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 Companys 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 companys 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 ) Companys 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 TCIs 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 TCIs 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 Companys 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, TCIs stockholders approved the Directors Stock Option Plan (the Directors Plan) which provides for options to purchase up to 140,000 shares of TCIs common stock. Options granted pursuant to the Directors 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 TCIS 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 TCIs quarterly results of operations for the years 2015, 2014 and 2013. Quarterly results presented may differ from those previously reported in TCIs 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. TCIs 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 EquipmentReal 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 companys 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 Companys 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 ) Companys 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 Companys 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 TCIs quarterly results of operations for the years 2015, 2014 and 2013. Quarterly results presented may differ from those previously reported in TCIs 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 |