Transcontinental Realty Investors (TCI) 10-K 30 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Mar. 18, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	TRANSCONTINENTAL REALTY INVESTORS INC
Entity Central Index Key	733,590
Document Type	10-K
Trading Symbol	TCI
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity a Well-known Seasoned Issuer	No
Entity a Voluntary Filer	No
Entity's Reporting Status Current	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 15,447,906
Entity Common Stock, Shares held by Nonaffiliates			1,361,049
Entity Common Stock, Shares Outstanding		8,717,767
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Assets
Real estate, at cost	$ 935,635	$ 781,794
Real estate subject to sales contracts at cost, net of depreciation ($0 in 2015 and $2,300 in 2014)	47,192	20,395
Less accumulated depreciation	(138,808)	(113,068)
Total real estate	844,019	689,121
Notes and interest receivable
Performing (including $64,181 in 2015 and $77,853 in 2014 from related parties)	$ 71,376	84,863
Non-Performing		584
Less allowance for estimated losses (including $1,825 in 2015 and $1,825 in 2014 from related parties)	$ (1,825)	(1,990)
Total notes and interest receivable	69,551	83,457
Cash and cash equivalents	15,171	12,201
Restricted cash	44,060	48,238
Investments in unconsolidated subsidiaries and investees	5,243	1,543
Receivable from related party	90,515	58,404
Other assets	41,645	37,441
Total assets	1,110,204	930,405
Liabilities:
Notes and interest payable	772,636	588,749
Notes related to assets held for sale	376	1,552
Notes related to subject to sales contracts	6,422	18,616
Deferred revenue (including $50,645 in 2015 and $51,356 in 2014 from related parties)	71,021	51,356
Accounts payable and other liabilities (including $3,060 in 2015 and $4,909 in 2014 from related parties)	34,694	36,684
Total liabilities	885,149	696,957
Shareholders' equity:
Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares, issued and outstanding zero shares in 2015 and 2014 (liquidation preference $100 per share). Series D: $0.01 par value, authorized, issued and outstanding 100,000 shares in 2015 and 2014 (liquidation preference $100 per share)	1	1
Common Stock, $0.01 par value, authorized 10,000,000 shares, issued 8,717,967 shares in 2015 and 2014 and outstanding 8,717,767 in 2015 and 2014	87	87
Treasury stock at cost, 200 shares in 2015 and 2014	(2)	(2)
Paid-in capital	270,749	271,649
Retained earnings	(64,087)	(56,451)
Total Transcontinental Realty Investors, Inc. shareholders' equity	206,748	215,284
Non-controlling interest	18,307	18,164
Total shareholders' equity	225,055	233,448
Total liabilities and shareholders' equity	$ 1,110,204	$ 930,405

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Depreciation of real estate subject to sales contracts at cost (in dollars)	$ 0	$ 2,300
Performing	71,376	84,863
Deferred revenue from related parties	71,021	51,356
Allowance for doubtful accounts (in dollars)	$ 1,825	$ 1,990
Preferred stock, liquidation preference per share (in dollars per share)	$ 100
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized	10,000,000	10,000,000
Common stock, issued	8,717,967	8,717,967
Common stock, outstanding	8,717,767	8,717,767
Treasury stock, shares	200	200
Related Party [Member]
Performing	$ 64,181	$ 77,853
Deferred revenue from related parties	50,645	51,356
Allowance for doubtful accounts (in dollars)	1,825	1,825
Accounts payable and other liabilities to related parties (in dollars)	$ 3,060	$ 4,909
Series C Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	10,000,000	10,000,000
Preferred stock, issued	0	0
Preferred stock, outstanding	0	0
Series D Preferred Stock [Member]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized	100,000	100,000
Preferred stock, issued	100,000	100,000
Preferred stock, outstanding	100,000	100,000
Preferred stock, liquidation preference per share (in dollars per share)	$ 100	$ 100

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental and other property revenues (including $726, $701 and $670 for the year ended 2015, 2014 and 2013, respectively, from related parties)	$ 102,220	$ 75,858	$ 77,351
Expenses:
Property operating expenses (including $740, $606 and $661 for the year ended 2015, 2014 and 2013, respectively, from related parties)	52,257	39,484	36,669
Depreciation and amortization	21,299	17,398	15,842
General and administrative (including $3,105, $2,802 and $2,765 for the year ended 2015, 2014 and 2013, respectively, from related parties)	5,508	7,163	6,308
Provision on impairment of notes receivable and real estate assets	5,300		11,320
Net income fee to related party	187	3,669	4,089
Advisory fee to related party	8,368	7,373	8,494
Total operating expenses	92,919	75,087	82,722
Net operating income (loss)	9,301	771	(5,371)
Other income (expense):
Interest income (including $10,071, $11,469 and $13,823 for the year ended 2015, 2014 and 2013, respectively, from related parties)	10,687	12,194	13,790
Other income	71	403	7,847
Mortgage and loan interest (including $0, $31, and $1,761 for the year ended 2015, 2014 and 2013, respectively, from related parties)	(41,586)	(30,877)	(32,276)
Loan charges and prepayment penalties	(4,955)	(2,804)	(5,219)
Gain (loss) on the sale of investments	(1)	(92)	(283)
Income (loss) from unconsolidated joint ventures and investees	41	(28)	(172)
Litigation settlement	(352)	3,591	(20,313)
Total other expenses	(36,095)	(17,613)	(36,626)
Loss before gain (loss) on land sales, non-controlling interest, and taxes	(26,794)	(16,842)	(41,997)
Gain (loss) on land sales	18,911	561	(1,073)
Net loss from continuing operations before taxes	(7,883)	(16,281)	(43,070)
Income tax benefit (expense)	(517)	20,390	40,949
Net income (loss) from continuing operations	(8,400)	4,109	(2,121)
Discontinued operations:
Net income (loss) from discontinued operations	644	(3,621)	(2,589)
Gain on sale of real estate from discontinued operations	735	61,879	97,405
Income tax benefit (expense) from discontinued operations	(483)	(20,390)	(33,186)
Net income (loss) from discontinued operations	896	37,868	61,630
Net income (loss)	(7,504)	41,977	59,509
Net income (loss) attributable to non-controlling interest	(132)	(399)	(979)
Net income (loss) attributable to Transcontinental Realty Investors, Inc.	(7,636)	41,578	58,530
Preferred dividend requirement	(900)	(1,005)	(1,110)
Net income (loss) applicable to common shares	$ (8,536)	$ 40,573	$ 57,420
Earnings per share - basic
Net income (loss) from continuing operations (in dollars per share)	$ (1.08)	$ 0.32	$ (0.50)
Net income (loss) from discontinued operations (in dollars per share)	0.1	4.42	7.33
Net income (loss) applicable to common shares (in dollars per share)	(0.98)	4.74	6.83
Earnings per share - diluted
Net income (loss) from continuing operations (in dollars per share)	(1.08)	0.32	(0.50)
Net income (loss) from discontinued operations (in dollars per share)	0.1	4.42	7.33
Net income (loss) applicable to common shares (in dollars per share)	$ (0.98)	$ 4.74	$ 6.83
Weighted average common shares used in computing earnings per share (in shares)	8,717,767	8,559,370	8,413,469
Weighted average common shares used in computing diluted earnings per share (in shares)	8,717,767	8,559,370	8,413,469
Amounts attributable to Transcontinental Realty Investors, Inc.
Net income (loss) from continuing operations	$ (8,532)	$ 3,710	$ (3,100)
Net income (loss) from discontinued operations	896	37,868	61,630
Net income (loss)	$ (7,636)	$ 41,578	$ 58,530

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Rental and other property revenues (including $726, $701 and $670 for the year ended 2015, 2014 and 2013, respectively, from related parties)	$ 102,220	$ 75,858	$ 77,351
Property operating expenses (including $740, $606 and $661 for the year ended 2015, 2014 and 2013, respectively, from related parties)	52,257	39,484	36,669
General and administrative (including $3,105, $2,802 and $2,765 for the year ended 2015, 2014 and 2013, respectively, from related parties)	5,508	7,163	6,308
Interest income (including $10,071, $11,469 and $13,823 for the year ended 2015, 2014 and 2013, respectively, from related parties)	10,687	12,194	13,790
Mortgage and loan interest (including $0, $31, and $1,761 for the year ended 2015, 2014 and 2013, respectively, from related parties)	(41,586)	(30,877)	(32,276)
Related Party [Member]
Rental and other property revenues (including $726, $701 and $670 for the year ended 2015, 2014 and 2013, respectively, from related parties)	726	701	670
Property operating expenses (including $740, $606 and $661 for the year ended 2015, 2014 and 2013, respectively, from related parties)	740	606	661
General and administrative (including $3,105, $2,802 and $2,765 for the year ended 2015, 2014 and 2013, respectively, from related parties)	3,105	2,802	2,765
Interest income (including $10,071, $11,469 and $13,823 for the year ended 2015, 2014 and 2013, respectively, from related parties)	10,071	11,469	13,823
Mortgage and loan interest (including $0, $31, and $1,761 for the year ended 2015, 2014 and 2013, respectively, from related parties)	$ 0	$ 31	$ 1,761

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Comprehensive Income (Loss) [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Paid-In Capital [Member]	Retained Earnings [Member]	Non-Controlling Interest [Member]	Total
Balance, at beginning at Dec. 31, 2012	$ (159,156)	$ 1	$ 84	$ (2)	$ 272,774	$ (156,559)	$ 16,831	$ 133,129
Balance, at beginning (in shares) at Dec. 31, 2012			8,413,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series C preferred stock dividends (7.0% per year)					(210)			(210)
Series D preferred stock dividends (9.0% per year)					(900)			(900)
Net income (loss)	$ 59,509					58,530	979	59,509
Sale of controlling interest					56			56
Distribution to non-controlling interests							(14)	(14)
Balance, at the end at Dec. 31, 2013	$ (99,647)	1	$ 84	(2)	271,720	(98,029)	17,796	191,570
Balance, at the end (in shares) at Dec. 31, 2013			8,413,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series C preferred stock dividends (7.0% per year)					(106)			(106)
Series D preferred stock dividends (9.0% per year)					(899)			(899)
Net income (loss)	41,977					41,578	399	41,977
Issuance of common stock			$ 3		934			937
Issuance of common stock (in shares)			304,298
Distribution to non-controlling interests							(31)	(31)
Balance, at the end at Dec. 31, 2014	(57,670)	1	$ 87	(2)	271,649	(56,451)	18,164	233,448
Balance, at the end (in shares) at Dec. 31, 2014			8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series D preferred stock dividends (9.0% per year)					(900)			(900)
Net income (loss)	(7,504)					(7,636)	132	(7,504)
Contributions from non-controlling interests							11	11
Balance, at the end at Dec. 31, 2015	$ (65,174)	$ 1	$ 87	$ (2)	$ 270,749	$ (64,087)	$ 18,307	$ 225,055
Balance, at the end (in shares) at Dec. 31, 2015			8,717,967

CONSOLIDATED STATEMENTS OF SHA7

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Series C Preferred Stock [Member]
Preferred stock dividend (in percent)	7.00%	7.00%
Series D Preferred Stock [Member]
Preferred stock dividend (in percent)	9.00%	9.00%	9.00%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash Flow From Operating Activities:
Net income (loss)	$ (7,504)	$ 41,977	$ 59,509
Adjustments to reconcile net income (loss) applicable to common shares to net cash used in operating activities:
(Gain) loss on sale of land	(18,911)	(561)	1,073
Gain on sale of income producing properties	(735)	(61,879)	(97,405)
Depreciation and amortization	21,299	18,150	21,404
Provision on impairment of notes receivable and real estate assets	5,300		11,320
Amortization of deferred borrowing costs	2,684	3,970	1,349
Earnings from unconsolidated subsidiaries and investees	(132)	298	142
(Increase) decrease in assets:
Accrued interest receivable	586	7,648	(8,432)
Other assets	4,204	2,784	(1,443)
Prepaid expense	(13,615)	(1,995)	(1,722)
Escrow	2,684	(16,733)	3,625
Earnest money	(905)	(420)	(310)
Rent receivables	2,104	(1,486)	2,445
Increase (decrease) in liabilities:
Accrued interest payable	(710)	104	(5,262)
Related party payables	(40,153)	(6,024)	(62,437)
Other liabilities	(7,115)	(15,215)	9,449
Net cash used in operating activities	(50,919)	(29,382)	$ (66,695)
Cash Flow From Investing Activities:
Proceeds from notes receivables	10,669	12,504
Originations of notes receivables	$ (18,055)	(35,430)	$ (458)
Acquisition of land held for development		(2,604)	$ (83)
Acquisition of income producing properties	$ (207,313)	(78,557)
Proceeds from sales of income producing properties		135,074	$ 261,495
Proceeds from sale of land	107,299	8,777	13,671
Investment in unconsolidated real estate entities	(596)	(144)	3,600
Improvement of land held for development	(6,158)	(3,137)	(399)
Improvement of income producing properties	(8,952)	(4,563)	(7,681)
Sale of controlling interest			56
Construction and development of new properties	(16,717)	(3,016)	(1,152)
Net cash provided by (used in) investing activities	(139,823)	28,904	269,049
Cash Flow From Financing Activities:
Proceeds from notes payable	403,309	178,514	202,535
Recurring amortization of principal on notes payable	(15,545)	(21,352)	(15,761)
Payments on maturing notes payable	(186,128)	(153,595)	(386,710)
Deferred financing costs	(7,035)	(6,875)	1,791
Distributions to non-controlling interests	11	(31)	(14)
Common stock issuance		937
Preferred stock dividends - Series C		(106)	(210)
Preferred stock dividends - Series D	(900)	(899)	(900)
Net cash provided by (used in) financing activities	193,712	(3,407)	(199,269)
Net increase (decrease) in cash and cash equivalents	2,970	(3,885)	3,085
Cash and cash equivalents, beginning of period	12,201	16,086	13,001
Cash and cash equivalents, end of period	15,171	12,201	16,086
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 38,787	$ 30,110	$ 37,776

STATEMENTS OF CONSOLIDATED COMP

STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statements Of Consolidated Comprehensive Income Loss
Net income (loss)	$ (7,504)	$ 41,977	$ 59,509
Comprehensive income attributable to non-controlling interest	(132)	(399)	(979)
Comprehensive income (loss) attributable to Transcontinental Realty Investors, Inc.	$ (7,636)	$ 41,578	$ 58,530

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and business. TCI is a “C” corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with American Realty Investors, Inc. ("ARL"), whose common stock is traded on the NYSE under the symbol (“ARL”). Subsidiaries of ARL own approximately 80.90% of the Company’s common stock. In 2009, the Company acquired an additional 2,518,934 shares of common stock of Income Opportunity Realty Investors, Inc. (“IOT”), and in doing so, increased its ownership from approximately 25% to over 80% of the shares of common stock of IOT outstanding. Upon acquisition of the additional shares in 2009, IOT’s results of operations began consolidating with those of the Company for tax and financial reporting purposes. As of December 31, 2015, TCI owned 81.1% of the outstanding IOT common shares. Shares of IOT are traded on the New York Euronext Exchange (“NYSE MKT”) under the symbol (“IOT”). At the time of the acquisition, the historical accounting value of IOT’s assets was $112 million and liabilities were $43 million. In that the shares of IOT acquired by TCI were from a related party, the values recorded by TCI are IOT’s historical accounting values at the date of transfer. The Company’s fair valuation of IOT’s assets and liabilities at the acquisition date approximated IOT’s book value. The net difference between the purchase price and historical accounting basis of the assets and liabilities acquired is $25.9 million and has been reflected by TCI as deferred income. The deferred income will be recognized upon the sale of the land that IOT held on its books as of the date of sale, to an independent third party. TCI’s Board of Directors is responsible for directing the overall affairs of TCI and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (“Pillar”), a Nevada corporation under a written Advisory Agreement that is reviewed annually by TCI’s Board of Directors. The directors of TCI are also directors of ARL and IOT. The Chairman of the Board of Directors of TCI also serves as the Chairman of the Board of Directors of ARL and IOT. The officers of TCI also serve as officers of ARL, IOT and Pillar. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is Realty Advisors, Inc. (“RAI”), a Nevada corporation, the sole shareholder of which is May Realty Holdings, Inc. (“MRHI”, formerly known as Realty Advisors Management, Inc. “RAMI”, effective August 7, 2014), a Nevada corporation, the sole shareholder of which is a trust known as the May Trust, became the Company’s external Advisor and Cash Manager. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges, for the Company’s benefit, debt and equity financing with third party lenders and investors. Pillar also serves as an Advisor and Cash Manager to ARL and IOT. As the contractual advisor, Pillar is compensated by TCI under an Advisory Agreement that is more fully described in Part III, Item 10. “Directors, Executive Officers and Corporate Governance – The Advisor”. TCI has no employees. Employees of Pillar render services to TCI in accordance with the terms of the Advisory Agreement. Regis Realty Prime, LLC, dba Regis Property Management, LLC (“Regis”), manages our commercial properties and provides brokerage services. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage”. TCI engages third-party companies to lease and manage its apartment properties. On January 1, 2012, the Company entered into a development agreement with Unified Housing Foundation, Inc. (“UHF”) a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. 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 revenues from gains on sales of income-producing properties and land. At December 31, 2015, we owned 48 residential apartment communities comprising of 7,983 units, eight commercial properties comprising an aggregate of approximately 1.9 million rentable square feet, an investment in 3,665 acres of undeveloped and partially developed land, and a golf course comprising of approximately 96 acres. Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities are included in consolidated net income. TCI’s investment in ARL is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates 48 and 35 multifamily residential properties located throughout the United States at December 31, 2015 and December 31, 2014, respectively, ranging from 32 units to 320 units. Assets totaling $384.5 million and $362.3 million at December 31, 2015 and 2014, respectively, are consolidated and included in “Real estate, at cost” on the balance sheet and are all collateral for their respective mortgage notes payable, none of which are recourse to the partnership in which they are in or to the Company. Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. Real estate held for sale Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term. Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 — Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 — Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Related parties Recognition of revenue . Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers; we have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment—Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. Non-performing notes receivable. Interest recognition on notes receivable . Allowance for estimated losses . Cash equivalents. Concentration of credit risk. Earnings per share . Use of estimates. Income taxes . Recent accounting pronouncements . In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major equity investment, that have a major effect on a company’s operations and financial results will be presented as discontinued operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the disposed component. The classification of operating results as discontinued operations are applied retroactively for all periods presented. The new standard was effective January 1, 2015. We adopted ASU 2014-08 as of January 1, 2015 and believe future sales of our individual operating properties will no longer qualify as discontinued operations. Adoption of this standard has resulted in substantially fewer of the Company’s dispositions meeting the discontinued operations criteria. See Note 8 below. In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this guidance has on its financial position and results of operations, if any. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company has adopted this standard effective June 30, 2015. The accompanying financials have been reclassified to reflect the adoption. In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases” was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
REAL ESTATE	NOTE 2. REAL ESTATE A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2015 2014 Apartments $ 626,141 $ 452,631 Apartments under construction 18,229 1,512 Commercial properties 201,567 179,171 Land held for development 89,697 148,480 Real estate held for sale — — Real estate subject to sales contract 47,192 22,695 Total real estate, at cost, less impairment 982,827 804,489 Less accumulated deprecation (138,808 ) (115,368 ) Total real estate, net of depreciation $ 844,019 $ 689,121 Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years Provision for Impairment For the year ended December 31, 2015, the Company provided an impairment of $5.3 million for the golf course and related assets located in the U.S. Virgin Islands. This impairment relates to the decision to sell the development parcels in the U.S. Virgin Islands and the resultant decrease in the estimated fair value of the remaining assets. There was no provision for impairment for the year ended December 31, 2014. In 2013, impairment was recorded as an additional loss in the commercial portfolio of $9.6 million, the land portfolio of $1.5 million and the remaining $0.2 million was related to a provision for losses taken on our notes receivable. A recent appraisal done during the refinance of an office building in Dallas, Texas, resulted in a fair value lower than book basis. The impairment in our land portfolio was due to a potential sale of land at a value lower than book basis. Fair Value Measurement The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets. The Company is required to assess the fair value of its consolidated real estate assets with indicators of impairment. The value of impaired real estate assets is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flow of each asset, as well as the income capitalization approach, which considers prevailing market capitalization rates, analyses of recent comparable sales transactions, information from actual sales negotiations and bona fide purchase offers received from third parties. The methods used to measure fair value may produce an amount that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value measurements used in these evaluations are considered to be Level 2 and 3 valuations within the fair value hierarchy in the accounting rules, as there are significant observable (Level 2) and unobservable inputs (Level 3). Examples of Level 2 inputs the Company utilizes in its fair value calculations are appraisals and bona fide purchase offers from third parties. Examples of Level 3 inputs the Company utilizes in its fair value calculations are discount rates, market capitalization rates, expected lease rental rates, timing of new leases, an estimate of future sales prices and comparable sales prices of similar assets, if available. All of the impairment charges outlined above were recorded in the statements of operations, either in continuing operations or discontinued operations. Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ --- $ 3,000 A commercial property (golf course) with a carrying value of approximately $8.3 million was written down to its fair value of $3.0 million resulting in an impairment change of $5.3 million. The method used to determine fair value was an analysis of the discounted cash flow of the asset. There was no provision for impairment for the year ended December 31, 2014. Fair Value Measurements Using (dollars in thousands): December 31, 2013 Fair Value Level 1 Level 2 Level 3 Land $ 849 $ — $ 849 $ — Commercial $ 26,194 $ — $ 26,194 $ — Land with a carrying amount of $2,355,768 was written down to its fair value of $849,468 resulting in an impairment charge of $1,506,300 in 2013. The method used to determine the fair value was to take the debt balance on the collateralized acres plus the book value of the uncollateralized acres. A commercial building with a carrying amount of $35,794,331 was written down to its fair value of $26,194,331 resulting in an impairment charge of $9,600,000 in 2013. The Level 2 input used to determine the fair value above was a third party appraisal. The following is a brief description of the most significant property acquisitions and sales in 2015: Purchases For the year ended December 31, 2015, the Company acquired five income-producing apartment complexes from third parties in the states of Texas (3), Tennessee (1) and Alabama (1), increasing the total number of units by 990, for a combined purchase price of $82.9 million. In addition, the Company acquired seven income-producing apartment complexes from related parties in the states of Texas (2), Florida (2), Tennessee (1), Mississippi (1), and Kansas (1) increasing the total number of units by 1,155, for a combined purchase price of $30.4 million. The Company also purchased a commercial office building in Texas, comprised of 92,723 square feet, for $16.8 million. Sales For the year ended December 31, 2015, the Company sold approximately 579 acres of land located in Texas to independent third parties for a total sales price of $102.9 million. We recorded a total gain of $18.9 million from the sales. In November 2015, the Company sold approximately 88 acres of land located in the U.S. Virgin Islands to an unrelated party. The sales represents most of the development land owned by the Company in the U.S. Virgin Islands. Total cash consideration for the sale was $33.9 million. We recorded a gain of $12.1 million related to the transaction. In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for most of the developable land owned by the Company in the Mercer Crossing Development located in Farmers Branch, Texas. In addition, IOT, ARL and RAI also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of sales proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the note is collected. The agreement between TCI and the other parties related to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties of $16.1 million was paid off. Due to an inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition is met. In addition, one income-producing apartment complex consisting of 200 units located in Ohio was foreclosed upon. The Company recorded a gain of $0.7 million related to the extinguishment of debt. As of December 31, 2015, the Company has approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.

NOTES AND INTEREST RECEIVABLE

NOTES AND INTEREST RECEIVABLE	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
NOTES AND INTEREST RECEIVABLE	NOTE 3. NOTES AND INTEREST RECEIVABLE A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % 5,907 Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12/32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 6,368 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12/32 12.00 % 4,640 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12/32 12.00 % 2,653 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 6,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Parkside Crossing) (1) 12/32 12.00 % 1,936 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12/32 12.00 % 4,812 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12/32 12.00 % 4,491 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 7,966 Secured Unified Housing Foundation, Inc. (1) 06/17 12.00 % 1,261 Unsecured Unified Housing Foundation, Inc. (1) 12/17 12.00 % 1,207 Unsecured Unified Housing Foundation, Inc. (1) 12/18 12.00 % 3,994 Unsecured Unified Housing Foundation, Inc. (1) 12/18 12.00 % 6,407 Unsecured Other related party notes (1) Various Various 1,420 Various unsecured interests Other non-related party notes Various Various 496 Various secured interests Other non-related party notes Various Various 503 Various unsecured interests Accrued interest 4,558 Total Performing $ 71,376 Allowance for estimated losses (1,825 ) Total $ 69,551 (1) Related party notes As of December 31, 2015, the obligors on $62.4 million or 89.7% of the mortgage notes receivable portfolio were due from related entities. The Company recognized $6.5 million of interest income from these related party notes receivables. As of December 31, 2015, none of the mortgage notes receivable portfolio were non-performing. The Company has various notes receivable from Unified Housing foundation, Inc. (“UHF”). UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.

ALLOWANCE FOR ESTIMATED LOSSES

ALLOWANCE FOR ESTIMATED LOSSES	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
ALLOWANCE FOR ESTIMATED LOSSES	NOTE 4. ALLOWANCE FOR ESTIMATED LOSSES The allowance account was reviewed and decreased in 2015. The decreases in both 2015 and 2014 were due to a fully reserved note in each year that was written off. The table below shows our allowance for estimated losses (dollars in thousands): 2015 2014 2013 Balance January 1, $ 1,990 $ 2,262 $ 2,262 Decrease in provision (165 ) (272 ) — Balance December 31, $ 1,825 $ 1,990 $ 2,262

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	NOTE 5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company’s proportionate share of their undistributed earnings or losses, via the equity method of accounting. ARL is our parent company and is considered as an unconsolidated joint venture. Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2015 2014 2013 American Realty Investors, Inc. (1) 0.90 % 1.00 % 1.99 % (1) Unconsolidated investment in parent company Our interest in the common stock of ARL in the amount of 0.90% is accounted for under the equity method. Accordingly, the investment is carried at cost, adjusted for the company’s proportionate share of earnings or losses. The following is a summary of the financial position and results of operations of ARL (dollars in thousands): For the Twelve Months Ended December 31, Unconsolidated Subsidiaries 2015 2014 2013 Real estate, net of accumulated depreciation $ 14,232 $ 15,460 $ 11,944 Notes Receivable 50,692 50,909 68,909 Other assets 127,497 128,635 128,945 Notes payable (25,233 ) (50,048 ) (56,103 ) Other liabilities (98,440 ) (80,904 ) (91,099 ) Shareholders’ equity/partners’ capital (68,748 ) (64,052 ) (62,596 ) Rents and interest and other income $ 11,990 $ 12,427 $ 11,372 Depreciation (192 ) (285 ) (285 ) Operating expenses (4,414 ) (6,983 ) (14,162 ) Gain on land sales 2,737 — 618 Interest expense (5,936 ) (7,144 ) (7,173 ) Income (loss) from continuing operations 4,185 (1,985 ) (9,630 ) Income (loss) from discontinued operations 1 64 (15 ) Net income (loss) $ 4,186 $ (1,921 ) $ (9,645 ) Company’s proportionate share of income (loss) (1) $ 38 $ (19 ) $ (192 ) (1) Income (loss) represents continued and discontinued operations

NOTES AND INTEREST PAYABLE

NOTES AND INTEREST PAYABLE	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
NOTES AND INTEREST PAYABLE	NOTE 6. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2015 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 507,498 $ 1,499 $ 508,997 Apartments under construction $ 11,139 $ — 11,139 Commercial 109,269 509 109,778 Land 32,818 116 32,934 Real estate subject to sales contract 5,953 469 6,422 Mezzanine financing 122,900 — 122,900 Other 7,269 — 7,269 Total $ 796,846 $ 2,593 $ 799,439 Unamortized deferred borrowing costs (20,005 ) — (20,005 ) $ 776,841 $ 2,593 $ 779,434 The following table schedules the principal payments on the notes payable for the next five years and thereafter (dollars in thousands): Year Amount 2016 $ 79,526 2017 23,581 2018 43,890 2019 34,623 2020 127,370 Thereafter 487,856 Total $ 796,846 Interest payable at December 31, 2015 was $2.6 million. Interest accrues at rates ranging from 2.5% to 12.0% per annum and mature between 2016 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $667 million. During the year the Company refinanced or modified ten loans with a total principal balance of $136 million. The refinancing resulted in lower interest rates and the extension of the term of the loan. The modifications resulted in lower interest rates. The transactions provide for lower monthly payments over the term of loans. On May 28, 2015, the Company secured additional financing of $120.0 million from an independent third party. At closing $84.4 million was advanced to the Company. The financing can be used for general corporate purposes, acquisition of multi-family apartment complexes and to reduce debt. The note has a term of five years at an interest rate of 30 day Libor plus 10.75%. The note is interest only, payable monthly, with the principal due at the end of the five years. The loan is secured by various equity interests in certain residential apartments. In November 2015 the note was amended to cap the loan amount at $84.4 million in order to allow for a construction loan of $50 million on an apartment complex being developed in Rowlett, Texas. All other terms and conditions of the loan remained the same. The note contains customary restrictions, representations, covenants, corporate and officer guarantees, events of default and require the Company to meet certain financial covenants. The Company believes it is in compliance with these financial covenants at December 31, 2015. Simultaneous with the closing of the above financing, the Company amended its existing financing of $40.0 million from an independent third party. The note has a term of five years at an interest rate of 12.0% and has a maturity of May 2020. The note is interest only for the first year with quarterly principal payments due of $0.5 million starting April 1, 2015. As of December 31, 2015, the outstanding balance on the loan was $38.5 million. The loan is secured by various equity interests in residential apartments and can be prepaid at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter. The note contains customary restrictions, representations, covenants, corporate and officer guarantees, events of default and require the Company to meet certain financial covenants. The Company believes it is in compliance with these financial covenants at December 31, 2015. There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification. In conjunction with the development of various apartment projects and other developments, we drew down $9.9 million in construction loans during the twelve months ended December 31, 2015.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND FEES	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND FEES	NOTE 7. RELATED PARTY TRANSACTIONS AND FEES We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity. The Company has historically engaged in and may continue to engage in certain business transactions with related parties, including but not limited to asset acquisition and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in our best interest. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is RAI, a Nevada corporation, the sole shareholder of which is MRHI, Effective since January 1, 2011, Regis Realty Prime, LLC, dba Regis Property Management, LLC (“Regis”), the sole member of which is Realty Advisors, LLC, manages our commercial properties and provides brokerage services. Regis receives property management fees, construction management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage”. TCI engages third-party companies to lease and manage its apartment properties. Below is a description of the related party transactions and fees between Pillar and Regis: Fees, expenses and revenue paid to and/or received from our advisor: 2015 2014 2013 (dollars in thousands) Fees: Advisory $ 8,368 $ 7,373 $ 8,494 Construction advisory — — — Mortgage brokerage and equity refinancing 1,524 1,152 1,878 Net income 187 3,669 4,089 Property acquisition 921 145 — $ 11,000 $ 12,339 $ 14,461 Other Expense: Cost reimbursements $ 2,925 $ 2,622 $ 2,585 Interest paid (received) (3,352 ) (2,795 ) 157 $ (427 ) $ (173 ) $ 2,742 Revenue: Rental $ 726 $ 701 $ 670 Fees paid to Regis and related parties: 2015 2014 2013 (dollars in thousands) Fees: Property acquisition $ 1,932 $ 348 $ — Property management, construction management and leasing commissions 682 544 436 Real estate brokerage 1,105 2,752 4,055 $ 3,719 $ 3,644 $ 4,491 The Company received rental revenue of $0.7 million in 2015, $0.7 million in 2014, and $0.7 million in 2013 from Pillar and its related parties for properties owned by the Company. As of December 31, 2015, the Company had notes and interest receivables, net of allowances, of $58.1 million and $4.3 million, respectively, due from UHF, a related party. During the current period, the Company recognized interest income of $6.7 million, originated $11.6 million, received principal payments of $4.7 million and received interest payments of $7.8 million from these related party notes receivables. On January 1, 2012, the Company entered into a development agreement with UHF, a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. The Company is the primary guarantor, on a $60.35 million mezzanine loan between UHF and a lender. In addition, ARI, and an officer of the Company are limited recourse guarantors of the loan. As of December 31, 2015 UHF was in compliance with the covenants to the loan agreement. The Company is part of a tax sharing and compensating agreement with respect to federal income taxes between ARL, TCI and IOT and their subsidiaries that was entered into in July of 2009. That agreement continued until August 31, 2012, at which time a new tax sharing and compensating agreement was entered into by ARL, TCI, IOT and MRHI for the remainder of 2012 and subsequent years. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2015 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2014 $ — $ 58,404 $ 58,404 Cash transfers 64,817 — 64,817 Advisory fees (8,368 ) — (8,368 ) Net income fee (187 ) — (187 ) Fees and commissions (5,483 ) — (5,483 ) Cost reimbursements (2,925 ) — (2,925 ) Interest income — 3,352 3,352 Notes receivable purchased (18,221 ) (18,221 ) Expenses paid by advisor (5,182 ) — (5,182 ) Financing (mortgage payments) 3,290 — 3,290 Sales/Purchases transactions 1,018 — 1,018 Series K preferred stock acquisition — — — Tax sharing expense — — — Purchase of obligations (28,759 ) 28,759 — Related party receivable, December 31, 2015 $ — $ 90,515 $ 90,515 Below are transactions that involve a related party: As of December 31, 2015, the Company has approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2015
Dividends [Abstract]
DIVIDENDS	NOTE 8. DIVIDENDS TCI’s Board of Directors established a policy that dividend declarations on common stock would be determined on an annual basis following the end of each year. In accordance with that policy, no dividends on TCI’s common stock were declared for 2015, 2014, or 2013. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board.

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
PREFERRED STOCK	NOTE 9. PREFERRED STOCK Prior to July 9, 2014, TCI had 30,000 shares of Series C cumulative convertible preferred stock issued and outstanding. These 30,000 shares were owned by RAI, a related party, and had accrued dividends unpaid of $0.9 million. The stock had a liquidation preference of $100.00 per share and could be converted into common stock at 90% of the daily average closing price of the common stock for the prior five trading days. On July 9, 2014, RAI converted all 30,000 shares into the requisite number of shares of common stock. The conversion resulted in the issuance of 304,298 new shares of common stock. The effects of the Series C Cumulative Convertible Preferred Stock are no longer included in the dilutive earnings per share calculation for the current period, but are considered in the calculation for the prior periods if applying the if-converted method is dilutive. In November 2006, TCI issued 100,000 shares of Series D Preferred Stock with a liquidation preference of $100 per share. The preferred stock is not convertible into any other security and requires dividends payable from the initial rate of 7% annually to the current rate of 9%. The shares can be redeemed at any point after September 30, 2011. Of the 100,000 shares, 89,500 shares are owned by RAI, a related party, and 10,500 shares are owned by Pillar, a related party. RAI’s 89,500 shares have accrued dividends unpaid of approximately $4.0 million. Pillar’s 10,500 shares have accrued dividends unpaid of approximately $0.5 million.

STOCK OPTIONS

STOCK OPTIONS	12 Months Ended
	Dec. 31, 2015
Stock Options
STOCK OPTIONS	NOTE 10. STOCK OPTIONS In October 2000, TCI’s stockholders approved the Director’s Stock Option Plan (the “Director’s Plan”) which provides for options to purchase up to 140,000 shares of TCI’s common stock. Options granted pursuant to the Director’s Plan are immediately exercisable and expire on the earlier of the first anniversary of the date on which a Director ceases to be a Director or 10 years from the date of grant. Effective December 15, 2005 the plan was terminated. At December 31, 2014, there were 5,000 stock options outstanding which were exercisable at $14.25 per share. These options expired unexercised January 1, 2015.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 11. INCOME TAXES For 2015 ARL, TCI and IOT had a combined net taxable income. For 2014 ARL, TCI and IOT had a combined net taxable loss and TCI recorded no current tax (benefit) or expense. For 2013 TCI consolidated with IOT had a net taxable loss and the remainder of the group had net taxable income resulting in a tax (benefit) to TCI. The expense (benefit) in each year was calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory rate of 35%. Current expense (benefit) is attributable to (dollars in thousands): 2015 2014 2013 Income (loss) from continuing operations $ 517 $ (22,902 ) $ (24,598 ) Income (loss) from discontinued operations 483 22,902 16,835 Tax expense (benefit) $ 1,000 $ — $ (7,763 ) The Federal income tax expense differs from the amount computed by applying the corporate tax rate of 35% to the income before income taxes as follows (dollars in thousands): 2015 2014 2013 Computed “expected” income tax (benefit) expense $ 4,648 $ 14,762 $ 26,998 Book to tax differences for partnerships not consolidated for tax purposes 5,152 (23,900 ) (33,565 ) Book to tax differences of depreciation and amortization (160 ) 1,461 1,222 Book to tax differences in gains on sale of property (4,073 ) (2,350 ) (20,308 ) Book provision for loss 1,855 — 3,962 Partial valuation allowance against current net operating loss benefit (9,596 ) 7,069 16,835 Other 2,524 2,958 2,139 Total $ 350 $ — $ (2,717 ) Alternative minimum tax $ — $ — $ — Deferred income taxes reflect the tax effects of temporary timing differences between carrying amounts of assets and liabilities reflected on the financial statements and the amounts used for income tax purposes. TCI’s tax basis in its net assets differs from the amount at which its net assets are reported for financial statement purposes, principally due to the accounting for gains and losses on property sales, and depreciation on owned properties. The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets are presented below (amounts in thousands): 2015 2014 2013 Net operating losses $ 46,497 $ 56,897 $ 71,071 AMT credits 1,900 1,374 1,374 Basis difference of: Real estate holdings (17,912 ) 876 (3,045 ) Notes receivable 694 757 860 Investments (4,709 ) (4,693 ) (4,703 ) Notes payable 2,792 6,932 12,496 Deferred gains 11,984 10,146 10,806 Total $ 41,246 $ 72,289 $ 88,859 Deferred tax valuation allowance (41,246 ) (72,289 ) (88,859 ) Net deferred tax asset $ — $ — $ — In November 2015, IOT, ARL, and TCI sold various tracts of land to a third party in exchange for cash and a promissory note. The purchaser's initial and continuing investment was inadequate, and as a result, the transaction is recorded using the deposit method for GAAP purposes. Due to concerns regarding the collectability of the note, no sale was recognized for GAAP purposes as the transaction is recorded using the deposit method. For tax purposes, the sale is recognized under the installment method. Recognition of the benefits of deferred tax assets will require TCI to generate future taxable income. There is no assurance that TCI will generate earnings in future years. Therefore, TCI has established a valuation allowance for deferred tax assets of approximately $41.2 million, $72.3 million and $88.9 million as of December 31, 2015, 2014 and 2013, respectively. TCI has tax net operating loss carryforwards of approximately $119 million expiring through the year 2033. The alternative minimum tax credit balance increased in 2015 to approximately $1.57 million. The credit has no expiration date.

FUTURE MINIMUM RENTAL INCOME UN

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	NOTE 12. FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES TCI’S real estate operations include the leasing of commercial properties (office buildings, industrial warehouses and retail centers). The leases thereon expire at various dates through 2025. The following is a schedule of minimum future rents on non-cancelable operating leases at December 31, 2015 (dollars in thousands): Year Amount 2016 $ 22,448 2017 20,536 2018 18,951 2019 14,444 2020 10,963 Thereafter 24,056 Total $ 111,398

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 13. OPERATING SEGMENTS Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, apartments, land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their operating income and cash flow. Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt. Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2015, 2014 and 2013 (dollars in thousands): For the Twelve Months Ended December 31, 2015 Commercial Apartments Land Other Total Rental and other property revenues $ 29,308 $ 72,809 $ — $ 103 $ 102,220 Property operating expenses (16,838 ) (34,437 ) (712 ) (270 ) (52,257 ) Depreciation (8,861 ) (12,438 ) — — (21,299 ) Mortgage and loan interest (6,891 ) (18,584 ) (4,214 ) (11,897 ) (41,586 ) Loan charges and prepayment penalties — (4,922 ) — (33 ) (4,955 ) Interest income — — — 10,687 10,687 Gain on land sales — — 18,911 18,911 Segment operating income (loss) $ (3,282 ) $ 2,428 $ 13,985 $ (1,410 ) $ 11,721 Capital expenditures 8,118 1,780 2,621 — 12,519 Assets 153,270 553,860 136,889 — 844,019 Property Sales Sales price $ — $ 11,129 $ 102,898 $ — $ 114,027 Less: Cost of sale — (10,394 ) (83,987 ) — (94,381 ) Gain on sale $ — $ 735 $ 18,911 $ — $ 19,646 For the Twelve Months Ended December 31, 2014 Commercial Apartments Land Other Total Rental and other property revenues $ 19,129 $ 56,685 $ 1 $ 43 $ 75,858 Property operating expenses (12,238 ) (26,065 ) (1,169 ) (12 ) (39,484 ) Depreciation (7,310 ) (10,088 ) — — (17,398 ) Mortgage and loan interest (5,699 ) (16,321 ) (4,318 ) (4,539 ) (30,877 ) Loan charges and prepayment penalties (113 ) (2,625 ) (16 ) (50 ) (2,804 ) Interest income — — — 12,194 12,194 Gain on land sales — — 561 — 561 Segment operating income (loss) $ (6,231 ) $ 1,586 $ (4,941 ) $ 7,636 $ (1,950 ) Capital expenditures 4,418 320 2,435 — 7,173 Assets 140,131 391,767 157,223 — 689,121 Property Sales Sales price $ 19,182 $ 115,273 $ 8,091 $ — $ 142,546 Less: Cost of sale (9,168 ) (63,408 ) (7,530 ) — (80,106 ) Gain on sale $ 10,014 $ 51,865 $ 561 $ — $ 62,440 For the Twelve Months Ended December 31, 2013 Commercial Apartments Land Other Total Rental and other property revenues $ 22,928 $ 54,272 $ 39 $ 112 $ 77,351 Property operating expenses (10,857 ) (24,798 ) (976 ) (38 ) (36,669 ) Depreciation (5,846 ) (9,996 ) — — (15,842 ) Mortgage and loan interest (5,568 ) (18,013 ) (5,880 ) (2,815 ) (32,276 ) Loan charges and prepayment penalties (150 ) (3,937 ) (1,080 ) (52 ) (5,219 ) Interest income — — — 13,790 13,790 Loss on land sales — — (1,073 ) — (1,073 ) Segment operating income (loss) $ 507 $ (2,472 ) $ (8,970 ) $ 10,997 $ 62 Capital expenditures 6,964 315 387 — 7,666 Assets 129,063 354,035 158,359 — 641,457 Property Sales Sales price $ 26,974 $ 239,676 $ 5,999 $ — $ 272,649 Less: Cost of sale (14,914 ) (154,331 ) (7,072 ) — (176,317 ) Gain (loss) on sale $ 12,060 $ 85,345 $ (1,073 ) $ — $ 96,332 The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For Twelve Months Ended December 31, 2015 2014 2013 Segment operating income (loss) $ 11,721 $ (1,950 ) $ 62 Other non-segment items of income (expense) General and administrative (5,508 ) (7,163 ) (6,308 ) Provision on impairment of notes receivable and real estate assets (5,300 ) — (11,320 ) Net income fee to related party (187 ) (3,669 ) (4,089 ) Advisory fee to related party (8,368 ) (7,373 ) (8,494 ) Other income 71 403 7,847 Gain (loss) on the sale of investments (1 ) (92 ) (283 ) Loss from unconsolidated joint ventures and investees 41 (28 ) (172 ) Litigation settlement (352 ) 3,591 (20,313 ) Income tax benefit (expense) (517 ) 20,390 40,949 Gain (loss) from continuing operations $ (8,400 ) $ 4,109 $ (2,121 ) SEGMENT ASSET RECONCILIATION TO TOTAL ASSETS The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2015 2014 2013 Segment assets $ 844,019 $ 689,121 $ 641,457 Investments in real estate partnerships 5,243 1,543 1,697 Notes and interest receivable 69,551 83,457 67,907 Other assets 191,391 156,284 132,265 Assets held for sale — — 54,345 Total assets $ 1,110,204 $ 930,405 $ 897,671

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 14. DISCONTINUED OPERATIONS Prior to January 1, 2015, the Company applied the provisions of ASC 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions. Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company's dispositions meeting the discontinued operations criteria. Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the year ended 2015, 2014 and 2013. Income from discontinued operations relates to 5 and 19 properties that were sold or held for sale in 2014 and 2013, respectively. The following table summarizes revenue and expense information for these properties sold and held-for-sale (dollars in thousands): For the Years Ended December 31, 2015 2014 2013 Revenues: Rental and other property revenues $ 355 $ 5,612 $ 34,922 355 5,612 34,922 Expenses: Property operating expenses (345 ) 2,350 16,480 Depreciation — 751 5,563 General and administrative 99 515 950 Total operating expenses (246 ) 3,616 22,993 Other income (expense): Other income (expense) 45 (508 ) 44 Mortgage and loan interest (2 ) (3,204 ) (11,097 ) Loan charges and prepayment penalties — (1,656 ) (3,245 ) Earnings from unconsolidated subsidiaries and investees — 1 30 Litigation settlement — (250 ) (250 ) Total other expenses 43 (5,617 ) (14,518 ) Loss from discontinued operations before gain on sale of real estate and taxes 644 (3,621 ) (2,589 ) Gain on sale of real estate from discontinued operations 735 61,879 97,405 Income tax benefit (expense) (483 ) (20,390 ) (33,186 ) Income (loss) from discontinued operations $ 896 $ 37,868 $ 61,630

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS	NOTE 15. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of TCI’s quarterly results of operations for the years 2015, 2014 and 2013. Quarterly results presented may differ from those previously reported in TCI’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: For the Three Months Ended 2015 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2015 Revenue and other property revenues $ 22,304 $ 23,756 $ 27,539 $ 28,621 Total operating expenses 19,264 19,310 24,613 29,732 Operating income (loss) 3,040 4,446 2,926 (1,111 ) Other expenses (6,398 ) (5,243 ) (11,211 ) (13,243 ) Loss before gain on land sales, non-controlling interest, and taxes (3,358 ) (797 ) (8,285 ) (14,354 ) Gain (loss) on land sales 2,876 1,250 997 13,788 Income tax benefit 102 (12 ) 274 (881 ) Net income (loss) from continuing operations (380 ) 441 (7,014 ) (1,447 ) Net income from discontinued operations 190 (22 ) 508 220 Net income (loss) (190 ) 419 (6,506 ) (1,227 ) Net (loss) attributable to non-controlling interest 295 (281 ) (95 ) (51 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net income (loss) applicable to common shares $ (117 ) $ (86 ) $ (6,828 ) $ (1,505 ) PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net income (loss) applicable to common shares $ (0.02 ) $ (0.01 ) $ (0.78 ) $ (0.17 ) Weighted average common shares used in computing earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Earnings per share - diluted Income (loss) from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net income (loss) applicable to common shares $ (0.02 ) $ (0.01 ) $ (0.78 ) $ (0.17 ) Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 For the Three Months Ended 2014 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2014 Revenue and other property revenues $ 18,303 $ 18,511 $ 18,466 $ 20,578 Total operating expenses 17,376 18,388 17,264 22,059 Operating income (loss) 927 123 1,202 (1,481 ) Other expenses (2,899 ) (3,718 ) (5,754 ) (5,242 ) Loss before gain on land sales, non-controlling interest, and taxes (1,972 ) (3,595 ) (4,552 ) (6,723 ) Gain (loss) on land sales 753 (159 ) 40 (73 ) Income tax benefit 2,049 2,195 786 15,360 Net income (loss) from continuing operations 830 (1,559 ) (3,726 ) 8,564 Net income from discontinuing operations 3,805 4,076 1,461 28,526 Net income (loss) 4,635 2,517 (2,265 ) 37,090 Net (loss) attributable to non-controlling interest (84 ) (127 ) (81 ) (107 ) Preferred dividend requirement (274 ) (277 ) (227 ) (227 ) Net income (loss) applicable to common shares $ 4,277 $ 2,113 $ (2,573 ) $ 36,756 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ 0.06 $ (0.23 ) $ (0.46 ) $ 0.94 Income from discontinued operations 0.45 0.48 0.17 3.27 Net income (loss) applicable to common shares $ 0.51 $ 0.25 $ (0.29 ) $ 4.21 Weighted average common shares used in computing earnings per share 8,413,469 8,413,469 8,688,018 8,717,767 Earnings per share - diluted Income (loss) from continuing operations $ 0.05 $ (0.23 ) $ (0.46 ) $ 0.94 Income from discontinued operations 0.44 0.48 0.17 3.27 Net income (loss) applicable to common shares $ 0.49 $ 0.25 $ (0.29 ) $ 4.21 Weighted average common shares used in computing diluted earnings per share 8,639,679 8,413,469 8,688,018 8,717,767 For the Three Months Ended 2013 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2013 Revenue and other property revenues $ 18,242 $ 18,351 $ 18,663 $ 22,095 Total operating expenses 16,416 16,336 17,472 32,498 Operating income (loss) 1,826 2,015 1,191 (10,403 ) Other expenses (11,779 ) (5,179 ) (8,193 ) (11,475 ) Loss before gain on land sales, non-controlling interest, and taxes (9,953 ) (3,164 ) (7,002 ) (21,878 ) Loss on land sales (48 ) — — (1,025 ) Income tax benefit 2,451 5,357 401 32,740 Net income (loss) from continuing operations (7,550 ) 2,193 (6,601 ) 9,837 Net income from discontinuing operations 4,552 9,949 747 46,382 Net income (loss) (2,998 ) 12,142 (5,854 ) 56,219 Net loss attributable to non-controlling interest (111 ) (115 ) (97 ) (656 ) Preferred dividend requirement (274 ) (277 ) (279 ) (280 ) Net income (loss) applicable to common shares $ (3,383 ) $ 11,750 $ (6,230 ) $ 55,283 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.94 ) $ 0.21 $ (0.83 ) $ 1.06 Income from discontinued operations 0.54 1.18 0.09 5.51 Net income (loss) applicable to common shares $ (0.40 ) $ 1.39 $ (0.74 ) $ 6.57 Weighted average common shares used in computing earnings per share 8,413,469 8,413,469 8,413,469 8,413,469 Earnings per share - diluted Income (loss) from continuing operations $ (0.94 ) $ 0.20 $ (0.83 ) $ 1.01 Income from discontinued operations 0.54 1.13 0.09 5.28 Net income (loss) applicable to common shares $ (0.40 ) $ 1.33 $ (0.74 ) $ 6.29 Weighted average common shares used in computing diluted earnings per share 8,413,469 8,796,699 8,413,469 8,791,655

COMMITMENTS AND CONTINGENCIES A

COMMITMENTS AND CONTINGENCIES AND LIQUIDITY	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY	NOTE 16. COMMITMENTS AND CONTINGENCIES AND LIQUIDITY Liquidity. Partnership Buyouts Dynex Capital, Inc. On July 20, 2015, the 68 th An original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of Basic for “lost opportunity,” as well as damages in favor of ART and in favor of TCI and its subsidiaries for “increased costs” and “lost opportunity.” The original Trial Court judge ignored the jury’s findings, however, and entered a “Judgment Notwithstanding the Verdict” (“JNOV”) in favor of the Dynex entities (the judge held the Plaintiffs were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex Capital, Inc. was ultimately dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial Court for a new judgment consistent with the jury’s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20, 2015. The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $.256 million in damages, plus pre-judgment interest of $.192 million for a total amount of $.448 million. The Judgment awarded ART $14.2 million in damages, plus pre-judgment interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI $11.1 million, plus pre-judgment interest of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the rate of 5% per annum from April 25, 2014 until the date their respective damages are paid. Lastly, the Judgement awarded Basic, ART, and TCI $1.6 million collectively in attorneys’ fees from Dynex Commercial, Inc. The Company is reviewing the Final Judgment with counsel to determine the appropriate steps moving forward now that they have obtained this Final Judgment against Dynex Commercial, Inc. ART and ART Midwest, Inc. In August 2014, David M. Clapper and two entities related to Mr. Clapper (all, collectively, the “Clapper Parties”) filed a complaint in the U. S. District Court against the Company, its directors and certain of its officers alleging purported transactions to the detriment of the Clapper Parties and others by transferring assets, cash and diverting property. Management of the Company believes that there is no basis for this action against the Company and its officers and directors and intends to vigorously defend itself. The August 2014 complaint does not allege any facts relating to the Company, except that the named directors and officers are directors and officers of the Company and that the Company is a Nevada corporation, with its headquarters/principal place of business in Dallas, Texas. The case arises over other litigation, commenced in 1999, among the Clapper Parties and American Realty Trust, Inc. (“ART”) and its former subsidiary, ART Midwest, Inc., originally arising out of a transaction in 1998, in which ART and the Clapper Parties were to form a partnership to own eight residential apartment complexes. Over the ensuing years, a number of rulings, both for and against ART and ART Midwest, Inc., were issued, resulting in a ruling in October 2011, under which the Clapper Parties were awarded an initial judgment for approximately $74 million, including $26 million in actual damages and $48 million in interest. The 2011 ruling was only against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre- and post-judgment interest thereon. ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in the matter. As a result of a final Memorandum Opinion and Order issued by the court on January 25, 2016, all claims alleged by the plaintiff against TCI and IOT have been dismissed. TCI is also involved in various other lawsuits arising in the ordinary course of business. Management is of the opinion that the outcome of these lawsuits will have no material impact on TCI’s financial condition, results of operations or liquidity. Other Litigation. Guarantees

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 17. EARNINGS PER SHARE Earnings per share. Prior to July 9, 2014, TCI had 30,000 shares of Series C cumulative convertible preferred stock issued and outstanding. These 30,000 shares were owned by RAI, a related party, and had accrued dividends unpaid of $0.9 million. The stock had a liquidation preference of $100.00 per share and could be converted into common stock at 90% of the daily average closing price of the common stock for the prior five trading days. On July 9, 2014, RAI converted all 30,000 shares into the requisite number of shares of common stock. The conversion resulted in the issuance of 304,298 new shares of common stock. The effects of the Series C Cumulative Convertible Preferred Stock are no longer included in the dilutive earnings per share calculation for the current period, but are considered in the calculation for the prior periods if applying the if-converted method is dilutive. As of December 31, 2014, there were 5,000 shares of stock options outstanding. These options are considered in the computation of diluted earnings per share if the effect of applying the treasury stock method is dilutive. These options expired unexercised January 1, 2015. As of December 31, 2015, there are no preferred stock or stock options that are required to be included in the calculation for EPS.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS The date to which events occurring after December 31, 2015, the date of the most recent balance sheet, have been evaluated for possible adjustment to the financial statements or disclosure is March 30, 2016, which is the date on which the financial statements were available to be issued. The Company has determined that there are not subsequent events that need to be reported.

Schedule III REAL ESTATE AND AC

Schedule III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2015
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
REAL ESTATE AND ACCUMULATED DEPRECIATION	S TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amounts of Which Carried at End of Year Life on Which Depreciation Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired In Latest Statement of Operation is Computed (dollars in thousands) Properties Held for Investment Apartments Anderson Estates, Oxford, MS 822 378 2,683 313 — 378 2,996 3,373 665 2003 01/06 40 years Blue Lake Villas I, Waxahachie, TX 10,725 526 10,784 292 — 526 11,076 11,602 3,531 2003 01/02 40 years Blue Lake Villas II, Waxahachie, TX 3,894 287 4,451 45 — 287 4,496 4,783 907 2004 01/04 40 years Breakwater Bay, Beaumont, TX 9,427 740 10,435 63 — 740 10,498 11,238 2,856 2004 05/03 40 years Bridgewood Ranch, Kaufman, TX 6,444 762 6,856 9 — 762 6,865 7,627 1,377 2007 04/08 40 years Capitol Hill, Little Rock, AR 9,043 1,860 7,948 55 — 1,860 8,002 9,862 2,300 2003 03/03 40 years Centennial, Oak Ridge, TN 21,061 2,570 22,588 — — 2,570 22,588 25,159 235 2011 07/14 40 years Curtis Moore Estates, Greenwood, MS 1,486 186 5,733 886 — 186 6,618 6,805 1,606 2003 01/06 40 years Crossing at Opelika, Opelika, AL 13,790 1,579 14,215 — — 1,579 14,215 15,794 — 2015 12/15 40 years Dakota Arms, Lubbock, TX 12,514 921 12,644 231 — 921 12,875 13,796 3,538 2004 01/04 40 years David Jordan Phase II, Greenwood, MS 574 51 1,521 269 — 51 1,790 1,841 417 1999 01/06 40 years David Jordan Phase III, Greenwood, MS 588 83 2,115 420 — 83 2,535 2,618 530 2003 01/06 40 years Desoto Ranch, DeSoto, TX 15,352 1,472 17,856 65 — 1,472 17,921 19,393 5,318 2002 05/02 40 years Falcon Lakes, Arlington, TX 12,739 1,438 15,094 339 — 1,438 15,433 16,871 5,196 2001 10/01 40 years Heather Creek, Mesquite, TX 11,342 1,326 12,015 69 — 1,326 12,084 13,410 3,321 2003 03/03 40 years Holland Lake, Weatherford, TX 11,823 1,449 14,612 — — 1,449 14,612 16,061 244 2004 05/14 40 years Lake Forest, Houston, TX 12,199 335 12,267 1,553 — 335 13,820 14,155 3,568 2004 01/04 40 years Legacy at Pleasant Grove, Texarkana, TX 15,009 2,005 17,892 — — 2,005 17,892 19,897 485 2006 12/14 40 years Lodge at Pecan Creek, Denton, TX 16,383 1,349 16,180 — — 1,349 16,180 17,529 1,685 2011 10/05 40 years Mansions of Mansfield, Mansfield, TX 15,604 977 17,799 54 — 977 17,853 18,829 3,014 2009 09/05 40 years Mission Oaks, San Antonio, TX 14,900 1,266 16,627 212 — 1,266 16,839 18,105 3,659 2005 05/05 40 years Monticello Estate, Monticello, AR 458 36 1,493 263 — 36 1,756 1,793 385 2001 01/06 40 years Northside on Travis, Sherman, TX 13,319 1,301 14,560 — — 1,301 14,560 15,861 2,305 2009 10/07 40 years Oak Hollow, Sequin, TX 10,885 1,435 12,405 — 1,435 12,405 13,840 155 2011 07/14 40 years Overlook at Allensville, Sevierville, TN 11,487 1,228 12,297 1,228 12,297 13,524 252 2012 10/15 40 years Parc at Clarksville, Clarksville, TN 12,869 571 14,300 118 — 571 14,419 14,990 2,658 2007 06/02 40 years Parc at Denham Springs, Denham Springs, LA 18,780 1,022 20,188 8 — 1,022 20,195 21,218 2,506 2011 07/07 40 years Parc at Maumelle, Little Rock, AR 15,942 1,153 17,688 647 — 1,153 18,335 19,488 4,252 2006 12/04 40 years Parc at Metro Center, Nashville, TN 10,478 960 12,226 556 — 960 12,782 13,742 3,047 2006 05/05 40 years Parc at Rogers, Rogers, AR 20,750 1,482 22,993 286 (3,180 ) 1,482 20,099.69 21,582 3,823 2007 04/04 40 years Preserve at Pecan Creek, Denton, TX 14,489 885 16,626 59 — 885 16,685 17,570 3,054 2008 10/05 40 years Preserve at Prairie Pointe, Lubbock, TX 10,181 1,074 10,603 178 1,074 10,782 11,856 182 2005 04/15 40 years Riverwalk Phase I, Greenville, MS 292 23 1,537 180 — 23 1,718 1,741 425 2003 01/06 40 years Riverwalk Phase II, Greenville, MS 1,123 52 4,007 376 — 52 4,383 4,435 1,364 2003 01/06 40 years Sonoma Court, Rockwall, TX 10,754 941 11,074 — 941 11,074 12,014 1,223 2011 07/10 40 years Sugar Mill, Baton Rouge, LA 11,396 1,437 13,367 160 — 1,437 13,527 14,964 2,160 2009 08/08 40 years Toulon, Gautier, MS 20,600 1,621 20,107 372 — 1,621 20,479 22,099 2,262 2011 09/09 40 years Tradewinds, Midland, TX 15,601 3,542 19,939 3,542 19,939 23,481 249 2015 06/15 40 years Treehouse, Irving, TX 5,642 312 2,807 286 — 312 3,093 3,405 831 1974 05/04 40 years Villager, Ft. Walton, FL 753 156 1,408 156 1,408 1,564 21 1972 06/15 40 years Villas at Park West I, Pueblo, CO 10,565 1,171 10,453 — 1,171 10,453 11,624 283 2005 12/14 40 years Villas at Park West II, Pueblo, CO 9,554 1,463 13,060 — — 1,463 13,060 14,523 354 2010 12/14 40 years Vista Ridge, Tupelo, MS 10,786 1,339 13,398 1,339 13,398 14,737 501 2009 10/15 40 years Vistas of Vance Jackson, San Antonio, TX 15,310 1,265 16,540 189 — 1,265 16,728 17,993 4,308 2004 01/04 40 years Waterford, Roseberg, TX 16,069 2,349 20,880 2,349 20,880 23,229 261 2013 06/14 40 years Westwood, Mary Ester, FL 4,244 692 6,650 692 6,650 7,343 97 1972 06/15 40 years Whispering Pines, Topeka, KS 8,720 289 4,831 1,274 289 6,105 6,393 5,674 1974 04/15 40 years Windsong, Fort Worth, TX 10,734 790 11,526 69 — 790 11,595 12,385 3,429 2002 07/03 40 years Total Apartments Held for Investment $ 507,498 $ 50,150 $ 569,276 $ 9,895 $ (3,180 ) $ 50,150 $ 575,991 $ 626,141 $ 90,511 Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amounts of Which Carried at End of Year Life on Which Depreciation Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired In Latest Statement of Operation is Computed (dollars in thousands) Apartments Under Construction Parc at Mansfield, Mansfield, TX 9,544 543 — 10,457 — 543 10,457 11,001 — — 12/14 — Terra Lago, Rowlett, TX 136 (1,142 ) 3,329 (1,142 ) 3,329 2,186 — 11/15 — Eagle Crossing, Dallas, TX 1,459 4,380 663 4,380 663 5,043 — 11/15 — Total Apartments Under Construction $ 11,139 $ 3,781 $ — $ 14,449 $ — $ 3,781 $ 14,449 $ 18,229 $ — Commercial 600 Las Colinas, Las Colinas, TX 39,836 5,751 51,759 15,149 — 5,751 66,908 72,659 20,869 1984 08/05 40 years 770 South Post Oak, Houston, TX 12,700 1,755 15,834 26 1,755 15,860 17,615 233 1970 07/15 40 years Bridgeview Plaza, LaCrosse, WI 5,813 — — 976 — — 976 976 437 1979 03/03 40 years Browning Place (Park West I), Farmers Branch, TX 22,459 5,096 45,868 13,228 — 5,096 59,096 64,192 18,754 1984 04/05 40 years Mahogany Run Golf Course, US Virgin Islands 43 7,168 5,942 5 (5,300 ) 7,168 647 7,815 173 1981 11/14 40 years Fruitland Plaza, Fruitland Park, FL — 23 — 83 — 23 83 106 37 — 05/92 40 years Senlac VHP, Farmers Branch, TX — 622 — 142 — 622 142 765 128 — 08/05 40 years Stanford Center, Dallas, TX 28,000 3,878 34,862 6,447 (9,600 ) 3,878 31,709 35,587 7,464 — 06/08 40 years Thermalloy, Farmers Branch, TX 42 791 1,061 — 791 1,061 1,852 201 — 05/08 40 years Total Commercial Held for Investment $ 108,893 $ 25,085 $ 155,325 $ 36,057 $ (14,900 ) $ 25,085 $ 176,482 $ 201,567 $ 48,297 Land 2427 Valley View Ln, Farmers Branch, TX — 76 — — 76.03 — 76 — — 07/12 — Audubon, Adams County, MS — 519 — 297 — 815 — 815 — — 03/07 — Bonneau Land, Farmers Branch, TX — 1,309 — — — 1,309 — 1,309 — — 12/14 — Cooks Lane, Fort Worth, TX 604 1,094 — — — 1,094 — 1,094 — — 06/04 — Dedeaux, Gulfport, MS — 1,612 — 46 (38 ) 1,620 — 1,620 — — 10/06 — Denham Springs, Denham Springs, LA 234 339 — — — 339 — 339 — — 08/08 — Gautier Land, Gautier, MS — 202 — — — 202 — 202 — — 07/98 — Hollywood Casino Land Tract II, Farmers Branch, TX 2,814 3,192 — 1,024 — 4,217 — 4,217 — — 03/08 — Lacy Longhorn Land, Farmers Branch, TX — 1,169 — (760 ) — 408 — 408 — — 06/04 — Lake Shore Villas, Humble, TX — 81 — 3 — 84 — 84 — — 03/02 — Lubbock Land, Lubbock, TX — 234 — — — 234 — 234 — — 01/04 — Luna Ventures, Farmers Branch TX — 2,934 — — — 2,934 — 2,934 — — 04/08 — Mandahl Bay Land — 667 — — — 667 667 — — 01/05 — Manhattan Land, Farmers Branch, TX — 4,799 — 6,047 — 10,846 — 10,846 — — 02/00 — McKinney 36, Collin County, TX 1,523 1,564 — 302 (46 ) 1,820 — 1,820 — — 01/98 — McKinney Ranch Land, McKinney, TX — 8,537 — 271 (1,363 ) 7,445 — 7,445 — — 12/05 — Minivest Land, Dallas, TX — 7 — — — 7 — 7 — — 04/13 — Mira Lago, Farmers Branch, TX — 59 — 15 — 74 — 74 — — 05/01 — Nakash, Malden, MO — 113 — — — 113 — 113 — — 01/93 — Nashville, Nashville, TN — 1,256 — 113 — 1,369 — 1,369 — — 06/02 — Nicholson Croslin, Dallas, TX — 184 — (118 ) — 66 — 66 — — 10/98 — Nicholson Mendoza, Dallas, TX — 80 — (51 ) — 29 — 29 — — 10/98 — Ocean Estates, Gulfport, MS — 1,418 — 390 — 1,808 — 1,808 — — 10/07 — Senlac Land Tract II, Farmers Branch, TX — 656 — — — 656 — 656 — — 08/05 — Sugar Mill Land, Baton Rouge, LA 178 445 — 242 — 687 — 687 — — 08/13 — Texas Plaza Land, Irving, TX — 1,738 — — (238 ) 1,500 — 1,500 — — 12/06 — Travis Ranch Land, Kaufman County, TX 757 1,030 — — — 1,030 — 1,030 — — 08/08 — Travis Ranch Retail, Kaufman City, TX — 1,517 — — — 1,517 — 1,517 — — 08/08 — Union Pacific Railroad Land, Dallas, TX — 130 — — — 130 — 130 — — 03/04 — Valley View 34 (Mercer Crossing), Farmers Branch, T — 1,173 — (945 ) — 228 — 228 — — 08/08 — Waco Swanson, Waco, TX — 173 — — — 173 — 173 — — 08/06 — Willowick Land, Pensacola, FL — 137 — — — 137 — 137 — — 01/95 — Windmill Farms Land, Kaufman County, TX 26,732 49,879 — 17,192 (21,009 ) 46,062 — 46,062 — — 11/11 — Total Land Held for Investment $ 32,842 $ 88,324 $ — $ 24,067 $ (22,695 ) $ 89,697 $ — $ 89,697 $ — Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2015 Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amounts of Which Carried at End of Year Life on Which Depreciation Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired In Latest Statement of Operation is Computed (dollars in thousands) Corporate Departments/Investments/Misc. TCI - Corporate 130,170 — — — — — — — — — — — Total Corporate Departments/Investments/Misc. $ 130,170 $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Investment $ 790,543 $ 167,340 $ 724,601 $ 84,468 $ (40,775 ) $ 168,713 $ 766,922 $ 935,635 $ 138,808 Properties Held for Sale Commercial Dunes Plaza, Michigan City, IN 376 — — — — — — — — 1978 03/92 40 years Total Commercial Held for Sale $ 376 $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Sale $ 376 $ — $ — $ — $ — $ — $ — $ — $ — Properties Subject to Sales Contract Apartments — — — Total Aparments Subject to Sales Contract $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial — — Total Commercial Subject to Sales Contract $ — $ — $ — $ — $ — $ — $ — $ — $ — Dominion Tract, Dallas, TX $ 3,419 $ 2,439 $ — $ 53 (133 ) $ 2,359 $ — $ 2,359 $ — — 03/99 — Hollywood Casino Tract I, Farmers Branch, TX 1,502 3,350 — 146 (176 ) $ 3,320 — $ 3,320 — — 06/02 — LaDue Land, Farmers Branch, TX — 1,845 — — — $ 1,845 — $ 1,845 — — 07/98 — Three Hickory Land, Farmers Branch, TX — 1,202 — — — $ 1,202 — $ 1,202 — — 03/14 — Travelers Land, Farmers Branch, TX — 21,511 — 4 — $ 21,515 — $ 21,515 — — 11/06 — Travelers Land, Farmers Branch, TX — 6,891 — (4,978 ) — $ 1,913 — $ 1,913 — — 11/06 — Walker Land, Dallas County, TX — 19,167 — (5,992 ) — $ 13,175 — $ 13,175 — — 09/06 — Whorton Land, Bentonville, AR 1,032 4,291 — 568 (2,996 ) $ 1,863 — $ 1,863 — — 06/05 — Total Land Subject to Sales Contract $ 5,953 $ 60,696 $ — $ (10,199 ) $ (3,305 ) $ 47,192 $ — $ 47,192 $ — Total Properties Subject to Sales Contract $ 5,953 $ 60,696 $ — $ (10,199 ) $ (3,305 ) $ 47,192 $ — $ 47,192 $ — Land Sold Red Cross Land $ (25 ) $ — $ — $ — — $ — $ — $ — $ — — — — Total Land Sold $ (25 ) $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — TOTAL: Real Estate $ 796,846 $ 228,036 $ 724,601 $ 74,269 $ (44,080 ) $ 215,905 $ 766,922 $ 982,827 $ 138,808 REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2015 SCHEDULE III (Continued) 2015 2014 2013 (dollars in thousansds) Reconciliation of Real Estate Balance at January 1, $ 804,489 $ 828,093 $ 1,063,634 Additions Acquisitions, improvements and construction 222,423 71,423 9,182 Deductions Sale of real estate (38,785 ) (95,027 ) (233,617 ) Asset impairments (5,300 ) — (11,106 ) Balance at December 31, $ 982,827 $ 804,489 $ 828,093 Reconciliation of Accumulated Depreciation Balance at January 1, $ 115,368 $ 132,291 $ 166,684 Additions Depreciation 25,565 17,145 20,520 Deductions Sale of real estate (2,125 ) (34,068 ) (54,913 ) Balance at December 31, $ 138,808 $ 115,368 $ 132,291

SCHEDULE IV MORTGAGE LOANS

SCHEDULE IV MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2015
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	TRANSCONTINENTAL REALTY INVESTORS, INC. MORTGAGE LOANS December 31, 2015 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgate Carrying Amount of Mortgage Principal Amounts of Loans Subject To Delinquent Principal or Interest (dollars in thousands) H198, LLC 12.00 % 01/20 5,907 5,907 Las Vegas Land — Unified Housing Foundation, Inc. (Echo Station) 12.00 % 12/32 Excess cash flow 9,719 1,809 1,481 — 100% Interest in UH of Temple, LLC Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (31.5% of cash flow) 12.00 % 12/32 Excess cash flow 15,756 8,836 6,368 — Interest in Unified Housing Foundation Inc. Unified Housing Foundation, Inc. (Limestone 12.00 % 12/32 Excess cash flow 13,621 9,216 7,293 — 100% Interest in UH of Austin, LLC Unified Housing Foundation, Inc. (Limestone 12.00 % 12/32 Excess cash flow 18,641 12,335 7,953 — 100% Interest in UH of Vista Ridge, LLC Unified Housing Foundation, Inc. (Parkside 12.00 % 12/32 Excess cash flow 11,544 2,409 1,936 — 100% Interest in UH of Parkside Crossing, LLC Unified Housing Foundation, Inc. (Sendero Ridge) 12.00 % 12/32 Excess cash flow 22,984 12,663 9,303 — 100% Interest in UH of Sendero Ridge, LLC Unified Housing Foundation, Inc. (Timbers of 12.00 % 12/32 Excess cash flow 7,294 1,702 1,323 — 100% Interest in UH of Terrell, LLC Unified Housing Foundation, Inc. (Tivoli) 12.00 % 12/32 Excess cash flow 10,398 12,761 7,966 — 100% Interest in UH of Tivoli, LLC Various non-related party notes various various — 496 496 — Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) 12.00 % 12/32 Excess cash flow 15,756 2,189 2,000 — Unified Housing Foundation, Inc. 12.00 % 06/17 Excess cash flow 1,261 1,261 — Unified Housing Foundation, Inc. 12.00 % 12/17 Excess cash flow 1,207 1,207 — Unified Housing Foundation, Inc. 12.00 % 12/18 Excess cash flow 3,994 3,994 Unified Housing Foundation, Inc. 12.00 % 12/18 Excess cash flow 6,407 6,407 Various related party notes various various Excess cash flow 1,420 1,420 Various non-related party notes various various 503 503 $ 66,818 Accrued interest 4,558 Allowance for estimated losses (1,825 ) $ 69,551 SCHEDULE IV (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. As of December 31, 2015 2014 2013 (dollars in thousands) Balance at January 1, $ 85,447 $ 70,169 $ 61,360 Additions New mortgage loans 18,055 32,380 — Funding of existing loans — — 590 Increase (decrease) of interest receivable on mortgage loans 6,994 (7,650 ) 12,235 Deductions Amounts received (12,475 ) (9,180 ) (3,797 ) Non-cash reduction (26,645 ) (272 ) (219 ) Cost of mortgages sold — — — Balance at December 31, $ 71,376 $ 85,447 $ 70,169

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities are included in consolidated net income. TCI’s investment in ARL is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates 48 and 35 multifamily residential properties located throughout the United States at December 31, 2015 and December 31, 2014, respectively, ranging from 32 units to 320 units. Assets totaling $384.5 million and $362.3 million at December 31, 2015 and 2014, respectively, are consolidated and included in “Real estate, at cost” on the balance sheet and are all collateral for their respective mortgage notes payable, none of which are recourse to the partnership in which they are in or to the Company.
Real estate, depreciation, and impairment	Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”.
Real estate held for sale	Real estate held for sale
Cost capitalization	Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.
Fair value measurement	Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 — Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 — Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 — Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.
Related parties	Related parties
Recognition of revenue	Recognition of revenue . Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers; we have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment—Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.
Non-performing notes receivable	Non-performing notes receivable.
Interest recognition on notes receivable	Interest recognition on notes receivable .
Allowance for estimated losses	Allowance for estimated losses .
Cash equivalents	Cash equivalents.
Concentration of credit risk	Concentration of credit risk.
Earnings per share	Earnings per share .
Use of estimates	Use of estimates.
Income taxes	Income taxes .
Recent accounting pronouncements	Recent accounting pronouncements . In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changes the criteria for determining which disposals qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major equity investment, that have a major effect on a company’s operations and financial results will be presented as discontinued operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the disposed component. The classification of operating results as discontinued operations are applied retroactively for all periods presented. The new standard was effective January 1, 2015. We adopted ASU 2014-08 as of January 1, 2015 and believe future sales of our individual operating properties will no longer qualify as discontinued operations. Adoption of this standard has resulted in substantially fewer of the Company’s dispositions meeting the discontinued operations criteria. See Note 8 below. In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this guidance has on its financial position and results of operations, if any. In April 2015, the FASB issued ASU 2015-03, “Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company has adopted this standard effective June 30, 2015. The accompanying financials have been reclassified to reflect the adoption. In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases” was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.

REAL ESTATE ACTIVITY (Tables)

REAL ESTATE ACTIVITY (Tables)	12 Months Ended
	Dec. 31, 2015
Real Estate [Abstract]
Schedule of the real estate owned	Below is a description of the related party transactions and fees between Pillar and Regis: Fees, expenses and revenue paid to and/or received from our advisor: 2015 2014 2013 (dollars in thousands) Fees: Advisory $ 8,368 $ 7,373 $ 8,494 Construction advisory — — — Mortgage brokerage and equity refinancing 1,524 1,152 1,878 Net income 187 3,669 4,089 Property acquisition 921 145 — $ 11,000 $ 12,339 $ 14,461 Other Expense: Cost reimbursements $ 2,925 $ 2,622 $ 2,585 Interest paid (received) (3,352 ) (2,795 ) 157 $ (427 ) $ (173 ) $ 2,742 Revenue: Rental $ 726 $ 701 $ 670 Fees paid to Regis and related parties: 2015 2014 2013 (dollars in thousands) Fees: Property acquisition $ 1,932 $ 348 $ — Property management, construction management and leasing commissions 682 544 436 Real estate brokerage 1,105 2,752 4,055 $ 3,719 $ 3,644 $ 4,491
Schedule of estimated useful lives of the assets	Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years
Schedule of assets measures in recurring and non recurring basis	Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ --- $ 3,000 Fair Value Measurements Using (dollars in thousands): December 31, 2013 Fair Value Level 1 Level 2 Level 3 Land $ 849 $ — $ 849 $ — Commercial $ 26,194 $ — $ 26,194 $ —

NOTES AND INTEREST RECEIVABLE (

NOTES AND INTEREST RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of notes and interest receivable	A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % 5,907 Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12/32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12/32 12.00 % 6,368 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12/32 12.00 % 4,640 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12/32 12.00 % 2,653 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 6,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Parkside Crossing) (1) 12/32 12.00 % 1,936 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12/32 12.00 % 4,812 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12/32 12.00 % 4,491 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 7,966 Secured Unified Housing Foundation, Inc. (1) 06/17 12.00 % 1,261 Unsecured Unified Housing Foundation, Inc. (1) 12/17 12.00 % 1,207 Unsecured Unified Housing Foundation, Inc. (1) 12/18 12.00 % 3,994 Unsecured Unified Housing Foundation, Inc. (1) 12/18 12.00 % 6,407 Unsecured Other related party notes (1) Various Various 1,420 Various unsecured interests Other non-related party notes Various Various 496 Various secured interests Other non-related party notes Various Various 503 Various unsecured interests Accrued interest 4,558 Total Performing $ 71,376 Allowance for estimated losses (1,825 ) Total $ 69,551 (1) Related party notes

ALLOWANCE FOR ESTIMATED LOSSES

ALLOWANCE FOR ESTIMATED LOSSES (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of allowance for estimated losses	The table below shows our allowance for estimated losses (dollars in thousands): 2015 2014 2013 Balance January 1, $ 1,990 $ 2,262 $ 2,262 Decrease in provision (165 ) (272 ) — Balance December 31, $ 1,825 $ 1,990 $ 2,262

INVESTMENT IN UNCONSOLIDATED 34

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)	12 Months Ended
	Dec. 31, 2015
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments accounted for via the equity method	Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2015 2014 2013 American Realty Investors, Inc. (1) 0.90 % 1.00 % 1.99 % (1) Unconsolidated investment in parent company
Schedule of the financial position and results of operations - unconsolidated parent	The following is a summary of the financial position and results of operations of ARL (dollars in thousands): For the Twelve Months Ended December 31, Unconsolidated Subsidiaries 2015 2014 2013 Real estate, net of accumulated depreciation $ 14,232 $ 15,460 $ 11,944 Notes Receivable 50,692 50,909 68,909 Other assets 127,497 128,635 128,945 Notes payable (25,233 ) (50,048 ) (56,103 ) Other liabilities (98,440 ) (80,904 ) (91,099 ) Shareholders’ equity/partners’ capital (68,748 ) (64,052 ) (62,596 ) Rents and interest and other income $ 11,990 $ 12,427 $ 11,372 Depreciation (192 ) (285 ) (285 ) Operating expenses (4,414 ) (6,983 ) (14,162 ) Gain on land sales 2,737 — 618 Interest expense (5,936 ) (7,144 ) (7,173 ) Income (loss) from continuing operations 4,185 (1,985 ) (9,630 ) Income (loss) from discontinued operations 1 64 (15 ) Net income (loss) $ 4,186 $ (1,921 ) $ (9,645 ) Company’s proportionate share of income (loss) (1) $ 38 $ (19 ) $ (192 ) (1) Income (loss) represents continued and discontinued operations

NOTES AND INTEREST PAYABLE (Tab

NOTES AND INTEREST PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Schedule of notes and interest payable	Below is a summary of our notes and interest payable as of December 31, 2015 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 507,498 $ 1,499 $ 508,997 Apartments under construction $ 11,139 $ — 11,139 Commercial 109,269 509 109,778 Land 32,818 116 32,934 Real estate subject to sales contract 5,953 469 6,422 Mezzanine financing 122,900 — 122,900 Other 7,269 — 7,269 Total $ 796,846 $ 2,593 $ 799,439 Unamortized deferred borrowing costs (20,005 ) — (20,005 ) $ 776,841 $ 2,593 $ 779,434
Schedule of principal payments on the notes payable	The following table schedules the principal payments on the notes payable for the next five years and thereafter (dollars in thousands): Year Amount 2016 $ 79,526 2017 23,581 2018 43,890 2019 34,623 2020 127,370 Thereafter 487,856 Total $ 796,846

RELATED PARTY TRANSACTIONS AN36

RELATED PARTY TRANSACTIONS AND FEES (Tables)	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Schedule of related party transactions	Below is a description of the related party transactions and fees between Pillar and Regis: Fees, expenses and revenue paid to and/or received from our advisor: 2015 2014 2013 (dollars in thousands) Fees: Advisory $ 8,368 $ 7,373 $ 8,494 Construction advisory — — — Mortgage brokerage and equity refinancing 1,524 1,152 1,878 Net income 187 3,669 4,089 Property acquisition 921 145 — $ 11,000 $ 12,339 $ 14,461 Other Expense: Cost reimbursements $ 2,925 $ 2,622 $ 2,585 Interest paid (received) (3,352 ) (2,795 ) 157 $ (427 ) $ (173 ) $ 2,742 Revenue: Rental $ 726 $ 701 $ 670 Fees paid to Regis and related parties: 2015 2014 2013 (dollars in thousands) Fees: Property acquisition $ 1,932 $ 348 $ — Property management, construction management and leasing commissions 682 544 436 Real estate brokerage 1,105 2,752 4,055 $ 3,719 $ 3,644 $ 4,491
Schedule of accounts receivable from and (accounts payable) to related parties	The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2015 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2014 $ — $ 58,404 $ 58,404 Cash transfers 64,817 — 64,817 Advisory fees (8,368 ) — (8,368 ) Net income fee (187 ) — (187 ) Fees and commissions (5,483 ) — (5,483 ) Cost reimbursements (2,925 ) — (2,925 ) Interest income — 3,352 3,352 Notes receivable purchased (18,221 ) (18,221 ) Expenses paid by advisor (5,182 ) — (5,182 ) Financing (mortgage payments) 3,290 — 3,290 Sales/Purchases transactions 1,018 — 1,018 Series K preferred stock acquisition — — — Tax sharing expense — — — Purchase of obligations (28,759 ) 28,759 — Related party receivable, December 31, 2015 $ — $ 90,515 $ 90,515

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of income tax expense benefit	Current expense (benefit) is attributable to (dollars in thousands): 2015 2014 2013 Income (loss) from continuing operations $ 517 $ (22,902 ) $ (24,598 ) Income (loss) from discontinued operations 483 22,902 16,835 Tax expense (benefit) $ 1,000 $ — $ (7,763 )
Schedule of federal income tax expense	The Federal income tax expense differs from the amount computed by applying the corporate tax rate of 35% to the income before income taxes as follows (dollars in thousands): 2015 2014 2013 Computed “expected” income tax (benefit) expense $ 4,648 $ 14,762 $ 26,998 Book to tax differences for partnerships not consolidated for tax purposes 5,152 (23,900 ) (33,565 ) Book to tax differences of depreciation and amortization (160 ) 1,461 1,222 Book to tax differences in gains on sale of property (4,073 ) (2,350 ) (20,308 ) Book provision for loss 1,855 — 3,962 Partial valuation allowance against current net operating loss benefit (9,596 ) 7,069 16,835 Other 2,524 2,958 2,139 Total $ 350 $ — $ (2,717 ) Alternative minimum tax $ — $ — $ —
Schedule of tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets	The tax effects of temporary differences and net operating loss carry forwards that give rise to the deferred tax assets are presented below (amounts in thousands): 2015 2014 2013 Net operating losses $ 46,497 $ 56,897 $ 71,071 AMT credits 1,900 1,374 1,374 Basis difference of: Real estate holdings (17,912 ) 876 (3,045 ) Notes receivable 694 757 860 Investments (4,709 ) (4,693 ) (4,703 ) Notes payable 2,792 6,932 12,496 Deferred gains 11,984 10,146 10,806 Total $ 41,246 $ 72,289 $ 88,859 Deferred tax valuation allowance (41,246 ) (72,289 ) (88,859 ) Net deferred tax asset $ — $ — $ —

FUTURE MINIMUM RENTAL INCOME 38

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2015
Leases [Abstract]
Schedule of minimum future rents under non-cancelable operating leases	The following is a schedule of minimum future rents on non-cancelable operating leases at December 31, 2015 (dollars in thousands): Year Amount 2016 $ 22,448 2017 20,536 2018 18,951 2019 14,444 2020 10,963 Thereafter 24,056 Total $ 111,398

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
Schedule of operating segment, including segment assets and expenditures	Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2015, 2014 and 2013 (dollars in thousands): For the Twelve Months Ended December 31, 2015 Commercial Apartments Land Other Total Rental and other property revenues $ 29,308 $ 72,809 $ — $ 103 $ 102,220 Property operating expenses (16,838 ) (34,437 ) (712 ) (270 ) (52,257 ) Depreciation (8,861 ) (12,438 ) — — (21,299 ) Mortgage and loan interest (6,891 ) (18,584 ) (4,214 ) (11,897 ) (41,586 ) Loan charges and prepayment penalties — (4,922 ) — (33 ) (4,955 ) Interest income — — — 10,687 10,687 Gain on land sales — — 18,911 18,911 Segment operating income (loss) $ (3,282 ) $ 2,428 $ 13,985 $ (1,410 ) $ 11,721 Capital expenditures 8,118 1,780 2,621 — 12,519 Assets 153,270 553,860 136,889 — 844,019 Property Sales Sales price $ — $ 11,129 $ 102,898 $ — $ 114,027 Less: Cost of sale — (10,394 ) (83,987 ) — (94,381 ) Gain on sale $ — $ 735 $ 18,911 $ — $ 19,646 For the Twelve Months Ended December 31, 2014 Commercial Apartments Land Other Total Rental and other property revenues $ 19,129 $ 56,685 $ 1 $ 43 $ 75,858 Property operating expenses (12,238 ) (26,065 ) (1,169 ) (12 ) (39,484 ) Depreciation (7,310 ) (10,088 ) — — (17,398 ) Mortgage and loan interest (5,699 ) (16,321 ) (4,318 ) (4,539 ) (30,877 ) Loan charges and prepayment penalties (113 ) (2,625 ) (16 ) (50 ) (2,804 ) Interest income — — — 12,194 12,194 Gain on land sales — — 561 — 561 Segment operating income (loss) $ (6,231 ) $ 1,586 $ (4,941 ) $ 7,636 $ (1,950 ) Capital expenditures 4,418 320 2,435 — 7,173 Assets 140,131 391,767 157,223 — 689,121 Property Sales Sales price $ 19,182 $ 115,273 $ 8,091 $ — $ 142,546 Less: Cost of sale (9,168 ) (63,408 ) (7,530 ) — (80,106 ) Gain on sale $ 10,014 $ 51,865 $ 561 $ — $ 62,440 For the Twelve Months Ended December 31, 2013 Commercial Apartments Land Other Total Rental and other property revenues $ 22,928 $ 54,272 $ 39 $ 112 $ 77,351 Property operating expenses (10,857 ) (24,798 ) (976 ) (38 ) (36,669 ) Depreciation (5,846 ) (9,996 ) — — (15,842 ) Mortgage and loan interest (5,568 ) (18,013 ) (5,880 ) (2,815 ) (32,276 ) Loan charges and prepayment penalties (150 ) (3,937 ) (1,080 ) (52 ) (5,219 ) Interest income — — — 13,790 13,790 Loss on land sales — — (1,073 ) — (1,073 ) Segment operating income (loss) $ 507 $ (2,472 ) $ (8,970 ) $ 10,997 $ 62 Capital expenditures 6,964 315 387 — 7,666 Assets 129,063 354,035 158,359 — 641,457 Property Sales Sales price $ 26,974 $ 239,676 $ 5,999 $ — $ 272,649 Less: Cost of sale (14,914 ) (154,331 ) (7,072 ) — (176,317 ) Gain (loss) on sale $ 12,060 $ 85,345 $ (1,073 ) $ — $ 96,332
Schedule of reconciliaton of segment information to consolidated statements of operations	The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For Twelve Months Ended December 31, 2015 2014 2013 Segment operating income (loss) $ 11,721 $ (1,950 ) $ 62 Other non-segment items of income (expense) General and administrative (5,508 ) (7,163 ) (6,308 ) Provision on impairment of notes receivable and real estate assets (5,300 ) — (11,320 ) Net income fee to related party (187 ) (3,669 ) (4,089 ) Advisory fee to related party (8,368 ) (7,373 ) (8,494 ) Other income 71 403 7,847 Gain (loss) on the sale of investments (1 ) (92 ) (283 ) Loss from unconsolidated joint ventures and investees 41 (28 ) (172 ) Litigation settlement (352 ) 3,591 (20,313 ) Income tax benefit (expense) (517 ) 20,390 40,949 Gain (loss) from continuing operations $ (8,400 ) $ 4,109 $ (2,121 )
Schedule of reconciliaton segment information to consolidated balance sheets	The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2015 2014 2013 Segment assets $ 844,019 $ 689,121 $ 641,457 Investments in real estate partnerships 5,243 1,543 1,697 Notes and interest receivable 69,551 83,457 67,907 Other assets 191,391 156,284 132,265 Assets held for sale — — 54,345 Total assets $ 1,110,204 $ 930,405 $ 897,671

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
Schedule of summarizes revenue and expense information for the properties sold and held for sale	The following table summarizes revenue and expense information for these properties sold and held-for-sale (dollars in thousands): For the Years Ended December 31, 2015 2014 2013 Revenues: Rental and other property revenues $ 355 $ 5,612 $ 34,922 355 5,612 34,922 Expenses: Property operating expenses (345 ) 2,350 16,480 Depreciation — 751 5,563 General and administrative 99 515 950 Total operating expenses (246 ) 3,616 22,993 Other income (expense): Other income (expense) 45 (508 ) 44 Mortgage and loan interest (2 ) (3,204 ) (11,097 ) Loan charges and prepayment penalties — (1,656 ) (3,245 ) Earnings from unconsolidated subsidiaries and investees — 1 30 Litigation settlement — (250 ) (250 ) Total other expenses 43 (5,617 ) (14,518 ) Loss from discontinued operations before gain on sale of real estate and taxes 644 (3,621 ) (2,589 ) Gain on sale of real estate from discontinued operations 735 61,879 97,405 Income tax benefit (expense) (483 ) (20,390 ) (33,186 ) Income (loss) from discontinued operations $ 896 $ 37,868 $ 61,630

QUARTERLY RESULTS OF OPERATIO41

QUARTERLY RESULTS OF OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly results of operations	The following is a tabulation of TCI’s quarterly results of operations for the years 2015, 2014 and 2013. Quarterly results presented may differ from those previously reported in TCI’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: For the Three Months Ended 2015 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2015 Revenue and other property revenues $ 22,304 $ 23,756 $ 27,539 $ 28,621 Total operating expenses 19,264 19,310 24,613 29,732 Operating income (loss) 3,040 4,446 2,926 (1,111 ) Other expenses (6,398 ) (5,243 ) (11,211 ) (13,243 ) Loss before gain on land sales, non-controlling interest, and taxes (3,358 ) (797 ) (8,285 ) (14,354 ) Gain (loss) on land sales 2,876 1,250 997 13,788 Income tax benefit 102 (12 ) 274 (881 ) Net income (loss) from continuing operations (380 ) 441 (7,014 ) (1,447 ) Net income from discontinued operations 190 (22 ) 508 220 Net income (loss) (190 ) 419 (6,506 ) (1,227 ) Net (loss) attributable to non-controlling interest 295 (281 ) (95 ) (51 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net income (loss) applicable to common shares $ (117 ) $ (86 ) $ (6,828 ) $ (1,505 ) PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net income (loss) applicable to common shares $ (0.02 ) $ (0.01 ) $ (0.78 ) $ (0.17 ) Weighted average common shares used in computing earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Earnings per share - diluted Income (loss) from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net income (loss) applicable to common shares $ (0.02 ) $ (0.01 ) $ (0.78 ) $ (0.17 ) Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 For the Three Months Ended 2014 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2014 Revenue and other property revenues $ 18,303 $ 18,511 $ 18,466 $ 20,578 Total operating expenses 17,376 18,388 17,264 22,059 Operating income (loss) 927 123 1,202 (1,481 ) Other expenses (2,899 ) (3,718 ) (5,754 ) (5,242 ) Loss before gain on land sales, non-controlling interest, and taxes (1,972 ) (3,595 ) (4,552 ) (6,723 ) Gain (loss) on land sales 753 (159 ) 40 (73 ) Income tax benefit 2,049 2,195 786 15,360 Net income (loss) from continuing operations 830 (1,559 ) (3,726 ) 8,564 Net income from discontinuing operations 3,805 4,076 1,461 28,526 Net income (loss) 4,635 2,517 (2,265 ) 37,090 Net (loss) attributable to non-controlling interest (84 ) (127 ) (81 ) (107 ) Preferred dividend requirement (274 ) (277 ) (227 ) (227 ) Net income (loss) applicable to common shares $ 4,277 $ 2,113 $ (2,573 ) $ 36,756 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ 0.06 $ (0.23 ) $ (0.46 ) $ 0.94 Income from discontinued operations 0.45 0.48 0.17 3.27 Net income (loss) applicable to common shares $ 0.51 $ 0.25 $ (0.29 ) $ 4.21 Weighted average common shares used in computing earnings per share 8,413,469 8,413,469 8,688,018 8,717,767 Earnings per share - diluted Income (loss) from continuing operations $ 0.05 $ (0.23 ) $ (0.46 ) $ 0.94 Income from discontinued operations 0.44 0.48 0.17 3.27 Net income (loss) applicable to common shares $ 0.49 $ 0.25 $ (0.29 ) $ 4.21 Weighted average common shares used in computing diluted earnings per share 8,639,679 8,413,469 8,688,018 8,717,767 For the Three Months Ended 2013 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2013 Revenue and other property revenues $ 18,242 $ 18,351 $ 18,663 $ 22,095 Total operating expenses 16,416 16,336 17,472 32,498 Operating income (loss) 1,826 2,015 1,191 (10,403 ) Other expenses (11,779 ) (5,179 ) (8,193 ) (11,475 ) Loss before gain on land sales, non-controlling interest, and taxes (9,953 ) (3,164 ) (7,002 ) (21,878 ) Loss on land sales (48 ) — — (1,025 ) Income tax benefit 2,451 5,357 401 32,740 Net income (loss) from continuing operations (7,550 ) 2,193 (6,601 ) 9,837 Net income from discontinuing operations 4,552 9,949 747 46,382 Net income (loss) (2,998 ) 12,142 (5,854 ) 56,219 Net loss attributable to non-controlling interest (111 ) (115 ) (97 ) (656 ) Preferred dividend requirement (274 ) (277 ) (279 ) (280 ) Net income (loss) applicable to common shares $ (3,383 ) $ 11,750 $ (6,230 ) $ 55,283 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.94 ) $ 0.21 $ (0.83 ) $ 1.06 Income from discontinued operations 0.54 1.18 0.09 5.51 Net income (loss) applicable to common shares $ (0.40 ) $ 1.39 $ (0.74 ) $ 6.57 Weighted average common shares used in computing earnings per share 8,413,469 8,413,469 8,413,469 8,413,469 Earnings per share - diluted Income (loss) from continuing operations $ (0.94 ) $ 0.20 $ (0.83 ) $ 1.01 Income from discontinued operations 0.54 1.13 0.09 5.28 Net income (loss) applicable to common shares $ (0.40 ) $ 1.33 $ (0.74 ) $ 6.29 Weighted average common shares used in computing diluted earnings per share 8,413,469 8,796,699 8,413,469 8,791,655

ORGANIZATION AND SUMMARY OF S42

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)ft²aNumbershares	Dec. 31, 2014USD ($)Numbershares	Dec. 31, 2009shares
Number of additional common stock issued | shares	8,717,967	8,717,967
Number of apartment units | ft²	7,983
Number of properties | Number	48
Rentable square feet | ft²	3,665
Acres of land | a	3,665
Area of land comprising golf course | ft²	96
Real estate, at cost	$ 935,635	$ 781,794
Variable Interest Entity, Primary Beneficiary [Member]
Real estate, at cost	$ 384,500	$ 362,300
Minimum [Member]
Percentage of ownership	20.00%
Minimum [Member] | Buildings and Improvements [Member]
Useful life of fixed assets	10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life of fixed assets	5 years
Minimum [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Number of apartment units | Number	32
Maximum [Member]
Percentage of ownership	50.00%
Maximum [Member] | Buildings and Improvements [Member]
Useful life of fixed assets	40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life of fixed assets	10 years
Maximum [Member] | Variable Interest Entity, Primary Beneficiary [Member]
Number of apartment units | Number		320
American Realty Investors, Inc. [Member] | Income Opportunity Realty Investors, Inc. [Member] | Minimum [Member]
Number of additional common stock issued | shares			2,518,934
Percentage of ownership	80.00%
American Realty Investors, Inc. [Member] | Income Opportunity Realty Investors, Inc. [Member] | Maximum [Member]
Percentage of ownership	81.10%		25.00%
Assets acquired	$ 112,000
Liabilities acquired	43,000
Net difference of assets and liabilities	$ 25,900

REAL ESTATE (Details Narrative)

REAL ESTATE (Details Narrative)	1 Months Ended	12 Months Ended
	Nov. 30, 2015USD ($)a	Dec. 31, 2015USD ($)aNumberft²	Dec. 31, 2013USD ($)	Dec. 31, 2014USD ($)
Number of income-producing apartment purchase | Number		48
Number of units | ft²		7,983
Area of land | a		3,665
Impairment of real estate			$ 200,000
Real estate carrying value		$ 935,635,000		$ 781,794,000
Commercial Properties [Member]
Impairment of real estate			9,600,000
Land [Member]
Impairment of real estate			1,500,000
Related Party [Member]
Number of income-producing apartment purchase | Number		7
Number of units | Number		1,155
Payment to acquire the properties		$ 30,400,000
Area of land | a		91
TEXAS
Area of land | a		579
Proceeds from sale of real estate		$ 102,900,000
Gain on sale of real estate		$ 18,900,000
TEXAS | Related Party [Member]
Number of income-producing apartment purchase | Number		2
TENNESSEE | Related Party [Member]
Number of income-producing apartment purchase | Number		1
FLORIDA | Related Party [Member]
Number of income-producing apartment purchase | Number		2
MISSISSIPPI | Related Party [Member]
Number of income-producing apartment purchase | Number		1
KANSAS [Member] | Related Party [Member]
Number of income-producing apartment purchase | Number		1
TEXAS [Member]
Area of land | a	88
Proceeds from sale of real estate	$ 33,900,000
Gain on sale of real estate	$ 12,100,000
OHIO [Member]
Number of income-producing apartment purchase | Number		1
Number of units | Number		200
Gain on sale of real estate		$ 700,000
Commercial [Member]
Impairment of real estate		5,300,000	9,600,000
Real estate carrying value		$ 8,300,000	35,794,331
Land [Member]
Impairment of real estate			1,506,300
Real estate carrying value			$ 2,355,768
Apartments [Member]
Number of income-producing apartment purchase | Number		5
Number of units | Number		990
Payment to acquire the properties		$ 82,900,000
Apartments [Member] | TEXAS
Number of income-producing apartment purchase | Number		3
Apartments [Member] | TENNESSEE
Number of income-producing apartment purchase | Number		1
Apartments [Member] | ALABAMA
Number of income-producing apartment purchase | Number		1
Office Building [Member] | TEXAS
Payment to acquire the properties		$ 16,800,000
Area of real estate property | a		92,723

REAL ESTATE (Details)

REAL ESTATE (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Real Estate [Abstract]
Apartments	$ 626,141	$ 452,631
Apartments under construction	18,229	1,512
Commercial properties	201,567	179,171
Land held for development	89,697	148,480
Real estate subject to sales contract	47,192	22,695
Total real estate, at cost, less impairment	982,827	804,489
Less accumulated depreciation	(138,808)	(115,368)	$ (132,291)	$ (166,684)
Total real estate	$ 844,019	$ 689,121

REAL ESTATE (Details 1)

REAL ESTATE (Details 1)	12 Months Ended
	Dec. 31, 2015
Land Improvements [Member] | Minimum [Member]
Useful life	25 years
Land Improvements [Member] | Maximum [Member]
Useful life	40 years
Buildings And Improvements [Member] | Minimum [Member]
Useful life	10 years
Buildings And Improvements [Member] | Maximum [Member]
Useful life	40 years
Furniture, Fixtures And Equipment [Member] | Minimum [Member]
Useful life	3 years
Furniture, Fixtures And Equipment [Member] | Maximum [Member]
Useful life	7 years
Tenant Improvements [Member]
Description on useful life	Shorter of useful life or terms of related lease.

REAL ESTATE (Details 2)

REAL ESTATE (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2013
Land [Member]
Fair Value		$ 849
Land [Member] | Level 2 [Member]
Fair Value		849
Commercial [Member]
Fair Value	$ 3,000	26,194
Commercial [Member] | Level 2 [Member]
Fair Value		$ 26,194
Commercial [Member] | Level 3 [Member]
Fair Value	$ 3,000

NOTES AND INTEREST RECEIVABLE47

NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Total notes and interest receivable	$ 69,551	$ 85,447	$ 70,169	$ 61,360
Interest income	3,352
Junior Mortgage Loans [Member]
Interest income	$ 6,500
Percentage on mortgage notes receivable	89.70%
Junior Mortgage Loans [Member] | Related Party [Member]
Total notes and interest receivable	$ 62,400

NOTES AND INTEREST RECEIVABLE48

NOTES AND INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Performing loans, total		$ 66,818
Accrued interest		4,558
Allowance for estimated losses		(1,825)
Total notes and interest receivable		69,551	$ 85,447	$ 70,169	$ 61,360
Unified Housing Foundation, Inc. [Member]
Accrued interest		4,300
Total notes and interest receivable		58,100
Performing Loans [Member]
Performing loans, total		71,376
Accrued interest		$ 4,558
Performing Loans [Member] | H198, LLC (Las Vegas Land) [Member]
Maturity Date		Jan. 31, 2020
Description of property		Las Vegas Land
Interest Rate		12.00%
Performing loans, total		$ 5,907
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Echo Station
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,481
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Lakeshore Villas
Interest Rate		12.00%
Performing loans, total	[1]	$ 2,000
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Lakeshore Villas
Interest Rate		12.00%
Performing loans, total	[1]	$ 6,368
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Limestone Canyon
Interest Rate		12.00%
Performing loans, total	[1]	$ 4,640
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Limestone Canyon
Interest Rate		12.00%
Performing loans, total	[1]	$ 2,653
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Limestone Ranch
Interest Rate		12.00%
Performing loans, total	[1]	$ 6,000
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Limestone Ranch
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,953
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Parkside Crossing) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Parkside Crossing
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,936
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Sendero Ridge
Interest Rate		12.00%
Performing loans, total		$ 4,812
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Sendero Ridge
Interest Rate		12.00%
Performing loans, total		$ 4,491
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Timbers of Terrell
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,323
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member]
Maturity Date		Dec. 31, 2032
Description of property		Tivoli
Interest Rate		12.00%
Performing loans, total	[1]	$ 7,966
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]
Maturity Date		Jun. 30, 2017
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,261
Description of Security		Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]
Maturity Date		Dec. 31, 2017
Interest Rate		12.00%
Performing loans, total	[1]	$ 1,207
Description of Security		Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member]
Maturity Date		Dec. 31, 2018
Interest Rate		12.00%
Performing loans, total	[1]	$ 3,994
Description of Security		Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member]
Maturity Date		Dec. 31, 2018
Interest Rate		12.00%
Performing loans, total	[1]	$ 6,407
Description of Security		Unsecured
Performing Loans [Member] | Other Related Party Notes [Member]
Description of Interest Rate		Various
Performing loans, total	[1]	$ 1,420
Description of Security		Various unsecured interests
Performing Loans [Member] | Other Non-Related Party Notes [Member]
Description of Interest Rate		Various
Performing loans, total		$ 496
Description of Security		Various secured interests
Performing Loans [Member] | Other Non-Related Party Notes [Member]
Description of Interest Rate		Various
Performing loans, total		$ 503
Description of Security		Various unsecured interests
[1]	Related party notes

ALLOWANCE FOR ESTIMATED LOSSE49

ALLOWANCE FOR ESTIMATED LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Receivables [Abstract]
Balance at beginning	$ 1,990	$ 2,262	$ 2,262
Increase (decrease) in provision	(165)	(272)
Balance at ending	$ 1,825	$ 1,990	$ 2,262

INVESTMENT IN UNCONSOLIDATED 50

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details Narrative)	Dec. 31, 2015
Minimum [Member]
Percentage of ownership	20.00%
Maximum [Member]
Percentage of ownership	50.00%

INVESTMENT IN UNCONSOLIDATED 51

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details)		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
American Realty Investors, Inc. [Member]
Percentage of ownership	[1]	0.90%	1.00%	1.99%
[1]	Unconsolidated investment in parent company

INVESTMENT IN UNCONSOLIDATED 52

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details 1) - USD ($) $ in Thousands		3 Months Ended												12 Months Ended
		Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real estate, net of accumulated depreciation		$ 844,019				$ 689,121								$ 844,019	$ 689,121
Other assets		41,645				37,441								41,645	37,441
Notes payable		772,636				588,749								772,636	588,749
Shareholders' equity/partners capital		206,748				215,284								206,748	215,284
Rents and interest and other income		28,621	$ 27,539	$ 23,756	$ 22,304	20,578	$ 18,466	$ 18,511	$ 18,303	$ 22,095	$ 18,663	$ 18,351	$ 18,242	102,220	75,858	$ 77,351
Depreciation														(21,299)	(17,398)	(15,842)
Operating expenses		29,732	24,613	19,310	19,264	22,059	17,264	18,388	17,376	32,498	17,472	16,336	16,416	92,919	75,087	82,722
Income (loss) from discontinued operations		220	508	(22)	190	28,526	1,461	4,076	3,805	46,382	747	9,949	4,552	896	37,868	61,630
Net income (loss)		(1,227)	$ (6,506)	$ 419	$ (190)	37,090	$ (2,265)	$ 2,517	$ 4,635	56,219	$ (5,854)	$ 12,142	$ (2,998)	(7,504)	41,977	59,509
Company's proportionate share of income (loss)														41	(28)	(172)
American Realty Investors, Inc. [Member]
Real estate, net of accumulated depreciation		14,232				15,460				11,944				14,232	15,460	11,944
Notes receivable		50,692				50,909				68,909				50,692	50,909	68,909
Other assets		127,497				128,635				128,945				127,497	128,635	128,945
Notes payable		(25,233)				(50,048)				(56,103)				(25,233)	(50,048)	(56,103)
Other liabilities		(98,440)				(80,904)				(91,099)				(98,440)	(80,904)	(91,099)
Shareholders' equity/partners capital		$ (68,748)				$ (64,052)				$ (62,596)				(68,748)	(64,052)	(62,596)
Rents and interest and other income														11,990	12,427	11,372
Depreciation														(192)	(285)	(285)
Operating expenses														(4,414)	$ (6,983)	(14,162)
Gain on land sales														2,737		618
Interest expense														(5,936)	$ (7,144)	(7,173)
Income (loss) from continuing operations														4,185	(1,985)	(9,630)
Income (loss) from discontinued operations														1	64	(15)
Net income (loss)														4,186	(1,921)	(9,645)
Company's proportionate share of income (loss)	[1]													$ 38	$ (19)	$ (192)
[1]	Income (loss) represents continued and discontinued operations

NOTES PAYABLE (Details Narrativ

NOTES PAYABLE (Details Narrative) $ in Thousands	May. 28, 2015USD ($)	Dec. 31, 2015USD ($)ft²
Number of units | ft²		7,983
Interest payable		$ 2,593
Minimum interest rate		2.50%
Maximum interest rate		12.00%
Description of maturity date		Mature between 2016 and 2055.
Notes payable		$ 136,000
Notes outstanding balance		799,439
Construction Loans [Member]
Notes outstanding balance		9,900
New Secured Notes Payable [Member] | Independent Third Party [Member]
Interest rate	12.00%
Description of frequency payment	Quarterly.
Notes outstanding balance	$ 40,000	$ 38,500
Notes payable term	5 years
Description of collateral	The loan is secured by various equity interests in residential apartments and can be prepaid at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter.
Notes payable principal payment	$ 500
Penalty rate	4.00%
Penalty declincing rate	1.00%
Secured Notes Payable [Member] | Independent Third Party [Member]
Description of frequency payment	Monthly.
Notes payable	$ 120,000
Notes outstanding balance	$ 84,400
Notes payable term	5 years
Description of interest rate	30 day Libor plus 10.75%.
Basis spread	10.75%
Description of collateral	The loan is secured by various equity interests in certain residential apartments.

NOTES PAYABLE (Details)

NOTES PAYABLE (Details) $ in Thousands	Dec. 31, 2015USD ($)
Notes Payable	$ 796,846
Accrued Interest	2,593
Total Debt	799,439
Unamortized deferred borrowing costs	(20,005)
Apartments [Member]
Notes Payable	507,498
Accrued Interest	1,499
Total Debt	508,997
Apartment Under Construction [Member]
Notes Payable	11,139
Total Debt	11,139
Commercial [Member]
Notes Payable	109,269
Accrued Interest	509
Total Debt	109,778
Land [Member]
Notes Payable	32,818
Accrued Interest	116
Total Debt	32,934
Real Estate Subject To Sales Contract [Member]
Notes Payable	5,953
Accrued Interest	469
Total Debt	6,422
Mezzanine Financing [Member]
Notes Payable	122,900
Total Debt	122,900
Other [Member]
Notes Payable	7,269
Total Debt	7,269
Total Notes Payable [Member]
Notes Payable	796,846
Accrued Interest	2,593
Total Debt	$ 799,439

NOTES PAYABLE (Details 1)

NOTES PAYABLE (Details 1) $ in Thousands	Dec. 31, 2015USD ($)
Debt Disclosure [Abstract]
2,016	$ 79,526
2,017	23,581
2,018	43,890
2,019	34,623
2,020	127,370
Thereafter	487,856
Total	$ 796,846

RELATED PARTY TRANSACTIONS AN56

RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)a	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Dec. 31, 2012USD ($)
Interest receivable	$ 4,558
Total notes receivable	69,551	$ 85,447	$ 70,169	$ 61,360
Interest income	3,352
Proceeds from notes receivables			590
Notes payable	$ 796,846
Statutory tax rate	35.00%
Area of land | a	3,665
Maximum [Member]
Statutory tax rate	35.00%
Mezzanine Financing [Member]
Notes payable	$ 122,900
Unified Housing Foundation, Inc. [Member]
Interest receivable	4,300
Total notes receivable	58,100
Recognized interest income	6,700
Originated interest income	11,600
Interest income	11,800
Proceeds from notes receivables	4,700
Pillar Income Asset Management, Inc [Member]
Rental	$ 700	$ 700	$ 700
Related Party [Member]
Area of land | a	91
Related Party [Member] | Mezzanine Financing [Member]
Notes payable	$ 60,350

RELATED PARTY TRANSACTIONS AN57

RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fees:
Advisory fee	$ 8,368	$ 7,373	$ 8,494
Net income fee	187	3,669	4,089
Other Expense:
Cost reimbursements	(2,925)
Pillar Income Asset Management, Inc [Member]
Fees:
Advisory fee	8,368	7,373	8,494
Mortgage brokerage and equity refinancing	1,524	1,152	1,878
Net income fee	187	3,669	$ 4,089
Property acquisition	921	145
Total fees	11,000	12,339	$ 14,461
Other Expense:
Cost reimbursements	2,925	2,622	2,585
Interest paid (received)	(3,352)	(2,795)	157
Total other expense	(427)	(173)	2,742
Revenue:
Rental	$ 726	$ 701	$ 670

RELATED PARTY TRANSACTIONS AN58

RELATED PARTY TRANSACTIONS AND FEES (Details 1) - Regis Realty Prime, LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Fees:
Property acquisition	$ 1,932	$ 348
Property management, construction management and leasing commissions	682	544	$ 436
Real estate brokerage	1,105	2,752	4,055
Total fees	$ 3,719	$ 3,644	$ 4,491

RELATED PARTY TRANSACTIONS AN59

RELATED PARTY TRANSACTIONS AND FEES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Related party receivable	$ 58,404
Cash transfers	64,817
Advisory fees	(8,368)	$ (7,373)	$ (8,494)
Net income fee	(187)	(3,669)	(4,089)
Fees and commissions	(5,483)
Cost reimbursements	(2,925)
Interest income	3,352
Notes receivable purchased	(18,221)
Expenses paid by Advisor	(5,182)
Financing (mortgage payments)	3,290
Sales/purchases transactions	1,018
Related party receivable	90,515	58,404
Pillar Income Asset Management, Inc [Member]
Cash transfers	64,817
Advisory fees	(8,368)	(7,373)	(8,494)
Net income fee	(187)	(3,669)	(4,089)
Fees and commissions	(5,483)
Cost reimbursements	2,925	2,622	$ 2,585
Notes receivable purchased	(18,221)
Expenses paid by Advisor	(5,182)
Financing (mortgage payments)	3,290
Sales/purchases transactions	1,018
Tax sharing expense	(28,759)
American Realty Investors, Inc [Member]
Related party receivable	58,404
Interest income	3,352
Tax sharing expense	28,759
Related party receivable	$ 90,515	$ 58,404

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jul. 09, 2014	Nov. 30, 2006	Dec. 31, 2015	Dec. 31, 2014
Accrued dividends			$ 900
Liquidation preference per share			$ 100
Number of new shares issued	304,298
Series C Cumulative Convertible Preferred Stock [Member]
Preferred stock, issued	30,000
Preferred stock, outstanding	30,000
Shares issued upon conversion	30,000
Series D Preferred Stock [Member]
Preferred stock, issued			100,000	100,000
Preferred stock, outstanding			100,000	100,000
Liquidation preference per share		$ 100	$ 100	$ 100
Number of new shares issued		100,000
Series D Preferred Stock [Member] | RAI [Member]
Accrued dividends		$ 4,000
Series D Preferred Stock [Member] | Pillar [Member]
Accrued dividends		$ 500

STOCK OPTIONS (Details Narrativ

STOCK OPTIONS (Details Narrative) - Director's Stock Option Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2000	Dec. 31, 2014
Number of shares available for grants	140,000
Expiration date	10 years
Stock options outstanding		$ 5,000
Exercisable per share		$ 14.25

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Income Tax Disclosure [Abstract]
Net operating losses and capital loss carryforwards	$ 119,000
Alternative minimum tax credit	$ 1,570
Statutory tax rate	35.00%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations	$ (881)	$ 274	$ (12)	$ 102	$ 15,360	$ 786	$ 2,195	$ 2,049	$ 32,740	$ 401	$ 5,357	$ 2,451	$ 517	$ (20,390)	$ (40,949)
Income (loss) from discontinued operations													483	$ 20,390	33,186
Tax expense (benefit)													$ 1,000		$ (7,763)

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Computed "expected" income tax (benefit) expense	$ 4,648	$ 14,762	$ 26,998
Book to tax differences for partnerships not consolidated for tax purposes	5,152	(23,900)	(33,565)
Book to tax differences of depreciation and amortization	(160)	1,461	1,222
Book to tax differences in gains on sale of property	(4,073)	(2,350)	(20,308)
Book provision for loss	1,855		3,962
Partial valuation allowance against current net operating loss benefit	(9,596)	7,069	16,835
Other	2,524	$ 2,958	2,139
Total	$ 350		$ (2,717)

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Net operating losses	$ 46,497	$ 56,897	$ 71,071
AMT credits	1,900	1,374	1,374
Basis difference of:
Real estate holdings	(17,912)	876	(3,045)
Notes receivable	694	757	860
Investments	(4,709)	(4,693)	(4,703)
Notes payable	2,792	6,932	12,496
Deferred gains	11,984	10,146	10,806
Total	41,246	72,289	88,859
Deferred tax valuation allowance	$ (41,246)	$ (72,289)	$ (88,859)

FUTURE MINIMUM RENTAL INCOME 66

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2015USD ($)
Leases [Abstract]
2,016	$ 22,448
2,017	20,536
2,018	18,951
2,019	14,444
2,020	10,963
Thereafter	24,056
Total	$ 111,398

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment Reporting Information [Line Items]
Rents and interest and other income	$ 28,621	$ 27,539	$ 23,756	$ 22,304	$ 20,578	$ 18,466	$ 18,511	$ 18,303	$ 22,095	$ 18,663	$ 18,351	$ 18,242	$ 102,220	$ 75,858	$ 77,351
Property operating expenses													(52,257)	(39,484)	(36,669)
Depreciation													(21,299)	(17,398)	(15,842)
Loan charges and prepayment penalties													(4,955)	(2,804)	(5,219)
Gain on land sales	13,788	997	1,250	2,876	(73)	40	(159)	753	(1,025)			(48)	18,911	561	(1,073)
Segment operating income (loss)	(1,111)	$ 2,926	$ 4,446	$ 3,040	(1,481)	$ 1,202	$ 123	$ 927	(10,403)	$ 1,191	$ 2,015	$ 1,826	9,301	771	(5,371)
Total real estate	844,019				689,121								844,019	689,121
Property Sales
Cost of sale													(38,785)	(95,027)	(233,617)
Gain (loss) on sale													735	61,879	97,405
Commercial Properties [Member]
Segment Reporting Information [Line Items]
Rents and interest and other income													29,308	19,129	22,928
Property operating expenses													(16,838)	(12,238)	(10,857)
Depreciation													(8,861)	(7,310)	(5,846)
Mortgage and loan interest													(6,891)	(5,699)	(5,568)
Loan charges and prepayment penalties														(113)	(150)
Segment operating income (loss)													(3,282)	(6,231)	507
Capital expenditures													8,118	4,418	6,964
Total real estate	153,270				140,131				129,063				153,270	140,131	129,063
Property Sales
Sales price														19,182	26,974
Cost of sale														(9,168)	(14,914)
Gain (loss) on sale														10,014	12,060
Apartments [Member]
Segment Reporting Information [Line Items]
Rents and interest and other income													72,809	56,685	54,272
Property operating expenses													(34,437)	(26,065)	(24,798)
Depreciation													(12,438)	(10,088)	(9,996)
Mortgage and loan interest													(18,584)	(16,321)	(18,013)
Loan charges and prepayment penalties													(4,922)	(2,625)	(3,937)
Segment operating income (loss)													2,428	1,586	(2,472)
Capital expenditures													1,780	320	315
Total real estate	553,860				391,767				354,035				553,860	391,767	354,035
Property Sales
Sales price													11,129	115,273	239,676
Cost of sale													(10,394)	(63,408)	(154,331)
Gain (loss) on sale													735	51,865	85,345
Land [Member]
Segment Reporting Information [Line Items]
Rents and interest and other income														1	39
Property operating expenses													(712)	(1,169)	(976)
Mortgage and loan interest													(4,214)	(4,318)	(5,880)
Loan charges and prepayment penalties														(16)	(1,080)
Gain on land sales													18,911	561	(1,073)
Segment operating income (loss)													13,985	(4,941)	(8,970)
Capital expenditures													2,621	2,435	387
Total real estate	136,889				157,223				158,359				136,889	157,223	158,359
Property Sales
Sales price													102,898	8,091	5,999
Cost of sale													(83,987)	(7,530)	(7,072)
Gain (loss) on sale													18,911	561	(1,073)
Other [Member]
Segment Reporting Information [Line Items]
Rents and interest and other income													103	43	112
Property operating expenses													(270)	(12)	(38)
Mortgage and loan interest													(11,897)	(4,539)	(2,815)
Loan charges and prepayment penalties													(33)	(50)	(52)
Interest income													10,687	$ 12,194	13,790
Gain on land sales
Segment operating income (loss)													(1,410)	$ 7,636	10,997
Total Segments [Member]
Segment Reporting Information [Line Items]
Rents and interest and other income													102,220	75,858	77,351
Property operating expenses													(52,257)	(39,484)	(36,669)
Depreciation													(21,299)	(17,398)	(15,842)
Mortgage and loan interest													(41,586)	(30,877)	(32,276)
Loan charges and prepayment penalties													(4,955)	(2,804)	(5,219)
Interest income													10,687	12,194	13,790
Gain on land sales													18,911	561	(1,073)
Segment operating income (loss)													11,721	(1,950)	62
Capital expenditures													12,519	7,173	7,666
Total real estate	$ 844,019				$ 689,121				$ 641,457				844,019	689,121	641,457
Property Sales
Sales price													114,027	142,546	272,649
Cost of sale													(94,381)	(80,106)	(176,317)
Gain (loss) on sale													$ 19,646	$ 62,440	$ 96,332

OPERATING SEGMENTS (Details 1)

OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Segment operating income (loss)	$ (1,111)	$ 2,926	$ 4,446	$ 3,040	$ (1,481)	$ 1,202	$ 123	$ 927	$ (10,403)	$ 1,191	$ 2,015	$ 1,826	$ 9,301	$ 771	$ (5,371)
Other non-segment items of income (expense)
General and administrative													(5,508)	(7,163)	(6,308)
Provision on impairment of notes receivable and real estate assets													(5,300)		(11,320)
Net income fee to related party													(187)	(3,669)	(4,089)
Advisory fee to related party													(8,368)	(7,373)	(8,494)
Other income													71	403	7,847
Gain (loss) on the sale of investments													(1)	(92)	(283)
Earnings from unconsolidated joint ventures and investees													41	(28)	(172)
Litigation settlement													(352)	3,591	(20,313)
Income tax benefit (expense)	881	(274)	12	(102)	(15,360)	(786)	(2,195)	(2,049)	(32,740)	(401)	(5,357)	(2,451)	(517)	20,390	40,949
Gain (loss) from continuing operations	$ (1,447)	$ (7,014)	$ 441	$ (380)	$ 8,564	$ (3,726)	$ (1,559)	$ 830	$ 9,837	$ (6,601)	$ 2,193	$ (7,550)	(8,400)	4,109	(2,121)
Total Segments [Member]
Segment operating income (loss)													$ 11,721	$ (1,950)	$ 62

OPERATING SEGMENTS (Details 2)

OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total real estate	$ 844,019	$ 689,121
Investments in real estate partnerships	5,243	1,543
Other assets	41,645	37,441
Total assets	1,110,204	930,405
Total Segments [Member]
Total real estate	844,019	689,121	$ 641,457
Investments in real estate partnerships	5,243	1,543	1,697
Notes and interest receivable	69,551	83,457	67,907
Other assets	191,391	156,284	132,265
Assets held for sale			54,345
Total assets	$ 1,110,204	$ 930,405	$ 897,671

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Revenues:
Rental and other property revenues	$ 355	$ 5,612	$ 34,922
Revenues	355	5,612	34,922
Expenses:
Property operating expenses	(345)	2,350	16,480
Depreciation		751	5,563
General and administrative	99	515	950
Total operating expenses	(246)	3,616	22,993
Other income (expense):
Other income (expense)	45	(508)	44
Mortgage and loan interest	(2)	(3,204)	(11,097)
Loan charges and prepayment penalties		(1,656)	(3,245)
Earnings from unconsolidated subsidiaries and investees		1	30
Litigation settlement		(250)	(250)
Total other expenses	43	(5,617)	(14,518)
Loss from discontinued operations before gain on sale of real estate and taxes	644	(3,621)	(2,589)
Gain on sale of real estate from discontinued operations	735	61,879	97,405
Income tax benefit (expense)	(483)	(20,390)	(33,186)
Income (loss) from discontinued operations	$ 896	$ 37,868	$ 61,630

QUARTERLY RESULTS OF OPERATIO71

QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2013	Sep. 30, 2013	Jun. 30, 2013	Mar. 31, 2013	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Rents and interest and other income	$ 28,621	$ 27,539	$ 23,756	$ 22,304	$ 20,578	$ 18,466	$ 18,511	$ 18,303	$ 22,095	$ 18,663	$ 18,351	$ 18,242	$ 102,220	$ 75,858	$ 77,351
Total operating expenses	29,732	24,613	19,310	19,264	22,059	17,264	18,388	17,376	32,498	17,472	16,336	16,416	92,919	75,087	82,722
Operating income (loss)	(1,111)	2,926	4,446	3,040	(1,481)	1,202	123	927	(10,403)	1,191	2,015	1,826	9,301	771	(5,371)
Other expense	(13,243)	(11,211)	(5,243)	(6,398)	(5,242)	(5,754)	(3,718)	(2,899)	(11,475)	(8,193)	(5,179)	(11,779)	(36,095)	(17,613)	(36,626)
Loss before gain on land sales, non-contolling interest, and taxes	(14,354)	(8,285)	(797)	(3,358)	(6,723)	(4,552)	(3,595)	(1,972)	(21,878)	(7,002)	(3,164)	(9,953)	(26,794)	(16,842)	(41,997)
Gain (loss) on land sales	13,788	997	1,250	2,876	(73)	40	(159)	753	(1,025)			(48)	18,911	561	(1,073)
Income tax benefit	(881)	274	(12)	102	15,360	786	2,195	2,049	32,740	401	5,357	2,451	517	(20,390)	(40,949)
Net income (loss) from continued operations	(1,447)	(7,014)	441	(380)	8,564	(3,726)	(1,559)	830	9,837	(6,601)	2,193	(7,550)	(8,400)	4,109	(2,121)
Net income from discontinued operations	220	508	(22)	190	28,526	1,461	4,076	3,805	46,382	747	9,949	4,552	896	37,868	61,630
Net income (loss)	(1,227)	(6,506)	419	(190)	37,090	(2,265)	2,517	4,635	56,219	(5,854)	12,142	(2,998)	(7,504)	41,977	59,509
Net (loss) attributable to non-controlling interest	(51)	(95)	(281)	295	(107)	(81)	(127)	(84)	(656)	(97)	(115)	(111)
Preferred dividend requirement	(227)	(227)	(224)	(222)	(227)	(227)	(277)	(274)	(280)	(279)	(277)	(274)
Net income (loss) applicable to common shares	$ (1,505)	$ (6,828)	$ (86)	$ (117)	$ 36,756	$ (2,573)	$ 2,113	$ 4,277	$ 55,283	$ (6,230)	$ 11,750	$ (3,383)	$ (8,536)	$ 40,573	$ 57,420
Earnings per share - basic
Income (loss) from continuing operations	$ (0.19)	$ (0.84)	$ (0.01)	$ (0.04)	$ 0.94	$ (0.46)	$ (0.23)	$ 0.06	$ 1.06	$ (0.83)	$ 0.21	$ (0.94)	$ (1.08)	$ 0.32	$ (0.50)
Income from discontinued operations	0.02	0.06		0.02	3.27	0.17	0.48	0.45	5.51	0.09	1.18	0.54	0.1	4.42	7.33
Net income (loss) applicable to common shares	$ (0.17)	$ (0.78)	$ (0.01)	$ (0.02)	$ 4.21	$ (0.29)	$ 0.25	$ 0.51	$ 6.57	$ (0.74)	$ 1.39	$ (0.40)	$ (0.98)	$ 4.74	$ 6.83
Weighted average common shares used in computing earnings per share	8,717,767	8,717,767	8,717,767	8,717,767	8,717,767	8,688,018	8,413,469	8,413,469	8,413,469	8,413,469	8,413,469	8,413,469	8,717,767	8,559,370	8,413,469
Earnings per share - diluted
Income (loss) from continuing operations	$ (0.19)	$ (0.84)	$ (0.01)	$ (0.04)	$ 0.94	$ (0.46)	$ (0.23)	$ 0.05	$ 1.01	$ (0.83)	$ 0.2	$ (0.94)	$ (1.08)	$ 0.32	$ (0.50)
Income from discontinued operations	0.02	0.06		0.02	3.27	0.17	0.48	0.44	5.28	0.09	1.13	0.54	0.1	4.42	7.33
Net income (loss) applicable to common shares	$ (0.17)	$ (0.78)	$ (0.01)	$ (0.02)	$ 4.21	$ (0.29)	$ 0.25	$ 0.49	$ 6.29	$ (0.74)	$ 1.33	$ (0.40)	$ (0.98)	$ 4.74	$ 6.83
Weighted average common shares used in computing diluted earnings per share	8,717,767	8,717,767	8,717,767	8,717,767	8,717,767	8,688,018	8,413,469	8,639,679	8,791,655	8,413,469	8,796,699	8,413,469	8,717,767	8,559,370	8,413,469

COMMITMENTS, CONTINGENCIES, AND

COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Feb. 28, 2014	Oct. 31, 2011	Dec. 31, 2015
Notes payable			$ 796,846
Clapper Parties [Member]
Damages sought value		$ 74,000
Actual damages sought value		26,000
Interest damages sought value		$ 48,000
Description of plaintiff		David M. Clapper and two entities related to Mr. Clapper.
Description of allegation		Originally arising out of a transaction in 1998, in which ART and the Clapper Parties were to form a partnership to own eight residential apartment complexes.
Description of action taken by court	The Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.
Mezzanine Financing [Member]
Notes payable			122,900
Related Party [Member] | Mezzanine Financing [Member]
Notes payable			$ 60,350

COMMITMENTS, CONTINGENCIES, A73

COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative 1) - Dynex Capital, Inc. [Member] $ in Thousands	1 Months Ended
	Jul. 20, 2015USD ($)
Description of plaintiff	ART and TCI
Description of defendant	Dynex Capital Inc.
Description of action taken by court	On July 20, 2015, the 68 th
Unfunded loan commitment	$ 160,000
Damages - awarded amount	256
Damages - pre-judgement interest	192
Damages - total	448
Awarded attorney fees	$ 1,600
Post-judgment interest rate	5.00%
Transcontinential Realty Investors [Member]
Damages - awarded amount	$ 11,100
Damages - pre-judgement interest	8,400
Damages - total	19,500
American Reality Trust, Inc. [Member]
Damages - awarded amount	14,200
Damages - pre-judgement interest	10,600
Damages - total	$ 24,800

EARNINGS PER SHARE (Details Nar

EARNINGS PER SHARE (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jul. 09, 2014	Dec. 31, 2015	Dec. 31, 2014
Accrued dividends		$ 900
Liquidation preference per share		$ 100
Shares new issues	304,298
Stock options outstanding			5,000
Series C Cumulative Convertible Preferred Stock [Member]
Preferred stock, shares issued	30,000
Preferred stock, shares outstanding	30,000
Shares issued upon conversion	30,000

Disclosure - SCHEDULE III REAL

Disclosure - SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Gross Amounts of Which Carried at End of Year Total	$ 982,827	$ 804,489	$ 828,093	$ 1,063,634
Accumulated Depreciation	138,808	$ 115,368	$ 132,291	$ 166,684
Properties Held for Investment/Corporate Debt [Member]
Encumbrances	790,543
Initial Cost Land	167,340
Initial Cost Building & Improvements	724,601
Cost Capitalized Subsequent to Acquisition Improvements	84,468
Asset Impairment	(40,775)
Gross Amounts of Which Carried at End of Year Land	168,713
Gross Amounts of Which Carried at End of Year Building & Improvements	766,922
Gross Amounts of Which Carried at End of Year Total	935,635
Accumulated Depreciation	138,808
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member]
Encumbrances	507,498
Initial Cost Land	50,150
Initial Cost Building & Improvements	569,276
Cost Capitalized Subsequent to Acquisition Improvements	9,895
Asset Impairment	(3,180)
Gross Amounts of Which Carried at End of Year Land	50,150
Gross Amounts of Which Carried at End of Year Building & Improvements	575,991
Gross Amounts of Which Carried at End of Year Total	626,141
Accumulated Depreciation	90,511
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Anderson Estates, Oxford [Member] | MISSISSIPPI
Encumbrances	822
Initial Cost Land	378
Initial Cost Building & Improvements	2,683
Cost Capitalized Subsequent to Acquisition Improvements	313
Gross Amounts of Which Carried at End of Year Land	378
Gross Amounts of Which Carried at End of Year Building & Improvements	2,996
Gross Amounts of Which Carried at End of Year Total	3,373
Accumulated Depreciation	$ 665
Date of Construction	2,003
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Blue Lake Villas I, Waxahachie [Member] | TEXAS
Encumbrances	$ 10,725
Initial Cost Land	526
Initial Cost Building & Improvements	10,784
Cost Capitalized Subsequent to Acquisition Improvements	292
Gross Amounts of Which Carried at End of Year Land	526
Gross Amounts of Which Carried at End of Year Building & Improvements	11,076
Gross Amounts of Which Carried at End of Year Total	11,602
Accumulated Depreciation	$ 3,531
Date of Construction	2,003
Date Acquired	2-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Blue Lake Villas II, Waxahachie [Member] | TEXAS
Encumbrances	$ 3,894
Initial Cost Land	287
Initial Cost Building & Improvements	4,451
Cost Capitalized Subsequent to Acquisition Improvements	45
Gross Amounts of Which Carried at End of Year Land	287
Gross Amounts of Which Carried at End of Year Building & Improvements	4,496
Gross Amounts of Which Carried at End of Year Total	4,783
Accumulated Depreciation	$ 907
Date of Construction	2,004
Date Acquired	4-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Breakwater Bay, Beaumont [Member] | TEXAS
Encumbrances	$ 9,427
Initial Cost Land	740
Initial Cost Building & Improvements	10,435
Cost Capitalized Subsequent to Acquisition Improvements	63
Gross Amounts of Which Carried at End of Year Land	740
Gross Amounts of Which Carried at End of Year Building & Improvements	10,498
Gross Amounts of Which Carried at End of Year Total	11,238
Accumulated Depreciation	$ 2,856
Date of Construction	2,004
Date Acquired	3-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Bridgewood Ranch, Kaufman [Member] | TEXAS
Encumbrances	$ 6,444
Initial Cost Land	762
Initial Cost Building & Improvements	6,856
Cost Capitalized Subsequent to Acquisition Improvements	9
Gross Amounts of Which Carried at End of Year Land	762
Gross Amounts of Which Carried at End of Year Building & Improvements	6,865
Gross Amounts of Which Carried at End of Year Total	7,627
Accumulated Depreciation	$ 1,377
Date of Construction	2,007
Date Acquired	8-Apr
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Capitol Hill, Little Rock [Member] | ARKANSAS
Encumbrances	$ 9,043
Initial Cost Land	1,860
Initial Cost Building & Improvements	7,948
Cost Capitalized Subsequent to Acquisition Improvements	55
Gross Amounts of Which Carried at End of Year Land	1,860
Gross Amounts of Which Carried at End of Year Building & Improvements	8,002
Gross Amounts of Which Carried at End of Year Total	9,862
Accumulated Depreciation	$ 2,300
Date of Construction	2,003
Date Acquired	3-Mar
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Centennial, Oak Ridge [Member] | TENNESSEE
Encumbrances	$ 21,061
Initial Cost Land	2,570
Initial Cost Building & Improvements	22,588
Gross Amounts of Which Carried at End of Year Land	2,570
Gross Amounts of Which Carried at End of Year Building & Improvements	22,588
Gross Amounts of Which Carried at End of Year Total	25,159
Accumulated Depreciation	$ 235
Date of Construction	2,011
Date Acquired	14-July
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Curtis Moore Estates, Greenwood [Member] | MISSISSIPPI
Encumbrances	$ 1,486
Initial Cost Land	186
Initial Cost Building & Improvements	5,733
Cost Capitalized Subsequent to Acquisition Improvements	886
Gross Amounts of Which Carried at End of Year Land	186
Gross Amounts of Which Carried at End of Year Building & Improvements	6,618
Gross Amounts of Which Carried at End of Year Total	6,805
Accumulated Depreciation	$ 1,606
Date of Construction	2,003
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Crossing at Opelika, Opelika [Member] | ALABAMA
Encumbrances	$ 13,790
Initial Cost Land	2
Initial Cost Building & Improvements	14,215
Gross Amounts of Which Carried at End of Year Land	1,579
Gross Amounts of Which Carried at End of Year Building & Improvements	14,215
Gross Amounts of Which Carried at End of Year Total	$ 15,794
Date of Construction	2,015
Date Acquired	15-Dec
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Dakota Arms, Lubbock [Member] | TEXAS
Encumbrances	$ 12,514
Initial Cost Land	921
Initial Cost Building & Improvements	12,644
Cost Capitalized Subsequent to Acquisition Improvements	231
Gross Amounts of Which Carried at End of Year Land	921
Gross Amounts of Which Carried at End of Year Building & Improvements	12,875
Gross Amounts of Which Carried at End of Year Total	13,796
Accumulated Depreciation	$ 3,538
Date of Construction	2,004
Date Acquired	4-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | David Jordan Phase II, Greenwood [Member] | MISSISSIPPI
Encumbrances	$ 574
Initial Cost Land	51
Initial Cost Building & Improvements	1,521
Cost Capitalized Subsequent to Acquisition Improvements	269
Gross Amounts of Which Carried at End of Year Land	51
Gross Amounts of Which Carried at End of Year Building & Improvements	1,790
Gross Amounts of Which Carried at End of Year Total	1,841
Accumulated Depreciation	$ 417
Date of Construction	1,999
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | David Jordan Phase III, Greenwood [Member] | MISSISSIPPI
Encumbrances	$ 588
Initial Cost Land	83
Initial Cost Building & Improvements	2,115
Cost Capitalized Subsequent to Acquisition Improvements	420
Gross Amounts of Which Carried at End of Year Land	83
Gross Amounts of Which Carried at End of Year Building & Improvements	2,535
Gross Amounts of Which Carried at End of Year Total	2,618
Accumulated Depreciation	$ 530
Date of Construction	2,003
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Desoto Ranch, DeSoto [Member] | TEXAS
Encumbrances	$ 15,352
Initial Cost Land	1,472
Initial Cost Building & Improvements	17,856
Cost Capitalized Subsequent to Acquisition Improvements	65
Gross Amounts of Which Carried at End of Year Land	1,472
Gross Amounts of Which Carried at End of Year Building & Improvements	17,921
Gross Amounts of Which Carried at End of Year Total	19,393
Accumulated Depreciation	$ 5,318
Date of Construction	2,002
Date Acquired	2-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Falcon Lakeslington [Member] | TEXAS
Encumbrances	$ 12,739
Initial Cost Land	1,438
Initial Cost Building & Improvements	15,094
Cost Capitalized Subsequent to Acquisition Improvements	339
Gross Amounts of Which Carried at End of Year Land	1,438
Gross Amounts of Which Carried at End of Year Building & Improvements	15,433
Gross Amounts of Which Carried at End of Year Total	16,871
Accumulated Depreciation	$ 5,196
Date of Construction	2,001
Date Acquired	1-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Heather Creek, Mesquite [Member] | TEXAS
Encumbrances	$ 11,342
Initial Cost Land	1,326
Initial Cost Building & Improvements	12,015
Cost Capitalized Subsequent to Acquisition Improvements	69
Gross Amounts of Which Carried at End of Year Land	1,326
Gross Amounts of Which Carried at End of Year Building & Improvements	12,084
Gross Amounts of Which Carried at End of Year Total	13,410
Accumulated Depreciation	$ 3,321
Date of Construction	2,003
Date Acquired	3-Mar
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Holland Lake, Weatherford [Member] | TEXAS
Encumbrances	$ 11,823
Initial Cost Land	1,449
Initial Cost Building & Improvements	14,612
Gross Amounts of Which Carried at End of Year Land	1,449
Gross Amounts of Which Carried at End of Year Building & Improvements	14,612
Gross Amounts of Which Carried at End of Year Total	16,061
Accumulated Depreciation	$ 244
Date of Construction	2,004
Date Acquired	14-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Lake Forest, Houston [Member] | TEXAS
Encumbrances	$ 12,199
Initial Cost Land	335
Initial Cost Building & Improvements	12,267
Cost Capitalized Subsequent to Acquisition Improvements	1,553
Gross Amounts of Which Carried at End of Year Land	335
Gross Amounts of Which Carried at End of Year Building & Improvements	13,820
Gross Amounts of Which Carried at End of Year Total	14,155
Accumulated Depreciation	$ 3,568
Date of Construction	2,004
Date Acquired	4-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Legacy at Pleasant Grove, Texarkana [Member] | TEXAS
Encumbrances	$ 15,009
Initial Cost Land	2,005
Initial Cost Building & Improvements	17,892
Gross Amounts of Which Carried at End of Year Land	2,005
Gross Amounts of Which Carried at End of Year Building & Improvements	17,892
Gross Amounts of Which Carried at End of Year Total	19,897
Accumulated Depreciation	$ 485
Date of Construction	2,006
Date Acquired	14-Dec
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Lodge at Pecan Creek, Denton [Member] | TEXAS
Encumbrances	$ 16,383
Initial Cost Land	1,349
Initial Cost Building & Improvements	16,180
Gross Amounts of Which Carried at End of Year Land	1,349
Gross Amounts of Which Carried at End of Year Building & Improvements	16,180
Gross Amounts of Which Carried at End of Year Total	17,529
Accumulated Depreciation	$ 1,685
Date of Construction	2,011
Date Acquired	5-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Mansions of Mansfield, Mansfield [Member] | TEXAS
Encumbrances	$ 15,604
Initial Cost Land	977
Initial Cost Building & Improvements	17,799
Cost Capitalized Subsequent to Acquisition Improvements	54
Gross Amounts of Which Carried at End of Year Land	977
Gross Amounts of Which Carried at End of Year Building & Improvements	17,853
Gross Amounts of Which Carried at End of Year Total	18,829
Accumulated Depreciation	$ 3,014
Date of Construction	2,009
Date Acquired	5-Sep
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Mission Oaks, San Antonio [Member] | TEXAS
Encumbrances	$ 14,900
Initial Cost Land	1,266
Initial Cost Building & Improvements	16,627
Cost Capitalized Subsequent to Acquisition Improvements	212
Gross Amounts of Which Carried at End of Year Land	1,266
Gross Amounts of Which Carried at End of Year Building & Improvements	16,839
Gross Amounts of Which Carried at End of Year Total	18,105
Accumulated Depreciation	$ 3,659
Date of Construction	2,005
Date Acquired	5-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Monticello Estatenticello [Member] | ARKANSAS
Encumbrances	$ 458
Initial Cost Land	36
Initial Cost Building & Improvements	1,493
Cost Capitalized Subsequent to Acquisition Improvements	263
Gross Amounts of Which Carried at End of Year Land	36
Gross Amounts of Which Carried at End of Year Building & Improvements	1,756
Gross Amounts of Which Carried at End of Year Total	1,793
Accumulated Depreciation	$ 385
Date of Construction	2,001
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Northside on Travis, Sherman [Member] | TEXAS
Encumbrances	$ 13,319
Initial Cost Land	1,301
Initial Cost Building & Improvements	14,560
Gross Amounts of Which Carried at End of Year Land	1,301
Gross Amounts of Which Carried at End of Year Building & Improvements	14,560
Gross Amounts of Which Carried at End of Year Total	15,861
Accumulated Depreciation	$ 2,305
Date of Construction	2,009
Date Acquired	7-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Oak Hollow, Sequin [Member] | TEXAS
Encumbrances	$ 10,885
Initial Cost Land	1,435
Initial Cost Building & Improvements	12,405
Gross Amounts of Which Carried at End of Year Land	1,435
Gross Amounts of Which Carried at End of Year Building & Improvements	12,405
Gross Amounts of Which Carried at End of Year Total	13,840
Accumulated Depreciation	$ 155
Date of Construction	2,011
Date Acquired	14-July
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Overlook at Allensville, Sevierville [Member] | TENNESSEE
Encumbrances	$ 11,487
Initial Cost Land	1,228
Initial Cost Building & Improvements	12,297
Gross Amounts of Which Carried at End of Year Land	1,228
Gross Amounts of Which Carried at End of Year Building & Improvements	12,297
Gross Amounts of Which Carried at End of Year Total	13,524
Accumulated Depreciation	$ 252
Date of Construction	2,012
Date Acquired	15-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Clarksville, Clarksville [Member] | TENNESSEE
Encumbrances	$ 12,869
Initial Cost Land	571
Initial Cost Building & Improvements	14,300
Cost Capitalized Subsequent to Acquisition Improvements	118
Gross Amounts of Which Carried at End of Year Land	571
Gross Amounts of Which Carried at End of Year Building & Improvements	14,419
Gross Amounts of Which Carried at End of Year Total	14,990
Accumulated Depreciation	$ 2,658
Date of Construction	2,007
Date Acquired	2-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Denham Springs, Denham Springs [Member] | LOUISIANA
Encumbrances	$ 18,780
Initial Cost Land	1,022
Initial Cost Building & Improvements	20,188
Cost Capitalized Subsequent to Acquisition Improvements	8
Gross Amounts of Which Carried at End of Year Land	1,022
Gross Amounts of Which Carried at End of Year Building & Improvements	20,195
Gross Amounts of Which Carried at End of Year Total	21,218
Accumulated Depreciation	$ 2,506
Date of Construction	2,011
Date Acquired	7-Jul
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Maumelle, Little Rock [Member] | ARKANSAS
Encumbrances	$ 15,942
Initial Cost Land	1,153
Initial Cost Building & Improvements	17,688
Cost Capitalized Subsequent to Acquisition Improvements	647
Gross Amounts of Which Carried at End of Year Land	1,153
Gross Amounts of Which Carried at End of Year Building & Improvements	18,335
Gross Amounts of Which Carried at End of Year Total	19,488
Accumulated Depreciation	$ 4,252
Date of Construction	2,006
Date Acquired	4-Dec
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Metro Center, Nashville [Member] | TENNESSEE
Encumbrances	$ 10,478
Initial Cost Land	960
Initial Cost Building & Improvements	12,226
Cost Capitalized Subsequent to Acquisition Improvements	556
Gross Amounts of Which Carried at End of Year Land	960
Gross Amounts of Which Carried at End of Year Building & Improvements	12,782
Gross Amounts of Which Carried at End of Year Total	13,742
Accumulated Depreciation	$ 3,047
Date of Construction	2,006
Date Acquired	5-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Rogers, Rogers [Member] | ARKANSAS
Encumbrances	$ 20,750
Initial Cost Land	1,482
Initial Cost Building & Improvements	22,993
Cost Capitalized Subsequent to Acquisition Improvements	286
Asset Impairment	(3,180)
Gross Amounts of Which Carried at End of Year Land	1,482
Gross Amounts of Which Carried at End of Year Building & Improvements	20,100
Gross Amounts of Which Carried at End of Year Total	21,582
Accumulated Depreciation	$ 3,823
Date of Construction	2,007
Date Acquired	4-Apr
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Preserve at Pecan Creek, Denton [Member] | TEXAS
Encumbrances	$ 14,489
Initial Cost Land	885
Initial Cost Building & Improvements	16,626
Cost Capitalized Subsequent to Acquisition Improvements	59
Gross Amounts of Which Carried at End of Year Land	885
Gross Amounts of Which Carried at End of Year Building & Improvements	16,685
Gross Amounts of Which Carried at End of Year Total	17,570
Accumulated Depreciation	$ 3,054
Date of Construction	2,008
Date Acquired	5-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Preserve at Prairie Pointe, Lubbock [Member] | TEXAS
Encumbrances	$ 10,181
Initial Cost Land	1,074
Initial Cost Building & Improvements	10,603
Cost Capitalized Subsequent to Acquisition Improvements	178
Gross Amounts of Which Carried at End of Year Land	1,074
Gross Amounts of Which Carried at End of Year Building & Improvements	10,782
Gross Amounts of Which Carried at End of Year Total	11,856
Accumulated Depreciation	$ 182
Date of Construction	2,005
Date Acquired	15-Apr
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Riverwalk Phase I, Greenville [Member] | MISSISSIPPI
Encumbrances	$ 292
Initial Cost Land	23
Initial Cost Building & Improvements	1,537
Cost Capitalized Subsequent to Acquisition Improvements	180
Gross Amounts of Which Carried at End of Year Land	23
Gross Amounts of Which Carried at End of Year Building & Improvements	1,718
Gross Amounts of Which Carried at End of Year Total	1,741
Accumulated Depreciation	$ 425
Date of Construction	2,003
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Riverwalk Phase II, Greenville [Member] | MISSISSIPPI
Encumbrances	$ 1,123
Initial Cost Land	52
Initial Cost Building & Improvements	4,007
Cost Capitalized Subsequent to Acquisition Improvements	376
Gross Amounts of Which Carried at End of Year Land	52
Gross Amounts of Which Carried at End of Year Building & Improvements	4,383
Gross Amounts of Which Carried at End of Year Total	4,435
Accumulated Depreciation	$ 1,364
Date of Construction	2,003
Date Acquired	6-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Sonoma Court, Rockwall [Member] | TEXAS
Encumbrances	$ 10,754
Initial Cost Land	941
Initial Cost Building & Improvements	11,074
Gross Amounts of Which Carried at End of Year Land	941
Gross Amounts of Which Carried at End of Year Building & Improvements	11,074
Gross Amounts of Which Carried at End of Year Total	12,014
Accumulated Depreciation	$ 1,223
Date of Construction	2,011
Date Acquired	10-July
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Sugar Mill, Baton Rouge [Member] | LOUISIANA
Encumbrances	$ 11,396
Initial Cost Land	1,437
Initial Cost Building & Improvements	13,367
Cost Capitalized Subsequent to Acquisition Improvements	160
Gross Amounts of Which Carried at End of Year Land	1,437
Gross Amounts of Which Carried at End of Year Building & Improvements	13,527
Gross Amounts of Which Carried at End of Year Total	14,964
Accumulated Depreciation	$ 2,160
Date of Construction	2,009
Date Acquired	8-Aug
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Toulon, Gautier [Member] | MISSISSIPPI
Encumbrances	$ 20,600
Initial Cost Land	1,621
Initial Cost Building & Improvements	20,107
Cost Capitalized Subsequent to Acquisition Improvements	372
Gross Amounts of Which Carried at End of Year Land	1,621
Gross Amounts of Which Carried at End of Year Building & Improvements	20,479
Gross Amounts of Which Carried at End of Year Total	22,099
Accumulated Depreciation	$ 2,262
Date of Construction	2,011
Date Acquired	9-Sep
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Tradewinds, Midland [Member] | TEXAS
Encumbrances	$ 15,601
Initial Cost Land	3,542
Initial Cost Building & Improvements	19,939
Gross Amounts of Which Carried at End of Year Land	3,542
Gross Amounts of Which Carried at End of Year Building & Improvements	19,939
Gross Amounts of Which Carried at End of Year Total	23,481
Accumulated Depreciation	$ 249
Date of Construction	2,015
Date Acquired	15-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Treehouse, Irving [Member] | TEXAS
Encumbrances	$ 5,642
Initial Cost Land	312
Initial Cost Building & Improvements	2,807
Cost Capitalized Subsequent to Acquisition Improvements	286
Gross Amounts of Which Carried at End of Year Land	312
Gross Amounts of Which Carried at End of Year Building & Improvements	3,093
Gross Amounts of Which Carried at End of Year Total	3,405
Accumulated Depreciation	$ 831
Date of Construction	1,974
Date Acquired	4-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villager, Ft. Walton [Member] | FLORIDA
Encumbrances	$ 753
Initial Cost Land	156
Initial Cost Building & Improvements	1,408
Gross Amounts of Which Carried at End of Year Land	156
Gross Amounts of Which Carried at End of Year Building & Improvements	1,408
Gross Amounts of Which Carried at End of Year Total	1,564
Accumulated Depreciation	$ 21
Date of Construction	1,972
Date Acquired	15-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villas at Park West I, Pueblo [Member] | COLORADO
Encumbrances	$ 10,565
Initial Cost Land	1,171
Initial Cost Building & Improvements	10,453
Gross Amounts of Which Carried at End of Year Land	1,171
Gross Amounts of Which Carried at End of Year Building & Improvements	10,453
Gross Amounts of Which Carried at End of Year Total	11,624
Accumulated Depreciation	$ 283
Date of Construction	2,005
Date Acquired	14-Dec
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villas at Park West II, Pueblo [Member] | COLORADO
Encumbrances	$ 9,554
Initial Cost Land	1,463
Initial Cost Building & Improvements	13,060
Gross Amounts of Which Carried at End of Year Land	1,463
Gross Amounts of Which Carried at End of Year Building & Improvements	13,060
Gross Amounts of Which Carried at End of Year Total	14,523
Accumulated Depreciation	$ 354
Date of Construction	2,010
Date Acquired	14-Dec
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Vista Ridge, Tupelo [Member] | MISSISSIPPI
Encumbrances	$ 10,786
Initial Cost Land	1,339
Initial Cost Building & Improvements	13,398
Gross Amounts of Which Carried at End of Year Land	1,339
Gross Amounts of Which Carried at End of Year Building & Improvements	13,398
Gross Amounts of Which Carried at End of Year Total	14,737
Accumulated Depreciation	$ 501
Date of Construction	2,009
Date Acquired	15-Oct
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Vistas of Vance Jackson, San Antonio [Member] | TEXAS
Encumbrances	$ 15,310
Initial Cost Land	1,265
Initial Cost Building & Improvements	16,540
Cost Capitalized Subsequent to Acquisition Improvements	189
Gross Amounts of Which Carried at End of Year Land	1,265
Gross Amounts of Which Carried at End of Year Building & Improvements	16,728
Gross Amounts of Which Carried at End of Year Total	17,993
Accumulated Depreciation	$ 4,308
Date of Construction	2,004
Date Acquired	4-Jan
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Waterford, Roseberg [Member] | TEXAS
Encumbrances	$ 16,069
Initial Cost Land	2,349
Initial Cost Building & Improvements	20,880
Gross Amounts of Which Carried at End of Year Land	2,349
Gross Amounts of Which Carried at End of Year Building & Improvements	20,880
Gross Amounts of Which Carried at End of Year Total	23,229
Accumulated Depreciation	$ 261
Date of Construction	2,013
Date Acquired	14-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Westwood, Mary Ester [Member] | FLORIDA
Encumbrances	$ 4,244
Initial Cost Land	692
Initial Cost Building & Improvements	6,650
Gross Amounts of Which Carried at End of Year Land	692
Gross Amounts of Which Carried at End of Year Building & Improvements	6,650
Gross Amounts of Which Carried at End of Year Total	7,343
Accumulated Depreciation	$ 97
Date of Construction	1,972
Date Acquired	15-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Whispering Pines, Topeka [Member] | KANSAS
Encumbrances	$ 8,720
Initial Cost Land	289
Initial Cost Building & Improvements	4,831
Cost Capitalized Subsequent to Acquisition Improvements	1,274
Gross Amounts of Which Carried at End of Year Land	289
Gross Amounts of Which Carried at End of Year Building & Improvements	6,105
Gross Amounts of Which Carried at End of Year Total	6,393
Accumulated Depreciation	$ 5,674
Date of Construction	1,974
Date Acquired	15-Apr
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Windsong, Fort Worth [Member] | TEXAS
Encumbrances	$ 10,734
Initial Cost Land	790
Initial Cost Building & Improvements	11,526
Cost Capitalized Subsequent to Acquisition Improvements	69
Gross Amounts of Which Carried at End of Year Land	790
Gross Amounts of Which Carried at End of Year Building & Improvements	11,595
Gross Amounts of Which Carried at End of Year Total	12,385
Accumulated Depreciation	$ 3,429
Date of Construction	2,002
Date Acquired	3-Jul
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member]
Encumbrances	$ 11,139
Initial Cost Land	3,781
Cost Capitalized Subsequent to Acquisition Improvements	14,449
Gross Amounts of Which Carried at End of Year Land	3,781
Gross Amounts of Which Carried at End of Year Building & Improvements	14,449
Gross Amounts of Which Carried at End of Year Total	18,230
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Mansfield, Mansfield [Member] | TEXAS
Encumbrances	9,544
Initial Cost Land	543
Cost Capitalized Subsequent to Acquisition Improvements	10,457
Gross Amounts of Which Carried at End of Year Land	543
Gross Amounts of Which Carried at End of Year Building & Improvements	10,457
Gross Amounts of Which Carried at End of Year Total	$ 11,001
Date Acquired	14-Dec
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Terra Lago, Rowlett [Member] | TEXAS
Encumbrances	$ 136
Initial Cost Land	(1,142)
Cost Capitalized Subsequent to Acquisition Improvements	3,329
Gross Amounts of Which Carried at End of Year Land	(1,142)
Gross Amounts of Which Carried at End of Year Building & Improvements	3,329
Gross Amounts of Which Carried at End of Year Total	$ 2,186
Date Acquired	15-Nov
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Eagle Crossing, Dallas [Member] | TEXAS
Encumbrances	$ 1,459
Initial Cost Land	4,380
Cost Capitalized Subsequent to Acquisition Improvements	663
Gross Amounts of Which Carried at End of Year Land	4,380
Gross Amounts of Which Carried at End of Year Building & Improvements	663
Gross Amounts of Which Carried at End of Year Total	$ 5,043
Date Acquired	15-Nov
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member]
Encumbrances	$ 108,893
Initial Cost Land	25,085
Initial Cost Building & Improvements	155,325
Cost Capitalized Subsequent to Acquisition Improvements	36,057
Asset Impairment	(14,900)
Gross Amounts of Which Carried at End of Year Land	25,085
Gross Amounts of Which Carried at End of Year Building & Improvements	176,482
Gross Amounts of Which Carried at End of Year Total	201,567
Accumulated Depreciation	48,297
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass Colinas [Member] | TEXAS
Encumbrances	39,836
Initial Cost Land	5,751
Initial Cost Building & Improvements	51,759
Cost Capitalized Subsequent to Acquisition Improvements	15,149
Gross Amounts of Which Carried at End of Year Land	5,751
Gross Amounts of Which Carried at End of Year Building & Improvements	66,908
Gross Amounts of Which Carried at End of Year Total	72,659
Accumulated Depreciation	$ 20,869
Date of Construction	1,984
Date Acquired	5-Aug
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 770 South Post Oak, Houston [Member] | TEXAS
Encumbrances	$ 12,700
Initial Cost Land	1,755
Initial Cost Building & Improvements	15,834
Cost Capitalized Subsequent to Acquisition Improvements	26
Gross Amounts of Which Carried at End of Year Land	1,755
Gross Amounts of Which Carried at End of Year Building & Improvements	15,860
Gross Amounts of Which Carried at End of Year Total	17,615
Accumulated Depreciation	$ 233
Date of Construction	1,970
Date Acquired	15-July
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Bridgeview PlazaCrosse [Member] | WISCONSIN
Encumbrances	$ 5,813
Cost Capitalized Subsequent to Acquisition Improvements	$ 976
Gross Amounts of Which Carried at End of Year Land
Gross Amounts of Which Carried at End of Year Building & Improvements	$ 976
Gross Amounts of Which Carried at End of Year Total	976
Accumulated Depreciation	$ 437
Date of Construction	1,979
Date Acquired	3-Mar
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Browning Place (Park West I), Farmers Branch [Member] | TEXAS
Encumbrances	$ 22,459
Initial Cost Land	5,096
Initial Cost Building & Improvements	45,868
Cost Capitalized Subsequent to Acquisition Improvements	13,228
Gross Amounts of Which Carried at End of Year Land	5,096
Gross Amounts of Which Carried at End of Year Building & Improvements	59,096
Gross Amounts of Which Carried at End of Year Total	64,192
Accumulated Depreciation	$ 18,754
Date of Construction	1,984
Date Acquired	5-Apr
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Mahogany Run Golf Course [Member] | VIRGIN ISLANDS, US
Encumbrances	$ 43
Initial Cost Land	7,168
Initial Cost Building & Improvements	5,942
Cost Capitalized Subsequent to Acquisition Improvements	5
Asset Impairment	(5,300)
Gross Amounts of Which Carried at End of Year Land	7,168
Gross Amounts of Which Carried at End of Year Building & Improvements	647
Gross Amounts of Which Carried at End of Year Total	7,815
Accumulated Depreciation	$ 173
Date of Construction	1,981
Date Acquired	14-Nov
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Fruitland Plaza, Fruitland Park [Member] | FLORIDA
Initial Cost Land	$ 23
Cost Capitalized Subsequent to Acquisition Improvements	83
Gross Amounts of Which Carried at End of Year Land	23
Gross Amounts of Which Carried at End of Year Building & Improvements	83
Gross Amounts of Which Carried at End of Year Total	106
Accumulated Depreciation	$ 37
Date Acquired	May92
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Senlac VHP, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 622
Cost Capitalized Subsequent to Acquisition Improvements	142
Gross Amounts of Which Carried at End of Year Land	622
Gross Amounts of Which Carried at End of Year Building & Improvements	142
Gross Amounts of Which Carried at End of Year Total	765
Accumulated Depreciation	$ 128
Date Acquired	5-Aug
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Stanford Center, Dallas [Member] | TEXAS
Encumbrances	$ 28,000
Initial Cost Land	3,878
Initial Cost Building & Improvements	34,862
Cost Capitalized Subsequent to Acquisition Improvements	6,447
Asset Impairment	(9,600)
Gross Amounts of Which Carried at End of Year Land	3,878
Gross Amounts of Which Carried at End of Year Building & Improvements	31,709
Gross Amounts of Which Carried at End of Year Total	35,587
Accumulated Depreciation	$ 7,464
Date Acquired	8-Jun
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Thermalloy, Farmers Branch [Member] | TEXAS
Encumbrances	$ 42
Initial Cost Land	791
Initial Cost Building & Improvements	1,061
Gross Amounts of Which Carried at End of Year Land	791
Gross Amounts of Which Carried at End of Year Building & Improvements	1,061
Gross Amounts of Which Carried at End of Year Total	1,852
Accumulated Depreciation	$ 201
Date Acquired	8-May
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member]
Encumbrances	$ 32,842
Initial Cost Land	88,324
Cost Capitalized Subsequent to Acquisition Improvements	24,067
Asset Impairment	(22,695)
Gross Amounts of Which Carried at End of Year Land	89,697
Gross Amounts of Which Carried at End of Year Total	89,697
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | 2427 Valley View Ln, Farmers Branch [Member] | TEXAS
Initial Cost Land	76
Gross Amounts of Which Carried at End of Year Land	76
Gross Amounts of Which Carried at End of Year Total	$ 76
Date Acquired	12-July
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Audubon, Adams County [Member] | MISSISSIPPI
Initial Cost Land	$ 519
Cost Capitalized Subsequent to Acquisition Improvements	297
Gross Amounts of Which Carried at End of Year Land	815
Gross Amounts of Which Carried at End of Year Total	$ 815
Date Acquired	7-Mar
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Bonneau Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,309
Gross Amounts of Which Carried at End of Year Land	1,309
Gross Amounts of Which Carried at End of Year Total	$ 1,309
Date Acquired	14-Dec
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Cooks Lane, Fort Worth [Member] | TEXAS
Encumbrances	$ 604
Initial Cost Land	1,094
Gross Amounts of Which Carried at End of Year Land	1,094
Gross Amounts of Which Carried at End of Year Total	$ 1,094
Date Acquired	4-Jun
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dedeaux, Gulfport [Member] | MISSISSIPPI
Initial Cost Land	$ 1,612
Cost Capitalized Subsequent to Acquisition Improvements	46
Asset Impairment	(38)
Gross Amounts of Which Carried at End of Year Land	1,620
Gross Amounts of Which Carried at End of Year Total	$ 1,620
Date Acquired	6-Oct
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Denham Springs, Denham Springs [Member] | LOUISIANA
Encumbrances	$ 234
Initial Cost Land	339
Gross Amounts of Which Carried at End of Year Land	339
Gross Amounts of Which Carried at End of Year Total	$ 339
Date Acquired	8-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Gautier Land, Gautier [Member] | MISSISSIPPI
Initial Cost Land	$ 202
Gross Amounts of Which Carried at End of Year Land	202
Gross Amounts of Which Carried at End of Year Total	$ 202
Date Acquired	Jul98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Hollywood Casino Land Tract II, Farmers Branch [Member] | TEXAS
Encumbrances	$ 2,814
Initial Cost Land	3,192
Cost Capitalized Subsequent to Acquisition Improvements	1,024
Gross Amounts of Which Carried at End of Year Land	4,217
Gross Amounts of Which Carried at End of Year Total	$ 4,217
Date Acquired	8-Mar
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,169
Cost Capitalized Subsequent to Acquisition Improvements	(760)
Gross Amounts of Which Carried at End of Year Land	408
Gross Amounts of Which Carried at End of Year Total	$ 408
Date Acquired	4-Jun
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lake Shore Villas, Humble [Member] | TEXAS
Initial Cost Land	$ 81
Cost Capitalized Subsequent to Acquisition Improvements	3
Gross Amounts of Which Carried at End of Year Land	84
Gross Amounts of Which Carried at End of Year Total	$ 84
Date Acquired	2-Mar
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lubbock Land, Lubbock [Member] | TEXAS
Initial Cost Land	$ 234
Gross Amounts of Which Carried at End of Year Land	234
Gross Amounts of Which Carried at End of Year Total	$ 234
Date Acquired	4-Jan
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Luna Ventures, Farmers Branch TX [Member] | TEXAS
Initial Cost Land	$ 2,934
Gross Amounts of Which Carried at End of Year Land	2,934
Gross Amounts of Which Carried at End of Year Total	$ 2,934
Date Acquired	8-Apr
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mandahl Bay Land [Member]
Initial Cost Land	$ 667
Gross Amounts of Which Carried at End of Year Land	667
Gross Amounts of Which Carried at End of Year Total	$ 667
Date Acquired	5-Jan
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Manhattan Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 4,799
Cost Capitalized Subsequent to Acquisition Improvements	6,047
Gross Amounts of Which Carried at End of Year Land	10,846
Gross Amounts of Which Carried at End of Year Total	$ 10,846
Date Acquired	Feb00
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney 36llin County [Member] | TEXAS
Encumbrances	$ 1,523
Initial Cost Land	1,564
Cost Capitalized Subsequent to Acquisition Improvements	302
Asset Impairment	(46)
Gross Amounts of Which Carried at End of Year Land	1,820
Gross Amounts of Which Carried at End of Year Total	$ 1,820
Date Acquired	Jan98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney Ranch Land, McKinney [Member] | TEXAS
Initial Cost Land	$ 8,537
Cost Capitalized Subsequent to Acquisition Improvements	271
Asset Impairment	(1,363)
Gross Amounts of Which Carried at End of Year Land	7,445
Gross Amounts of Which Carried at End of Year Total	$ 7,445
Date Acquired	5-Dec
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Minivest Land, Dallas [Member] | TEXAS
Initial Cost Land	$ 7
Gross Amounts of Which Carried at End of Year Land	7
Gross Amounts of Which Carried at End of Year Total	$ 7
Date Acquired	13-Apr
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mira Lago, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 59
Cost Capitalized Subsequent to Acquisition Improvements	15
Gross Amounts of Which Carried at End of Year Land	74
Gross Amounts of Which Carried at End of Year Total	$ 74
Date Acquired	1-May
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nakash, Malden [Member] | MISSOURI
Initial Cost Land	$ 113
Gross Amounts of Which Carried at End of Year Land	113
Gross Amounts of Which Carried at End of Year Total	$ 113
Date Acquired	Jan93
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nashville, Nashville [Member] | TENNESSEE
Initial Cost Land	$ 1,256
Cost Capitalized Subsequent to Acquisition Improvements	(113)
Gross Amounts of Which Carried at End of Year Land	1,369
Gross Amounts of Which Carried at End of Year Total	$ 1,369
Date Acquired	2-Jun
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Croslin, Dallas [Member] | TEXAS
Initial Cost Land	$ 184
Cost Capitalized Subsequent to Acquisition Improvements	(118)
Gross Amounts of Which Carried at End of Year Land	66
Gross Amounts of Which Carried at End of Year Total	$ 66
Date Acquired	Oct98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Mendoza, Dallas [Member] | TEXAS
Initial Cost Land	$ 80
Cost Capitalized Subsequent to Acquisition Improvements	(51)
Gross Amounts of Which Carried at End of Year Land	29
Gross Amounts of Which Carried at End of Year Total	$ 29
Date Acquired	Oct98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Ocean Estates, Gulfport [Member] | MISSISSIPPI
Initial Cost Land	$ 1,418
Cost Capitalized Subsequent to Acquisition Improvements	390
Gross Amounts of Which Carried at End of Year Land	1,808
Gross Amounts of Which Carried at End of Year Total	$ 1,808
Date Acquired	7-Oct
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Senlac Land Tract II, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 656
Gross Amounts of Which Carried at End of Year Land	656
Gross Amounts of Which Carried at End of Year Total	$ 656
Date Acquired	5-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Sugar Mill Land, Baton Rouge [Member] | LOUISIANA
Encumbrances	$ 178
Initial Cost Land	445
Cost Capitalized Subsequent to Acquisition Improvements	242
Gross Amounts of Which Carried at End of Year Land	687
Gross Amounts of Which Carried at End of Year Total	$ 687
Date Acquired	13-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Texas Plaza Land, Irving [Member] | TEXAS
Initial Cost Land	$ 1,738
Asset Impairment	(238)
Gross Amounts of Which Carried at End of Year Land	1,500
Gross Amounts of Which Carried at End of Year Total	$ 1,500
Date Acquired	6-Dec
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Land, Kaufman County [Member] | TEXAS
Encumbrances	$ 757
Initial Cost Land	1,030
Gross Amounts of Which Carried at End of Year Land	1,030
Gross Amounts of Which Carried at End of Year Total	$ 1,030
Date Acquired	8-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Retail, Kaufman City [Member] | TEXAS
Initial Cost Land	$ 1,517
Gross Amounts of Which Carried at End of Year Land	1,517
Gross Amounts of Which Carried at End of Year Total	$ 1,517
Date Acquired	8-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Union Pacific Railroad Land, Dallas [Member] | TEXAS
Initial Cost Land	$ 130
Gross Amounts of Which Carried at End of Year Land	130
Gross Amounts of Which Carried at End of Year Total	$ 130
Date Acquired	4-Mar
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Valley View 34 (Mercer Crossing), Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,173
Cost Capitalized Subsequent to Acquisition Improvements	(945)
Gross Amounts of Which Carried at End of Year Land	228
Gross Amounts of Which Carried at End of Year Total	$ 228
Date Acquired	8-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Waco Swanson, Waco [Member] | TEXAS
Initial Cost Land	$ 173
Gross Amounts of Which Carried at End of Year Land	173
Gross Amounts of Which Carried at End of Year Total	$ 173
Date Acquired	6-Aug
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Willowick Land, Pensacola [Member] | FLORIDA
Initial Cost Land	$ 137
Gross Amounts of Which Carried at End of Year Land	137
Gross Amounts of Which Carried at End of Year Total	$ 137
Date Acquired	Jan95
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Windmill Farms Land, Kaufman County [Member] | TEXAS
Encumbrances	$ 26,732
Initial Cost Land	49,879
Cost Capitalized Subsequent to Acquisition Improvements	17,192
Asset Impairment	(21,009)
Gross Amounts of Which Carried at End of Year Land	46,062
Gross Amounts of Which Carried at End of Year Total	$ 46,062
Date Acquired	11-Nov
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member]
Encumbrances	$ 130,170
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | TCI - Corporate [Member]
Encumbrances	130,170
Properties Held for Sale [Member]
Encumbrances	376
Properties Held for Sale [Member] | Commercial Held for Sale [Member]
Encumbrances	376
Properties Held for Sale [Member] | Commercial Held for Sale [Member] | Dunes Plaza, Michigan City [Member] | INDIANA
Encumbrances	$ 376
Date of Construction	1,978
Date Acquired	Mar92
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Subject to Sales Contract Apartments [Member]
Encumbrances	$ 5,953
Initial Cost Land	60,696
Cost Capitalized Subsequent to Acquisition Improvements	(10,199)
Asset Impairment	(3,305)
Gross Amounts of Which Carried at End of Year Land	47,192
Gross Amounts of Which Carried at End of Year Total	47,192
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member]
Encumbrances	5,953
Initial Cost Land	60,696
Cost Capitalized Subsequent to Acquisition Improvements	(10,199)
Asset Impairment	(3,305)
Gross Amounts of Which Carried at End of Year Land	47,192
Gross Amounts of Which Carried at End of Year Total	47,192
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Dominion Tract, Dallas [Member] | TEXAS
Encumbrances	3,419
Initial Cost Land	2,439
Cost Capitalized Subsequent to Acquisition Improvements	53
Asset Impairment	(133)
Gross Amounts of Which Carried at End of Year Land	2,359
Gross Amounts of Which Carried at End of Year Total	$ 2,359
Date Acquired	Mar99
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Hollywood Casino Tract I, Farmers Branch [Member] | TEXAS
Encumbrances	$ 1,502
Initial Cost Land	3,350
Cost Capitalized Subsequent to Acquisition Improvements	146
Asset Impairment	(176)
Gross Amounts of Which Carried at End of Year Land	3,320
Gross Amounts of Which Carried at End of Year Total	$ 3,320
Date Acquired	2-Jun
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | LaDue Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,845
Gross Amounts of Which Carried at End of Year Land	1,845
Gross Amounts of Which Carried at End of Year Total	$ 1,845
Date Acquired	Jul98
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Three Hickory Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,202
Gross Amounts of Which Carried at End of Year Land	1,202
Gross Amounts of Which Carried at End of Year Total	$ 1,202
Date Acquired	14-Mar
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Travelers Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 21,511
Cost Capitalized Subsequent to Acquisition Improvements	4
Gross Amounts of Which Carried at End of Year Land	21,515
Gross Amounts of Which Carried at End of Year Total	$ 21,515
Date Acquired	6-Nov
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Travelers Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 6,891
Cost Capitalized Subsequent to Acquisition Improvements	(4,978)
Gross Amounts of Which Carried at End of Year Land	1,913
Gross Amounts of Which Carried at End of Year Total	$ 1,913
Date Acquired	6-Nov
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Walker Land, Dallas County [Member] | TEXAS
Initial Cost Land	$ 19,167
Cost Capitalized Subsequent to Acquisition Improvements	(5,992)
Gross Amounts of Which Carried at End of Year Land	13,175
Gross Amounts of Which Carried at End of Year Total	$ 13,175
Date Acquired	6-Sep
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Whorton Land Bentonville [Member] | ARKANSAS
Encumbrances	$ 1,032
Initial Cost Land	4,291
Cost Capitalized Subsequent to Acquisition Improvements	568
Asset Impairment	(2,996)
Gross Amounts of Which Carried at End of Year Land	1,863
Gross Amounts of Which Carried at End of Year Total	$ 1,863
Date Acquired	5-Jun
Land Sold [Member]
Encumbrances	$ 796,846
Initial Cost Land	228,036
Initial Cost Building & Improvements	724,601
Cost Capitalized Subsequent to Acquisition Improvements	74,269
Asset Impairment	(44,080)
Gross Amounts of Which Carried at End of Year Land	215,905
Gross Amounts of Which Carried at End of Year Building & Improvements	766,922
Gross Amounts of Which Carried at End of Year Total	982,827
Accumulated Depreciation	138,808
Land Sold [Member] | Land Subject to Sales Contract 1 [Member]
Encumbrances	(25)
Land Sold [Member] | Land Subject to Sales Contract 1 [Member] | Red Cross Land [Member]
Encumbrances	$ (25)

SCHEDULE III REAL ESTATE AND 76

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Reconciliation of Real Estate
Balance at at beginning	$ 804,489	$ 828,093	$ 1,063,634
Additions
Acquisitions, improvements and construction	222,423	71,423	9,182
Deductions
Sale of real estate	(38,785)	(95,027)	(233,617)
Asset impairments	(5,300)		(11,106)
Balance at ending	982,827	804,489	828,093
Reconciliation of Accumulated Depreciation
Balance at at beginning	115,368	132,291	166,684
Additions
Depreciation	25,565	17,145	20,520
Deductions
Sale of real estate	(2,125)	(34,068)	(54,913)
Balance at ending	$ 138,808	$ 115,368	$ 132,291

SCHEDULE IV MORTGAGE LOANS (Det

SCHEDULE IV MORTGAGE LOANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Carrying Amount of Mortgage	$ 66,818
Accrued interest	4,558
Allowance for estimated losses	(1,825)
Total notes and interest receivable	$ 69,551	$ 85,447	$ 70,169	$ 61,360
Mortgage Loans [Member] | H198, LLC [Member] | Las Vegas Land [Member]
Interest Rate	12.00%
Final Maturity Date	2020-01
Face Amount of Mortgage	$ 5,907
Carrying Amount of Mortgage	$ 5,907
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | 100% Interest in UH of Temple, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 9,719
Face Amount of Mortgage	1,809
Carrying Amount of Mortgage	$ 1,481
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) [Member] | Interest in Unified Housing Foundation Inc. [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 15,756
Face Amount of Mortgage	8,836
Carrying Amount of Mortgage	$ 6,368
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon) [Member] | 100% Interest in UH of Austin, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 13,621
Face Amount of Mortgage	9,216
Carrying Amount of Mortgage	$ 7,293
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 100% Interest in UH of Vista Ridge, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 18,641
Face Amount of Mortgage	12,335
Carrying Amount of Mortgage	$ 7,953
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Parkside Crossing) [Member] | 100% Interest in UH of Parkside Crossing, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 11,544
Face Amount of Mortgage	2,409
Carrying Amount of Mortgage	$ 1,936
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge) [Member] | 100% Interest in UH of Sendero Ridge, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 22,984
Face Amount of Mortgage	12,663
Carrying Amount of Mortgage	$ 9,303
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | 100% Interest in UH of Terrell, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 7,294
Face Amount of Mortgage	1,702
Carrying Amount of Mortgage	$ 1,323
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | 100% Interest in UH of Tivoli, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 10,398
Face Amount of Mortgage	12,761
Carrying Amount of Mortgage	7,966
Mortgage Loans [Member] | Various Non-Related Party Notes [Member]
Face Amount of Mortgage	496
Carrying Amount of Mortgage	$ 496
Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 15,756
Face Amount of Mortgage	2,189
Carrying Amount of Mortgage	$ 2,000
Loans [Member] | Unified Housing Foundation, Inc. [Member]
Interest Rate	12.00%
Final Maturity Date	2017-06
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 1,261
Carrying Amount of Mortgage	$ 1,261
Loans [Member] | Unified Housing Foundation, Inc. [Member]
Interest Rate	12.00%
Final Maturity Date	2017-12
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 1,207
Carrying Amount of Mortgage	$ 1,207
Loans [Member] | Unified Housing Foundation, Inc. [Member]
Interest Rate	12.00%
Final Maturity Date	2018-12
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 3,994
Carrying Amount of Mortgage	$ 3,994
Loans [Member] | Unified Housing Foundation, Inc. [Member]
Interest Rate	12.00%
Final Maturity Date	2018-12
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 6,407
Carrying Amount of Mortgage	$ 6,407
Loans [Member] | Various Related Party Notes [Member]
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 1,420
Carrying Amount of Mortgage	1,420
Loans [Member] | Various Non-Related Party Notes [Member]
Face Amount of Mortgage	503
Carrying Amount of Mortgage	$ 503

SCHEDULE IV MORTGAGE LOANS (D78

SCHEDULE IV MORTGAGE LOANS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at at beginning	$ 85,447	$ 70,169	$ 61,360
Additions
New mortgage loans	18,055	32,380
Funding of existing loans			590
Increase (decrease) of interest receivable on mortgage loans	6,994	(7,650)	12,235
Deductions
Amounts received	(12,475)	(9,180)	(3,797)
Non-cash reductions	(26,645)	(272)	(219)
Cost of mortgages sold	(12,475)	(9,180)	(3,797)
Balance at ending	$ 69,551	$ 85,447	$ 70,169