Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 19, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction | 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 | 2023 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 | Dec. 31, 2022 |
Assets: | ||
Real estate | $ 501,586 | $ 493,821 |
Cash and cash equivalents | 36,700 | 113,424 |
Restricted cash | 42,327 | 108,883 |
Short-term investments | 90,448 | 119,787 |
Notes receivable (including $65,057 and $66,630 at December 31, 2023 and 2022, respectively, from related parties) | 133,837 | 129,304 |
Investment in unconsolidated joint venture | 555 | 20,904 |
Receivable from related parties | 136,211 | 147,142 |
Other assets (including $1,742 and $4,040 at December 31, 2023 and 2022, respectively, from related parties) | 101,380 | 84,900 |
Total assets | 1,043,044 | 1,218,165 |
Liabilities: | ||
Mortgages and other notes payable | 179,141 | 184,462 |
Bonds payable | 0 | 129,218 |
Accounts payable and other liabilities (including $1,016 and $599 at December 31, 2023 and 2022, respectively, to related parties) | 13,735 | 58,094 |
Interest payable | 2,633 | 5,198 |
Deferred revenue | 581 | 581 |
Total liabilities | 196,090 | 377,553 |
Equity: | ||
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued and outstanding | 86 | 86 |
Additional paid-in capital | 260,990 | 260,387 |
Retained earnings | 564,931 | 558,994 |
Total shareholders’ equity | 826,007 | 819,467 |
Noncontrolling interest | 20,947 | 21,145 |
Total equity | 846,954 | 840,612 |
Total liabilities and equity | $ 1,043,044 | $ 1,218,165 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes receivable | $ 133,837 | $ 129,304 |
Other assets | 101,380 | 84,900 |
Accounts payable and other liabilities | $ 13,735 | $ 58,094 |
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) | 8,639,316 | 8,639,316 |
Related Party | ||
Notes receivable | $ 65,057 | $ 66,630 |
Other assets | 1,742 | 4,040 |
Accounts payable and other liabilities | $ 1,016 | $ 599 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Rental revenues (including $882, $931 and $944 for 2023, 2022 and 2021, respectively, from related parties) | $ 47,023 | $ 34,080 | $ 37,808 |
Other income | 2,882 | 2,580 | 2,966 |
Total revenue | 49,905 | 36,660 | 40,774 |
Expenses: | |||
Property operating expenses (including $366, $433 and $889 for 2023, 2022 and 2021, respectively, from related parties) | 27,896 | 18,339 | 20,860 |
Depreciation and amortization | 13,646 | 9,686 | 11,870 |
General and administrative (including $3,701, $3,899 and $4,091 for 2023, 2022 and 2021, respectively, from related parties) | 9,199 | 9,943 | 12,425 |
Advisory fee to related party | 9,156 | 7,974 | 11,782 |
Total operating expenses | 59,897 | 45,942 | 56,937 |
Net operating loss | (9,992) | (9,282) | (16,163) |
Interest income (including $16,432, $16,714 and $14,329 for 2023, 2022 and 2021, respectively, from related parties) | 30,020 | 24,248 | 17,951 |
Interest expense | (9,291) | (17,316) | (22,979) |
Gain (loss) on foreign currency transactions | 993 | 20,067 | (6,175) |
Loss on early extinguishment of debt | (1,710) | (2,805) | (1,451) |
Equity in income from unconsolidated joint venture | 1,060 | 468,086 | 14,531 |
(Loss) gain on sale, remeasurement or write down of assets, net | (1,891) | 89,196 | 23,352 |
Income tax provision | (1,939) | (103,190) | 1,011 |
Net income | 7,250 | 469,004 | 10,077 |
Net income attributable to noncontrolling interest | (1,313) | (742) | (679) |
Net income attributable to the Company | $ 5,937 | $ 468,262 | $ 9,398 |
Earnings per share | |||
Basic (in dollars per share) | $ 0.69 | $ 54.20 | $ 1.09 |
Diluted (in dollars per share) | $ 0.69 | $ 54.20 | $ 1.09 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Rental revenue | $ 47,023 | $ 34,080 | $ 37,808 |
Property operating expenses | 27,896 | 18,339 | 20,860 |
General and administrative | 9,199 | 9,943 | 12,425 |
Interest income | 30,020 | 24,248 | 17,951 |
Related Party | |||
Rental revenue | 882 | 931 | 944 |
Property operating expenses | 366 | 433 | 889 |
General and administrative | 3,701 | 3,899 | 4,091 |
Interest income | $ 16,432 | $ 16,714 | $ 14,329 |
CONSOLIDATED STATEMENT OF EQUIT
CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands | Total | Total Shareholders' Equity | Common Stock | Treasury Stock | Paid-in Capital | Retained Earnings | Noncontrolling Interest |
Balance at beginning 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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 7,250 | 5,937 | 5,937 | 1,313 | |||
Repurchase of treasury shares by IOR | (908) | (908) | |||||
Adjustment to noncontrolling interest | 0 | 603 | 603 | (603) | |||
Balance at ending at Dec. 31, 2023 | $ 846,954 | $ 826,007 | $ 86 | $ 0 | $ 260,990 | $ 564,931 | $ 20,947 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flow From Operating Activities: | |||
Net income | $ 7,250 | $ 469,004 | $ 10,077 |
Adjustments to reconcile net income to net cash used in operating activities: | |||
Loss (gain) on sale, remeasurement or write down of assets | 1,891 | (89,196) | (23,352) |
(Gain) loss income on foreign currency transactions | (993) | (20,067) | 6,175 |
Loss on early extinguishment of debt | 1,710 | 2,805 | 1,451 |
Depreciation and amortization | 14,571 | 13,111 | 15,029 |
Provision (recovery) for bad debts | 1,593 | 140 | (1,017) |
Equity in income from unconsolidated joint venture | (1,060) | (468,086) | (14,531) |
Distribution of income from unconsolidated joint ventures | 0 | 2,600 | 3,157 |
Changes in assets and liabilities, net of acquisitions and dispositions: | |||
Other assets | (10,596) | 5,763 | (12,928) |
Related party receivables | (11,801) | (7,327) | 12,572 |
Accrued interest payable | (1,719) | (1,169) | (2,909) |
Accounts payable and other liabilities | (31,919) | 47,028 | (4,710) |
Net cash used in operating activities | (31,073) | (45,394) | (10,986) |
Cash Flow From Investing Activities: | |||
Collection of notes receivable | 1,967 | 3,027 | 17,674 |
Originations and advances on notes receivable | (6,500) | (2,305) | (4,968) |
Purchase of short-term investments | (91,007) | (277,641) | (16,000) |
Redemption of short-term investments | 120,346 | 175,250 | 0 |
Development and renovation of real estate | (18,462) | (18,686) | (8,070) |
Deferred leasing costs | (1,128) | (1,163) | (877) |
Proceeds from sale of assets | 188 | 44,591 | 105,547 |
Contribution to unconsolidated joint venture | 0 | 0 | (411) |
Distributions from unconsolidated joint venture | 21,409 | 384,284 | 7,430 |
Net cash provided by investing activities | 26,813 | 307,357 | 100,325 |
Cash Flow From Financing Activities: | |||
Proceeds from mortgages and other notes payable | 0 | 0 | 20,015 |
Payments on mortgages, other notes and bonds payable | (137,657) | (111,022) | (118,900) |
Repurchase IOR shares | (908) | 0 | 0 |
Debt extinguishment costs | (435) | (1,355) | (4,086) |
Deferred financing costs | (20) | 0 | (614) |
Net cash used in financing activities | (139,020) | (112,377) | (103,585) |
Net (decrease) increase in cash, cash equivalents and restricted cash | (143,280) | 149,586 | (14,246) |
Cash, cash equivalents and restricted cash, beginning of year | 222,307 | 72,721 | 86,967 |
Cash, cash equivalents and restricted cash, end of year | $ 79,027 | $ 222,307 | $ 72,721 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
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 were listed and traded on the Tel-Aviv Stock Exchange ("TASE"). At December 31, 2023, 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 1,843 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, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations. Certain prior year amounts have been reclassified to conform wi th the current year presentation. These reclassifications had no effect on the reported results of operation. An adjustment has been made to reclassify $2,947 and $1,621 interest expense to related parties for the years ended December 31, 2022 and 2021, respectively, from interest expense to interest income on our consolidated statements 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. At December 31, 2023 and 2022, 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 years ended December 31, 2023, 2022 and 2021. 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Net income $ 7,250 $ 469,004 $ 10,077 Net income attributable to noncontrolling interest (1,313) (742) (679) Net income attributable to the Company $ 5,937 $ 468,262 $ 9,398 Weighted-average common shares outstanding-basic and diluted 8,639,316 8,639,316 8,639,316 EPS attributable to common shares- basic and diluted $ 0.69 $ 54.20 $ 1.09 |
Supplemental Cash Flows Informa
Supplemental Cash Flows Information | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Cash paid for interest $ 10,803 $ 17,802 $ 24,471 Cash paid for income taxes $ 38,072 $ 54,023 $ 682 Cash, cash equivalents and restricted cash - beginning 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 Cash, cash equivalents, restricted cash - end of year Cash and cash equivalents $ 36,700 $ 113,424 $ 50,735 Restricted cash 42,327 108,883 21,986 $ 79,027 $ 222,307 $ 72,721 Payments on mortgages, other notes and bonds payable Mortgages and other notes payable $ 6,481 $ 67,263 $ 65,242 Bonds payable 131,176 43,759 53,658 $ 137,657 $ 111,022 $ 118,900 The following is a schedule of noncash investing and financing activities: For the Year Ended 2023 2022 2021 Property acquired in exchange for reduction of related party receivable $ 8,764 $ — $ — 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 |
Operating Segments
Operating Segments | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Residential Segment Revenue $ 32,608 $ 17,828 $ 14,495 Operating expenses (17,749) (9,524) (8,167) Profit from segment 14,859 8,304 6,328 Commercial Segment Revenue 14,415 16,252 23,313 Operating expenses (10,147) (8,815) (12,693) Profit from segment 4,268 7,437 10,620 Total profit from all segments $ 19,127 $ 15,741 $ 16,948 The following table reconciles our profit by reportable segment to net income: For the Year Ended 2023 2022 2021 Profit from reportable segments $ 19,127 $ 15,741 $ 16,948 Other non-segment items of income (expense) Depreciation and amortization (13,646) (9,686) (11,870) General and administrative (9,199) (9,943) (12,425) Advisory fee to related party (9,156) (7,974) (11,782) Other income 2,882 2,580 2,966 Interest income 30,020 24,248 17,951 Interest expense (9,291) (17,316) (22,979) Gain (loss) on foreign currency transactions 993 20,067 (6,175) Loss on early extinguishment of debt (1,710) (2,805) (1,451) Equity in income from unconsolidated joint venture 1,060 468,086 14,531 (Loss) gain on sale, remeasurement or write down of assets, net (1,891) 89,196 23,352 Income tax provision (1,939) (103,190) 1,011 Net income $ 7,250 $ 469,004 $ 10,077 The table below reconciles our segment information to the corresponding amounts in our consolidated balance sheets: December 31, 2023 2022 Segment assets $ 462,419 $ 448,995 Real estate 69,139 80,055 Investment in unconsolidated joint venture 555 20,904 Notes receivable 133,837 129,304 Receivable from related parties 136,211 147,142 Cash, short-term investments and other non-segment assets 240,883 391,765 Total assets $ 1,043,044 $ 1,218,165 |
Lease Revenue
Lease Revenue | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023, 2022 and 2021: For the Year Ended 2023 2022 2021 Fixed component $ 45,466 $ 32,163 $ 35,555 Variable component 1,557 1,917 2,253 Total rental revenue $ 47,023 $ 34,080 $ 37,808 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 2024 $ 11,500 2025 11,094 2026 10,718 2027 10,356 2028 9,936 Thereafter 18,327 Total $ 71,931 |
Real Estate Activity
Real Estate Activity | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate Activity | Real Estate Activity At December 31, 2023 and 2022, our real estate investment is comprised of the following: December 31, 2023 2022 Land $ 104,156 $ 108,933 Building and improvements 372,399 359,904 Tenant improvements 16,286 25,611 Construction in progress 76,110 65,427 Total cost 568,951 559,875 Less accumulated deprecation (67,365) (66,054) Total real estate $ 501,586 $ 493,821 On March 15, 2023, we entered into a development agreement with Pillar to build a 240 unit multifamily property in Lake Wales, Florida (" Lake Wales ") that is expected to be completed in 2025 for a total cost of approximately $55,330 . The cost of construction will be funded in part by a $33,000 construction loan (See Note 12 – Mortgages and Other Notes Payable ). The development agreement provides for a $1,637 fee that will be paid to Pillar over the construction period. In connection with the closing of the loan, we purchased the land and certain entitlement costs from a related party at an appraised value of $6,064 . As of December 31, 2023, we have incurred a total of $16,913 in development costs. On November 6, 2023, we entered into a development agreement with Pillar to build a 216 unit multifamily property in McKinney , Texas (" Merano ") that is expected to be completed in 2025 for a total cost of approximately $51,910 . The cost of construction will be funded in part by a $25,407 construction loan (See Note 12 – Mortgages and Other Notes Payable ). The development agreement provides for a $1,551 fee that will be paid to Pillar over the construction period. As of December 31, 2023, we have incurred a total of $7,155 in development costs. On December 15, 2023, we entered into a development agreement with Pillar to build a 216 unit multifamily property in Temple , Texas (" Bandera Ridge ") that is expected to be completed in 2025 for a total cost of approximately $49,603 . The cost of construction will be funded in part by a $23,500 construction loan (See Note 12 – Mortgages and Other Notes Payable ). The development agreement provides for a $1,607 fee that will be paid to Pillar over the construction period. In connection with the closing of the loan, we purchased the land from a related party at an appraised value of $2,700 . As of December 31, 2023, we have incurred a total of $3,124 in development costs. Construction in progress consists of development of Windmill Farms and the costs associated with our ground-up development projects. We incurred depreciation expense of $12,887, $8,962 and $10,820 for the years ending December 31, 2023, 2022 and 2021, respectively. (Loss) gain on sale, remeasurement or write down of assets, net consists of the following: For the Year Ended 2023 2022 2021 Land(1) $ 188 $ 4,752 $ 16,645 Residential properties(2) — 83,758 9,110 Commercial properties(3) — 686 27,197 Other(4) (2,079) — (29,600) $ (1,891) $ 89,196 $ 23,352 (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 from the sale 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 ( 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). (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 from the sale 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 from the sale 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, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Short-term Investments | Short-term InvestmentsWe have investments in variable denominated floating rate notes and commercial paper with maturities of less than 180 days. At December 31, 2023, the average interest rate on the notes was 5.65% |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Notes Receivable | Notes Receivable The following table summarizes our notes receivables at December 31, 2023 and 2022: Carrying Value Interest Maturity Borrower / Project 2023 2022 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) 2,157 2,326 5.00 % 7/1/2025 Bellwether Ridge(1) 3,798 3,798 5.00 % 11/1/2026 Cascades at Spring Street(2)(3) 180 180 5.38 % 6/30/2027 Dominion at Mercer Crossing(4) 6,354 — 9.50 % 6/7/2028 Forest Pines(1) 6,472 6,472 5.00 % 5/1/2024 Inwood on the Park(2)(3) 20,325 20,325 5.38 % 6/30/2028 Kensington Park(2)(3) 10,262 11,835 5.38 % 3/31/2027 Lake Shore Villas(2)(3) 6,000 6,000 5.38 % 12/31/2032 Legacy Pleasant Grove 496 496 12.00 % 10/23/2024 McKinney Ranch 3,926 3,926 6.00 % 9/15/2024 Ocean Estates II(2)(3) 3,615 3,615 5.38 % 5/31/2028 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,759 3,759 5.00 % 11/1/2026 Parc at Opelika Phase II(1)(5) 3,190 3,190 10.00 % 1/13/2023 Parc at Windmill Farms(1)(5) 7,886 7,886 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) 182 182 12.00 % 3/31/2024 Plaza at Chase Oaks(2)(3) 11,772 11,772 5.38 % 3/31/2028 Plum Tree(1) 1,767 1,767 5.00 % 4/26/2026 Polk County Land 3,000 3,000 9.50 % 6/30/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 Spartan Land 5,907 5,907 6.00 % 1/16/2025 Spyglass of Ennis(1) 5,179 5,258 5.00 % 11/1/2024 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Timbers at The Park(2)(3) 11,173 11,173 5.38 % 12/31/2032 Tuscany Villas(2)(3) 1,548 1,548 5.38 % 4/30/2027 $ 133,837 $ 129,304 (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. On October 1, 2023, the interest rate on the notes was amended from a fixed rate of 12.0% to a floating rate indexed to the Secured Overnight Financing Rate ("SOFR") in effect on the last day of the preceding calendar quarter. In connection with the amendment, accrued interest of $3,601 was forgiven in exchange for participation in the proceeds from any future sale or refinancing of the underlying property. (4) The note bears interest at prime plus 1.0%. (5) 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, 2023 | |
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 a portfolio multifamily properties owned by us in exchange for a 50% voting interest in VAA a nd a note payable (“Mezzanine Loan”). 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. Upon remeasurement, the Earn Out Obligation was determined to be approximately $39,600, and as a result, we 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 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 a gain on sale of $1,417. Concurrent with the sale, we each contributed our 50% ownership interests in the property into 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 16, 2022, VAA completed the sale of the VAA Sale Portfolio for $1,810,700, resulting in a 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 seven remaining properties ("VAA Holdback Portfolio") (See Note 11 - Acquisitions) and a cash payment of $204,036. On March 23, 2023, we received $17,976 from VAA, which represented the remaining distribution of the proceeds from the sale of the VAA Sale Portfolio. We used our share of the proceeds from the sale of the VAA Sale Portfolio to invest in short-term investments, investment in real estate, pay down our debt and for general corporate purposes. The following is a summary of our investment in unconsolidated joint venture: December 31, 2023 2022 Assets Cash, cash equivalents and restricted cash $ 1,032 $ 50,058 Other assets — 2,346 Total assets $ 1,032 $ 52,404 Liabilities and Partners Capital Liabilities from discontinued operations $ — $ 8,824 Other liabilities 135 1,988 Our share of partners' capital 555 20,904 Outside partner's capital 342 20,688 Total liabilities and partners' capital $ 1,032 $ 52,404 The following is a summary of our income (loss) from investments in unconsolidated joint venture: For the Years Ended December 31, 2023 2022 2021 Revenue Rental revenue $ — $ 11,362 $ 14,632 Other revenue — 601 704 Total revenue — 11,963 15,336 Expenses Operating expenses 49 18,139 12,836 Depreciation and amortization — 2,525 3,364 Interest (332) 15,412 23,238 Total expenses (283) 36,076 39,438 Income (loss) from continuing operations 283 (24,113) (24,102) Income from discontinued operations (1) 1,837 708,341 7,416 Net income (loss) $ 2,120 $ 684,228 $ (16,686) Our share of net income in unconsolidated joint venture $ 1,060 $ 468,086 $ 14,531 (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, 2023 | |
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 the 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 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, 2023 | |
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, 2023 and 2022: Carrying Value Interest Maturity Property/ Entity 2023 2022 770 South Post Oak $ 11,187 $ 11,406 4.40 % 6/1/2025 Athens(1) — 1,155 4.00 % 8/28/2023 Blue Lake Villas(2) 9,503 9,673 3.15 % 11/1/2055 Blue Lake Villas Phase II(2) 3,349 3,424 2.85 % 6/1/2052 Chelsea 8,064 7,875 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 6,988 7,128 3.75 % 5/5/2024 Landing on Bayou Cane 14,442 14,161 3.50 % 9/1/2053 Legacy at Pleasant Grove 12,716 13,039 3.60 % 4/1/2048 Northside on Travis(2) 11,394 11,656 2.50 % 2/1/2053 Parc at Denham Springs(2) 16,399 16,737 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,608 15,789 4.05 % 2/1/2060 RCM HC Enterprises 5,086 5,086 5.00 % 12/31/2024 Residences at Holland Lake(2) 10,424 10,622 3.60 % 3/1/2053 Villas at Bon Secour 19,205 19,410 3.08 % 9/1/2031 Villas of Park West I(3) 9,181 9,373 3.04 % 3/1/2053 Villas of Park West II(3) 8,334 8,504 3.18 % 3/1/2053 Vista Ridge 9,512 9,674 4.00 % 8/1/2053 Windmill Farms(4) 4,399 6,400 7.75 % 2/28/2024 $ 179,141 $ 184,462 (1) On August 28, 2023, we paid off the loan. (2) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2023. (3) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2024. (4) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 at an interest rate of 7.75%. On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%. As of December 31, 2023 , 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. On March 15, 2023 , we entered into a $33,000 construction loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on March 15, 2026 , with two one-year extension options. As of December 31, 2023 , no advances have been drawn on the loan. On November 6, 2023 , we entered into a $25,407 construction loan to finance the development of Merano (See Note 7 - Real Estate Activity) that bears interest at prime plus 0.25% and matures on November 6, 2028 . As of December 31, 2023 , no advances have been drawn on the loan. On December 15, 2023 , we entered into a $23,500 construction loan to finance the development of Bandera Ridge (See Note 7 - Real Estate Activity) that bears interest at SOFR plus 3% and matures on December 15, 2028 . As of December 31, 2023 , no advances have been drawn on the loan. All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Bandera Ridge, Forest Grove, Lake Wales, Merano and Villas at Bon Secour. Future principal payments due on our mortgages and other notes payable at December 31, 2023 are as follows: Year Amount 2024 $ 23,299 2025 14,102 2026 3,265 2027 3,376 2028 3,493 Thereafter 132,573 180,108 Deferred finance cost (967) $ 179,141 |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Bonds Payable | Bonds Payable We issued three series of nonconvertible bonds ("Bonds") through SPC, which were traded on the TASE. The Bonds were denominated in New Israeli Shekels ("NIS") and provided for semiannual principal and interest payments. In connection with the Bonds, we incurred a gain (loss) on foreign currency transactions of $993, $20,067, and $(6,175), for the years ended December 31, 2023 , 2022 and 2021, respectively. The outstanding balance of our Bonds at December 31, 2022 was as follows: Interest Rate Bond Issuance Amount Maturity Series A Bonds(1) $ 28,971 7.30 % 7/31/23 Series B Bonds(1) 35,806 6.80 % 7/31/25 Series C Bonds(2) 66,546 4.65 % 1/31/23 131,323 Less unamortized deferred issuance costs (2,105) $ 129,218 (1) The bonds were 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, we completed our scheduled bond payment, which included the full repayment of the Series C bonds. On May 4, 2023, we paid off the remaining balances of the Series A and Series B Bonds and withdrew from the TASE. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
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 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 $882, $931 and $944 for the years ended December 31, 2023, 2022 and 2021, respectively, for office space leased to Pillar and Regis. Property operating expense includes $366, $433 and $889 for the years ended December 31, 2023, 2022 and 2021, respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $3,701, $3,899 and $4,091 for the years ended December 31, 2023, 2022 and 2021, respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisory fees paid to Pillar were $9,156, $7,974 and $11,782 for the years ended December 31, 2023, 2022 and 2021, respectively. Notes receivable include amounts held by UHF (See Note 9 – Notes Receivable), which is deemed to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. Related party receivables represent amounts outstanding from Pillar for loans and advances, net of unreimbursed fees, expenses and costs as provided above. Interest income on UHF notes and r elated party receivables |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2023 | |
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 82.3% in IOR during the year ended December 31, 2023 and 81.1% during the years ended December 31, 2022 and 2021. |
Stockholders Equity
Stockholders Equity | 12 Months Ended |
Dec. 31, 2023 | |
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 2023, 2022 or 2021. 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, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Deferred Income | Deferred Income In 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, 2023, we had a deferred gain of $581. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Current: Federal $ 1,768 $ 77,668 $ (1,011) State 171 7,710 — Deferred and Other: Federal — 17,812 — State — — — Total tax expense (benefit) $ 1,939 $ 103,190 $ (1,011) The reconciliation between our effective tax rate on income from operations and the statutory rate is as follows: Year Ended December 31, 2023 2022 2021 Income tax (benefit) expense at federal statutory rate $ 1,768 $ 118,700 $ 2,373 State and local income taxes net of federal tax benefit 171 7,711 — Alternative minimum tax refund — — (1,011) Valuation allowance — (23,221) (2,373) Calculated income tax expense (benefit) $ 1,939 $ 103,190 $ (1,011) Effective tax rate 22.9 % 22.5 % (8.6) % We are subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2023, our tax years for 2023, 2022, and 2021 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2022, 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, 2023 2022 Deferred tax asset Basis difference for fixed assets $ 1,952 $ — Foreign currency translations — 4,279 Deferred gain 122 — Net operating loss carryforward — — 2,074 4,279 Deferred tax liability Deferred gain — 17,724 Basis differences for fixed assets — 4,373 — $ 22,097 2,074 (17,818) Less: valuation allowance — — Net deferred tax liability $ 2,074 $ (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, 2023 | |
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. |
Quarterly Results of Operations
Quarterly Results of Operations | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2023 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 11,688 $ 12,239 $ 12,525 $ 13,453 Net operating loss (2,573) (3,513) (1,775) (2,131) Net income (loss) attributable to the Company 3,517 530 4,451 (2,561) EPS - basic and diluted $ 0.41 $ 0.06 $ 0.52 $ (0.30) 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 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, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The date to which events occurring after December 31, 2023, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 21, 2024, 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, 2023 | |
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, 2023 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 $ 9,503 $ 6,920 $ 27,680 $ 56 $ 6,920 $ 27,736 $ 34,656 $ 811 2002 2022 Blue Lake Villas Phase II 3,349 2,400 9,600 — 2,400 9,600 12,000 280 2004 2022 Chelsea 8,064 1,225 11,230 53 1,231 11,277 12,508 1,493 1999 2018 Forest Grove 6,988 1,440 10,234 37 1,440 10,271 11,711 931 2020 2020 Landing on Bayou Cane 14,442 2,011 18,255 132 2,011 18,387 20,398 1,929 2005 2018 Legacy at Pleasant Grove 12,716 2,005 18,109 116 2,033 18,197 20,230 4,644 2006 2018 Northside on Travis 11,394 7,160 28,640 — 7,160 28,640 35,800 835 2008 2022 Parc at Denham Springs 16,399 6,060 24,240 20 6,060 24,260 30,320 707 2007 2022 Parc at Denham Springs Phase II 15,608 1,505 16,975 — 1,505 16,975 18,480 1,764 2010 2009 Residences at Holland Lake 10,424 6,300 25,200 45 6,300 25,245 31,545 738 2004 2022 Villas at Bon Secour 19,205 2,715 15,385 52 2,715 15,437 18,152 2,098 2007 2018 Villas of Park West I 9,181 8,200 32,800 22 8,200 32,822 41,022 957 2005 2022 Villas of Park West II 8,334 6,860 27,440 — 6,860 27,440 34,300 800 2010 2022 Vista Ridge 9,512 1,339 13,398 6 1,339 13,404 14,743 3,608 2009 2018 Development projects — — — 27,195 — 27,195 27,195 — 155,119 56,140 279,186 27,734 56,174 306,886 363,060 21,595 Commercial 770 South Post Oak 11,187 1,763 16,312 1,321 1,763 17,633 19,396 3,905 1970 2015 Browning Place — 5,096 49,441 14,005 5,096 63,446 68,542 29,341 1984 2005 Stanford Center — 20,278 25,876 2,037 20,278 27,913 48,191 12,524 2007 2008 Other — 646 74 (98) 622 — 622 — 11,187 27,783 91,703 17,265 27,759 108,992 136,751 45,770 Developed and Undeveloped Land Mercer Crossing — 2,999 — (166) 2,833 — 2,833 — 2018 Windmill Farms 4,399 43,608 — 4,570 48,178 — 48,178 — 2006 Other 8,436 19,608 — (1,479) 18,129 — 18,129 — 12,835 66,215 — 2,925 69,140 — 69,140 — $ 179,141 $ 150,138 $ 370,889 $ 47,924 $ 153,073 $ 415,878 $ 568,951 $ 67,365 SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2023 2023 2022 2021 Reconciliation of Real Estate Balance at January 1, $ 559,875 $ 359,296 $ 459,801 Additions 29,474 240,018 5,814 Deductions (20,398) (39,439) (106,319) Balance at December 31, $ 568,951 $ 559,875 $ 359,296 Reconciliation of Accumulated Depreciation Balance at January 1, 66,054 62,933 82,418 Additions 12,887 8,962 10,820 Deductions (11,576) (5,841) (30,305) Balance at December 31, $ 67,365 $ 66,054 $ 62,933 |
SCHEDULE IV - MORTGAGE LOANS
SCHEDULE IV - MORTGAGE LOANS | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Description Interest Rate Maturity Date Periodic Payment Prior Liens Face Amount Carrying Value 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 Autumn Breeze 5.00% 7/1/2025 No payments until maturity or conversion 24,181 2,157 2,157 Bellwether Ridge 5.00% 11/1/2026 No payments until maturity or conversion 17,607 3,798 3,798 Cascades at Spring Street 5.38% 6/30/2027 Payments from excess property cash flows 407 180 180 Dominion at Mercer Crossing 9.50% 6/7/2028 No payments until maturity 38,564 6,354 6,354 Forest Pines 5.00% 5/1/2024 No payments until maturity or conversion 25,701 6,472 6,472 Inwood on the Park 5.38% 6/30/2028 Payments from excess property cash flows 25,477 20,325 20,325 Kensington Park 5.38% 3/31/2027 Payments from excess property cash flows 15,364 10,262 10,262 Lake Shore Villas 5.38% 12/31/2032 Payments from excess property cash flows 25,615 6,000 6,000 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 Ocean Estates II 5.38% 5/31/2028 Payments from excess property cash flows 1,700 3,615 3,615 One Realco Land Holding, Inc. 9.50% 6/30/2026 No payments until maturity — 1,728 1,728 Parc at Ingleside 5.00% 11/1/2026 No payments until maturity or conversion 24,513 3,759 3,759 Parc at Opelika Phase II 10.00% 1/13/2023 No payments until maturity or conversion 22,680 3,190 3,190 Parc at Windmill Farms 5.00% 11/1/2022 No payments until maturity or conversion 34,683 7,886 7,886 Phillips Foundation for Better Living, Inc. 12.00% 3/31/2024 Payments from excess property cash flows — 182 182 Plaza at Chase Oaks 5.38% 3/31/2028 Payments from excess property cash flows 9,131 11,772 11,772 Plum Tree 5.00% 4/26/2026 No payments until maturity or conversion 17,318 1,767 1,767 Polk County Land 9.50% 6/30/2026 No payments until maturity — 3,000 3,000 Riverview on the Park Land, LLC 9.50% 6/30/2026 No payments until maturity — 1,045 1,045 Spartan Land 6.00% 1/16/2025 No payments until maturity — 5,907 5,907 Spyglass of Ennis 5.00% 11/1/2024 No payments until maturity or conversion 22,214 5,179 5,179 Steeple Crest 5.00% 8/1/2026 No payments until maturity or conversion 11,057 6,498 6,498 Timbers at The Park 5.38% 12/31/2032 Payments from excess property cash flows 13,156 11,173 11,173 Tuscany Villas 5.38% 4/30/2027 Payments from excess property cash flows 1,497 1,548 1,548 $ 330,865 $ 133,837 $ 133,837 SCHEDULE IV - MORTGAGE LOANS As of December 31, 2023 2022 2021 Balance at January 1, $ 129,304 $ 129,726 $ 123,556 Additions 6,500 1,229 18,844 Deductions (1,967) (1,651) (12,674) Balance at December 31, $ 133,837 $ 129,304 $ 129,726 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation These consolidated financial statements have been prepared in accordance with generally accepted accounting principles ("GAAP") in the United States of America. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations. Certain prior year amounts have been reclassified to conform wi th the current year presentation. These reclassifications had no effect on the reported results of operation. An adjustment has been made to reclassify $2,947 and $1,621 |
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. At December 31, 2023 and 2022, 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 years ended December 31, 2023, 2022 and 2021. |
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. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table provides our basic and diluted EPS calculation: For the Year Ended 2023 2022 2021 Net income $ 7,250 $ 469,004 $ 10,077 Net income attributable to noncontrolling interest (1,313) (742) (679) Net income attributable to the Company $ 5,937 $ 468,262 $ 9,398 Weighted-average common shares outstanding-basic and diluted 8,639,316 8,639,316 8,639,316 EPS attributable to common shares- basic and diluted $ 0.69 $ 54.20 $ 1.09 |
Supplemental Cash Flows Infor_2
Supplemental Cash Flows Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 2023 2022 2021 Cash paid for interest $ 10,803 $ 17,802 $ 24,471 Cash paid for income taxes $ 38,072 $ 54,023 $ 682 Cash, cash equivalents and restricted cash - beginning 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 Cash, cash equivalents, restricted cash - end of year Cash and cash equivalents $ 36,700 $ 113,424 $ 50,735 Restricted cash 42,327 108,883 21,986 $ 79,027 $ 222,307 $ 72,721 Payments on mortgages, other notes and bonds payable Mortgages and other notes payable $ 6,481 $ 67,263 $ 65,242 Bonds payable 131,176 43,759 53,658 $ 137,657 $ 111,022 $ 118,900 The following is a schedule of noncash investing and financing activities: For the Year Ended 2023 2022 2021 Property acquired in exchange for reduction of related party receivable $ 8,764 $ — $ — 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 |
Operating Segments (Tables)
Operating Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Schedule of Profit by Reportable segment | The following table presents our profit by reportable segment: For the Year Ended 2023 2022 2021 Residential Segment Revenue $ 32,608 $ 17,828 $ 14,495 Operating expenses (17,749) (9,524) (8,167) Profit from segment 14,859 8,304 6,328 Commercial Segment Revenue 14,415 16,252 23,313 Operating expenses (10,147) (8,815) (12,693) Profit from segment 4,268 7,437 10,620 Total profit from all segments $ 19,127 $ 15,741 $ 16,948 |
Schedule of Reconciliation of Revenue from Segments to Consolidated | The following table reconciles our profit by reportable segment to net income: For the Year Ended 2023 2022 2021 Profit from reportable segments $ 19,127 $ 15,741 $ 16,948 Other non-segment items of income (expense) Depreciation and amortization (13,646) (9,686) (11,870) General and administrative (9,199) (9,943) (12,425) Advisory fee to related party (9,156) (7,974) (11,782) Other income 2,882 2,580 2,966 Interest income 30,020 24,248 17,951 Interest expense (9,291) (17,316) (22,979) Gain (loss) on foreign currency transactions 993 20,067 (6,175) Loss on early extinguishment of debt (1,710) (2,805) (1,451) Equity in income from unconsolidated joint venture 1,060 468,086 14,531 (Loss) gain on sale, remeasurement or write down of assets, net (1,891) 89,196 23,352 Income tax provision (1,939) (103,190) 1,011 Net income $ 7,250 $ 469,004 $ 10,077 |
Schedule of 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, 2023 2022 Segment assets $ 462,419 $ 448,995 Real estate 69,139 80,055 Investment in unconsolidated joint venture 555 20,904 Notes receivable 133,837 129,304 Receivable from related parties 136,211 147,142 Cash, short-term investments and other non-segment assets 240,883 391,765 Total assets $ 1,043,044 $ 1,218,165 |
Lease Revenue (Tables)
Lease Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Rental Revenue | The following table summarizes the components of rental revenue for the years ended December 31, 2023, 2022 and 2021: For the Year Ended 2023 2022 2021 Fixed component $ 45,466 $ 32,163 $ 35,555 Variable component 1,557 1,917 2,253 Total rental revenue $ 47,023 $ 34,080 $ 37,808 |
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 2024 $ 11,500 2025 11,094 2026 10,718 2027 10,356 2028 9,936 Thereafter 18,327 Total $ 71,931 |
Real Estate Activity (Tables)
Real Estate Activity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of the Real Estate Owned | At December 31, 2023 and 2022, our real estate investment is comprised of the following: December 31, 2023 2022 Land $ 104,156 $ 108,933 Building and improvements 372,399 359,904 Tenant improvements 16,286 25,611 Construction in progress 76,110 65,427 Total cost 568,951 559,875 Less accumulated deprecation (67,365) (66,054) Total real estate $ 501,586 $ 493,821 |
Schedule of Gain (Loss) on Sale or Write-down of Assets | (Loss) gain on sale, remeasurement or write down of assets, net consists of the following: For the Year Ended 2023 2022 2021 Land(1) $ 188 $ 4,752 $ 16,645 Residential properties(2) — 83,758 9,110 Commercial properties(3) — 686 27,197 Other(4) (2,079) — (29,600) $ (1,891) $ 89,196 $ 23,352 (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 from the sale 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 ( 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). (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 from the sale 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 from the sale 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, 2023 | |
Receivables [Abstract] | |
Schedule of Notes Receivable | The following table summarizes our notes receivables at December 31, 2023 and 2022: Carrying Value Interest Maturity Borrower / Project 2023 2022 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) 2,157 2,326 5.00 % 7/1/2025 Bellwether Ridge(1) 3,798 3,798 5.00 % 11/1/2026 Cascades at Spring Street(2)(3) 180 180 5.38 % 6/30/2027 Dominion at Mercer Crossing(4) 6,354 — 9.50 % 6/7/2028 Forest Pines(1) 6,472 6,472 5.00 % 5/1/2024 Inwood on the Park(2)(3) 20,325 20,325 5.38 % 6/30/2028 Kensington Park(2)(3) 10,262 11,835 5.38 % 3/31/2027 Lake Shore Villas(2)(3) 6,000 6,000 5.38 % 12/31/2032 Legacy Pleasant Grove 496 496 12.00 % 10/23/2024 McKinney Ranch 3,926 3,926 6.00 % 9/15/2024 Ocean Estates II(2)(3) 3,615 3,615 5.38 % 5/31/2028 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/2026 Parc at Ingleside(1) 3,759 3,759 5.00 % 11/1/2026 Parc at Opelika Phase II(1)(5) 3,190 3,190 10.00 % 1/13/2023 Parc at Windmill Farms(1)(5) 7,886 7,886 5.00 % 11/1/2022 Phillips Foundation for Better Living, Inc.(2) 182 182 12.00 % 3/31/2024 Plaza at Chase Oaks(2)(3) 11,772 11,772 5.38 % 3/31/2028 Plum Tree(1) 1,767 1,767 5.00 % 4/26/2026 Polk County Land 3,000 3,000 9.50 % 6/30/2026 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/2026 Spartan Land 5,907 5,907 6.00 % 1/16/2025 Spyglass of Ennis(1) 5,179 5,258 5.00 % 11/1/2024 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/2026 Timbers at The Park(2)(3) 11,173 11,173 5.38 % 12/31/2032 Tuscany Villas(2)(3) 1,548 1,548 5.38 % 4/30/2027 $ 133,837 $ 129,304 (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. On October 1, 2023, the interest rate on the notes was amended from a fixed rate of 12.0% to a floating rate indexed to the Secured Overnight Financing Rate ("SOFR") in effect on the last day of the preceding calendar quarter. In connection with the amendment, accrued interest of $3,601 was forgiven in exchange for participation in the proceeds from any future sale or refinancing of the underlying property. (4) The note bears interest at prime plus 1.0%. (5) 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, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Investments in Unconsolidated Joint Ventures | The following is a summary of our investment in unconsolidated joint venture: December 31, 2023 2022 Assets Cash, cash equivalents and restricted cash $ 1,032 $ 50,058 Other assets — 2,346 Total assets $ 1,032 $ 52,404 Liabilities and Partners Capital Liabilities from discontinued operations $ — $ 8,824 Other liabilities 135 1,988 Our share of partners' capital 555 20,904 Outside partner's capital 342 20,688 Total liabilities and partners' capital $ 1,032 $ 52,404 The following is a summary of our income (loss) from investments in unconsolidated joint venture: For the Years Ended December 31, 2023 2022 2021 Revenue Rental revenue $ — $ 11,362 $ 14,632 Other revenue — 601 704 Total revenue — 11,963 15,336 Expenses Operating expenses 49 18,139 12,836 Depreciation and amortization — 2,525 3,364 Interest (332) 15,412 23,238 Total expenses (283) 36,076 39,438 Income (loss) from continuing operations 283 (24,113) (24,102) Income from discontinued operations (1) 1,837 708,341 7,416 Net income (loss) $ 2,120 $ 684,228 $ (16,686) Our share of net income in unconsolidated joint venture $ 1,060 $ 468,086 $ 14,531 (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, 2023 | |
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 |
Schedule of Preliminary Allocation of Fair Value in Acquisition | The following is a summary of the 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, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Below is a summary of our notes and interest payable as of December 31, 2023 and 2022: Carrying Value Interest Maturity Property/ Entity 2023 2022 770 South Post Oak $ 11,187 $ 11,406 4.40 % 6/1/2025 Athens(1) — 1,155 4.00 % 8/28/2023 Blue Lake Villas(2) 9,503 9,673 3.15 % 11/1/2055 Blue Lake Villas Phase II(2) 3,349 3,424 2.85 % 6/1/2052 Chelsea 8,064 7,875 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 6,988 7,128 3.75 % 5/5/2024 Landing on Bayou Cane 14,442 14,161 3.50 % 9/1/2053 Legacy at Pleasant Grove 12,716 13,039 3.60 % 4/1/2048 Northside on Travis(2) 11,394 11,656 2.50 % 2/1/2053 Parc at Denham Springs(2) 16,399 16,737 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,608 15,789 4.05 % 2/1/2060 RCM HC Enterprises 5,086 5,086 5.00 % 12/31/2024 Residences at Holland Lake(2) 10,424 10,622 3.60 % 3/1/2053 Villas at Bon Secour 19,205 19,410 3.08 % 9/1/2031 Villas of Park West I(3) 9,181 9,373 3.04 % 3/1/2053 Villas of Park West II(3) 8,334 8,504 3.18 % 3/1/2053 Vista Ridge 9,512 9,674 4.00 % 8/1/2053 Windmill Farms(4) 4,399 6,400 7.75 % 2/28/2024 $ 179,141 $ 184,462 (1) On August 28, 2023, we paid off the loan. (2) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2023. (3) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and obtained final lender approval of the assumption in 2024. (4) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 at an interest rate of 7.75%. On February 8, 2024, we extended the maturity to February 28, 2026 at an interest rate of 7.50%. |
Schedule of Future Principal Payments | Future principal payments due on our mortgages and other notes payable at December 31, 2023 are as follows: Year Amount 2024 $ 23,299 2025 14,102 2026 3,265 2027 3,376 2028 3,493 Thereafter 132,573 180,108 Deferred finance cost (967) $ 179,141 |
Bonds Payable (Tables)
Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Bonds Payable | The outstanding balance of our Bonds at December 31, 2022 was as follows: Interest Rate Bond Issuance Amount Maturity Series A Bonds(1) $ 28,971 7.30 % 7/31/23 Series B Bonds(1) 35,806 6.80 % 7/31/25 Series C Bonds(2) 66,546 4.65 % 1/31/23 131,323 Less unamortized deferred issuance costs (2,105) $ 129,218 (1) The bonds were collateralized by the assets of SPC. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | The expense (benefit) for income taxes consists of: Year Ended December 31, 2023 2022 2021 Current: Federal $ 1,768 $ 77,668 $ (1,011) State 171 7,710 — Deferred and Other: Federal — 17,812 — State — — — Total tax expense (benefit) $ 1,939 $ 103,190 $ (1,011) |
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, 2023 2022 2021 Income tax (benefit) expense at federal statutory rate $ 1,768 $ 118,700 $ 2,373 State and local income taxes net of federal tax benefit 171 7,711 — Alternative minimum tax refund — — (1,011) Valuation allowance — (23,221) (2,373) Calculated income tax expense (benefit) $ 1,939 $ 103,190 $ (1,011) Effective tax rate 22.9 % 22.5 % (8.6) % |
Schedule of Components of the Net Deferred Tax Asset or Liability | Components of the Net Deferred Tax Asset or Liability December 31, 2023 2022 Deferred tax asset Basis difference for fixed assets $ 1,952 $ — Foreign currency translations — 4,279 Deferred gain 122 — Net operating loss carryforward — — 2,074 4,279 Deferred tax liability Deferred gain — 17,724 Basis differences for fixed assets — 4,373 — $ 22,097 2,074 (17,818) Less: valuation allowance — — Net deferred tax liability $ 2,074 $ (17,818) |
Quarterly Results of Operatio_2
Quarterly Results of Operations (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022. Quarterly results presented may differ from those previously reported in our Form 10-Q due to the reclassification of the operations. 2023 Quarter Ended March 31, June 30, September 30, December 31, Revenues $ 11,688 $ 12,239 $ 12,525 $ 13,453 Net operating loss (2,573) (3,513) (1,775) (2,131) Net income (loss) attributable to the Company 3,517 530 4,451 (2,561) EPS - basic and diluted $ 0.41 $ 0.06 $ 0.52 $ (0.30) 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 |
Organization (Details)
Organization (Details) | Dec. 31, 2023 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 | 1,843 |
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) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Interest expense | $ 9,291 | $ 17,316 | $ 22,979 |
Related Party | |||
Property, Plant and Equipment [Line Items] | |||
Interest expense | $ 2,947 | $ 1,621 | |
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, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 7,250 | $ 469,004 | $ 10,077 | ||||||||
Net income attributable to noncontrolling interest | (1,313) | (742) | (679) | ||||||||
Net income attributable to the Company | $ (2,561) | $ 4,451 | $ 530 | $ 3,517 | $ 58,948 | $ 378,351 | $ 16,461 | $ 14,502 | $ 5,937 | $ 468,262 | $ 9,398 |
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) | $ (0.30) | $ 0.52 | $ 0.06 | $ 0.41 | $ 6.82 | $ 43.79 | $ 1.91 | $ 1.68 | $ 0.69 | $ 54.20 | $ 1.09 |
EPS - attributable to common shares- diluted (in dollars per share) | $ (0.30) | $ 0.52 | $ 0.06 | $ 0.41 | $ 6.82 | $ 43.79 | $ 1.91 | $ 1.68 | $ 0.69 | $ 54.20 | $ 1.09 |
Supplemental Cash Flows Infor_3
Supplemental Cash Flows Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Supplemental Cash Flow Elements [Roll Forward] | |||
Cash paid for interest | $ 10,803 | $ 17,802 | $ 24,471 |
Cash paid for income taxes | 38,072 | 54,023 | 682 |
Cash and cash equivalents, beginning balance | 113,424 | 50,735 | 36,761 |
Restricted cash and cash equivalents, beginning balance | 108,883 | 21,986 | 50,206 |
Cash, cash equivalents and restricted cash, beginning of year | 222,307 | 72,721 | 86,967 |
Cash and cash equivalents, ending balance | 36,700 | 113,424 | 50,735 |
Restricted cash and cash equivalents, ending balance | 42,327 | 108,883 | 21,986 |
Cash, cash equivalents and restricted cash, end of year | 79,027 | 222,307 | 72,721 |
Payments on mortgages, other notes and bonds payable | |||
Mortgages and other notes payable | 6,481 | 67,263 | 65,242 |
Bonds payable | 131,176 | 43,759 | 53,658 |
Payments on mortgages, other notes and bonds payable | $ 137,657 | $ 111,022 | $ 118,900 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Property acquired in exchange for reduction of related party receivable | $ 8,764 | $ 0 | $ 0 |
Assets distributed from joint venture | 0 | 133,372 | 0 |
Liabilities assumed by joint venture | 0 | 72,143 | 0 |
Distribution from joint venture applied to Earn Out Obligation | 0 | 34,159 | 5,441 |
Assets contributed to joint venture | 0 | 0 | 18,608 |
Liabilities assumed by joint venture | 0 | 0 | 15,606 |
Affiliate | |||
Related Party Transaction [Line Items] | |||
Notes receivable received in exchange for related party receivable | $ 0 | $ 0 | $ 9,259 |
Operating Segments - Schedule o
Operating Segments - Schedule of Profit by Reportable Segment (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Segment Reporting [Abstract] | |||||||||||
Number of reportable segments | segment | 2 | ||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 13,453 | $ 12,525 | $ 12,239 | $ 11,688 | $ 12,784 | $ 8,319 | $ 7,770 | $ 7,787 | $ 49,905 | $ 36,660 | $ 40,774 |
Profit from reportable segments | $ (2,131) | $ (1,775) | $ (3,513) | $ (2,573) | $ 456 | $ (2,765) | $ (2,847) | $ (4,126) | (9,992) | (9,282) | (16,163) |
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | 19,127 | 15,741 | 16,948 | ||||||||
Residential Segment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 32,608 | 17,828 | 14,495 | ||||||||
Operating expenses | (17,749) | (9,524) | (8,167) | ||||||||
Profit from segment | 14,859 | 8,304 | 6,328 | ||||||||
Commercial Segment | Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 14,415 | 16,252 | 23,313 | ||||||||
Operating expenses | (10,147) | (8,815) | (12,693) | ||||||||
Profit from segment | $ 4,268 | $ 7,437 | $ 10,620 |
Operating Segments - Schedule_2
Operating Segments - Schedule of Profit by Reportable Segment to Net Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | $ (2,131) | $ (1,775) | $ (3,513) | $ (2,573) | $ 456 | $ (2,765) | $ (2,847) | $ (4,126) | $ (9,992) | $ (9,282) | $ (16,163) |
Depreciation and amortization | (14,571) | (13,111) | (15,029) | ||||||||
General and administrative | (9,199) | (9,943) | (12,425) | ||||||||
Advisory fee to related party | (9,156) | (7,974) | (11,782) | ||||||||
Other income | 2,882 | 2,580 | 2,966 | ||||||||
Interest income | 30,020 | 24,248 | 17,951 | ||||||||
Interest expense | (9,291) | (17,316) | (22,979) | ||||||||
Gain (loss) on foreign currency transactions | 993 | 20,067 | (6,175) | ||||||||
Loss on early extinguishment of debt | (1,710) | (2,805) | (1,451) | ||||||||
Equity in income from unconsolidated joint venture | 1,060 | 468,086 | 14,531 | ||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | (1,891) | 89,196 | 23,352 | ||||||||
Income tax provision | (1,939) | (103,190) | 1,011 | ||||||||
Net income | 7,250 | 469,004 | 10,077 | ||||||||
Operating segments | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Profit from reportable segments | 19,127 | 15,741 | 16,948 | ||||||||
Other non-segment items of income (expense) | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Depreciation and amortization | (13,646) | (9,686) | (11,870) | ||||||||
General and administrative | (9,199) | (9,943) | (12,425) | ||||||||
Advisory fee to related party | (9,156) | (7,974) | (11,782) | ||||||||
Other income | 2,882 | 2,580 | 2,966 | ||||||||
Interest income | 30,020 | 24,248 | 17,951 | ||||||||
Interest expense | (9,291) | (17,316) | (22,979) | ||||||||
Gain (loss) on foreign currency transactions | 993 | 20,067 | (6,175) | ||||||||
Loss on early extinguishment of debt | (1,710) | (2,805) | (1,451) | ||||||||
Equity in income from unconsolidated joint venture | 1,060 | 468,086 | 14,531 | ||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | (1,891) | 89,196 | 23,352 | ||||||||
Income tax provision | $ (1,939) | $ (103,190) | $ 1,011 |
Operating Segments - Schedule_3
Operating Segments - Schedule of Segment Information to Consolidated Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Segment Reporting Information [Line Items] | ||
Segment and total assets | $ 1,043,044 | $ 1,218,165 |
Real estate | 501,586 | 493,821 |
Investment in unconsolidated joint venture | 555 | 20,904 |
Notes receivable | 133,837 | 129,304 |
Receivable from related parties | 136,211 | 147,142 |
Operating segments | ||
Segment Reporting Information [Line Items] | ||
Segment and total assets | 462,419 | 448,995 |
Segment Reconciling Items | ||
Segment Reporting Information [Line Items] | ||
Real estate | 69,139 | 80,055 |
Investment in unconsolidated joint venture | 555 | 20,904 |
Notes receivable | 133,837 | 129,304 |
Receivable from related parties | 136,211 | 147,142 |
Cash, short-term investments and other non-segment assets | $ 240,883 | $ 391,765 |
Lease Revenue - Schedule of Ren
Lease Revenue - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | |||
Fixed component | $ 45,466 | $ 32,163 | $ 35,555 |
Variable component | 1,557 | 1,917 | 2,253 |
Total rental revenue | $ 47,023 | $ 34,080 | $ 37,808 |
Lease Revenue - Schedule of Fut
Lease Revenue - Schedule of Future Rental Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 11,500 |
2025 | 11,094 |
2026 | 10,718 |
2027 | 10,356 |
2028 | 9,936 |
Thereafter | 18,327 |
Total | $ 71,931 |
Real Estate Activity - Schedule
Real Estate Activity - Schedule of Real Estate Investment Components (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
Land | $ 104,156 | $ 108,933 |
Building and improvements | 372,399 | 359,904 |
Tenant improvements | 16,286 | 25,611 |
Construction in progress | 76,110 | 65,427 |
Total cost | 568,951 | 559,875 |
Less accumulated deprecation | (67,365) | (66,054) |
Total real estate | $ 501,586 | $ 493,821 |
Real Estate Activity - Narrativ
Real Estate Activity - Narrative (Details) $ in Thousands | 12 Months Ended | |||||
Dec. 15, 2023 USD ($) property | Nov. 06, 2023 USD ($) property | Mar. 15, 2023 USD ($) apartment | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate [Line Items] | ||||||
Appraised value | $ 6,064 | |||||
Depreciation | $ 12,887 | $ 8,962 | $ 10,820 | |||
Polk County Land | ||||||
Real Estate [Line Items] | ||||||
Number of units in real estate property | apartment | 240 | |||||
Real estate | $ 55,330 | |||||
Proceeds from construction loans payable | $ 25,407 | 33,000 | ||||
Construction fees | $ 1,637 | |||||
Development costs | 16,913 | |||||
McKinney Ranch | ||||||
Real Estate [Line Items] | ||||||
Number of units in real estate property | property | 216 | |||||
Real estate | $ 51,910 | |||||
Construction fees | $ 1,551 | |||||
Development costs | 7,155 | |||||
Bandera Ridge | ||||||
Real Estate [Line Items] | ||||||
Number of units in real estate property | property | 216 | |||||
Real estate | $ 49,603 | |||||
Proceeds from construction loans payable | 23,500 | |||||
Construction fees | 1,607 | |||||
Appraised value | $ 2,700 | |||||
Development costs | $ 3,124 |
Real Estate Activity - Schedu_2
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 ($) ft² | Mar. 30, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | $ (1,891) | $ 89,196 | $ 23,352 | ||||||
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] | |||||||||
(Loss) 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 | Sugar Mill Phase III | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
Number of units in real estate property | apartment | 72 | ||||||||
Proceeds from sale | $ 11,800 | ||||||||
Gain on sale | $ 1,871 | ||||||||
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] | |||||||||
Number of units in real estate property | apartment | 240 | ||||||||
Proceeds from sale | $ 26,750 | ||||||||
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] | |||||||||
Gain on sale | $ 667 | ||||||||
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] | |||||||||
Proceeds from sale | $ 750 | ||||||||
Area of property | ft² | 6,722 | ||||||||
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] | |||||||||
Proceeds from sale | 74,750 | ||||||||
Gain on sale | $ 27,270 | ||||||||
Area of property | ft² | 512,173 | ||||||||
Land | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | 188 | 4,752 | 16,645 | ||||||
Residential properties | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | 0 | 83,758 | 9,110 | ||||||
Commercial properties | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | 0 | 686 | 27,197 | ||||||
Other | |||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||
(Loss) gain on sale, remeasurement or write down of assets, net | $ (2,079) | $ 0 | $ (29,600) | ||||||
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, 2023 |
Investments, Debt and Equity Securities [Abstract] | |
Interest rate | 5.65% |
Notes Receivable (Details)
Notes Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 133,837 | $ 129,304 |
Interest Rate | 12% | |
Accrued interest | $ 3,601 | |
Financing Receivable, Accrued Interest, After Allowance For Credit Loss, Statement Of Financial Position, Extensible List, Not Disclosed, Flag | accrued interest | |
Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 133,837 | 129,304 |
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% | |
ABC Land and Development, Inc. | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 4,408 | 4,408 |
Interest Rate | 9.50% | |
ABC Paradise, LLC | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.50% | |
ABC Paradise, LLC | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 1,210 | 1,210 |
Interest Rate | 9.50% | |
Autumn Breeze | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Autumn Breeze | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 2,157 | 2,326 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Bellwether Ridge | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Bellwether Ridge | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,798 | 3,798 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Cascades at Spring Street | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Cascades at Spring Street | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 180 | 180 |
Interest Rate | 5.38% | |
Dominion at Mercer Crossing | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 6,354 | 0 |
Interest Rate | 9.50% | |
Dominion at Mercer Crossing | Notes Receivable | Prime Rate | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 1% | |
Forest Pines | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Forest Pines | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 6,472 | 6,472 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Inwood on the Park | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Inwood on the Park | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 20,325 | 20,325 |
Interest Rate | 5.38% | |
Kensington Park | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Kensington Park | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 10,262 | 11,835 |
Interest Rate | 5.38% | |
Lake Shore Villas | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Lake Shore Villas | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 6,000 | 6,000 |
Interest Rate | 5.38% | |
Legacy Pleasant Grove | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12% | |
Legacy Pleasant Grove | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 496 | 496 |
Interest Rate | 12% | |
McKinney Ranch | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 6% | |
McKinney Ranch | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,926 | 3,926 |
Interest Rate | 6% | |
Ocean Estates II | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Ocean Estates II | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,615 | 3,615 |
Interest Rate | 5.38% | |
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% | |
One Realco Land Holding, Inc. | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 1,728 | 1,728 |
Interest Rate | 9.50% | |
Parc at Ingleside | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Parc at Ingleside | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,759 | 3,759 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Parc at Opelika Phase II | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,190 | 3,190 |
Interest Rate | 10% | |
Parc at Windmill Farms | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Parc at Windmill Farms | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 7,886 | 7,886 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
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% | |
Phillips Foundation for Better Living, Inc. | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 182 | 182 |
Interest Rate | 12% | |
Plaza at Chase Oaks | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Plaza at Chase Oaks | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 11,772 | 11,772 |
Interest Rate | 5.38% | |
Plum Tree | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Plum Tree | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 1,767 | 1,767 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Polk County Land | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 3,000 | 3,000 |
Interest Rate | 9.50% | |
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% | |
Riverview on the Park Land, LLC | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 1,045 | 1,045 |
Interest Rate | 9.50% | |
Spartan Land | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 6% | |
Spartan Land | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 5,907 | 5,907 |
Interest Rate | 6% | |
Spyglass of Ennis | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Spyglass of Ennis | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 5,179 | 5,258 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Steeple Crest | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5% | |
Steeple Crest | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 6,498 | 6,498 |
Interest Rate | 5% | |
Ownership interest if note converted | 100% | |
Timbers at The Park | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Timbers at The Park | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 11,173 | 11,173 |
Interest Rate | 5.38% | |
Tuscany Villas | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 5.38% | |
Tuscany Villas | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Notes receivable | $ 1,548 | $ 1,548 |
Interest Rate | 5.38% | |
Parc at Opelika Phase II | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10% | |
Parc at Opelika Phase II | Notes Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Ownership interest if note converted | 100% |
Investment in Unconsolidated _3
Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands | 12 Months Ended | ||||||||
Mar. 23, 2023 USD ($) | Nov. 01, 2022 USD ($) property | Sep. 16, 2022 USD ($) | Mar. 30, 2021 USD ($) property | Nov. 16, 2018 USD ($) property | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 17, 2022 property | |
Schedule of Equity Method Investments [Line Items] | |||||||||
Distributions from unconsolidated joint venture | $ 21,409 | $ 384,284 | $ 7,430 | ||||||
Distribution of income from unconsolidated joint ventures | $ 0 | 2,600 | 3,157 | ||||||
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 | |||||||
Macquarie | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Liability | $ 39,600 | ||||||||
Earn out obligation charge | $ 29,600 | ||||||||
Overlook At Allensville Phase I I | Overlook At Allensville Phase I I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Ownership interest sold | 50% | ||||||||
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 | 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 | Overlook At Allensville Phase I I | Multifamily | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 144 | ||||||||
VAA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of remaining operational properties | property | 7 | ||||||||
VAA | Unconsolidated joint venture | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50% | ||||||||
VAA | Unconsolidated joint venture | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 45 | ||||||||
VAA | Unconsolidated joint venture | VAA Sale Portfolio | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Distribution of income from unconsolidated joint ventures | $ 17,976 | ||||||||
VAA | Unconsolidated joint venture | VAA | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50% | ||||||||
Overlook At Allensville Phase I I | Unconsolidated joint venture | Overlook At Allensville Phase I I | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Equity method investment, ownership percentage | 50% | ||||||||
SPC Subsidiary | Unconsolidated joint venture | Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations | |||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||
Number of real estate properties | property | 1 |
Investment in Unconsolidated _4
Investment in Unconsolidated Joint Ventures - Schedule of Financial Position and Results of Operations from our Investees (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Assets: | ||||||||||||
Cash, cash equivalents and restricted cash | $ 79,027 | $ 222,307 | $ 79,027 | $ 222,307 | $ 72,721 | $ 86,967 | ||||||
Other assets | 101,380 | 84,900 | 101,380 | 84,900 | ||||||||
Total assets | 1,043,044 | 1,218,165 | 1,043,044 | 1,218,165 | ||||||||
Liabilities and Equity | ||||||||||||
Total liabilities and equity | 1,043,044 | 1,218,165 | 1,043,044 | 1,218,165 | ||||||||
Revenues: | ||||||||||||
Rental revenue | 47,023 | 34,080 | 37,808 | |||||||||
Other income | 2,882 | 2,580 | 2,966 | |||||||||
Total revenue | 13,453 | $ 12,525 | $ 12,239 | $ 11,688 | 12,784 | $ 8,319 | $ 7,770 | $ 7,787 | 49,905 | 36,660 | 40,774 | |
Expenses: | ||||||||||||
Depreciation and amortization | 14,571 | 13,111 | 15,029 | |||||||||
Income (loss) from continuing operations | (2,131) | $ (1,775) | $ (3,513) | $ (2,573) | 456 | $ (2,765) | $ (2,847) | $ (4,126) | (9,992) | (9,282) | (16,163) | |
Net income | 7,250 | 469,004 | 10,077 | |||||||||
Our share of net income in unconsolidated joint venture | 1,060 | 468,086 | 14,531 | |||||||||
Loss on early extinguishment of debt | 1,710 | 2,805 | 1,451 | |||||||||
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 | ||||||||||||
Revenues: | ||||||||||||
Rental revenue | 0 | 11,362 | 14,632 | |||||||||
Other income | 0 | 601 | 704 | |||||||||
Total revenue | 0 | 11,963 | 15,336 | |||||||||
Expenses: | ||||||||||||
Operating expenses | 49 | 18,139 | 12,836 | |||||||||
Depreciation and amortization | 0 | 2,525 | 3,364 | |||||||||
Interest | (332) | 15,412 | 23,238 | |||||||||
Total operating expenses | (283) | 36,076 | 39,438 | |||||||||
Income (loss) from continuing operations | 283 | (24,113) | (24,102) | |||||||||
Income (loss) from discontinued operations | 1,837 | 708,341 | 7,416 | |||||||||
Net income | 2,120 | 684,228 | (16,686) | |||||||||
Our share of net income in unconsolidated joint venture | 1,060 | 468,086 | $ 14,531 | |||||||||
Unconsolidated joint venture | Unconsolidated Joint Ventures | ||||||||||||
Assets: | ||||||||||||
Cash, cash equivalents and restricted cash | 1,032 | 50,058 | 1,032 | 50,058 | ||||||||
Other assets | 0 | 2,346 | 0 | 2,346 | ||||||||
Total assets | 1,032 | 52,404 | 1,032 | 52,404 | ||||||||
Liabilities and Equity | ||||||||||||
Liabilities from discontinued operations | 0 | 8,824 | 0 | 8,824 | ||||||||
Other liabilities | 135 | 1,988 | 135 | 1,988 | ||||||||
Our share of partners' capital | 555 | 20,904 | 555 | 20,904 | ||||||||
Outside partner's capital | 342 | 20,688 | 342 | 20,688 | ||||||||
Total liabilities and equity | $ 1,032 | $ 52,404 | $ 1,032 | $ 52,404 |
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 - Schedule of Asse
Acquisitions - Schedule of 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 - Schedule of Prel
Acquisitions - Schedule 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 - Schedule of Purc
Acquisitions - Schedule of Purchase Price of Additional Ownership Interest (Details) - VAA Holdback Portfolio - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | 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 | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 08, 2024 | Feb. 28, 2023 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 179,141 | $ 184,462 | |||
Loss on early extinguishment of debt | 1,710 | 2,805 | $ 1,451 | ||
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 | 179,141 | 184,462 | |||
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 | $ 11,187 | 11,406 | |||
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 | $ 0 | 1,155 | |||
Interest Rate | 4% | ||||
Mortgages and Other Notes Payable | Chelsea | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 8,064 | 7,875 | |||
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 | $ 6,988 | 7,128 | |||
Interest Rate | 3.75% | ||||
Mortgages and Other Notes Payable | Landing on Bayou Cane | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Mortgages and other notes payable | $ 14,442 | 14,161 | |||
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 | $ 12,716 | 13,039 | |||
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 | $ 11,394 | 11,656 | |||
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 | $ 16,399 | 16,737 | |||
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 | $ 15,608 | 15,789 | |||
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 | 5,086 | |||
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 | $ 10,424 | 10,622 | |||
Interest Rate | 3.60% | ||||
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 | $ 19,205 | 19,410 | |||
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 | $ 9,181 | 9,373 | |||
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 | $ 8,334 | 8,504 | |||
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 | $ 9,512 | 9,674 | |||
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 | $ 4,399 | 6,400 | |||
Interest Rate | 7.75% | 7.75% | |||
Mortgages and Other Notes Payable | Windmill Farms | Subsequent Event | |||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||
Interest Rate | 7.50% | ||||
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 | $ 9,503 | 9,673 | |||
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 | $ 3,349 | $ 3,424 | |||
Interest Rate | 2.85% |
Mortgages and Other Notes Pay_4
Mortgages and Other Notes Payable - Narrative (Details) - Polk County Land $ in Thousands | Nov. 06, 2023 USD ($) | Mar. 15, 2023 USD ($) extension_option |
Debt Instrument [Line Items] | ||
Proceeds from construction loans payable | $ | $ 25,407 | $ 33,000 |
Number of extension options | extension_option | 2 | |
Extension term | 1 year | |
Secured Overnight Financing Rate (SOFR) | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 3% | |
Prime | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 0.25% |
Mortgages and Other Notes Pay_5
Mortgages and Other Notes Payable - Schedule of Future Principal Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 23,299 | |
2025 | 14,102 | |
2026 | 3,265 | |
2027 | 3,376 | |
2028 | 3,493 | |
Thereafter | 132,573 | |
Mortgages and other notes payable | 180,108 | |
Deferred finance cost | (967) | |
Long-term debt | $ 179,141 | $ 184,462 |
Bonds Payable - Narrative (Deta
Bonds Payable - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) bond | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||
Number issued | bond | 3 | ||
Gain (loss) on foreign currency transactions | $ 993 | $ 20,067 | $ (6,175) |
Bonds | |||
Debt Instrument [Line Items] | |||
Gain (loss) on foreign currency transactions | $ 993 | $ 20,067 | $ (6,175) |
Bonds Payable - Schedule of Lon
Bonds Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 ft² | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||
Bonds | $ 131,323 | |
Less unamortized deferred issuance costs | (2,105) | |
Bonds payable | 129,218 | |
Browning Place | ||
Debt Instrument [Line Items] | ||
Land collateral | ft² | 625,297 | |
Series A Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | 28,971 | |
Interest Rate | 7.30% | |
Series B Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | 35,806 | |
Interest Rate | 6.80% | |
Series C Bonds | ||
Debt Instrument [Line Items] | ||
Bonds | $ 66,546 | |
Interest Rate | 4.65% |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Rental revenue | $ 47,023 | $ 34,080 | $ 37,808 |
Property operating expenses | 27,896 | 18,339 | 20,860 |
General and administrative | 9,199 | 9,943 | 12,425 |
Advisory fee to related party | 9,156 | 7,974 | 11,782 |
Interest income | 30,020 | 24,248 | 17,951 |
Other assets | 101,380 | 84,900 | |
Affiliate | Pillar and Regis | |||
Related Party Transaction [Line Items] | |||
Rental revenue | 882 | 931 | 944 |
Affiliate | Regis | |||
Related Party Transaction [Line Items] | |||
Property operating expenses | 366 | 433 | 889 |
Affiliate | Pillar | |||
Related Party Transaction [Line Items] | |||
General and administrative | 3,701 | 3,899 | 4,091 |
Advisory fee to related party | 9,156 | 7,974 | 11,782 |
Affiliate | UHF and Pillar | |||
Related Party Transaction [Line Items] | |||
Interest income | $ 16,432 | $ 16,714 | $ 14,329 |
Affiliate | MRHI | ARL | |||
Related Party Transaction [Line Items] | |||
Ownership interest | 90.80% |
Noncontrolling Interests (Detai
Noncontrolling Interests (Details) | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IOR | |||
Noncontrolling Interest [Line Items] | |||
Ownership interest | 82.30% | 81.10% | 81.10% |
Stockholders Equity (Details)
Stockholders Equity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Common stock dividends declared (in dollars per share) | $ 0 | $ 0 | $ 0 |
Deferred Income (Details)
Deferred Income (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ 1,768 | $ 77,668 | $ (1,011) |
State | 171 | 7,710 | 0 |
Deferred and Other: | |||
Federal | 0 | 17,812 | 0 |
State | 0 | 0 | 0 |
Total tax expense (benefit) | $ 1,939 | $ 103,190 | $ (1,011) |
Income Taxes - Schedule of Effe
Income Taxes - Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Income tax (benefit) expense at federal statutory rate | $ 1,768 | $ 118,700 | $ 2,373 |
State and local income taxes net of federal tax benefit | 171 | 7,711 | 0 |
Alternative minimum tax refund | 0 | 0 | (1,011) |
Valuation allowance | 0 | (23,221) | (2,373) |
Total tax expense (benefit) | $ 1,939 | $ 103,190 | $ (1,011) |
Effective tax rate | 22.90% | 22.50% | (8.60%) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred Tax Assets | ||
Basis difference for fixed assets | $ 1,952 | $ 0 |
Foreign currency translations | 0 | 4,279 |
Deferred gain | 122 | 0 |
Net operating loss carryforward | 0 | 0 |
Total deferred tax assets | 2,074 | 4,279 |
Deferred tax liability | ||
Deferred gain | 0 | 17,724 |
Basis differences for fixed assets | 0 | 4,373 |
Total deferred tax liability, net | 0 | 22,097 |
Deferred tax liabilities, net | 2,074 | |
Deferred tax assets, net | (17,818) | |
Less: valuation allowance | 0 | 0 |
Net deferred tax liability | $ (17,818) | |
Net deferred tax assets | $ 2,074 |
Quarterly Results of Operatio_3
Quarterly Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 13,453 | $ 12,525 | $ 12,239 | $ 11,688 | $ 12,784 | $ 8,319 | $ 7,770 | $ 7,787 | $ 49,905 | $ 36,660 | $ 40,774 |
Net operating (loss) income | (2,131) | (1,775) | (3,513) | (2,573) | 456 | (2,765) | (2,847) | (4,126) | (9,992) | (9,282) | (16,163) |
Net income (loss) attributable to the Company | $ (2,561) | $ 4,451 | $ 530 | $ 3,517 | $ 58,948 | $ 378,351 | $ 16,461 | $ 14,502 | $ 5,937 | $ 468,262 | $ 9,398 |
Basic (in dollars per share) | $ (0.30) | $ 0.52 | $ 0.06 | $ 0.41 | $ 6.82 | $ 43.79 | $ 1.91 | $ 1.68 | $ 0.69 | $ 54.20 | $ 1.09 |
Diluted (in dollars per share) | $ (0.30) | $ 0.52 | $ 0.06 | $ 0.41 | $ 6.82 | $ 43.79 | $ 1.91 | $ 1.68 | $ 0.69 | $ 54.20 | $ 1.09 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 179,141 | |||
Land | 150,138 | |||
Buildings | 370,889 | |||
Cost Capitalized Subsequent to Acquisition | 47,924 | |||
Land | 153,073 | |||
Building & Improvements | 415,878 | |||
Total | 568,951 | $ 559,875 | $ 359,296 | $ 459,801 |
Accumulated Depreciation | 67,365 | $ 66,054 | $ 62,933 | $ 82,418 |
Multifamily | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 155,119 | |||
Land | 56,140 | |||
Buildings | 279,186 | |||
Cost Capitalized Subsequent to Acquisition | 27,734 | |||
Land | 56,174 | |||
Building & Improvements | 306,886 | |||
Total | 363,060 | |||
Accumulated Depreciation | 21,595 | |||
Multifamily | Blue Lake Villas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,503 | |||
Land | 6,920 | |||
Buildings | 27,680 | |||
Cost Capitalized Subsequent to Acquisition | 56 | |||
Land | 6,920 | |||
Building & Improvements | 27,736 | |||
Total | 34,656 | |||
Accumulated Depreciation | 811 | |||
Multifamily | Blue Lake Villas Phase II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 3,349 | |||
Land | 2,400 | |||
Buildings | 9,600 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 2,400 | |||
Building & Improvements | 9,600 | |||
Total | 12,000 | |||
Accumulated Depreciation | 280 | |||
Multifamily | Chelsea | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,064 | |||
Land | 1,225 | |||
Buildings | 11,230 | |||
Cost Capitalized Subsequent to Acquisition | 53 | |||
Land | 1,231 | |||
Building & Improvements | 11,277 | |||
Total | 12,508 | |||
Accumulated Depreciation | 1,493 | |||
Multifamily | Forest Grove | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,988 | |||
Land | 1,440 | |||
Buildings | 10,234 | |||
Cost Capitalized Subsequent to Acquisition | 37 | |||
Land | 1,440 | |||
Building & Improvements | 10,271 | |||
Total | 11,711 | |||
Accumulated Depreciation | 931 | |||
Multifamily | Landing on Bayou Cane | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,442 | |||
Land | 2,011 | |||
Buildings | 18,255 | |||
Cost Capitalized Subsequent to Acquisition | 132 | |||
Land | 2,011 | |||
Building & Improvements | 18,387 | |||
Total | 20,398 | |||
Accumulated Depreciation | 1,929 | |||
Multifamily | Legacy at Pleasant Grove | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,716 | |||
Land | 2,005 | |||
Buildings | 18,109 | |||
Cost Capitalized Subsequent to Acquisition | 116 | |||
Land | 2,033 | |||
Building & Improvements | 18,197 | |||
Total | 20,230 | |||
Accumulated Depreciation | 4,644 | |||
Multifamily | Northside on Travis | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,394 | |||
Land | 7,160 | |||
Buildings | 28,640 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,160 | |||
Building & Improvements | 28,640 | |||
Total | 35,800 | |||
Accumulated Depreciation | 835 | |||
Multifamily | Parc at Denham Springs | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,399 | |||
Land | 6,060 | |||
Buildings | 24,240 | |||
Cost Capitalized Subsequent to Acquisition | 20 | |||
Land | 6,060 | |||
Building & Improvements | 24,260 | |||
Total | 30,320 | |||
Accumulated Depreciation | 707 | |||
Multifamily | Parc at Denham Springs Phase II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,608 | |||
Land | 1,505 | |||
Buildings | 16,975 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,505 | |||
Building & Improvements | 16,975 | |||
Total | 18,480 | |||
Accumulated Depreciation | 1,764 | |||
Multifamily | Residences at Holland Lake | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,424 | |||
Land | 6,300 | |||
Buildings | 25,200 | |||
Cost Capitalized Subsequent to Acquisition | 45 | |||
Land | 6,300 | |||
Building & Improvements | 25,245 | |||
Total | 31,545 | |||
Accumulated Depreciation | 738 | |||
Multifamily | Villas at Bon Secour | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,205 | |||
Land | 2,715 | |||
Buildings | 15,385 | |||
Cost Capitalized Subsequent to Acquisition | 52 | |||
Land | 2,715 | |||
Building & Improvements | 15,437 | |||
Total | 18,152 | |||
Accumulated Depreciation | 2,098 | |||
Multifamily | Villas of Park West I | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,181 | |||
Land | 8,200 | |||
Buildings | 32,800 | |||
Cost Capitalized Subsequent to Acquisition | 22 | |||
Land | 8,200 | |||
Building & Improvements | 32,822 | |||
Total | 41,022 | |||
Accumulated Depreciation | 957 | |||
Multifamily | Villas of Park West II | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,334 | |||
Land | 6,860 | |||
Buildings | 27,440 | |||
Cost Capitalized Subsequent to Acquisition | 0 | |||
Land | 6,860 | |||
Building & Improvements | 27,440 | |||
Total | 34,300 | |||
Accumulated Depreciation | 800 | |||
Multifamily | Vista Ridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,512 | |||
Land | 1,339 | |||
Buildings | 13,398 | |||
Cost Capitalized Subsequent to Acquisition | 6 | |||
Land | 1,339 | |||
Building & Improvements | 13,404 | |||
Total | 14,743 | |||
Accumulated Depreciation | 3,608 | |||
Multifamily | Development projects | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 0 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 27,195 | |||
Land | 0 | |||
Building & Improvements | 27,195 | |||
Total | 27,195 | |||
Accumulated Depreciation | 0 | |||
Commercial | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,187 | |||
Land | 27,783 | |||
Buildings | 91,703 | |||
Cost Capitalized Subsequent to Acquisition | 17,265 | |||
Land | 27,759 | |||
Building & Improvements | 108,992 | |||
Total | 136,751 | |||
Accumulated Depreciation | 45,770 | |||
Commercial | 770 South Post Oak | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,187 | |||
Land | 1,763 | |||
Buildings | 16,312 | |||
Cost Capitalized Subsequent to Acquisition | 1,321 | |||
Land | 1,763 | |||
Building & Improvements | 17,633 | |||
Total | 19,396 | |||
Accumulated Depreciation | 3,905 | |||
Commercial | Browning Place | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Land | 5,096 | |||
Buildings | 49,441 | |||
Cost Capitalized Subsequent to Acquisition | 14,005 | |||
Land | 5,096 | |||
Building & Improvements | 63,446 | |||
Total | 68,542 | |||
Accumulated Depreciation | 29,341 | |||
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 | 2,037 | |||
Land | 20,278 | |||
Building & Improvements | 27,913 | |||
Total | 48,191 | |||
Accumulated Depreciation | 12,524 | |||
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 | (98) | |||
Land | 622 | |||
Building & Improvements | 0 | |||
Total | 622 | |||
Accumulated Depreciation | 0 | |||
Developed and Undeveloped Land | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,835 | |||
Land | 66,215 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 2,925 | |||
Land | 69,140 | |||
Building & Improvements | 0 | |||
Total | 69,140 | |||
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 | 4,399 | |||
Land | 43,608 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | 4,570 | |||
Land | 48,178 | |||
Building & Improvements | 0 | |||
Total | 48,178 | |||
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 | 8,436 | |||
Land | 19,608 | |||
Buildings | 0 | |||
Cost Capitalized Subsequent to Acquisition | (1,479) | |||
Land | 18,129 | |||
Building & Improvements | 0 | |||
Total | 18,129 | |||
Accumulated Depreciation | $ 0 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Schedule of Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Real Estate | |||
Balance at January 1, | $ 559,875 | $ 359,296 | $ 459,801 |
Additions | 29,474 | 240,018 | 5,814 |
Deductions | (20,398) | (39,439) | (106,319) |
Balance at December 31, | 568,951 | 559,875 | 359,296 |
Reconciliation of Accumulated Depreciation | |||
Balance at January 1, | 66,054 | 62,933 | 82,418 |
Additions | 12,887 | 8,962 | 10,820 |
Deductions | (11,576) | (5,841) | (30,305) |
Balance at December 31, | $ 67,365 | $ 66,054 | $ 62,933 |
SCHEDULE IV - MORTGAGE LOANS -
SCHEDULE IV - MORTGAGE LOANS - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | 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] | ||||
Interest Rate | 12% | |||
Prior Liens | $ 330,865 | |||
Face Amount | 133,837 | |||
Carrying Value | $ 133,837 | $ 129,304 | $ 129,726 | $ 123,556 |
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 | |||
ABC Land and Development, Inc. | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
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 | |||
ABC Paradise, LLC | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Autumn Breeze | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 24,181 | |||
Face Amount | 2,157 | |||
Carrying Value | $ 2,157 | |||
Autumn Breeze | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Bellwether Ridge | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 17,607 | |||
Face Amount | 3,798 | |||
Carrying Value | $ 3,798 | |||
Bellwether Ridge | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Cascades at Spring Street | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 407 | |||
Face Amount | 180 | |||
Carrying Value | $ 180 | |||
Cascades at Spring Street | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Dominion at Mercer Crossing | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Prior Liens | $ 38,564 | |||
Face Amount | 6,354 | |||
Carrying Value | $ 6,354 | |||
Dominion at Mercer Crossing | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Forest Pines | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 25,701 | |||
Face Amount | 6,472 | |||
Carrying Value | $ 6,472 | |||
Forest Pines | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Inwood on the Park | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 25,477 | |||
Face Amount | 20,325 | |||
Carrying Value | $ 20,325 | |||
Inwood on the Park | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Kensington Park | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 15,364 | |||
Face Amount | 10,262 | |||
Carrying Value | $ 10,262 | |||
Kensington Park | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Lake Shore Villas | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 25,615 | |||
Face Amount | 6,000 | |||
Carrying Value | $ 6,000 | |||
Lake Shore Villas | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
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 | |||
Legacy Pleasant Grove | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12% | |||
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 | |||
McKinney Ranch | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6% | |||
Ocean Estates II | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 1,700 | |||
Face Amount | 3,615 | |||
Carrying Value | $ 3,615 | |||
Ocean Estates II | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
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 | |||
One Realco Land Holding, Inc. | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Parc at Ingleside | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 24,513 | |||
Face Amount | 3,759 | |||
Carrying Value | $ 3,759 | |||
Parc at Ingleside | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
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 | $ 22,680 | |||
Face Amount | 3,190 | |||
Carrying Value | $ 3,190 | |||
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 | $ 34,683 | |||
Face Amount | 7,886 | |||
Carrying Value | $ 7,886 | |||
Parc at Windmill Farms | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
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 | |||
Phillips Foundation for Better Living, Inc. | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 12% | |||
Plaza at Chase Oaks | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 9,131 | |||
Face Amount | 11,772 | |||
Carrying Value | $ 11,772 | |||
Plaza at Chase Oaks | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Plum Tree | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 17,318 | |||
Face Amount | 1,767 | |||
Carrying Value | $ 1,767 | |||
Plum Tree | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Polk County Land | ||||
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 | |||
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 | |||
Riverview on the Park Land, LLC | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 9.50% | |||
Spartan Land | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6% | |||
Prior Liens | $ 0 | |||
Face Amount | 5,907 | |||
Carrying Value | $ 5,907 | |||
Spartan Land | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 6% | |||
Spyglass of Ennis | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 22,214 | |||
Face Amount | 5,179 | |||
Carrying Value | $ 5,179 | |||
Spyglass of Ennis | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Steeple Crest | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Prior Liens | $ 11,057 | |||
Face Amount | 6,498 | |||
Carrying Value | $ 6,498 | |||
Steeple Crest | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5% | |||
Timbers at The Park | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 13,156 | |||
Face Amount | 11,173 | |||
Carrying Value | $ 11,173 | |||
Timbers at The Park | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Tuscany Villas | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% | |||
Prior Liens | $ 1,497 | |||
Face Amount | 1,548 | |||
Carrying Value | $ 1,548 | |||
Tuscany Villas | Notes Receivable | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||||
Interest Rate | 5.38% |
SCHEDULE IV - MORTGAGE LOANS _2
SCHEDULE IV - MORTGAGE LOANS - Schedule of Roll Forward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at January 1, | $ 129,304 | $ 129,726 | $ 123,556 |
Additions | 6,500 | 1,229 | 18,844 |
Deductions | (1,967) | (1,651) | (12,674) |
Balance at December 31, | $ 133,837 | $ 129,304 | $ 129,726 |