint venture 20,904 52,879 Notes receivable 129,304 129,726 Receivable from related parties 147,142 136,715 Cash, short-term investments and other non-segment assets 391,765 141,207 Total assets $ 1,218,165 $ 788,409

Lease Revenue (Tables)

Lease Revenue (Tables)	12 Months Ended
	Dec. 31, 2022
Leases [Abstract]
Schedule of Rental Revenue	The following table summarizes the components of rental revenue for the years ended December 31, 2022, 2021 and 2020: For the Year Ended 2022 2021 2020 Fixed component $ 32,163 $ 35,555 $ 49,974 Variable component 1,917 2,253 1,935 Total rental revenue $ 34,080 $ 37,808 $ 51,909
Schedule of Future Rental Payments	The following table summarizes the future rental payments to us from under non-cancelable leases, which excludes multifamily properties, which typically have lease terms of one-year or less: Year Amount 2023 $ 11,620 2024 9,015 2025 8,638 2026 8,286 2027 8,012 Thereafter 21,713 Total $ 67,284

Real Estate Activity (Tables)

Real Estate Activity (Tables)	12 Months Ended
	Dec. 31, 2022
Real Estate [Abstract]
Schedule of the Real Estate Owned	At December 31, 2022 and 2021, our real estate investment is comprised of the following: December 31, 2022 2021 Land $ 108,933 $ 67,514 Building and improvements 359,904 219,327 Tenant improvements 25,611 21,364 Construction in progress 65,427 51,091 Total cost 559,875 359,296 Less accumulated deprecation (66,054) (62,933) Total real estate $ 493,821 $ 296,363
Schedule of Gain (Loss) on Sale or Write-down of Assets	Gain on sale, remeasurement or write down of assets, net consists of the following: For the Year Ended 2022 2021 2020 Land(1) $ 4,752 $ 16,645 $ 23,383 Residential properties(2) 83,758 9,110 3,702 Commercial properties(3) 686 27,197 4,610 Other(4) — (29,600) 412 $ 89,196 $ 23,352 $ 32,107 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) On November 1, 2022, we acquired control of the VAA Holdback Portfolio from VAA (See Note 11 – Acquisitions), which resulted in a $73,187 gain on remeasurement of assets. On September 16, 2022, in connection with the sale of the VAA Sale Portfolio by VAA (See Note 10 - Investment in Unconsolidated Joint Ventures), we sold Sugar Mill Phase III, a 72 unit multifamily property in Baton Rouge , Louisiana for $11,800 , resulting in a gain on sale of $1,871 . We used the proceeds to pay off the $9,551 mortgage note payable on the property and for general corporate purposes. On January 14, 2022, we sold Toulon, a 240 unit multifamily property in Gautier, Mississippi for $26,750, resulting in a gain on sale of $9,364. We used the proceeds to pay off the $14,740 mortgage note payable on the property and for general corporate purposes. On March 30, 2021 we sold a 50% ownership interest in Overlook at Allensville Phase II to Macquarie in 2021 ( See Note 10 – Investment in Unconsolidated Joint Ventures). In 2021, we also recognized the gain on the sale of various multifamily properties that had previously been deferred (See Note 17 – Deferred Income). 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. (3) On May 17, 2022 , we sold Fruitland Park, a 6,722 square foot commercial building in Fruitland Park, Florida for $750, resulting in a gain on sale of $667. We used the proceeds for general corporate purposes. 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 off the $35,946 mortgage note payable on the property and for general corporate purposes. (4) In 2021, we incurred a $29,600 loss on the remeasurement of the Earn Out Obligation in connection with our investment in VAA (See Note 10 - Investment in Unconsolidated Joint Ventures).

Notes Receivable (Tables)

Notes Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Notes Receivable	The following table summarizes our notes receivables at December 31, 2022 and 2021: Carrying Value Interest Maturity Borrower / Project 2022 2021 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) 2,326 2,486 5.00 % 7/1/2025 Bellwether Ridge(1) 3,798 3,967 5.00 % 11/1/2026 Forest Pines(1)(4) 6,472 6,472 5.00 % 11/1/2022 Lake Wales 3,000 3,000 9.50 % 6/30/2026 Legacy Pleasant Grove 496 496 12.00 % 10/23/2024 McKinney Ranch 3,926 4,554 6.00 % 9/15/2024 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,759 3,700 5.00 % 11/1/2026 Parc at Opelika Phase II(1)(4) 3,190 2,305 10.00 % 1/13/2023 Parc at Windmill Farms(1)(4) 7,886 7,830 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) 182 813 12.00 % 3/31/2024 Plum Tree(1) 1,767 1,537 5.00 % 4/26/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 Spartan Land 5,907 5,907 12.00 % 1/16/2025 Spyglass of Ennis(1)(4) 5,258 5,319 5.00 % 11/1/2022 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Unified Housing Foundation(2)(3) 2,881 2,881 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 10,401 12.00 % 6/30/2023 Unified Housing Foundation(2)(3) 10,096 10,096 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 6,990 6,990 12.00 % 3/31/2025 Unified Housing Foundation(2)(3) 3,615 3,615 12.00 % 5/31/2023 Unified Housing Foundation(2)(3) 17,172 17,172 12.00 % 12/31/2032 Unified Housing Foundation(2)(3) 6,521 6,521 12.00 % 3/31/2024 Unified Housing Foundation(2)(3) 1,549 1,549 12.00 % 4/30/2024 Unified Housing Foundation(2)(3) 180 183 12.00 % 6/30/2024 $ 129,304 $ 129,726 (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. (3) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. (4) We are working with the borrower to extend the maturity and/or exercise our conversion option.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2022
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 venture: December 31, 2022 2021 Assets Assets from discontinued operations $ — $ 1,135,769 Real estate — 130,954 Other assets (1) 52,404 14,144 Total assets $ 52,404 $ 1,280,867 Liabilities and Partners Capital Liabilities from discontinued operations $ 8,824 $ 807,382 Mortgage notes payable — 70,540 Mezzanine notes payable — 242,942 Other liabilities 1,988 16,409 Our share of partners' capital 20,904 71,800 Outside partner's capital 20,688 71,794 Total liabilities and partners' capital $ 52,404 $ 1,280,867 Investment in unconsolidated joint venture Our share of partners' capital $ 20,904 $ 71,800 Our share of Mezzanine note payable and accrued interest — 125,306 Basis adjustment (2) — (144,227) Total investment in unconsolidated joint venture $ 20,904 $ 52,879 (1) Includes cash, cash equivalents and restricted cash of $50,058 and $13,828 at December 31, 2022 and 2021, respectively. (2) We amortized the difference between the cost of our investment in VAA and the book value of our underlying equity in VAA into income on a straight-line basis consistent with the lives of the underlying assets. The following is a summary of our income (loss) from investments in unconsolidated joint venture: For the Years Ended December 31, 2022 2021 2020 Revenue Rental revenue $ 11,362 $ 14,632 $ 13,402 Other revenue 601 704 622 Total revenue 11,963 15,336 14,024 Expenses Operating expenses 18,139 12,836 9,023 Depreciation and amortization 2,525 3,364 3,344 Interest 15,412 23,238 23,792 Total expenses 36,076 39,438 36,159 Loss from continuing operations (24,113) (24,102) (22,135) Income (loss) from discontinued operations (1) 708,341 7,416 (4,567) Net income (loss) $ 684,228 $ (16,686) $ (26,702) Our share of net income (loss) in unconsolidated joint venture $ 468,086 $ 14,531 $ (519) (1) The amount for the year ended December 31, 2022, includes $738,444 gain on sale of asset and $31,281 loss on early extinguishment of debt that were incurred in connection with the sale of the VAA Sale Portfolio.

Acquisitions (Tables)

Acquisitions (Tables)	12 Months Ended
	Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisitions	The VAA Holdback Portfolio consisted of the following properties: Property Location Units Blue Lake Villas Waxahachie, TX 186 Blue Lake Villas Phase II Waxahachie, TX 70 Northside on Travis Sherman, TX 200 Parc at Denham Springs Denham Spring, LA 224 Residences at Holland Lake Weatherford, TX 208 Villas of Park West I Pueblo, CO 148 Villas of Park West II Pueblo, CO 112 1,148 We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 219,500 Carrying value of investment 146,313 Gain on remeasurement of assets $ 73,187
Summary of Preliminary Allocation of Fair Value in Acquisition	The following is a summary of the preliminary allocation of the fair value of the VAA Holdback Portfolio: Real estate $ 219,500 Other assets 4,843 Total assets acquired 224,343 Mortgage notes payable 70,330 Accounts payable and other liabilities 1,624 Accrued interest 190 Total liabilities assumed 72,144 Fair value of acquired net assets (100% ownership) $ 152,199

Mortgages and Other Notes Pay_2

Mortgages and Other Notes Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Debt	Below is a summary of our notes and interest payable as of December 31, 2022 and 2021: Carrying Value Interest Maturity Property/ Entity 2022 2021 770 South Post Oak $ 11,406 $ 11,635 4.40 % 6/1/2025 Athens 1,155 1,155 4.00 % 8/28/2023 Blue Lake Villas(1) 9,673 — 3.15 % 11/1/2055 Blue Lake Villas Phase II(1) 3,424 — 2.85 % 6/1/2052 Chelsea 7,875 8,037 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 7,128 7,263 3.75 % 5/5/2024 Landing Bayou 14,161 14,407 3.50 % 9/1/2053 Legacy at Pleasant Grove 13,039 13,352 3.60 % 4/1/2048 Northside on Travis(1) 11,656 — 2.50 % 2/1/2053 Parc at Denham Springs(1) 16,737 — 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,789 15,962 4.05 % 2/1/2060 RCM HC Enterprises(5) 5,086 1,986 5.00 % 12/31/2022 Residences at Holland Lake(1) 10,622 — 3.60 % 3/1/2053 Stanford Center(2) — 38,979 6.00 % 2/26/2023 Sugar Mill Phase III(3) — 9,216 4.50 % 2/1/2060 Toulon(4) — 13,697 3.20 % 12/1/2051 Villas at Bon Secour 19,410 19,492 3.08 % 9/1/2031 Villas of Park West I(1) 9,373 — 3.04 % 3/1/2053 Villas of Park West II(1) 8,504 — 3.18 % 3/1/2053 Vista Ridge 9,674 9,830 4.00 % 8/1/2053 Windmill Farms(5) 6,400 8,389 5.00 % 2/28/2023 $ 184,462 $ 176,750 (1) On November 1, 2022, we assumed the mortgage note payable in connection with the acquisition of the underlying property (See Note 11 - Acquisitions). (2) On October 21, 2022, we paid off the loan, which resulted in a loss on early extinguishment of debt of $1,639. (3) On September 16, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity), which resulted in a loss on early extinguishment of debt of $1,166. (4) On January 14, 2022, we paid off the loan in connection with the sale of the underlying property (See Note 7 - Real Estate Activity). (5) We are currently negotiating an extension of the loan with the lender.
Schedule of Future Principal Payments	Future principal payments due on our mortgages and other notes payable at December 31, 2022 are as follows: Year Amount 2023 $ 10,912 2024 18,899 2025 14,080 2026 3,265 2027 3,377 Thereafter 136,056 186,589 Deferred finance cost (2,127) $ 184,462

Bonds Payable (Tables)

Bonds Payable (Tables)	12 Months Ended
	Dec. 31, 2022
Debt Disclosure [Abstract]
Schedule of Bonds Payable	The outstanding balance of our Bonds at December 31, 2022 and 2021 is as follows: December 31, Interest Rate Bond Issuance 2022 2021 Maturity Series A Bonds(1) $ 28,971 $ 65,563 7.30 % 7/31/23 Series B Bonds(1) 35,806 54,019 6.80 % 7/31/25 Series C Bonds(2) 66,546 75,298 4.65 % 1/31/23 131,323 194,880 Less unamortized deferred issuance costs (2,105) (5,428) $ 129,218 $ 189,452 (1) The bonds are collateralized by the assets of SPC. (2) The bonds were collateralized by a trust deed in Browning Place, a 625,297 square foot office building in Dallas, Texas. On January 31, 2023, the series of bonds were paid off.
Schedule of Maturities of Bonds Payable	The aggregate maturities of our Bonds are as follows: Year Amount 2023 (1) $ 107,453 2024 11,935 2025 11,935 $ 131,323 (1) Includes the $66,546 Series C Bonds that were repaid on January 31, 2023.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	The expense (benefit) for income taxes consists of: Year Ended December 31, 2022 2021 2020 Current: Federal $ 77,668 $ (1,011) $ — State 7,710 — 4 Deferred and Other: Federal 17,812 — — State — — — Total tax expense (benefit) $ 103,190 $ (1,011) $ 4
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, 2022 2021 2020 Income tax (benefit) expense at federal statutory rate $ 118,700 $ 2,373 $ 1,328 State and local income taxes net of federal tax benefit 7,711 — 4 Alternative minimum tax refund — (1,011) — Valuation allowance (23,221) (2,373) (1,328) Calculated income tax expense (benefit) $ 103,190 $ (1,011) $ 4 Effective tax rate 22.5 % (8.6) % 2.6 %
Components of the Net Deferred Tax Asset or Liability	Components of the Net Deferred Tax Asset or Liability December 31, 2022 2021 Deferred tax asset Basis difference for fixed assets $ — $ 705 Foreign currency translations 4,279 2,513 Net operating loss carryforward — 12,448 4,279 15,666 Deferred tax liability Deferred gain 17,724 3,340 Basis differences for fixed assets 4,373 — 22,097 $ 3,340 (17,818) 12,326 Less: valuation allowance — (12,326) Net deferred tax asset (liability) $ (17,818) $ —

Quarterly Results of Operatio_2

Quarterly Results of Operations (Tables)	12 Months Ended
	Dec. 31, 2022
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, 2022 and 2021. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2022 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 7,787 $ 7,770 $ 8,319 $ 12,784 Net operating (loss) income (4,126) (2,847) (2,765) 456 Net income attributable to the Company 14,502 16,461 378,351 58,948 EPS - basic and diluted $ 1.68 $ 1.91 $ 43.79 $ 6.82 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)

Organization (Details)

Organization (Details)	Dec. 31, 2022 a ft² property apartment
Commercial properties
Real Estate Properties [Line Items]
Number of real estate properties	4
Office building
Real Estate Properties [Line Items]
Area of property | ft²	1,056,793
Multifamily properties
Real Estate Properties [Line Items]
Number of real estate properties	14
Number of units in real estate property | apartment	2,328
Developed and undeveloped land
Real Estate Properties [Line Items]
Area of land | a	1,858
Regis Realty Prime, LLC | Commercial properties
Real Estate Properties [Line Items]
Number of real estate properties	3
ARL | Related Party Entities
Real Estate Properties [Line Items]
Ownership interest	7%
ARL | Related Party Entities | Majority Shareholder
Real Estate Properties [Line Items]
Ownership interest	78%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	12 Months Ended
	Dec. 31, 2022
Minimum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years
Minimum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Maximum | Buildings and improvements
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	40 years
Maximum | Furniture, fixtures and equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	10 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings Per Share [Abstract]
Net income									$ 469,004	$ 10,077	$ 7,464
Net income attributable to noncontrolling interest									(742)	(679)	(795)
Net income attributable to the Company	$ 58,948	$ 378,351	$ 16,461	$ 14,502	$ (8,747)	$ 26,246	$ (30,733)	$ 22,632	$ 468,262	$ 9,398	$ 6,669
Weighted-average common shares outstanding-basic (in shares)									8,639,316	8,639,316	8,639,316
Weighted-average common shares outstanding- diluted (in shares)									8,639,316	8,639,316	8,639,316
EPS - attributable to common shares- basic (in dollars per share)	$ 6.82	$ 43.79	$ 1.91	$ 1.68	$ (1.01)	$ 3.04	$ (3.56)	$ 2.62	$ 54.20	$ 1.09	$ 0.77
EPS - attributable to common shares- diluted (in dollars per share)	$ 6.82	$ 43.79	$ 1.91	$ 1.68	$ (1.01)	$ 3.04	$ (3.56)	$ 2.62	$ 54.20	$ 1.09	$ 0.77

Supplemental Cash Flows Infor_3

Supplemental Cash Flows Information - Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 17,802	$ 24,471	$ 27,127
Cash paid for income taxes	54,023	682	2,287
Cash and cash equivalents, beginning balance	50,735	36,761	51,179
Restricted cash and cash equivalents, beginning balance	21,986	50,206	32,082
Cash and cash equivalents, ending balance	113,424	50,735	36,761
Restricted cash and cash equivalents, ending balance	108,883	21,986	50,206
Cash, cash equivalents and restricted cash, beginning of year	72,721	86,967	83,261
Cash, cash equivalents and restricted cash, end of year	222,307	72,721	86,967
Proceeds from mortgages, other notes and bonds payable
Mortgages and other notes payable	0	20,015	10,942
Bonds payable	0	0	19,785
Proceeds From Mortgages, Notes and Bonds Payable	0	20,015	30,727
Payments on mortgages, other notes and bonds payable
Mortgages and other notes payable	67,263	65,242	12,144
Bonds payable	43,759	53,658	19,592
Payments on mortgages, other notes and bonds payable	$ 111,022	$ 118,900	$ 31,736

Supplemental Cash Flows Infor_4

Supplemental Cash Flows Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Assets distributed from joint venture	$ 133,372	$ 0	$ 0
Liabilities assumed by joint venture	72,143	0	0
Distribution from joint venture applied to Earn Out Obligation	34,159	5,441	0
Assets contributed to joint venture	0	18,608	0
Liabilities assumed by joint venture	0	15,606	0
Notes Issued	0	0	1,761
Property acquired in exchange for note payable	0	0	3,350
Debt assumed in sale of properties	0	0	8,238
Affiliate
Related Party Transaction [Line Items]
Notes Issued	$ 0	$ 9,259	$ 0

Operating Segments - Profit by

Operating Segments - Profit by Reportable Segment (Details) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2021 USD ($)	Jun. 30, 2021 USD ($)	Mar. 31, 2021 USD ($)	Dec. 31, 2022 USD ($) segment	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting [Abstract]
Number of reportable segments | segment									2
Segment Reporting Information [Line Items]
Revenue	$ 12,784	$ 8,319	$ 7,770	$ 7,787	$ 8,117	$ 10,034	$ 10,795	$ 11,828	$ 36,660	$ 40,774	$ 57,022
Profit from reportable segments	$ 456	$ (2,765)	$ (2,847)	$ (4,126)	$ (4,154)	$ (4,558)	$ (5,225)	$ (2,226)	(9,282)	(16,163)	(28)
Operating segments
Segment Reporting Information [Line Items]
Profit from reportable segments									15,741	16,948	27,549
Residential Segment | Operating segments
Segment Reporting Information [Line Items]
Revenue									17,828	14,495	14,686
Operating expenses									(9,524)	(8,167)	(8,482)
Profit from segment									8,304	6,328	6,204
Commercial Segment | Operating segments
Segment Reporting Information [Line Items]
Revenue									16,252	23,313	37,223
Operating expenses									(8,815)	(12,693)	(15,878)
Profit from segment									$ 7,437	$ 10,620	$ 21,345

Operating Segments - Profit b_2

Operating Segments - Profit by Reportable Segment to Net Income (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Segment Reporting Information [Line Items]
Profit from reportable segments	$ 456	$ (2,765)	$ (2,847)	$ (4,126)	$ (4,154)	$ (4,558)	$ (5,225)	$ (2,226)	$ (9,282)	$ (16,163)	$ (28)
Depreciation and amortization									(13,111)	(15,029)	(18,579)
General and administrative									(9,943)	(12,425)	(9,287)
Advisory fee to related party									(7,974)	(11,782)	(8,648)
Other income									2,580	2,966	5,113
Interest income									26,745	19,572	18,660
Interest expense									(19,813)	(24,600)	(29,374)
Gain (loss) on foreign currency transactions									20,067	(6,175)	(13,378)
Loss on early extinguishment of debt									(2,805)	(1,451)	0
Equity in income (loss) from unconsolidated joint venture									468,086	14,531	(519)
Gain on sale, remeasurement or write down of assets, net									89,196	23,352	32,107
Income tax provision									(103,190)	1,011	(4)
Net income									469,004	10,077	7,464
Operating segments
Segment Reporting Information [Line Items]
Profit from reportable segments									15,741	16,948	27,549
Other non-segment items of income (expense)
Segment Reporting Information [Line Items]
Depreciation and amortization									(9,686)	(11,870)	(14,755)
General and administrative									(9,943)	(12,425)	(9,287)
Advisory fee to related party									(7,974)	(11,782)	(8,648)
Other income									2,580	2,966	5,113
Interest income									26,745	19,572	18,660
Interest expense									(19,813)	(24,600)	(29,374)
Gain (loss) on foreign currency transactions									20,067	(6,175)	(13,378)
Loss on early extinguishment of debt									(2,805)	(1,451)	0
Equity in income (loss) from unconsolidated joint venture									468,086	14,531	(519)
Gain on sale, remeasurement or write down of assets, net									89,196	23,352	32,107
Income tax provision									$ (103,190)	$ 1,011	$ (4)

Operating Segments - Segment In

Operating Segments - Segment Information to Consolidated Balance Sheets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Real estate	$ 493,821	$ 296,363
Investment in unconsolidated joint venture	20,904	52,879
Notes receivable	129,304	129,726
Receivable from related parties	147,142	136,715
Total assets	1,218,165	788,409
Operating segments
Segment Reporting Information [Line Items]
Total assets	461,303	263,937
Segment Reconciling Items
Segment Reporting Information [Line Items]
Real estate	67,747	63,945
Investment in unconsolidated joint venture	20,904	52,879
Notes receivable	129,304	129,726
Receivable from related parties	147,142	136,715
Cash, short-term investments and other non-segment assets	$ 391,765	$ 141,207

Lease Revenue - Schedule of Ren

Lease Revenue - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases [Abstract]
Fixed component	$ 32,163	$ 35,555	$ 49,974
Variable component	1,917	2,253	1,935
Total rental revenue	$ 34,080	$ 37,808	$ 51,909

Lease Revenue - Schedule of Fut

Lease Revenue - Schedule of Future Rental Payments (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases [Abstract]
2023	$ 11,620
2024	9,015
2025	8,638
2026	8,286
2027	8,012
Thereafter	21,713
Total	$ 67,284

Real Estate Activity - Real Est

Real Estate Activity - Real Estate Investment Components (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Real Estate [Abstract]
Land	$ 108,933	$ 67,514
Building and improvements	359,904	219,327
Tenant improvements	25,611	21,364
Construction in progress	65,427	51,091
Total cost	559,875	359,296
Less accumulated deprecation	(66,054)	(62,933)
Total real estate	$ 493,821	$ 296,363

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Gain (Loss) on Sale or Write-down of Assets (Details) $ in Thousands								12 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 16, 2022 USD ($) apartment	May 17, 2022 USD ($) ft²	Jan. 14, 2022 USD ($) apartment	Aug. 26, 2021 USD ($) ft²	Jul. 16, 2020 USD ($) property	May 01, 2020 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Depreciation								$ 8,962	$ 10,820
Gain on sale, remeasurement or write down of assets, net								89,196	23,352	$ 32,107
Real Estate Investment Property, Accumulated Depreciation								$ 66,054	62,933
Overlook At Allensville Phase I I
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Ownership interest sold								50%
Macquarie
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Earn out obligation charge								$ 29,600
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale, remeasurement or write down of assets, net	$ 73,187
Assumption value of the mortgage note payable		$ 9,551		$ 14,740	$ 35,946
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | 600 Las Colinas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Area of property | ft²					512,173
Proceeds from sale					$ 74,750
Gain on sale					$ 27,270
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Villager
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale							$ 2,426
Gain on sale			$ 667				$ 898
Number of units in real estate property | property							33
Assumption value of the mortgage note payable							$ 665
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Villager | Notes Receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Note receivable							$ 1,761
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Farnham Park
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
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Toulon
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale				$ 26,750
Number of units in real estate property | apartment				240
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Sugar Mill Phase III
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Proceeds from sale		11,800
Gain on sale		$ 1,871
Number of units in real estate property | apartment		72
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | Fruitland Park
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Area of property | ft²			6,722
Proceeds from sale			$ 750
Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale, remeasurement or write down of assets, net								4,752	16,645	23,383
Residential properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale, remeasurement or write down of assets, net								83,758	9,110	3,702
Commercial properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale, remeasurement or write down of assets, net								686	27,197	4,610
Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale, remeasurement or write down of assets, net								$ 0	$ (29,600)	$ 412
Toulon | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale				$ 9,364

Short-term Investments (Details

Short-term Investments (Details)	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Interest rate	4.67%

Notes Receivable - Schedule of

Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 129,304	$ 129,726
Notes Receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	129,304	129,726
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	$ 2,326	2,486
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable | Bellwether Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 3,798	3,967
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable | Forest Pines
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 6,472	6,472
Interest Rate	5%
Ownership interest if note converted	100%
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%
Notes Receivable | McKinney Ranch
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 3,926	4,554
Interest Rate	6%
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	$ 3,759	3,700
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable | Parc at Opelika Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 3,190	2,305
Interest Rate	10%
Ownership interest if note converted	100%
Notes Receivable | Parc at Windmill Farms
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 7,886	7,830
Interest Rate	5%
Ownership interest if note converted	100%
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	$ 182	813
Interest Rate	12%
Notes Receivable | Plum Tree
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 1,767	1,537
Interest Rate	5%
Ownership interest if note converted	100%
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 | 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%
Notes Receivable | Spyglass of Ennis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 5,258	5,319
Interest Rate	5%
Ownership interest if note converted	100%
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%
Ownership interest if note converted	100%
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	2,881
Interest Rate	12%
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%
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%
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	10,401
Interest Rate	12%
Notes Receivable | United Housing Foundation Inc., Maturing March 31, 2024 A
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%
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%
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%
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	17,172
Interest Rate	12%
Notes Receivable | United Housing Foundation, Inc., Maturing March 31, 2024 B [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying Value	$ 6,521	6,521
Interest Rate	12%
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	1,549
Interest Rate	12%
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	$ 180	$ 183
Interest Rate	12%

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands					12 Months Ended
	Nov. 01, 2022 USD ($)	Sep. 16, 2022 USD ($)	Mar. 30, 2021 USD ($) property	Nov. 16, 2018 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 15, 2022 property	Jun. 17, 2022 property	Jul. 13, 2021 USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint venture					$ 384,284	$ 7,430	$ 8,086
VAA Sale Portfolio | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Gain on sale		$ 738,444
Proceeds from sale		1,810,700
Distributions from unconsolidated joint venture	$ 204,036	$ 182,848
Overlook At Allensville Phase I I | Overlook At Allensville Phase I I
Schedule of Equity Method Investments [Line Items]
Ownership interest sold			50%
Macquarie
Schedule of Equity Method Investments [Line Items]
Liability										$ 39,600
Earn out obligation charge					$ 29,600
Unconsolidated joint venture
Schedule of Equity Method Investments [Line Items]
Contributed properties with earn-out provisions | property				10
Earn-out provision terms				2 years
Liability				$ 10,000
Unconsolidated joint venture | VAA
Schedule of Equity Method Investments [Line Items]
Percentage ownership in VAA				50%
Unconsolidated joint venture | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | VAA
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property								7	45
Unconsolidated joint venture | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | SPC Subsidiary
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property									1
Unconsolidated joint venture | Overlook At Allensville Phase I I
Schedule of Equity Method Investments [Line Items]
Proceeds from Real Estate and Real Estate Joint Ventures			$ 2,551
Gain on sale			$ 1,417
Unconsolidated joint venture | VAA | VAA
Schedule of Equity Method Investments [Line Items]
Percentage ownership in VAA				50%
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 | Overlook At Allensville Phase I I
Schedule of Equity Method Investments [Line Items]
Percentage ownership in VAA			50%
Unconsolidated joint venture | Multifamily Properties | Overlook At Allensville Phase I I
Schedule of Equity Method Investments [Line Items]
Number of real estate properties | property			144
Unconsolidated joint venture | Multifamily Properties | 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
	Sep. 16, 2022	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Real estate		$ 493,821				$ 296,363				$ 493,821	$ 296,363
Other assets		84,900				84,004				84,900	84,004
Total assets		1,218,165				788,409				1,218,165	788,409
Liabilities and Equity
Total liabilities and equity		1,218,165				788,409				1,218,165	788,409
Investment in unconsolidated joint ventures		20,904				52,879				20,904	52,879
Cash and cash equivalents		222,307				72,721				222,307	72,721	$ 86,967	$ 83,261
Revenues:
Rental revenue										34,080	37,808	51,909
Other income										2,580	2,966	5,113
Total revenue		12,784	$ 8,319	$ 7,770	$ 7,787	8,117	$ 10,034	$ 10,795	$ 11,828	36,660	40,774	57,022
Expenses:
Depreciation and amortization										13,111	15,029	18,579
Loss from continuing operations		456	$ (2,765)	$ (2,847)	$ (4,126)	(4,154)	$ (4,558)	$ (5,225)	$ (2,226)	(9,282)	(16,163)	(28)
Net income										469,004	10,077	7,464
Our share of net income (loss) in unconsolidated joint venture										468,086	14,531	(519)
Loss on early extinguishment of debt										2,805	1,451	0
VAA Sale Portfolio | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Expenses:
Gain on sale	$ 738,444
Loss on early extinguishment of debt										31,281
Unconsolidated joint venture
Liabilities and Equity
Our share of partners' capital		20,904				71,800				20,904	71,800
Our share of Mezzanine note payable and accrued interest		0				125,306				0	125,306
Basis adjustment		0				(144,227)				0	(144,227)
Investment in unconsolidated joint ventures		20,904				52,879				20,904	52,879
Revenues:
Rental revenue										11,362	14,632	13,402
Other income										601	704	622
Total revenue										11,963	15,336	14,024
Expenses:
Operating expenses										18,139	12,836	9,023
Depreciation and amortization										2,525	3,364	3,344
Interest										15,412	23,238	23,792
Total operating expenses										36,076	39,438	36,159
Loss from continuing operations										(24,113)	(24,102)	(22,135)
Income (loss) from discontinued operations										708,341	7,416	(4,567)
Net income										684,228	(16,686)	(26,702)
Our share of net income (loss) in unconsolidated joint venture										468,086	14,531	$ (519)
Unconsolidated joint venture | Unconsolidated Joint Ventures
Assets:
Assets from discontinued operations		0				1,135,769				0	1,135,769
Real estate		0				130,954				0	130,954
Other assets		52,404				14,144				52,404	14,144
Total assets		52,404				1,280,867				52,404	1,280,867
Liabilities and Equity
Liabilities from discontinued operations		8,824				807,382				8,824	807,382
Mortgage notes payable		0				70,540				0	70,540
Mezzanine notes payable		0				242,942				0	242,942
Other liabilities		1,988				16,409				1,988	16,409
Our share of partners' capital		20,904				71,800				20,904	71,800
Outside partner's capital		20,688				71,794				20,688	71,794
Total liabilities and equity		52,404				1,280,867				52,404	1,280,867
Unconsolidated joint venture | VAA
Liabilities and Equity
Cash and cash equivalents		$ 50,058				$ 13,828				$ 50,058	$ 13,828

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - VAA Holdback Portfolio	Nov. 01, 2022
Business Acquisition [Line Items]
Ownership interest acquired	50%
Ownership interest after interest acquired	100%

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisition Of Properties (Details) - VAA Holdback Portfolio	Nov. 01, 2022 property
Business Acquisition [Line Items]
Number of units in real estate property	1,148
Blue Lake Villas
Business Acquisition [Line Items]
Number of units in real estate property	186
Blue Lake Villas Phase II
Business Acquisition [Line Items]
Number of units in real estate property	70
Northside on Travis
Business Acquisition [Line Items]
Number of units in real estate property	200
Parc at Denham Springs
Business Acquisition [Line Items]
Number of units in real estate property	224
Residences at Holland Lake
Business Acquisition [Line Items]
Number of units in real estate property	208
Villas of Park West I
Business Acquisition [Line Items]
Number of units in real estate property	148
Villas of Park West II
Business Acquisition [Line Items]
Number of units in real estate property	112

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of The Fair Value (Details) - VAA Holdback Portfolio $ in Thousands	Nov. 01, 2022 USD ($)
Business Acquisition [Line Items]
Real estate	$ 219,500
Other assets	4,843
Total assets acquired	224,343
Mortgage notes payable	70,330
Accounts payable and other liabilities	1,624
Accrued interest	190
Total liabilities assumed	$ 72,144
Ownership interest after interest acquired	100%
Fair value of acquired net assets (100% ownership)	$ 152,199

Acquisitions - Purchase Price O

Acquisitions - Purchase Price Of Additional Ownership Interest (Details) - VAA Holdback Portfolio - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Nov. 01, 2022
Business Acquisition [Line Items]
Ownership interest acquired		50%
Fair value of existing ownership interest (at 50% ownership)	$ 219,500
Carrying value of investment	146,313
Gain on remeasurement of assets	$ 73,187

Mortgages and Other Notes Pay_3

Mortgages and Other Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands			12 Months Ended
	Oct. 21, 2022	Sep. 16, 2022	Dec. 31, 2022	Dec. 31, 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			$ 184,462	$ 176,750
Loss on early extinguishment of debt			2,805	1,451	$ 0
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			184,462	176,750
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			$ 11,406	11,635
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%
Mortgages and Other Notes Payable | Blue Lake Villas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 9,673	0
Interest Rate			3.15%
Mortgages and Other Notes Payable | Blue Lake Villas Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 3,424	0
Interest Rate			2.85%
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			$ 7,875	8,037
Interest Rate			3.40%
Mortgages and Other Notes Payable | EQK Portage
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%
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			$ 7,128	7,263
Interest Rate			3.75%
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			$ 14,161	14,407
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			$ 13,039	13,352
Interest Rate			3.60%
Mortgages and Other Notes Payable | Northside on Travis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 11,656	0
Interest Rate			2.50%
Mortgages and Other Notes Payable | Parc at Denham Springs
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 16,737	0
Interest Rate			3.75%
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			$ 15,789	15,962
Interest Rate			4.05%
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			$ 5,086	1,986
Interest Rate			5%
Mortgages and Other Notes Payable | Residences at Holland Lake
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 10,622	0
Interest Rate			3.60%
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			$ 0	38,979
Interest Rate			6%
Loss on early extinguishment of debt	$ 1,639
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			$ 0	9,216
Interest Rate			4.50%
Loss on early extinguishment of debt		$ 1,166
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			$ 0	13,697
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			$ 19,410	19,492
Interest Rate			3.08%
Mortgages and Other Notes Payable | Villas of Park West I
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 9,373	0
Interest Rate			3.04%
Mortgages and Other Notes Payable | Villas of Park West II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable			$ 8,504	0
Interest Rate			3.18%
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			$ 9,674	9,830
Interest Rate			4%
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			$ 6,400	$ 8,389
Interest Rate			5%

Mortgages and Other Notes Pay_4

Mortgages and Other Notes Payable - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Interest payable	$ 5,198	$ 6,416
Mortgages and Other Notes Payable
Debt Instrument [Line Items]
Interest payable	2,004	1,373
Interest costs capitalized	$ 3,417	$ 3,733

Mortgages and Other Notes Pay_5

Mortgages and Other Notes Payable - Future Principal Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
2023	$ 10,912
2024	18,899
2025	14,080
2026	3,265
2027	3,377
Thereafter	136,056
Mortgages and other notes payable	186,589
Deferred finance cost	(2,127)
Long-term debt	$ 184,462	$ 176,750

Bonds Payable - Narrative (Deta

Bonds Payable - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) bond	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Debt Instrument [Line Items]
Number issued | bond	3
Gain (loss) on foreign currency transactions	$ 20,067	$ (6,175)	$ (13,378)
Bonds
Debt Instrument [Line Items]
Gain (loss) on foreign currency transactions	$ 20,067	$ (6,175)	$ (13,378)

Bonds Payable - Schedule of Lon

Bonds Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Bonds	$ 131,323	$ 194,880
Less unamortized deferred issuance costs	(2,105)	(5,428)
Bonds payable	$ 129,218	189,452
Browning Place
Debt Instrument [Line Items]
Land collateral | ft²	625,297
Series A Bonds
Debt Instrument [Line Items]
Bonds	$ 28,971	65,563
Interest Rate	7.30%
Series B Bonds
Debt Instrument [Line Items]
Bonds	$ 35,806	54,019
Interest Rate	6.80%
Series C Bonds
Debt Instrument [Line Items]
Bonds	$ 66,546	$ 75,298
Interest Rate	4.65%

Bonds Payable - Schedule of Mat

Bonds Payable - Schedule of Maturities of Long-term Debt (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Long-term Debt, Fiscal Year Maturity [Abstract]
Long-term debt	$ 131,323	$ 194,880
Bonds
Long-term Debt, Fiscal Year Maturity [Abstract]
2023	107,453
2024	11,935
2025	11,935
Long-term debt	$ 131,323

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Rental revenue	$ 34,080	$ 37,808	$ 51,909
Property operating expenses	18,339	20,860	24,360
General and administrative	9,943	12,425	9,287
Advisory fee to related party	7,974	11,782	8,648
Interest income	26,745	19,572	18,660
Interest expense	19,813	24,600	29,374
Affiliate
Related Party Transaction [Line Items]
Rental revenue	931	944	1,083
Property operating expenses	433	889	990
General and administrative	3,899	4,091	3,869
Interest income	19,211	15,950	19,515
Interest expense	2,497	1,621	1,581
Affiliate | Pillar and Regis
Related Party Transaction [Line Items]
Rental revenue	931	944	1,083
Affiliate | Regis
Related Party Transaction [Line Items]
Property operating expenses	433	889	990
Affiliate | Pillar
Related Party Transaction [Line Items]
General and administrative	3,899	4,091	3,869
Advisory fee to related party	7,974	11,782	8,648
Interest expense	2,497	1,621	1,581
Affiliate | UHF and Pillar
Related Party Transaction [Line Items]
Interest income	$ 19,211	$ 15,950	$ 19,515
Affiliate | MRHI | ARL
Related Party Transaction [Line Items]
Ownership interest	90.80%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
IOR
Noncontrolling Interest [Line Items]
Ownership interest	81.10%	81.10%	81.10%

Stockholders Equity (Details)

Stockholders Equity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Equity [Abstract]
Common stock dividends declared (in dollars per share)	$ 0	$ 0	$ 0

Deferred Income (Details)

Deferred Income (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 581	$ 581

Income Taxes - Schedule of Comp

Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current:
Federal	$ 77,668	$ (1,011)	$ 0
State	7,710	0	4
Deferred and Other:
Federal	17,812	0	0
State	0	0	0
Total tax expense (benefit)	$ 103,190	$ (1,011)	$ 4

Income Taxes - Schedule of Effe

Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at federal statutory rate	$ 118,700	$ 2,373	$ 1,328
State and local income taxes net of federal tax benefit	7,711	0	4
Alternative minimum tax refund	0	(1,011)	0
Valuation allowance	(23,221)	(2,373)	(1,328)
Total tax expense (benefit)	$ 103,190	$ (1,011)	$ 4
Effective tax rate	22.50%	(8.60%)	2.60%

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Basis difference for fixed assets	$ 0	$ 705
Foreign currency translations	4,279	2,513
Net operating loss carryforward	0	12,448
Total deferred tax assets	4,279	15,666
Deferred tax liability
Deferred gain	17,724	3,340
Basis differences for fixed assets	4,373	0
Total deferred tax liability, net	22,097	3,340
Deferred tax liabilities, net	(17,818)
Deferred tax assets, net		12,326
Less: valuation allowance	0	(12,326)
Net deferred tax asset (liability)	$ (17,818)	$ 0

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, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Quarterly Financial Information Disclosure [Abstract]
Revenue	$ 12,784	$ 8,319	$ 7,770	$ 7,787	$ 8,117	$ 10,034	$ 10,795	$ 11,828	$ 36,660	$ 40,774	$ 57,022
Net operating loss	456	(2,765)	(2,847)	(4,126)	(4,154)	(4,558)	(5,225)	(2,226)	(9,282)	(16,163)	(28)
Net income attributable to the Company	$ 58,948	$ 378,351	$ 16,461	$ 14,502	$ (8,747)	$ 26,246	$ (30,733)	$ 22,632	$ 468,262	$ 9,398	$ 6,669
Basic (in dollars per share)	$ 6.82	$ 43.79	$ 1.91	$ 1.68	$ (1.01)	$ 3.04	$ (3.56)	$ 2.62	$ 54.20	$ 1.09	$ 0.77
Diluted (in dollars per share)	$ 6.82	$ 43.79	$ 1.91	$ 1.68	$ (1.01)	$ 3.04	$ (3.56)	$ 2.62	$ 54.20	$ 1.09	$ 0.77

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, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	$ 251,008
Land	150,138
Buildings	370,889
Cost Capitalized Subsequent to Acquisition	38,848
Land	163,990
Building & Improvements	395,885
Total	559,875	$ 359,296	$ 459,801	$ 477,963
Accumulated Depreciation	66,054	$ 62,933	$ 82,418	$ 90,173
Multifamily
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	157,065
Land	56,140
Buildings	279,186
Cost Capitalized Subsequent to Acquisition	(1,241)
Land	56,174
Building & Improvements	277,911
Total	334,085
Accumulated Depreciation	13,985
Multifamily | Blue Lake Villas
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,673
Land	6,920
Buildings	27,680
Cost Capitalized Subsequent to Acquisition	0
Land	6,920
Building & Improvements	27,680
Total	34,600
Accumulated Depreciation	115
Multifamily | Blue Lake Villas Phase II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	3,424
Land	2,400
Buildings	9,600
Cost Capitalized Subsequent to Acquisition	0
Land	2,400
Building & Improvements	9,600
Total	12,000
Accumulated Depreciation	40
Multifamily | Chelsea
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,875
Land	1,225
Buildings	11,230
Cost Capitalized Subsequent to Acquisition	53
Land	1,231
Building & Improvements	11,277
Total	12,508
Accumulated Depreciation	1,192
Multifamily | Forest Grove
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	7,128
Land	1,440
Buildings	10,234
Cost Capitalized Subsequent to Acquisition	37
Land	1,440
Building & Improvements	10,271
Total	11,711
Accumulated Depreciation	670
Multifamily | Landing Bayou
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	14,161
Land	2,011
Buildings	18,255
Cost Capitalized Subsequent to Acquisition	(1,502)
Land	2,011
Building & Improvements	16,753
Total	18,764
Accumulated Depreciation	1,732
Multifamily | Legacy at Pleasant Grove
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	13,039
Land	2,005
Buildings	18,109
Cost Capitalized Subsequent to Acquisition	92
Land	2,033
Building & Improvements	18,173
Total	20,206
Accumulated Depreciation	3,716
Multifamily | Northside on Travis
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,656
Land	7,160
Buildings	28,640
Cost Capitalized Subsequent to Acquisition	0
Land	7,160
Building & Improvements	28,640
Total	35,800
Accumulated Depreciation	119
Multifamily | Parc at Denham Springs
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	16,737
Land	6,060
Buildings	24,240
Cost Capitalized Subsequent to Acquisition	14
Land	6,060
Building & Improvements	24,254
Total	30,314
Accumulated Depreciation	101
Multifamily | Parc at Denham Springs Phase II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,789
Land	1,505
Buildings	16,975
Cost Capitalized Subsequent to Acquisition	0
Land	1,505
Building & Improvements	16,975
Total	18,480
Accumulated Depreciation	1,297
Multifamily | Residences at Holland Lake
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	10,622
Land	6,300
Buildings	25,200
Cost Capitalized Subsequent to Acquisition	7
Land	6,300
Building & Improvements	25,207
Total	31,507
Accumulated Depreciation	105
Multifamily | Villas at Bon Secour
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	19,410
Land	2,715
Buildings	15,385
Cost Capitalized Subsequent to Acquisition	52
Land	2,715
Building & Improvements	15,437
Total	18,152
Accumulated Depreciation	1,708
Multifamily | Villas of Park West I
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,373
Land	8,200
Buildings	32,800
Cost Capitalized Subsequent to Acquisition	0
Land	8,200
Building & Improvements	32,800
Total	41,000
Accumulated Depreciation	137
Multifamily | Villas of Park West II
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	8,504
Land	6,860
Buildings	27,440
Cost Capitalized Subsequent to Acquisition	0
Land	6,860
Building & Improvements	27,440
Total	34,300
Accumulated Depreciation	114
Multifamily | Vista Ridge
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	9,674
Land	1,339
Buildings	13,398
Cost Capitalized Subsequent to Acquisition	6
Land	1,339
Building & Improvements	13,404
Total	14,743
Accumulated Depreciation	2,939
Commercial
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	77,952
Land	27,783
Buildings	91,703
Cost Capitalized Subsequent to Acquisition	26,247
Land	27,759
Building & Improvements	117,974
Total	145,733
Accumulated Depreciation	52,069
Commercial | 770 South Post Oak
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	11,406
Land	1,763
Buildings	16,312
Cost Capitalized Subsequent to Acquisition	1,142
Land	1,763
Building & Improvements	17,454
Total	19,217
Accumulated Depreciation	3,605
Commercial | Browning Place
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	66,546
Land	5,096
Buildings	49,441
Cost Capitalized Subsequent to Acquisition	18,895
Land	5,096
Building & Improvements	68,336
Total	73,432
Accumulated Depreciation	31,708
Commercial | Stanford Center
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	0
Land	20,278
Buildings	25,876
Cost Capitalized Subsequent to Acquisition	6,250
Land	20,278
Building & Improvements	32,126
Total	52,404
Accumulated Depreciation	16,700
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	(40)
Land	622
Building & Improvements	58
Total	680
Accumulated Depreciation	56
Developed and Undeveloped Land
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Encumbrances	15,991
Land	66,215
Buildings	0
Cost Capitalized Subsequent to Acquisition	13,842
Land	80,057
Building & Improvements	0
Total	80,057
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	(166)
Land	2,833
Building & Improvements	0
Total	2,833
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	6,400
Land	43,608
Buildings	0
Cost Capitalized Subsequent to Acquisition	2,707
Land	46,315
Building & Improvements	0
Total	46,315
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	9,591
Land	19,608
Buildings	0
Cost Capitalized Subsequent to Acquisition	11,301
Land	30,909
Building & Improvements	0
Total	30,909
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, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of Real Estate
Balance at January 1,	$ 359,296	$ 459,801	$ 477,963
Additions	240,018	5,814	21,223
Deductions	(39,439)	(106,319)	(39,385)
Balance at December 31,	559,875	359,296	459,801
Reconciliation of Accumulated Depreciation
Balance at January 1,	62,933	82,418	90,173
Additions	8,962	10,820	12,188
Deductions	(5,841)	(30,305)	(19,943)
Balance at December 31,	$ 66,054	$ 62,933	$ 82,418

SCHEDULE IV - MORTGAGE LOANS -

SCHEDULE IV - MORTGAGE LOANS - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	$ 254,579
Face Amount	129,304
Carrying Value	129,304	$ 129,726	$ 123,556	$ 112,357
Convertible loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Prior Liens	201,540
Face Amount	40,954
Carrying Value	$ 40,954
Convertible loans | Autumn Breeze
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 24,474
Face Amount	2,326
Carrying Value	$ 2,326
Convertible loans | Bellwether Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 17,843
Face Amount	3,798
Carrying Value	$ 3,798
Convertible loans | Forest Pines
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 26,060
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%
Prior Liens	$ 24,815
Face Amount	3,759
Carrying Value	$ 3,759
Convertible loans | Parc at Opelika Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	10%
Prior Liens	$ 21,904
Face Amount	3,190
Carrying Value	$ 3,190
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%
Prior Liens	$ 35,112
Face Amount	7,886
Carrying Value	$ 7,886
Convertible loans | Plum Tree
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 17,525
Face Amount	1,767
Carrying Value	$ 1,767
Convertible loans | Spyglass of Ennis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 22,509
Face Amount	5,258
Carrying Value	$ 5,258
Convertible loans | Steeple Crest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	5%
Prior Liens	$ 11,298
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	21,720
Carrying Value	$ 21,720
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%
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%
Prior Liens	$ 0
Face Amount	3,926
Carrying Value	$ 3,926
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%
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	53,039
Face Amount	66,630
Carrying Value	$ 66,630
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%
Prior Liens	$ 0
Face Amount	182
Carrying Value	$ 182
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%
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%
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%
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%
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%
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%
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%
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%
Prior Liens	$ 53,039
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%
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%
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%
Prior Liens	$ 0
Face Amount	180
Carrying Value	$ 180

SCHEDULE IV - MORTGAGE LOANS _2

SCHEDULE IV - MORTGAGE LOANS - Roll Forward (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at January 1,	$ 129,726	$ 123,556	$ 112,357
Additions	1,229	18,844	26,535
Deductions	(1,651)	(12,674)	(15,336)
Balance at December 31,	$ 129,304	$ 129,726	$ 123,556