Transcontinental Realty Investors (TCI) 10-K 31 Mar 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Mar. 31, 2017	Jun. 30, 2016
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, 2016
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 Common Stock, Held by non-affiliates			1,361,049
Entity Public Float			$ 13,555,912
Entity Common Stock, Shares Outstanding		8,717,767
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Assets
Real estate, at cost	$ 998,498	$ 935,635
Real estate subject to sales contracts at cost, net of depreciation ($0 in 2016 and $0 in 2015)	46,956	47,192
Less accumulated depreciation	(154,281)	(138,808)
Total real estate	891,173	844,019
Notes and interest receivable
Performing (including $67,912 in 2016 and $64,181 in 2015 from related parties)	81,133	71,376
Less allowance for estimated losses (including $1,825 in 2016 and $1,825 in 2015 from related parties)	(1,825)	(1,825)
Total notes and interest receivable	79,308	69,551
Cash and cash equivalents	17,506	15,171
Restricted cash	38,227	44,060
Investments in unconsolidated subsidiaries and investees	2,446	5,243
Receivable from related party	101,649	90,515
Other assets	55,605	41,645
Total assets	1,185,914	1,110,204
Liabilities:
Notes and interest payable	835,528	772,636
Notes related to assets held for sale	376	376
Notes related to subject to sales contracts	5,612	6,422
Deferred revenue (including $50,689 in 2016 and $50,645 in 2015 from related parties)	71,065	71,021
Accounts payable and other liabilities (including $6,487 in 2016 and $3,060 in 2015 from related parties)	48,856	34,694
Total liabilities	961,437	885,149
Shareholders' equity:
Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares, issued and outstanding zero shares in 2016 and 2015 (liquidation preference $100 per share). Series D: $0.01 par value, authorized, issued and outstanding 100,000 shares in 2016 and 2015 (liquidation preference $100 per share)	1	1
Common Stock, $0.01 par value, authorized 10,000,000 shares, issued 8,717,967 shares in 2016 and 2015 and outstanding 8,717,767 in 2016 and 2015	87	87
Treasury stock at cost, 200 shares in 2016 and 2015	(2)	(2)
Paid-in capital	269,849	270,749
Retained earnings	(64,050)	(64,087)
Total Transcontinental Realty Investors, Inc. shareholders' equity	205,885	206,748
Non-controlling interest	18,592	18,307
Total shareholders' equity	224,477	225,055
Total liabilities and shareholders' equity	$ 1,185,914	$ 1,110,204

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Real estate subject to sales contracts at cost, net of depreciation	$ 46,956	$ 47,192
Performing	81,133	71,376
Allowance for doubtful accounts (in dollars)	1,825	1,825
Deferred revenue from related parties	$ 71,065	$ 71,021
Preferred stock, liquidation preference per share (in dollars per share)	$ 100	$ 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 Parties [Member]
Real estate subject to sales contracts at cost, net of depreciation	$ 0	$ 0
Performing	67,912	64,181
Allowance for doubtful accounts (in dollars)	1,825	1,825
Deferred revenue from related parties	50,689	50,645
Accounts payable and other liabilities to related parties (in dollars)	$ 6,487	$ 3,060
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
Preferred stock, liquidation preference per share (in dollars per share)	$ 100	$ 100
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental and other property revenues (including $708, $726 and $701 for the year ended 2016, 2015 and 2014, respectively, from related parties)	$ 118,471	$ 102,220	$ 75,858
Expenses:
Property operating expenses (including $865, $740 and $606 for the year ended 2016, 2015 and 2014, respectively, from related parties)	61,918	52,257	39,484
Depreciation and amortization	23,683	21,299	17,398
General and administrative (including $3,574, $3,105 and $2,802 for the year ended 2016, 2015 and 2014, respectively, from related parties)	5,476	5,508	7,163
Provision on impairment of real estate assets		5,300
Net income fee to related party	257	187	3,669
Advisory fee to related party	9,490	8,368	7,373
Total operating expenses	100,824	92,919	75,087
Net operating income	17,647	9,301	771
Other income (expense):
Interest income (including $13,348, $10,071 and $11,469 for the year ended 2016, 2015 and 2014, respectively, from related parties)	14,670	10,687	12,194
Other income	1,816	71	403
Mortgage and loan interest (including $568, $0, and $31 for the year ended 2016, 2015 and 2014, respectively, from related parties)	(53,088)	(46,541)	(33,681)
Loss on the sale of investments		(1)	(92)
Income (loss) from unconsolidated joint ventures and investees	(26)	41	(28)
Litigation settlement		(352)	3,591
Total other expenses	(36,628)	(36,095)	(17,613)
Loss before gain on sales, non-controlling interest and taxes	(18,981)	(26,794)	(16,842)
Gain on sale of income-producing properties	16,207
Gain on land sales	3,121	18,911	561
Net income (loss) from continuing operations before taxes	347	(7,883)	(16,281)
Income tax benefit (expense)	(24)	(517)	20,390
Net income (loss) from continuing operations	323	(8,400)	4,109
Discontinued operations:
Net income (loss) from discontinued operations	(2)	644	(3,621)
Gain on sale of real estate from discontinued operations		735	61,879
Income tax expense from discontinued operations	1	(483)	(20,390)
Net income from discontinued operations	(1)	896	37,868
Net income (loss)	322	(7,504)	41,977
Net income attributable to non-controlling interest	(285)	(132)	(399)
Net income (loss) attributable to Transcontinental Realty Investors, Inc.	37	(7,636)	41,578
Preferred dividend requirement	(900)	(900)	(1,005)
Net income (loss) applicable to common shares	$ (863)	$ (8,536)	$ 40,573
Earnings per share - basic
Net income (loss) from continuing operations (in dollars per share)	$ (.10)	$ (1.08)	$ 0.32
Net income from discontinued operations (in dollars per share)		0.10	4.42
Net income (loss) applicable to common shares (in dollars per share)	(.10)	(0.98)	4.74
Earnings per share - diluted
Net income (loss) from continuing operations (in dollars per share)	(.10)	(1.08)	0.32
Net income from discontinued operations (in dollars per share)		0.10	4.42
Net income (loss) applicable to common shares (in dollars per share)	$ (.10)	$ (0.98)	$ 4.74
Weighted average common shares used in computing earnings per share (in shares)	8,717,767	8,717,767	8,559,370
Weighted average common shares used in computing diluted earnings per share (in shares)	8,717,767	8,717,767	8,559,370
Amounts attributable to Transcontinental Realty Investors, Inc.
Net income (loss) from continuing operations	$ 38	$ (8,532)	$ 3,710
Net income (loss) from discontinued operations	(1)	896	37,868
Net income (loss)	$ 37	$ (7,636)	$ 41,578

CONSOLIDATED STATEMENTS OF OPE5

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Rental and other property revenues	$ 118,471	$ 102,220	$ 75,858
Property operating expenses	61,918	52,257	39,484
General and administrative	5,476	5,508	7,163
Interest income	14,670	10,687	12,194
Mortgage and loan interest	53,088	46,541	33,681
Related Parties [Member]
Rental and other property revenues	708	726	701
Property operating expenses	865	740	606
General and administrative	3,574	3,105	2,802
Interest income	13,348	10,071	11,469
Mortgage and loan interest	$ 568	$ 0	$ 31

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Comprehensive Income (Loss) [Member]	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Non-Controlling Interest [Member]
Balance, at beginning at Dec. 31, 2013	$ 191,570	$ (99,647)	$ 1	$ 84	$ (2)	$ 271,720	$ (98,029)	$ 17,796
Balance, at beginning (in shares) at Dec. 31, 2013				8,413,669
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series C preferred stock dividends	(106)					(106)
Series D preferred stock dividends	(899)					(899)
Net income (loss)	41,977	41,977					41,578	399
Issuance of common stock	937		$ 3			934
Issuance of common stock (in shares)			304,298
Distributions to non-controlling interests	(31)							(31)
Balance, at the end at Dec. 31, 2014	233,448	(57,670)	$ 1	$ 87	(2)	271,649	(56,451)	18,164
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	(900)					(900)
Net income (loss)	(7,504)	(7,504)					(7,636)	132
Contributions from non-controlling interests	11							11
Balance, at the end at Dec. 31, 2015	225,055	(65,174)	1	$ 87	(2)	270,749	(64,087)	18,307
Balance, at the end (in shares) at Dec. 31, 2015				8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Series D preferred stock dividends	(900)					(900)
Net income (loss)	322	322					37	285
Balance, at the end at Dec. 31, 2016	$ 224,477	$ (64,852)	$ 1	$ 87	$ (2)	$ 269,849	$ (64,050)	$ 18,592
Balance, at the end (in shares) at Dec. 31, 2016				8,717,967

CONSOLIDATED STATEMENT OF SHAR7

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2014
Series C Preferred Stock [Member]
Preferred stock dividend (in percent)		7.00%
Series D Preferred Stock [Member]
Preferred stock dividend (in percent)	9.00%	9.00%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash Flow From Operating Activities:
Net income (loss)	$ 322	$ (7,504)	$ 41,977
Adjustments to reconcile net income (loss) applicable to common shares to net cash used in operating activities:
(Gain) loss on sale of land	(3,121)	(18,911)	(561)
Gain on sale of income producing properties	(16,207)	(735)	(61,879)
Depreciation and amortization	23,683	21,299	18,150
Provision on impairment of notes receivable and real estate assets		5,300
Amortization of deferred borrowing costs	4,314	2,684	3,970
Earnings from unconsolidated subsidiaries and investees	(26)	(132)	298
(Increase) decrease in assets:
Accrued interest receivable	(922)	586	7,648
Other assets	(2,388)	4,204	2,784
Prepaid expense	(9,238)	(13,615)	(1,995)
Escrow	7,584	2,684	(16,733)
Earnest money	(571)	(905)	(420)
Rent receivables	2,840	2,104	(1,486)
Related party receivables	(11,134)	(40,153)	(6,024)
Increase (decrease) in liabilities:
Accrued interest payable	20	(710)	104
Other liabilities	12,882	(7,115)	(15,215)
Net cash provided by (used in) operating activities	8,038	(50,919)	(29,382)
Cash Flow From Investing Activities:
Proceeds from notes receivables	2,867	10,669	12,504
Originations of notes receivables	(11,703)	(18,055)	(35,430)
Acquisition of land held for development	(12,508)		(2,604)
Acquisition of income producing properties	(79,736)	(207,313)	(78,557)
Proceeds from sales of income producing properties	21,850		135,074
Proceeds from sale of land	29,128	107,299	8,777
Investment in unconsolidated real estate entities	2,797	(596)	(144)
Improvement of land held for development	(3,023)	(6,158)	(3,137)
Improvement of income producing properties	(5,702)	(8,952)	(4,563)
Construction and development of new properties	(10,836)	(16,717)	(3,016)
Net cash provided by (used in) investing activities	(66,866)	(139,823)	28,904
Cash Flow From Financing Activities:
Proceeds from notes payable	242,215	403,309	178,514
Recurring amortization of principal on notes payable	(20,205)	(15,545)	(21,352)
Payments on maturing notes payable	(160,745)	(186,128)	(153,595)
Deferred financing costs	798	(7,035)	(6,875)
Distributions to non-controlling interests		11	(31)
Common stock issuance			937
Preferred stock dividends - Series C			(106)
Preferred stock dividends - Series D	(900)	(900)	(899)
Net cash provided by (used in) financing activities	61,163	193,712	(3,407)
Net increase (decrease) in cash and cash equivalents	2,335	2,970	(3,885)
Cash and cash equivalents, beginning of period	15,171	12,201	16,086
Cash and cash equivalents, end of period	17,506	15,171	12,201
Supplemental disclosures of cash flow information:
Cash paid for interest	$ 43,986	$ 38,787	$ 30,110

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 322	$ (7,504)	$ 41,977
Comprehensive income attributable to non-controlling interest	(285)	(132)	(399)
Comprehensive income (loss) attributable to Transcontinental Realty Investors, Inc.	$ 37	$ (7,636)	$ 41,578

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2016
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 77.6% 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, 2016, TCI owned 81.1% of the outstanding IOT common shares. Shares of IOT are traded on the New York 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 was $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, 2016, we owned 50 residential apartment communities comprising of 8,226 units, 7 commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, an investment in 3,139 acres of undeveloped and partially developed land, and a golf course comprising of approximately 96.1 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 50 and 48 multifamily residential properties located throughout the United States at December 31, 2016 and December 31, 2015, respectively, with total units of 8,226 and 7,983 units, respectively. Assets totaling approximately $442 million and approximately $457 million at December 31, 2016 and 2015, 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 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. For sales transactions where the guidance reflects a sale did not occur, the asset involved in the transaction, including the debt, if applicable, and property operations, remain on the books of the Company. We continue to charge depreciation to expense as a period cost 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 Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. 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 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.” 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 related to 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 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 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, 2016
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): 2016 2015 Apartments $ 697,732 $ 626,141 Apartments under construction 25,288 18,229 Commercial properties 204,384 201,567 Land held for development 71,094 89,697 Real estate subject to sales contract 46,956 47,192 Total real estate, at cost, less impairment 1,045,454 982,827 Less accumulated deprecation (154,281 ) (138,808 ) Total real estate, net of depreciation $ 891,173 $ 844,019 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 During the year ended December 31, 2015, the Company recorded 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 years ended December 31, 2016 and 2014. 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. Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ — $ 3,000 During 2015, our 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 charge 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 during the years ended December 31, 2016 and 2014. The highlights of our significant real estate transactions for the year ended December 31, 2016, are discussed below. Purchases During the year ended December 31, 2016, the Company acquired four income-producing apartment properties from third parties in the states of Arkansas, Florida, Georgia and Mississippi, increasing the total number of units by 723, for a combined purchase price of $79.7 million. In addition, we acquired three land parcels for future development for a total purchase price of $12.5 million, adding 36.3 acres to the development portfolio. Sales For the year ended December 31, 2016, TCI sold a combined 129.7 acres of land located in Forney, Texas, McKinney, Texas, Farmers Branch, Texas and Nashville, Tennessee to independent third parties for a total sales price of $29.1 million. We recorded an aggregate $3.1 million gain from the land sales. In addition, the Company sold one apartment community located in Irving, Texas to an independent third party for a total sales price of $8.1 million and one apartment community located in Topeka, Kansas to an independent third party for a total sales price of $12.3 million. We recorded an aggregate gain of $16.2 million from the sale of these two properties. The Company also sold an industrial warehouse consisting of approximately 177,805 square feet. The sale resulted in a loss of approximately $0.2 million. As of December 31, 2016, 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. We continue to invest in the development of apartment projects. During the year ended December 31, 2016, we have expended $20.3 million related to the construction or predevelopment of various apartment complexes and capitalized $0.9 million of interest costs.

NOTES AND INTEREST RECEIVABLE

NOTES AND INTEREST RECEIVABLE	12 Months Ended
	Dec. 31, 2016
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). As of December 31, 2016, the obligors on $67.7 million or 85% of the mortgage notes receivable portfolio were due from related entities. The Company recognized $14.2 million of interest income from these related party notes receivables. As of December 31, 2016, 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. Borrower Maturity Interest Amount Security Performing loans: H198, LLC (Las Vegas Land) 01 /20 12.00 % $ 5,907 Secured Oulan-Chikh Family Trust 03 /21 8.00 % 174 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) 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 Unified Housing Foundation, Inc. (1) 06 /19 12.00 % 5,400 Unsecured Other related party notes (1) Various Various 1,404 Various unsecured interests Other non-related party notes Various Various 796 Various secured interests Other non-related party notes Various Various 4,742 Various unsecured interests Accrued interest 5,479 Total Performing $ 81,133 Allowance for estimated losses (1,825 ) Total $ 79,308 (1) Related Party notes

ALLOWANCE FOR ESTIMATED LOSSES

ALLOWANCE FOR ESTIMATED LOSSES	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
ALLOWANCE FOR ESTIMATED LOSSES	NOTE 4. ALLOWANCE FOR ESTIMATED LOSSES The allowance account was reviewed and remained the same in 2016. The decrease in 2015 was due to a fully reserved note that was written off. The table below shows our allowance for estimated losses (dollars in thousands): 2016 2015 2014 Balance January 1, $ 1,825 $ 1,990 $ 2262 Decrease in provision — (165 ) (272) Balance December 31, $ 1,825 $ 1,825 $ 1,990

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	NOTE 5. INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company’s proportionate share of their undistributed earnings or losses, via the equity method of accounting. ARL is our parent company and is considered as an unconsolidated joint venture. Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2016 2015 2014 American Realty Investors, Inc. (1) 0.90 % 0.90 % 1.00 % (1) Unconsolidated investment in parent company Our interest in the common stock of ARL in the amount of 0.90% is accounted for under the equity method. Accordingly, the investment is carried at cost, adjusted for the company’s proportionate share of earnings or losses. The following is a summary of the financial position and results of operations of ARL (dollars in thousands): For the Twelve Months Ended December 31, Unconsolidated Subsidiaries 2016 2015 2014 Real estate, net of accumulated depreciation $ 14,504 $ 14,232 $ 15,460 Notes Receivable 47,257 50,692 50,909 Other assets 127,001 127,497 128,635 Notes payable (9,485 ) (25,233 ) (50,048 ) Other liabilities (111,707 ) (98,440 ) (80,904 ) Shareholders’ equity/partners’ capital (67,570 ) (68,748 ) (64,052 ) Rents and interest and other income $ 7,251 $ 11,990 $ 12,427 Depreciation (175 ) (192 ) (285 ) Operating expenses (3,633 ) (4,414 ) (6,983 ) Gain on land sales — 2,737 — Interest expense (6,274 ) (5,936 ) (7,144 ) Income (loss) from continuing operations (2,831 ) 4,185 (1,985 ) Income (loss) from discontinued operations — 1 64 Net income (loss) $ (2,831 ) $ 4,186 $ (1,921 ) Company’s proportionate share of income (loss) (1) $ (25 ) $ 38 $ (19 ) (1) Income (loss) represents continued and discontinued operations

NOTES AND INTEREST PAYABLE

NOTES AND INTEREST PAYABLE	12 Months Ended
	Dec. 31, 2016
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, 2016 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 553,509 $ 1,500 $ 555,009 Apartments under Construction $ 16,576 — $ 16,576 Commercial $ 108,725 $ 528 $ 109,253 Land $ 30,811 $ 117 $ 30,928 Real estate subject to sales contract $ 5,142 $ 470 $ 5,612 Mezzanine financing $ 119,923 — $ 119,923 Other $ 23,425 — $ 23,425 Total 858,111 2,615 860,726 Unamortized deferred borrowing costs (19,210 ) — (19,210 ) $ 838,901 $ 2,615 $ 841,516 The schedule principal payments of our notes payable over the next five years and thereafter are due as follows (dollars in thousands): Year Amount 2017 $ 130,515 2018 56,255 2019 70,136 2020 51,616 2021 15,831 Thereafter 533,757 Total $ 858,111 Interest payable at December 31, 2016 was $2.6 million. Our debt has interest rates ranging from 2.5% to 12.0% per annum with maturity dates between 2017 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $891 million. During the year 2016 the Company refinanced or modified five loans with a total principal balance of $78.9 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. 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 $13 million in construction loans during the year ended December 31, 2016.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND FEES	12 Months Ended
	Dec. 31, 2016
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, 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 TCI 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 Agreemen Effective 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: 2016 2015 2014 (dollars in thousands) Fees: Advisory $ 9,490 $ 8,368 $ 7,373 Mortgage brokerage and equity refinancing 775 1,524 1,152 Net income 257 187 3,669 Property acquisition — 921 145 $ 10,522 $ 11,000 $ 12,339 Other Expense: Cost reimbursements $ 3,228 $ 2,925 $ 2,622 Interest paid (received) (4,216 ) (3,352 ) (2,795 ) $ (988 ) $ (427 ) $ (173 ) Revenue: Rental $ 708 $ 726 $ 701 Fees paid to Regis and related parties: 2016 2015 2014 (dollars in thousands) Fees: Property acquisition $ 10,776 $ 1,932 $ 348 Property management, construction management and leasing commissions 888 682 544 Real estate brokerage 787 1,105 2,752 $ 12,451 $ 3,719 $ 3,644 The Company received rental revenue of $0.7 million in each of the three years ended December 31, 2016 from Pillar and its related parties for properties owned by the Company. As of December 31, 2016, the Company had notes and interest receivables, net of allowances, of $62.2 million and $3.9 million, respectively, due from UHF, a related party. During the current period, the Company recognized interest income of $8.6 million, originated $5.4 million, received principal payments of $4.1 million and received interest payments of $9.0 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 $60.4 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, 2016 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 expense (benefit) in each year was calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory tax rate of 35%. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2016 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2015 $ — $ 90,515 $ 90,515 Cash transfers 43,246 — 43,246 Advisory fees (9,490 ) — (9,490 ) Net income fee (257 ) — (257 ) Fees and commissions (1,551 ) — (1,551 ) Cost reimbursements (3,228 ) — (3,228 ) Interest income — 4,216 4,216 Notes receivable purchased (5,356 ) (5,356 ) Expenses paid by advisor (8,389 ) — (8,389 ) Financing (mortgage payments) 2,719 — 2,719 Sales/Purchases transactions (10,776 ) — (10,776 ) Series K preferred stock acquisition — — — Income tax expense (1,096 ) 1,096 — Purchase of obligations (12,925 ) 12,925 — Related party receivable, December 31, 2016 $ (7,103 ) $ 108,752 $ 101,649 As of December 31, 2016, 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, 2016
Dividends [Abstract]
DIVIDENDS	NOTE 8. DIVIDENDS TCI’s Board of Directors established a policy that dividend declarations on common stock would be determined on an annual basis following the end of each year. In accordance with that policy, no dividends on TCI’s common stock were declared for 2016, 2015, or 2014. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board.

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Dec. 31, 2016
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, 2016
Stock Options
STOCK OPTIONS	NOTE 10. STOCK OPTIONS In October 2000, TCI’s stockholders approved the Director’s Stock Option Plan (the “Director’s Plan”) which provides for options to purchase up to 140,000 shares of TCI’s common stock. Options granted pursuant to the Director’s Plan are immediately exercisable and expire on the earlier of the first anniversary of the date on which a Director ceases to be a Director or 10 years from the date of grant. Effective December 15, 2005 the plan was terminated. At December 31, 2014, there were 5,000 stock options outstanding which were exercisable at $14.25 per share. These options expired unexercised January 1, 2015.

TCI INCOME TAXES

TCI INCOME TAXES	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
TCI INCOME TAXES	NOTE 11. TCI INCOME TAXES For 2016, TCI had taxable loss for federal tax purposes, while it had taxable income for 2015 and a loss for 2014. For 2016, MRHI, ARL, TCI and IOT had a combined net taxable income. For 2015, MRHI, ARL, TCI and IOT had a combined net taxable income and TCI recorded no current tax benefit or expense. For 2014, TCI, with the consolidation of 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): 2016 2015 2014 Income (loss) from continuing operations $ 24 $ 517 $ (20,390 ) Income (loss) from discontinued operations (1) 483 20,390 Tax expense (benefit) $ 23 $ 1,000 $ — 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): 2016 2015 2014 Computed “expected” income tax (benefit) expense $ 121 $ 2,276 $ 14,762 Book to tax differences for partnerships not consolidated for tax purposes 93 5,152 (23,900 ) Book to tax differences of depreciation and amortization (477 ) (160 ) 1,461 Book to tax differences in gains on sale of property (2,757 ) (4,073 ) (2,350 ) Book provision for loss — 1,855 — Partial valuation allowance against current net operating loss benefit (69 ) (9,596 ) 7,069 Other 3,112 5,546 2,958 Total $ 23 $ 1,000 $ — 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): 2016 2015 2014 Net operating losses $ 42,585 $ 46,497 $ 56,897 AMT credits 1,591 1,900 1,374 Basis difference of: Real estate holdings (7,580 ) (17,912 ) 876 Notes receivable 5,432 694 757 Investments (4,328 ) (4,709 ) (4,693 ) Notes payable 2,315 2,792 6,932 Deferred gains 14,200 11,984 10,146 Total $ 54,215 $ 41,246 $ 72,289 Deferred tax valuation allowance (54,215 ) (41,246 ) (72,289 ) Net deferred tax asset $ — $ — $ — 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 $54.2 million, $41.2 million and $72.3 million as of December 31, 2015, 2014 and 2013, respectively. TCI has tax net operating loss carryforwards of approximately $122.0 million expiring through the year 2033. The alternative minimum tax credit balance increased in 2016 to approximately $1.59 million. The credit has no expiration date.

FUTURE MINIMUM RENTAL INCOME UN

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2016
Leases [Abstract]
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	NOTE 12. FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES TCI’S real estate operations include the leasing of commercial properties (office buildings, industrial warehouses and retail centers). The leases thereon expire at various dates through 2025. The following is a schedule of minimum future rents on non-cancelable operating leases at December 31, 2016 (dollars in thousands): Year Amount 2017 24,491 2018 22,696 2019 17,261 2020 13,326 2021 11,364 Thereafter 19,353 Total $ 108,491

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2016
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, 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 2016, 2015 and 2014 (dollars in thousands): For the Year Ended December 31, 2016 Commercial Apartments Land Other Total Rental and other property revenues $ 31,864 $ 86,603 $ — $ 4 $ 118,471 Property operating expenses (19,476 ) (40,786 ) (1,634 ) (22 ) $ (61,918 ) Depreciation (8,924 ) (14,759 ) — — (23,683 ) Mortgage and loan interest (7,167 ) (25,381 ) (1,746 ) (18,794 ) (53,088 ) Interest income — — — 14,670 14,670 Gain (loss) on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,941 ) $ 22,122 $ (259 ) $ (4,142 ) $ 13,780 Capital expenditures $ 4,577 $ 863 $ 269 $ — $ 5,709 Assets $ 148,689 $ 624,433 $ 118,051 $ — $ 891,173 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Less: Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain (loss) on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 Commercial For the Year Ended December 31, 2015 Properties 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 ) (23,506 ) (4,214 ) (11,930 ) (46,541 ) 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 Commercial For the Year Ended December 31, 2014 Properties 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 (5,812 ) (18,946 ) (4,334 ) (4,589 ) (33,681 ) Interest income — — — 12,194 12,194 Loss 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 (loss) on sale $ 10,014 $ 51,865 $ 561 $ — $ 62,440 The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Segment operating income (loss) $ 13,780 $ 11,721 $ (1,950 ) Other non-segment items of income (expense) General and administrative (5,476 ) (5,508 ) (7,163 ) Provision on impairment of real estate assets — (5,300 ) — Net income fee to related party (257 ) (187 ) (3,669 ) Advisory fee to related party (9,490 ) (8,368 ) (7,373 ) Other income 1,816 71 403 Gain (loss) on the sale of investments — (1 ) (92 ) Loss from unconsolidated joint ventures and investees (26 ) 41 (28 ) Litigation settlement — (352 ) 3,591 Income tax benefit (expense) (24 ) (517 ) 20,390 Net income (loss) from continuing operations $ 323 $ (8,400 ) $ 4,109 The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Segment assets $ 891,173 $ 844,019 $ 689,121 Investments in real estate partnerships 2,446 5,243 1,543 Notes and interest receivable 79,308 69,551 83,457 Other assets 212,987 191,391 156,284 Total assets $ 1,185,914 $ 1,110,204 $ 930,405

DISCONTINUED OPERATIONS

DISCONTINUED OPERATIONS	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Disposal Groups [Abstract]
DISCONTINUED OPERATIONS	NOTE 14. DISCONTINUED OPERATIONS Prior to January 1, 2015, we applied the provisions of ASC 360, “Property, Plant and Equipment”, which required 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 required that one accounting model be used for long-lived assets to be disposed of by sale and broadened the presentation of discontinued operations to include more disposal transactions. Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified 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. There were no sales of income-producing properties during 2016 or 2015 that met the criteria for discontinued operations. Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following table summarizes revenue and expense information for the properties sold that qualified as discontinued operations (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Revenues: Rental and other property revenues $ — $ 355 $ 5,612 — 355 5,612 Expenses: Property operating expenses 2 (345 ) 2,350 Depreciation — — 751 General and administrative — 99 515 Total operating expenses 2 (246 ) 3,616 Other income (expense): Other income (expense) — 45 (508 ) Mortgage and loan interest — (2 ) (3,204 ) Loan charges and prepayment penalties — — (1,656 ) Earnings from unconsolidated subsidiaries and investees — — 1 Litigation settlement — — (250 ) Total other expenses — 43 (5,617 ) Income (loss) from discontinued operations before gain on sale of real estate and taxes (2 ) 644 (3,621 ) Gain on sale of real estate from discontinued operations — 735 61,879 Income tax expense 1 (483 ) (20,390 ) Income from discontinued operations $ (1 ) $ 896 $ 37,868

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS	NOTE 15. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of TCI’s quarterly results of operations for the years 2016, 2015 and 2014. Quarterly results presented may differ from those previously reported in TCI’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: For the Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2016 Revenue and other property revenues $ 28,903 $ 30,521 $ 29,776 $ 29,271 Total operating expenses 24,823 24,751 25,429 25,821 Operating income (loss) 4,080 5,770 4,347 3,450 Other expenses (9,054 ) (7,901 ) (9,309 ) (10,364 ) Loss before gain on land sales, non-controlling interest, and taxes (4,974 ) (2,131 ) (4,962 ) (6,914 ) Gain (loss) on sale of income-producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit 1 — (25 ) — Net income (loss) from continuing operations (3,565 ) 4,756 (4,432 ) 3,564 Net income from discontinued operations 2 — — (3 ) Net income (loss) (3,563 ) 4,756 (4,432 ) 3,561 Net (loss) attributable to non-controlling interest 23 (97 ) (114 ) (97 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net income (loss) applicable to common shares $ (3,762 ) $ 4,435 $ (4,773 ) $ 3,237 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 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 $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 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 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 discontinuing 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 ) 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

COMMITMENTS AND CONTINGENCIES A

COMMITMENTS AND CONTINGENCIES AND LIQUIDITY	12 Months Ended
	Dec. 31, 2016
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 $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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 working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc. Litigation. Guarantees.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2016
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, 2016, there are no preferred stock or stock options that are required to be included in the calculation of EPS.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 18. SUBSEQUENT EVENTS The date to which events occurring after December 31, 2016, the date of the most recent balance sheet, have been evaluated for possible adjustment to the financial statements or disclosure is March 31, 2017, which is the date on which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements. On February 13, 2017, Southern Properties Capital LTD, a British Virgin Islands corporation (“Southern”), filed a final prospectus with the Tel Aviv Stock Exchange LTD (the “TASE”) for an offering and sale of nonconvertible Series A Bonds (the “Debentures”), to be issued by Southern, which is an indirect subsidiary of TCI. Southern, in turn, wholly owns interest in other entities, which, in turn, are the principal owners of various residential and commercial properties located in the south and southwestern portions of the United States. The Debentures are unsecured obligations of Southern. On February 14, 2017, Southern commenced the institutional tender of the Debentures and has accepted application for 276 million Israeli, new Shekels (approximately $73,651,065 USD, based on the exchange rate of 3.7474 Shekels to the U.S. Dollar effective February 14, 2017) in both institutional and public tenders, at an annual interest rate averaging approximately 7.38%.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2016
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Schedule III TRANSCONTINENTAL REALTY INVESTORS, INC. December 31, 2016 Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Properties Held for Investment Apartments Anderson Estates, Oxford, MS 796 378 2,683 313 — 378 2,996 3,373 732 2003 01 /06 40 years Blue Lake Villas I, Waxahachie, TX 10,589 526 11,057 19 — 526 11,076 11,602 3,809 2003 01 /02 40 years Blue Lake Villas II, Waxahachie, TX 3,832 287 4,451 45 — 287 4,496 4,783 1,023 2004 01 /04 40 years Breakwater Bay, Beaumont, TX 9,271 740 10,435 63 — 740 10,498 11,238 3,123 2004 05 /03 40 years Bridgewood Ranch, Kaufman, TX 6,340 762 6,856 57 — 762 6,913 7,675 1,553 2007 04 /08 40 years Capitol Hill, Little Rock, AR 8,893 1,860 7,948 55 — 1,860 8,003 9,862 2,506 2003 03 /03 40 years Centennial, Oak Ridge, TN 20,794 2,570 22,589 — — 2,570 22,589 25,159 800 2011 07 /14 40 years Curtis Moore Estates, Greenwood, MS 1,444 847 5,733 285 — 847 6,018 6,864 1,772 2003 01 /06 40 years Crossing at Opelika, Opelika, AL 14,700 1,590 14,314 — — 1,590 14,314 15,904 267 2015 12 /15 40 years Dakota Arms, Lubbock, TX 12,356 921 12,644 358 — 921 13,002 13,923 3,860 2004 01 /04 40 years David Jordan Phase II, Greenwood, MS 563 277 1,521 70 — 277 1,591 1,868 461 1999 01 /06 40 years David Jordan Phase III, Greenwood, MS 573 439 2,115 64 — 439 2,179 2,618 590 2003 01 /06 40 years Desoto Ranch, DeSoto, TX 15,119 1,472 17,854 65 — 1,472 17,919 19,391 5,772 2002 05 /02 40 years Falcon Lakes, Arlington, TX 13,530 1,437 15,095 449 — 1,437 15,544 16,981 5,566 2001 10 /01 40 years Heather Creek, Mesquite, TX 11,162 1,345 12,015 50 — 1,345 12,065 13,410 3,626 2003 03 /03 40 years Holland Lake, Weatherford, TX 11,669 1,450 14,611 — — 1,450 14,611 16,061 609 2004 05 /14 40 years Lake Forest, Houston, TX 12,007 927 12,267 1,023 — 927 13,290 14,217 3,919 2004 01 /04 40 years Legacy at Pleasant Grove, Texarkana, TX 14,757 2,005 17,892 — — 2,005 17,892 19,897 932 2006 12 /14 40 years Lodge at Pecan Creek, Denton, TX 16,174 1,349 16,180 — — 1,349 16,180 17,529 2,090 2011 10 /05 40 years Mansions of Mansfield, Mansfield, TX 15,347 977 17,799 75 — 977 17,874 18,851 3,465 2009 09 /05 40 years Metropolitan Apartments, North Little Rock, AR 24,303 3,229 29,004 — — 3,229 29,004 32,233 363 2010 06 /16 40 years Mission Oaks, San Antonio, TX 14,670 1,266 16,627 212 — 1,266 16,839 18,105 4,077 2005 05 /05 40 years Monticello Estate, Monticello, AR 445 285 1,493 15 — 285 1,508 1,793 422 2001 01 /06 40 years Northside on Travis, Sherman, TX 13,099 1,300 14,560 27 — 1,300 14,587 15,887 2,671 2009 10 /07 40 years Oak Hollow, Sequin, TX 11,832 1,435 12,406 — — 1,435 12,406 13,841 465 2011 07 /14 40 years Oceanaire Apartments, Biloxi, MS 11,374 1,397 12,575 — — 1,397 12,575 13,972 567 2009 12 /16 40 years Overlook at Allensville, Sevierville, TN 13,607 1,228 12,296 — — 1,228 12,296 13,524 — 2012 10 /15 40 years Parc at Clarksville, Clarksville, TN 12,658 587 14,300 103 — 587 14,403 14,990 3,022 2007 06 /02 40 years Parc at Denham Springs, Denham Springs, LA 18,520 1,022 20,188 8 — 1,022 20,196 21,218 3,012 2011 07 /07 40 years Parc at Maumelle, Little Rock, AR 15,694 1,710 17,688 218 — 1,710 17,906 19,617 4,759 2006 12 /04 40 years Parc at Metro Center, Nashville, TN 10,316 1,044 12,226 476 — 1,044 12,702 13,746 3,359 2006 05 /05 40 years Parc at Rogers, Rogers, AR 20,382 1,482 22,995 449 (3,180 ) 1,482 20,264 21,746 4,321 2007 04 /04 40 years Preserve at Pecan Creek, Denton, TX 14,251 902 16,626 42 — 902 16,668 17,570 3,473 2008 10 /05 40 years Preserve at Prairie Pointe, Lubbock, TX 10,057 1,074 10,604 178 — 1,074 10,782 11,856 462 2005 04 /15 40 years Riverwalk Phase I, Greenville, MS 282 198 1,537 5 — 198 1,542 1,740 464 2003 01 /06 40 years Riverwalk Phase II, Greenville, MS 1,089 297 4,007 163 — 297 4,170 4,467 1,467 2003 01 /06 40 years Sawgrass Creek, New Port Richey, FL — 784 7,056 — — 784 7,056 7,840 73 2008 08 /16 40 years Sonoma Court, Rockwall, TX 10,616 941 11,072 1 — 941 11,073 12,014 1,500 2011 07 /10 40 years Sugar Mill, Baton Rouge, LA 11,216 1,437 13,367 204 — 1,437 13,571 15,008 2,500 2009 08 /08 40 years Tattersall Village, Hinesville, GA 26,121 2,691 23,961 — — 2,691 23,961 26,652 — 2010 12 /16 40 years Toulon, Gautier, MS 20,356 1,993 20,107 — — 1,993 20,107 22,100 2,765 2011 09 /09 40 years Tradewinds, Midland, TX 14,477 3,300 20,073 — — 3,300 20,073 23,373 748 2015 06 /15 40 years Villager, Ft. Walton, FL 733 141 1,268 — — 141 1,268 1,409 53 1972 06 /15 40 years Villas at Park West I, Pueblo, CO 10,410 1,171 10,453 — — 1,171 10,453 11,624 544 2005 12 /14 40 years Villas at Park West II, Pueblo, CO 9,418 1,463 13,060 — — 1,463 13,060 14,523 680 2010 12 /14 40 years Vista Ridge, Tupelo, MS 10,661 1,339 13,398 — — 1,339 13,398 14,737 848 2009 10 /15 40 years Vistas of Vance Jackson, San Antonio, TX 15,076 1,327 16,539 127 — 1,327 16,666 17,993 4,728 2004 01 /04 40 years Waterford, Roseberg, TX 17,167 2,341 20,880 0 — 2,341 20,880 23,221 783 2013 06 /14 40 years Westwood, Mary Ester, FL 4,167 692 6,650 0 — 692 6,650 7,342 263 1972 06 /15 40 years Windsong, Fort Worth, TX 10,599 790 11,526 69 — 790 11,596 12,386 3,724 2002 07 /03 40 years Total Apartments Held for Investment $ 553,512 $ 61,025 $ 634,601 $ 5,288 $ (3,180 ) $ 61,025 $ 636,709 $ 697,733 $ 98,588 Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. December 31, 2016 Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Apartments Under Construction Lakeside Lofts, Farmers Branch, TX 0 0 — 1,744 — — 1,744 1,744 — — 12 /14 — Terra Lago, Rowlett, TX 13,005 6,023 — 15,406 — 6,024 15,406 21,430 — — 11 /15 — Overlook at Allensville Square II, Sevierville, TN 0 1,843 — 271 — 1,843 271 2,114 — — 11 /15 — Total Apartments Under Construction $ 13,005 $ 7,866 $ — $ 17,421 $ — $ 7,867 $ 17,421 $ 25,288 $ — Commercial 600 Las Colinas, Las Colinas, TX 39,237 5,751 51,759 16,941 — 5,751 68,700 74,451 23,728 1984 08 /05 40 years 770 South Post Oak, Houston, TX 12,700 1,763 15,834 165 1,763 15,999 17,762 660 1970 07 /15 40 years Bridgeview Plaza, LaCrosse, WI 5,218 — — 1,008 — — 1,008 1,008 521 1979 03 /03 40 years Browning Place (Park West I), Farmers Branch, TX 23,193 5,096 45,868 14,355 — 5,096 60,223 65,319 21,301 1984 04 /05 40 years Mahogany Run Golf Course, US Virgin Islands — 7,168 6,031 142 (5,300 ) 7,168 873 8,041 323 1981 11 /14 40 years Fruitland Plaza, Fruitland Park, FL — 23 — 83 — 23 83 106 46 — 05 /92 40 years Senlac VHP, Farmers Branch, TX — 622 — 142 — 622 142 764 134 — 08 /05 40 years Stanford Center, Dallas, TX 28,000 3,878 34,862 7,793 (9,600 ) 3,878 33,055 36,933 8,980 — 06 /08 40 years Total Commercial Held for Investment $ 108,348 $ 24,301 $ 154,354 $ 40,629 $ (14,900 ) $ 24,301 $ 180,083 $ 204,384 $ 55,693 Land Dominion Mercer, Farmers Branch, TX 3,572 3,688 $ — — — 3,688 — 3,688 — — 10 /16 — 2427 Valley View Ln, Farmers Branch, TX — 76 — — 76 — 76 — — 07 /12 — Audubon, Adams County, MS — 519 — 297 — 816 — 816 — — 03 /07 — Bonneau Land, Farmers Branch, TX — 1,309 — — — 1,309 — 1,309 — — 12 /14 — Cooks Lane, Fort Worth, TX 394 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 153 714 — — — 714 — 714 — — 08 /08 — Gautier Land, Gautier, MS — 202 — — — 202 — 202 — — 07 /98 — Hollywood Casino Tract II, Farmers Branch, TX 2,645 6,940 — 1,292 (3,747 ) 4,485 $ — 4,485 — — 06 /02 — Lacy Longhorn Land, Farmers Branch, TX — 1,169 — — (760 ) 409 — 409 — — 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 — McKinney 36, Collin County, TX 1,415 647 — 164 (19 ) 792 — 792 — — 01 /98 — Minivest Land, Dallas, TX — 7 — — — 7 — 7 — — 04 /13 — Mira Lago, Farmers Branch, TX — 59 — 15 — 74 — 74 — — 05 /01 — Nakash, Malden, MO — 114 — — — 114 — 114 — — 01 /93 — Nashville, Nashville, TN — 662 — 61 — 723 — 723 — — 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 116 445 — 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, TX — 1,173 — — (945 ) 228 — 228 — — 08 /08 — Willowick Land, Pensacola, FL — 137 — — — 137 — 137 — — 01 /95 — Windmill Farms Land, Kaufman County, TX 25,332 48,822 — 15,007 (20,564 ) 43,265 — 43,265 — — 11 /11 — Total Land Held for Investment $ 34,384 $ 80,058 $ — $ 17,517 $ (26,480 ) $ 71,095 $ — $ 71,095 $ — Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. December 31, 2016 Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Corporate Departments/Investments/Misc. TCI - Corporate 162,232 — — — — — — — — Total Corporate Departments/Investments/Misc. $ 162,232 $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Investment $ 871,481 $ 173,247 $ 788,954 $ 80,855 $ (44,561 ) $ 164,285 $ 834,213 $ 998,498 $ 154,281 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 $ — $ — $ — $ — $ — $ — $ — $ — $ — Land Dominion Tract, Dallas, TX $ 3,360 $ 3,931 $ — $ 53 (1,624 ) 2,360 $ — 2,360 $ — — 03 /99 — Hollywood Casino Land Tract I, Farmers Branch, TX 1,410 8,470 — 147 (5,297 ) 3,320 — 3,320 — — 03 /08 — LaDue Land, Farmers Branch, TX — 1,900 — — (55 ) 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 — 19,728 — 71 (6,624 ) 13,175 $ — 13,175 — — 09 /06 — Whorton Land, Bentonville, AR 372 3,510 — 567 (2,451 ) 1,626 $ — 1,626 — — 06 /05 — Total Land Subject to Sales Contract $ 5,142 $ 67,143 $ — $ 842 $ (21,029 ) $ 46,956 $ — $ 46,956 $ — Total Properties Subject to Sales Contract $ 5,142 $ 67,143 $ — $ 842 $ (21,029 ) $ 46,956 $ — $ 46,956 $ — Land Sold $ — $ — $ — $ — — $ — $ — $ — $ — Total Land Sold $ — $ — $ — $ — $ — $ — $ — $ — $ — TOTAL: Real Estate $ 876,999 $ 240,390 $ 788,954 $ 81,697 $ (65,590 ) $ 211,241 $ 834,213 $ 1,045,454 $ 154,281 REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2016 SCHEDULE III (Continued) 2016 2015 2014 (dollars in thousands) Reconciliation of Real Estate Balance at January 1, $ 982,827 $ 804,489 $ 828,093 Additions Acquisitions, improvements and construction 112,763 222,423 71,423 Deductions Sale of real estate (50,136) (38,785 ) (95,027 ) Asset impairments — (5,300 ) — Balance at December 31, 1,045,454 $ 982,827 $ 804,489 Reconciliation of Accumulated Depreciation Balance at January 1, $ 138,808 $ 115,368 $ 132,291 Additions Depreciation 22,180 25,565 17,145 Deductions Sale of real estate (6,707) (2,125 ) (34,068 ) Balance at December 31, $ 154,281 $ 138,808 $ 115,368

SCHEDULE IV MORTGAGE LOANS

SCHEDULE IV MORTGAGE LOANS	12 Months Ended
	Dec. 31, 2016
Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS	SCHEDULE IV TRANSCONTINENTAL REALTY INVESTORS, INC. December 31, 2016 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of 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 Oulan-Chikh Family Trust 8.00% 3/21 Excess cash flow — 174 174 — 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 Canyon) 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 Ranch) 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 Crossing) 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 Terrell) 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 — 496 796 — 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 (2016 Advisory Fee) 12.00% 06/19 Excess cash flow — 1,261 5,400 — 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 1,404 — Various non-related party notes various various — 4,742 4,742 — $ 75,654 Accrued interest 5,479 Allowance for estimated losses (1,825 ) $ 79,308 SCHEDULE IV (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. MORTGAGE LOANS As of December 31, 2016 2015 2014 (dollars in thousands) Balance at January 1, $ 71,376 $ 85,447 $ 70,169 Additions New mortgage loans 11,703 18,055 32,380 Funding of existing loans — — — Increase (decrease) of interest receivable on mortgage loans 9,878 6,994 (7,650 ) Deductions Amounts received (11,824 ) (12,475 ) (9,180 ) Non-cash reduction — (26,645 ) (272 ) Cost of mortgages sold — — — Balance at December 31, $ 81,133 $ 71,376 $ 85,447

ORGANIZATION AND BASIS OF PRESE

ORGANIZATION AND BASIS OF PRESENTATION (Policies)	12 Months Ended
	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of presentation	Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities are included in consolidated net income. TCI’s investment in ARL is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates 50 and 48 multifamily residential properties located throughout the United States at December 31, 2016 and December 31, 2015, respectively, with total units of 8,226 and 7,983 units, respectively. Assets totaling approximately $442 million and approximately $457 million at December 31, 2016 and 2015, 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 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. For sales transactions where the guidance reflects a sale did not occur, the asset involved in the transaction, including the debt, if applicable, and property operations, remain on the books of the Company. We continue to charge depreciation to expense as a period cost 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 Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations 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 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.
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 related to real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment—Real Estate Sale.” The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.
Non-performing notes receivable	Non-performing notes receivable.
Interest recognition on notes receivable	Interest recognition on notes receivable .
Allowance for estimated losses	Allowance for estimated losses .
Cash equivalents	Cash equivalents.
Concentration of credit risk	Concentration of credit risk.
Earnings per share	Earnings per share .
Use of estimates	Use of estimates.
Income taxes	Income taxes .
Recent accounting pronouncements	Recent accounting pronouncements . In 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 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, 2016
Real Estate [Abstract]
Schedule of the real estate owned	A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2016 2015 Apartments $ 697,732 $ 626,141 Apartments under construction 25,288 18,229 Commercial properties 204,384 201,567 Land held for development 71,094 89,697 Real estate subject to sales contract 46,956 47,192 Total real estate, at cost, less impairment 1,045,454 982,827 Less accumulated deprecation (154,281 ) (138,808 ) Total real estate, net of depreciation $ 891,173 $ 844,019
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	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. Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ — $ 3,000

NOTES AND INTEREST RECEIVABLE (

NOTES AND INTEREST RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Schedule of notes receivable	Borrower Maturity Interest Amount Security Performing loans: H198, LLC (Las Vegas Land) 01 /20 12.00 % $ 5,907 Secured Oulan-Chikh Family Trust 03 /21 8.00 % 174 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) 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 Unified Housing Foundation, Inc. (1) 06 /19 12.00 % 5,400 Unsecured Other related party notes (1) Various Various 1,404 Various unsecured interests Other non-related party notes Various Various 796 Various secured interests Other non-related party notes Various Various 4,742 Various unsecured interests Accrued interest 5,479 Total Performing $ 81,133 Allowance for estimated losses (1,825 ) Total $ 79,308 (1) Related Party notes

ALLOWANCE FOR ESTIMATED LOSSES

ALLOWANCE FOR ESTIMATED LOSSES (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Schedule of allowance for estimated losses	The allowance account was reviewed and remained the same in 2016. The decrease in 2015 was due to a fully reserved note that was written off. The table below shows our allowance for estimated losses (dollars in thousands): 2016 2015 2014 Balance January 1, $ 1,825 $ 1,990 $ 2262 Decrease in provision — (165 ) (272) Balance December 31, $ 1,825 $ 1,825 $ 1,990

INVESTMENT IN UNCONSOLIDATED 34

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)	12 Months Ended
	Dec. 31, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of investments in unconsolidated joint ventures	Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2016 2015 2014 American Realty Investors, Inc. (1) 0.90 % 0.90 % 1.00 % (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 2016 2015 2014 Real estate, net of accumulated depreciation $ 14,504 $ 14,232 $ 15,460 Notes Receivable 47,257 50,692 50,909 Other assets 127,001 127,497 128,635 Notes payable (9,485 ) (25,233 ) (50,048 ) Other liabilities (111,707 ) (98,440 ) (80,904 ) Shareholders’ equity/partners’ capital (67,570 ) (68,748 ) (64,052 ) Rents and interest and other income $ 7,251 $ 11,990 $ 12,427 Depreciation (175 ) (192 ) (285 ) Operating expenses (3,633 ) (4,414 ) (6,983 ) Gain on land sales — 2,737 — Interest expense (6,274 ) (5,936 ) (7,144 ) Income (loss) from continuing operations (2,831 ) 4,185 (1,985 ) Income (loss) from discontinued operations — 1 64 Net income (loss) $ (2,831 ) $ 4,186 $ (1,921 ) Company’s proportionate share of income (loss) (1) $ (25 ) $ 38 $ (19 ) (1) Income (loss) represents continued and discontinued operations

NOTES AND INTEREST PAYABLE (Tab

NOTES AND INTEREST PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2016
Debt Disclosure [Abstract]
Schedule of notes and interest payable	Below is a summary of our notes and interest payable as of December 31, 2016 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 553,509 $ 1,500 $ 555,009 Apartments under Construction $ 16,576 — $ 16,576 Commercial $ 108,725 $ 528 $ 109,253 Land $ 30,811 $ 117 $ 30,928 Real estate subject to sales contract $ 5,142 $ 470 $ 5,612 Mezzanine financing $ 119,923 — $ 119,923 Other $ 23,425 — $ 23,425 Total 858,111 2,615 860,726 Unamortized deferred borrowing costs (19,210 ) — (19,210 ) $ 838,901 $ 2,615 $ 841,516
Schedule of principal payments on the notes payable	The schedule principal payments of our notes payable over the next five years and thereafter are due as follows (dollars in thousands): Year Amount 2017 $ 130,515 2018 56,255 2019 70,136 2020 51,616 2021 15,831 Thereafter 533,757 Total $ 858,111

RELATED PARTY TRANSACTIONS AN36

RELATED PARTY TRANSACTIONS AND FEES (Tables)	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Schedule of related party transactions	Fees, expenses and revenue paid to and/or received from our advisor: 2016 2015 2014 (dollars in thousands) Fees: Advisory $ 9,490 $ 8,368 $ 7,373 Mortgage brokerage and equity refinancing 775 1,524 1,152 Net income 257 187 3,669 Property acquisition — 921 145 $ 10,522 $ 11,000 $ 12,339 Other Expense: Cost reimbursements $ 3,228 $ 2,925 $ 2,622 Interest paid (received) (4,216 ) (3,352 ) (2,795 ) $ (988 ) $ (427 ) $ (173 ) Revenue: Rental $ 708 $ 726 $ 701 Fees paid to Regis and related parties: 2016 2015 2014 (dollars in thousands) Fees: Property acquisition $ 10,776 $ 1,932 $ 348 Property management, construction management and leasing commissions 888 682 544 Real estate brokerage 787 1,105 2,752 $ 12,451 $ 3,719 $ 3,644
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, 2016 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2015 $ — $ 90,515 $ 90,515 Cash transfers 43,246 — 43,246 Advisory fees (9,490 ) — (9,490 ) Net income fee (257 ) — (257 ) Fees and commissions (1,551 ) — (1,551 ) Cost reimbursements (3,228 ) — (3,228 ) Interest income — 4,216 4,216 Notes receivable purchased (5,356 ) (5,356 ) Expenses paid by advisor (8,389 ) — (8,389 ) Financing (mortgage payments) 2,719 — 2,719 Sales/Purchases transactions (10,776 ) — (10,776 ) Series K preferred stock acquisition — — — Income tax expense (1,096 ) 1,096 — Purchase of obligations (12,925 ) 12,925 — Related party receivable, December 31, 2016 $ (7,103 ) $ 108,752 $ 101,649

TCI INCOME TAXES (Tables)

TCI INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of income tax expense benefit	Current expense (benefit) is attributable to (dollars in thousands): 2016 2015 2014 Income (loss) from continuing operations $ 24 $ 517 $ (20,390 ) Income (loss) from discontinued operations (1) 483 20,390 Tax expense (benefit) $ 23 $ 1,000 $ —
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): 2016 2015 2014 Computed “expected” income tax (benefit) expense $ 121 $ 2,276 $ 14,762 Book to tax differences for partnerships not consolidated for tax purposes 93 5,152 (23,900 ) Book to tax differences of depreciation and amortization (477 ) (160 ) 1,461 Book to tax differences in gains on sale of property (2,757 ) (4,073 ) (2,350 ) Book provision for loss — 1,855 — Partial valuation allowance against current net operating loss benefit (69 ) (9,596 ) 7,069 Other 3,112 5,546 2,958 Total $ 23 $ 1,000 $ — 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): 2016 2015 2014 Net operating losses $ 42,585 $ 46,497 $ 56,897 AMT credits 1,591 1,900 1,374 Basis difference of: Real estate holdings (7,580 ) (17,912 ) 876 Notes receivable 5,432 694 757 Investments (4,328 ) (4,709 ) (4,693 ) Notes payable 2,315 2,792 6,932 Deferred gains 14,200 11,984 10,146 Total $ 54,215 $ 41,246 $ 72,289 Deferred tax valuation allowance (54,215 ) (41,246 ) (72,289 ) Net deferred tax asset $ — $ — $ —

FUTURE MINIMUM RENTAL INCOME 38

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 (dollars in thousands): Year Amount 2017 24,491 2018 22,696 2019 17,261 2020 13,326 2021 11,364 Thereafter 19,353 Total $ 108,491

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Reporting [Abstract]
Schedule of operating segment, including segment assets and expenditures	Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2016, 2015 and 2014 (dollars in thousands): For the Year Ended December 31, 2016 Commercial Apartments Land Other Total Rental and other property revenues $ 31,864 $ 86,603 $ — $ 4 $ 118,471 Property operating expenses (19,476 ) (40,786 ) (1,634 ) (22 ) $ (61,918 ) Depreciation (8,924 ) (14,759 ) — — (23,683 ) Mortgage and loan interest (7,167 ) (25,381 ) (1,746 ) (18,794 ) (53,088 ) Interest income — — — 14,670 14,670 Gain (loss) on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,941 ) $ 22,122 $ (259 ) $ (4,142 ) $ 13,780 Capital expenditures $ 4,577 $ 863 $ 269 $ — $ 5,709 Assets $ 148,689 $ 624,433 $ 118,051 $ — $ 891,173 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Less: Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain (loss) on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 Commercial For the Year Ended December 31, 2015 Properties 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 ) (23,506 ) (4,214 ) (11,930 ) (46,541 ) 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 Commercial For the Year Ended December 31, 2014 Properties 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 (5,812 ) (18,946 ) (4,334 ) (4,589 ) (33,681 ) Interest income — — — 12,194 12,194 Loss 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 (loss) on sale $ 10,014 $ 51,865 $ 561 $ — $ 62,440
Schedule of reconciliaton of segment information to consolidated statements of operations	The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Segment operating income (loss) $ 13,780 $ 11,721 $ (1,950 ) Other non-segment items of income (expense) General and administrative (5,476 ) (5,508 ) (7,163 ) Provision on impairment of real estate assets — (5,300 ) — Net income fee to related party (257 ) (187 ) (3,669 ) Advisory fee to related party (9,490 ) (8,368 ) (7,373 ) Other income 1,816 71 403 Gain (loss) on the sale of investments — (1 ) (92 ) Loss from unconsolidated joint ventures and investees (26 ) 41 (28 ) Litigation settlement — (352 ) 3,591 Income tax benefit (expense) (24 ) (517 ) 20,390 Net income (loss) from continuing operations $ 323 $ (8,400 ) $ 4,109
Schedule of reconciliaton segment information to consolidated balance sheets	The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Segment assets $ 891,173 $ 844,019 $ 689,121 Investments in real estate partnerships 2,446 5,243 1,543 Notes and interest receivable 79,308 69,551 83,457 Other assets 212,987 191,391 156,284 Total assets $ 1,185,914 $ 1,110,204 $ 930,405

DISCONTINUED OPERATIONS (Tables

DISCONTINUED OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
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 the properties sold that qualified as discontinued operations (dollars in thousands): For the Years Ended December 31, 2016 2015 2014 Revenues: Rental and other property revenues $ — $ 355 $ 5,612 — 355 5,612 Expenses: Property operating expenses 2 (345 ) 2,350 Depreciation — — 751 General and administrative — 99 515 Total operating expenses 2 (246 ) 3,616 Other income (expense): Other income (expense) — 45 (508 ) Mortgage and loan interest — (2 ) (3,204 ) Loan charges and prepayment penalties — — (1,656 ) Earnings from unconsolidated subsidiaries and investees — — 1 Litigation settlement — — (250 ) Total other expenses — 43 (5,617 ) Income (loss) from discontinued operations before gain on sale of real estate and taxes (2 ) 644 (3,621 ) Gain on sale of real estate from discontinued operations — 735 61,879 Income tax expense 1 (483 ) (20,390 ) Income from discontinued operations $ (1 ) $ 896 $ 37,868

QUARTERLY RESULTS OF OPERATIO41

QUARTERLY RESULTS OF OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]
Schedule of quarterly results of operations	The following is a tabulation of TCI’s quarterly results of operations for the years 2016, 2015 and 2014. Quarterly results presented may differ from those previously reported in TCI’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: For the Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2016 Revenue and other property revenues $ 28,903 $ 30,521 $ 29,776 $ 29,271 Total operating expenses 24,823 24,751 25,429 25,821 Operating income (loss) 4,080 5,770 4,347 3,450 Other expenses (9,054 ) (7,901 ) (9,309 ) (10,364 ) Loss before gain on land sales, non-controlling interest, and taxes (4,974 ) (2,131 ) (4,962 ) (6,914 ) Gain (loss) on sale of income-producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit 1 — (25 ) — Net income (loss) from continuing operations (3,565 ) 4,756 (4,432 ) 3,564 Net income from discontinued operations 2 — — (3 ) Net income (loss) (3,563 ) 4,756 (4,432 ) 3,561 Net (loss) attributable to non-controlling interest 23 (97 ) (114 ) (97 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net income (loss) applicable to common shares $ (3,762 ) $ 4,435 $ (4,773 ) $ 3,237 PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 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 $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.43 ) $ 0.51 $ (0.55 ) $ 0.37 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 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 discontinuing 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 ) 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

ORGANIZATION AND SUMMARY OF S42

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	Dec. 31, 2009USD ($)shares	Dec. 31, 2016USD ($)ft²aNumber	Dec. 31, 2015USD ($)Number
Acres of land | a		3,139
Area of land comprising golf course | a		96.1
Real estate, at cost		$ 998,498	$ 935,635
Variable Interest Entity, Primary Beneficiary [Member]
Real estate, at cost		$ 442,000	$ 457,000
Apartment Properties [Member]
Number of apartment units | Number		8,226
Number of properties | Number		50
Commercial Properties [Member]
Number of apartment units | Number			7,983
Number of properties | Number		7	48
Rentable square feet | ft²		1,700,000
Minimum [Member]
Percentage of ownership		20.00%
Minimum [Member] | Buildings and Improvements [Member]
Useful life of property, plant and equipment		10 years
Minimum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life of property, plant and equipment		3 years
Maximum [Member]
Percentage of ownership		50.00%
Maximum [Member] | Buildings and Improvements [Member]
Useful life of property, plant and equipment		40 years
Maximum [Member] | Furniture, Fixtures and Equipment [Member]
Useful life of property, plant and equipment		7 years
Southern Properties Capital LTD [Member]
Percentage of ownership		77.60%
Income Opportunities Realty Investors, Inc. [Member]
Percentage of ownership		81.10%
Shares acquired | shares	2,518,934
Assets acquired	$ 112,000
Liabilities acquired	43,000
Net difference of assets and liabilities	$ 25,900
Income Opportunities Realty Investors, Inc. [Member] | Minimum [Member]
Percentage of ownership	25.00%
Income Opportunities Realty Investors, Inc. [Member] | Maximum [Member]
Percentage of ownership	80.00%

REAL ESTATE (Details)

REAL ESTATE (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate [Abstract]
Apartments	$ 697,732	$ 626,141
Apartments under construction	25,288	18,229
Commercial properties	204,384	201,567
Land held for development	71,094	89,697
Real estate subject to sales contract	46,956	47,192
Total real estate, at cost, less impairment	1,045,454	982,827
Less accumulated depreciation	(154,281)	(138,808)	$ (115,368)	$ (132,291)
Total real estate	$ 891,173	$ 844,019

REAL ESTATE (Details 1)

REAL ESTATE (Details 1)	12 Months Ended
	Dec. 31, 2016
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
Land Improvements [Member] | Minimum [Member]
Useful life	25 years
Land Improvements [Member] | Maximum [Member]
Useful life	40 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) - Commercial [Member] $ in Thousands	Dec. 31, 2015USD ($)
Fair Value	$ 3,000
Level 3 [Member]
Fair Value	$ 3,000

REAL ESTATE (Details Narrative)

REAL ESTATE (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)ft²aNumber	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Acquisition of income-producing properties	$ 79,736	$ 207,313	$ 78,557
Acres of land | a	3,139
Gain on land sales	$ 3,121	18,911	561
Proceeds from sales of income-producing properties	21,850		$ 135,074
Payment for construction or predevelopment of various apartment complexes	20,300
Capitalized interest costs	900
Real estate carrying value	$ 998,498	935,635
Related Parties [Member]
Acres of land | a	91
Area of land sold | a	91
Apartment Community Acquired [Member]
Number of properties | Number	4
Acquisition of income-producing properties	$ 79,700
Number of units | Number	723
Land Parcel Acquired [Member]
Number of properties | Number	3
Acquisition of income-producing properties	$ 12,500
Acres of land | a	36.3
Apartment Community Sold [Member]
Number of properties | Number	2
Gain (loss) on sale of real estate	$ 16,200
Industrial Warehouse [Member]
Area of real estate property sold | ft²	177,805
Gain (loss) on sale of real estate	$ (200)
VIRGIN ISLANDS, US | Golf Course And Related Assets [Member]
Impairment of real estate		5,300
Real estate carrying value		8,300
Fair Value		$ 3,000
TEXAS | Land [Member]
Area of land sold | a	129.7
Land sales - total consideration	$ 29,100
Gain on land sales	$ 3,100
TEXAS | Apartment Community Sold [Member]
Number of properties | Number	1
Proceeds from sales of income-producing properties	$ 8,100
KANSAS | Apartment Community Sold [Member]
Number of properties | Number	1
Proceeds from sales of income-producing properties	$ 12,300

NOTES AND INTEREST RECEIVABLE47

NOTES AND INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Performing loans, total		$ 75,654
Accrued interest		5,479
Allowance for estimated losses		(1,825)
Total notes and interest receivable		79,308	$ 71,376	$ 85,447	$ 70,169
Performing Loans [Member]
Performing loans, total		81,133
Accrued interest		$ 5,479
Performing Loans [Member] | H198, LLC (Las Vegas Land) [Member]
Description of property		Las Vegas Land
Maturity Date		Jan. 31, 2020
Interest Rate		12.00%
Description of Security		Secured
Performing loans, total		$ 5,907
Performing Loans [Member] | Oulan-Chikh Family Trust [Member]
Maturity Date		Mar. 31, 2021
Interest Rate		8.00%
Description of Security		Secured
Performing loans, total		$ 174
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member]
Description of property	[1]	Echo Station
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 1,481
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Description of property	[1]	Lakeshore Villas
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 2,000
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Description of property	[1]	Lakeshore Villas
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 6,368
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon) [Member]
Description of property	[1]	Limestone Canyon
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 4,640
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon) [Member]
Description of property	[1]	Limestone Canyon
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 2,653
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Description of property	[1]	Limestone Ranch
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 6,000
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Description of property	[1]	Limestone Ranch
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 1,953
Performing Loans [Member] | Unified Housing Foundation, Inc. (Parkside Crossing) [Member]
Description of property	[1]	Parkside Crossing
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 1,936
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge) [Member]
Description of property	[1]	Sendero Ridge
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 4,812
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge) [Member]
Description of property	[1]	Sendero Ridge
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 4,491
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]
Description of property	[1]	Timbers of Terrell
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 1,323
Performing Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member]
Description of property	[1]	Tivoli
Maturity Date	[1]	Dec. 31, 2032
Interest Rate	[1]	12.00%
Description of Security	[1]	Secured
Performing loans, total	[1]	$ 7,966
Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]
Maturity Date	[1]	Dec. 31, 2017
Interest Rate	[1]	12.00%
Description of Security	[1]	Unsecured
Performing loans, total	[1]	$ 1,207
Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]
Maturity Date	[1]	Dec. 31, 2018
Interest Rate	[1]	12.00%
Description of Security	[1]	Unsecured
Performing loans, total	[1]	$ 3,994
Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member]
Maturity Date	[1]	Dec. 31, 2018
Interest Rate	[1]	12.00%
Description of Security	[1]	Unsecured
Performing loans, total	[1]	$ 6,407
Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member]
Maturity Date	[1]	Jun. 30, 2019
Interest Rate	[1]	12.00%
Description of Security	[1]	Unsecured
Performing loans, total	[1]	$ 5,400
Performing Loans [Member] | Other Related Party Notes [Member]
Description of Interest Rate	[1]	Various
Description of Security	[1]	Various unsecured interests
Performing loans, total	[1]	$ 1,404
Performing Loans [Member] | Other Non-Related Party Notes [Member]
Description of Interest Rate		Various
Description of Security		Various secured interests
Performing loans, total		$ 796
Performing Loans [Member] | Other Non-Related Party Notes [Member]
Description of Interest Rate		Various
Description of Security		Various unsecured interests
Performing loans, total		$ 4,742
[1]	Related Party notes

NOTES AND INTEREST RECEIVABLE48

NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Total notes and interest receivable	$ 79,308	$ 71,376	$ 85,447	$ 70,169
Interest income	4,216
Mortgage Loans [Member] | Related Parties [Member]
Total notes and interest receivable	67,700
Interest income	$ 14,200
Percentage on mortgage notes receivable	85.00%

ALLOWANCE FOR ESTIMATED LOSSE49

ALLOWANCE FOR ESTIMATED LOSSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2016	Dec. 31, 2013
Receivables [Abstract]
Allowance for estimated losses	$ 1,825	$ 1,990	$ 1,825	$ 2,262
Decrease in provision	$ (165)	$ (272)

INVESTMENT IN UNCONSOLIDATED 50

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details)		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
American Realty Investors, Inc. [Member]
Percentage of ownership	[1]	0.90%	0.90%	1.00%
[1]	Unconsolidated investment in parent company

INVESTMENT IN UNCONSOLIDATED 51

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details 1) - USD ($) $ in Thousands		3 Months Ended												12 Months Ended
		Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	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, 2016	Dec. 31, 2015	Dec. 31, 2014
Real estate, net of accumulated depreciation		$ 891,173				$ 844,019								$ 891,173	$ 844,019
Other assets		55,605				41,645								55,605	41,645
Notes payable		(835,528)				(772,636)								(835,528)	(772,636)
Shareholders' equity/partners' capital		(205,885)				(206,748)								(205,885)	(206,748)
Rents and interest and other income		29,271	$ 29,776	$ 30,521	$ 28,903	28,621	$ 27,539	$ 23,756	$ 22,304	$ 20,578	$ 18,466	$ 18,511	$ 18,303	118,471	102,220	$ 75,858
Depreciation														(23,683)	(21,299)	(17,398)
Operating expenses		25,821	25,429	24,751	24,823	29,732	24,613	19,310	19,264	22,059	17,264	18,388	17,376	100,824	92,919	75,087
Income (loss) from discontinued operations		(3)			2	220	508	(22)	190	28,526	1,461	4,076	3,805	(1)	896	37,868
Net income (loss)		3,561	$ (4,432)	$ 4,756	$ (3,563)	(1,227)	$ (6,506)	$ 419	$ (190)	37,090	$ (2,265)	$ 2,517	$ 4,635	322	(7,504)	41,977
Company's proportionate share of income (loss)														(26)	41	(28)
American Realty Investors, Inc. [Member]
Real estate, net of accumulated depreciation		14,504				14,232				15,460				14,504	14,232	15,460
Notes receivable		47,257				50,692				50,909				47,257	50,692	50,909
Other assets		127,001				127,497				128,635				127,001	127,497	128,635
Notes payable		(9,485)				(25,233)				(50,048)				(9,485)	(25,233)	(50,048)
Other liabilities		(111,707)				(98,440)				(80,904)				(111,707)	(98,440)	(80,904)
Shareholders' equity/partners' capital		$ (67,570)				$ (68,748)				$ (64,052)				(67,570)	(68,748)	(64,052)
Rents and interest and other income														7,251	11,990	12,427
Depreciation														(175)	(192)	(285)
Operating expenses														(3,633)	(4,414)	(6,983)
Gain on land sales															2,737
Interest expense														(6,274)	(5,936)	(7,144)
Income (loss) from continuing operations														(2,831)	4,185	(1,985)
Income (loss) from discontinued operations															1	64
Net income (loss)														(2,831)	4,186	(1,921)
Company's proportionate share of income (loss)	[1]													$ (25)	$ 38	$ (19)
[1]	Income (loss) represents continued and discontinued operations

INVESTMENT IN UNCONSOLIDATED 52

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details Narrative)	Dec. 31, 2016
Minimum [Member]
Percentage of ownership	20.00%
Maximum [Member]
Percentage of ownership	50.00%

NOTES AND INTEREST PAYABLE (Det

NOTES AND INTEREST PAYABLE (Details) $ in Thousands	Dec. 31, 2016USD ($)
Notes Payable	$ 838,901
Accrued Interest	2,615
Total Debt	841,516
Unamortized deferred borrowing costs	(19,210)
Apartments [Member]
Notes Payable	553,509
Accrued Interest	1,500
Total Debt	555,009
Apartments Under Construction [Member]
Notes Payable	16,576
Total Debt	16,576
Commercial [Member]
Notes Payable	108,725
Accrued Interest	528
Total Debt	109,253
Land [Member]
Notes Payable	30,811
Accrued Interest	117
Total Debt	30,928
Real Estate Subject To Sales Contract [Member]
Notes Payable	5,142
Accrued Interest	470
Total Debt	5,612
Mezzanine Financing [Member]
Notes Payable	119,923
Total Debt	119,923
Other [Member]
Notes Payable	23,425
Total Debt	23,425
Total Notes Payable [Member]
Notes Payable	858,111
Accrued Interest	2,615
Total Debt	860,726
Unamortized deferred borrowing costs	$ (19,210)

NOTES AND INTEREST PAYABLE (D54

NOTES AND INTEREST PAYABLE (Details 1) $ in Thousands	Dec. 31, 2016USD ($)
Contractual obligations for principal payments for the year ended December 31,
Total	$ 838,901
Total Notes Payable [Member]
Contractual obligations for principal payments for the year ended December 31,
2,017	130,515
2,018	56,255
2,019	70,136
2,020	51,616
2,021	15,831
Thereafter	533,757
Total	$ 858,111

NOTES AND INTEREST PAYABLE (D55

NOTES AND INTEREST PAYABLE (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)Number	Dec. 31, 2015USD ($)
Interest payable	$ 2,615
Maturity date of notes payable, earliest	Jan. 1, 2017
Maturity date of notes payable, latest	Dec. 31, 2055
Total real estate	$ 891,173	$ 844,019
Number of loans refinanced or modified | Number	5
Notes payable	$ 78,900
Minimum [Member]
Interest rate on debt	2.50%
Maximum [Member]
Interest rate on debt	12.00%
Construction Loans [Member]
Proceeds from draw on loan facility	$ 13,000

RELATED PARTY TRANSACTIONS AN56

RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fees:
Advisory	$ 9,490	$ 8,368	$ 7,373
Net income	257	187	3,669
Other Expense:
Cost reimbursements	(3,228)
Pillar Income Asset Management, Inc [Member]
Fees:
Advisory	9,490	8,368	7,373
Mortgage brokerage and equity refinancing	775	1,524	1,152
Net income	257	187	3,669
Property acquisition		921	145
Total fees	10,522	11,000	12,339
Other Expense:
Cost reimbursements	3,228	2,925	2,622
Interest paid (received)	(4,216)	(3,352)	(2,795)
Total other expense	(988)	(427)	(173)
Revenue:
Rental	$ 708	$ 726	$ 701

RELATED PARTY TRANSACTIONS AN57

RELATED PARTY TRANSACTIONS AND FEES (Details 1) - Regis Realty Prime, LLC [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Fees:
Property acquisition	$ 10,776	$ 1,932	$ 348
Property management, construction management and leasing commissions	888	682	544
Real estate brokerage	787	1,105	2,752
Total fees	$ 12,451	$ 3,719	$ 3,644

RELATED PARTY TRANSACTIONS AN58

RELATED PARTY TRANSACTIONS AND FEES (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Related party receivable, beginning	$ 90,515
Cash transfers	43,246
Advisory fees	(9,490)	$ (8,368)	$ (7,373)
Net income fee	(257)	(187)	(3,669)
Fees and commissions	(1,551)
Cost reimbursements	3,228
Interest income	4,216
Notes receivable purchased	(5,356)
Expenses paid by Advisor	(8,389)
Financing (mortgage payments)	2,719
Sales/purchases transactions	(10,776)
Related party receivable, ending	101,649	90,515
Pillar Income Asset Management, Inc [Member]
Cash transfers	43,246
Advisory fees	(9,490)	(8,368)	(7,373)
Net income fee	(257)	(187)	(3,669)
Fees and commissions	(1,551)
Cost reimbursements	(3,228)	(2,925)	$ (2,622)
Notes receivable purchased	(5,356)
Expenses paid by Advisor	(8,389)
Financing (mortgage payments)	2,719
Sales/purchases transactions	(10,776)
Income tax expense	(1,096)
Purchase of obligations	(12,925)
Related party receivable, ending	(7,103)
American Realty Investors, Inc [Member]
Related party receivable, beginning	90,515
Interest income	4,216
Income tax expense	1,096
Purchase of obligations	12,925
Related party receivable, ending	$ 108,752	$ 90,515

RELATED PARTY TRANSACTIONS AN59

RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)a	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Interest receivable	$ 5,479
Total notes receivable	79,308	$ 71,376	$ 85,447	$ 70,169
Interest income	4,216
Notes payable	$ 838,901
Statutory tax rate	35.00%
Area of land | a	3,139
Maximum [Member]
Statutory tax rate	35.00%
Mezzanine Financing [Member]
Notes payable	$ 119,923
Unified Housing Foundation, Inc. [Member]
Interest receivable	3,900
Total notes receivable	62,200
Recognized interest income	8,600
Originated interest income	5,400
Interest income	9,000
Collections on notes receivable	$ 4,100
Related Parties [Member]
Area of land | a	91
Related Parties [Member] | Mezzanine Financing [Member]
Notes payable	$ 60,400

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jul. 09, 2014	Nov. 30, 2006	Dec. 31, 2016	Dec. 31, 2015
Liquidation preference per share			$ 100	$ 100
RAI [Member]
Shares issued upon conversion	304,298
Series C Cumulative Convertible Preferred Stock [Member] | RAI [Member]
Preferred stock, issued	30,000
Preferred stock, outstanding	30,000
Accrued Dividends	$ 900
Liquidation preference per share	$ 100
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
Number of new shares issued		89,500
Series D Preferred Stock [Member] | Pillar [Member]
Accrued Dividends		$ 500
Number of new shares issued		10,500

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

TCI INCOME TAXES (Details)

TCI INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended										12 Months Ended
	Sep. 30, 2016	Mar. 31, 2016	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, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Income (loss) from continuing operations	$ (25)	$ 1	$ (881)	$ 274	$ (12)	$ 102	$ 15,360	$ 786	$ 2,195	$ 2,049	$ 24	$ 517	$ (20,390)
Income (loss) from discontinued operations											(1)	483	$ 20,390
Tax expense (benefit)											$ 23	$ 1,000

TCI INCOME TAXES (Details 1)

TCI INCOME TAXES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Computed "expected" income tax (benefit) expense	$ 121	$ 2,276	$ 14,762
Book to tax differences for partnerships not consolidated for tax purposes	93	5,152	(23,900)
Book to tax differences of depreciation and amortization	(477)	(160)	1,461
Book to tax differences in gains on sale of property	(2,757)	(4,073)	(2,350)
Book provision for loss		1,855
Partial valuation allowance against current net operating loss benefit	(69)	(9,596)	7,069
Other	3,112	5,546	$ 2,958
Total	$ 23	$ 1,000

TCI INCOME TAXES (Details 2)

TCI INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net operating losses	$ 42,585	$ 46,497	$ 56,897
AMT credits	1,591	1,900	1,374
Basis difference of:
Real estate holdings	(7,580)	(17,912)	876
Notes receivable	5,432	694	757
Investments	(4,328)	(4,709)	(4,693)
Notes payable	2,315	2,792	6,932
Deferred gains	14,200	11,984	10,146
Total	54,215	41,246	72,289
Deferred tax valuation allowance	$ (54,215)	$ (41,246)	$ (72,289)

TCI INCOME TAXES (Details Narra

TCI INCOME TAXES (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Net operating losses and capital loss carryforwards	$ 122,000
Alternative minimum tax credit	$ 1,590
Statutory tax rate	35.00%

FUTURE MINIMUM RENTAL INCOME 66

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2016USD ($)
Future minimum rents to be received during the year ended December 31,
2,017	$ 24,491
2,018	22,696
2,019	17,261
2,020	13,326
2,021	11,364
Thereafter	19,353
Total	$ 108,491

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	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, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Reporting Information [Line Items]
Rental and other property revenues	$ 29,271	$ 29,776	$ 30,521	$ 28,903	$ 28,621	$ 27,539	$ 23,756	$ 22,304	$ 20,578	$ 18,466	$ 18,511	$ 18,303	$ 118,471	$ 102,220	$ 75,858
Property operating expenses													(61,918)	(52,257)	(39,484)
Depreciation													(23,683)	(21,299)	(17,398)
Gain (loss) on sale of income producing properties	(805)	555	1,719	1,652	13,788	997	1,250	2,876	(73)	40	(159)	753	16,207
Gain on land sales													3,121	18,911	561
Segment operating income (loss)	3,450	$ 4,347	5,770	4,080	(1,111)	$ 2,926	$ 4,446	$ 3,040	(1,481)	$ 1,202	$ 123	$ 927	17,647	9,301	771
Total real estate	891,173				844,019								891,173	844,019
Property Sales
Gain (loss) on sale	11,283		$ 5,168	$ (244)									16,207	735	61,879
Commercial Properties [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													31,864	29,308	19,129
Property operating expenses													(19,476)	(16,838)	(12,238)
Depreciation													(8,924)	(8,861)	(7,310)
Mortgage and loan interest													(7,167)	(6,891)	(5,812)
Gain (loss) on sale of income producing properties													(238)
Segment operating income (loss)													(3,941)	(3,282)	(6,231)
Capital expenditures													4,577	8,118	4,418
Total real estate	148,689				153,270				140,131				148,689	153,270	140,131
Property Sales
Sales price													1,500		19,182
Less: Cost of sale													(1,738)		(9,168)
Gain (loss) on sale													(238)		10,014
Apartments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													86,603	72,809	56,685
Property operating expenses													(40,786)	(34,437)	(26,065)
Depreciation													(14,759)	(12,438)	(10,088)
Mortgage and loan interest													(25,381)	(23,506)	(18,946)
Gain (loss) on sale of income producing properties													16,445
Segment operating income (loss)													22,122	2,428	1,586
Capital expenditures													863	1,780	320
Total real estate	624,433				553,860				391,767				624,433	553,860	391,767
Property Sales
Sales price													20,350	11,129	115,273
Less: Cost of sale													(3,905)	(10,394)	(63,408)
Gain (loss) on sale													16,445	735	51,865
Land [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues															1
Property operating expenses													(1,634)	(712)	(1,169)
Mortgage and loan interest													(1,746)	(4,214)	(4,334)
Gain on land sales													3,121	18,911	561
Segment operating income (loss)													(259)	13,985	(4,941)
Capital expenditures													269	2,621	2,435
Total real estate	118,051				136,889				157,223				118,051	136,889	157,223
Property Sales
Sales price													29,128	102,898	8,091
Less: Cost of sale													(26,007)	(83,987)	(7,530)
Gain (loss) on sale													3,121	18,911	561
Other [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													4	103	43
Property operating expenses													(22)	(270)	(12)
Mortgage and loan interest													(18,794)	(11,930)	(4,589)
Interest income													14,670	10,687	12,194
Segment operating income (loss)													(4,142)	(1,410)	7,636
Total Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													118,471	102,220	75,858
Property operating expenses													(61,918)	(52,257)	(39,484)
Depreciation													(23,683)	(21,299)	(17,398)
Mortgage and loan interest													(53,088)	(46,541)	(33,681)
Interest income													14,670	10,687	12,194
Gain (loss) on sale of income producing properties													16,207
Gain on land sales													3,121	18,911	561
Segment operating income (loss)													13,780	11,721	(1,950)
Capital expenditures													5,709	12,519	7,173
Total real estate	$ 891,173				$ 844,019				$ 689,121				891,173	844,019	689,121
Property Sales
Sales price													50,978	114,027	142,546
Less: Cost of sale													(31,650)	(94,381)	(80,106)
Gain (loss) on sale													$ 19,328	$ 19,646	$ 62,440

OPERATING SEGMENTS (Details 1)

OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	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, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment operating income (loss)	$ 3,450	$ 4,347	$ 5,770	$ 4,080	$ (1,111)	$ 2,926	$ 4,446	$ 3,040	$ (1,481)	$ 1,202	$ 123	$ 927	$ 17,647	$ 9,301	$ 771
Other non-segment items of income (expense)
General and administrative													(5,476)	(5,508)	(7,163)
Provision on impairment of real estate assets														(5,300)
Net income fee to related party													(257)	(187)	(3,669)
Advisory fee to related party													(9,490)	(8,368)	(7,373)
Other income													1,816	71	403
Earnings (loss) from unconsolidated joint ventures and investees													(26)	41	(28)
Income tax benefit (expense)		25		(1)	881	(274)	12	(102)	(15,360)	(786)	(2,195)	(2,049)	(24)	(517)	20,390
Net income (loss) from continuing operations	$ 3,564	$ (4,432)	$ 4,756	$ (3,565)	$ (1,447)	$ (7,014)	$ 441	$ (380)	$ 8,564	$ (3,726)	$ (1,559)	$ 830	323	(8,400)	4,109
Total Segments [Member]
Segment operating income (loss)													13,780	11,721	(1,950)
Other non-segment items of income (expense)
General and administrative													(5,476)	(5,508)	(7,163)
Provision on impairment of real estate assets														(5,300)
Net income fee to related party													(257)	(187)	(3,669)
Advisory fee to related party													(9,490)	(8,368)	(7,373)
Other income													1,816	71	403
Gain (loss) on the sale of investments														(1)	(92)
Earnings (loss) from unconsolidated joint ventures and investees													(26)	41	(28)
Litigation settlement														(352)	3,591
Income tax benefit (expense)													(24)	(517)	20,390
Net income (loss) from continuing operations													$ 323	$ (8,400)	$ 4,109

OPERATING SEGMENTS (Details 2)

OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total real estate	$ 891,173	$ 844,019
Investments in real estate partnerships	2,446	5,243
Other assets	55,605	41,645
Total assets	1,185,914	1,110,204
Total Segments [Member]
Total real estate	891,173	844,019	$ 689,121
Investments in real estate partnerships	2,446	5,243	1,543
Notes and interest receivable	79,308	69,551	83,457
Other assets	212,987	191,391	156,284
Total assets	$ 1,185,914	$ 1,110,204	$ 930,405

DISCONTINUED OPERATIONS (Detail

DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental and other property revenues		$ 355	$ 5,612
Revenues		355	5,612
Expenses:
Property operating expenses	$ 2	(345)	2,350
Depreciation			751
General and administrative		99	515
Total operating expenses	2	(246)	3,616
Other income (expense):
Other income		45	(508)
Mortgage and loan interest		(2)	(3,204)
Loan charges and prepayment penalties			(1,656)
Earnings from unconsolidated subsidiaries and investees			1
Litigation settlement			(250)
Total other expenses		43	(5,617)
Income (loss) from discontinued operations before gain on sale of real estate and taxes	(2)	644	(3,621)
Gain from discontinued operations before tax		735	61,879
Income tax benefit (expense)	1	(483)	(20,390)
Income from discontinued operations	$ (1)	$ 896	$ 37,868

QUARTERLY RESULTS OF OPERATIO71

QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	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, 2016	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Rents and interest and other income	$ 29,271	$ 29,776	$ 30,521	$ 28,903	$ 28,621	$ 27,539	$ 23,756	$ 22,304	$ 20,578	$ 18,466	$ 18,511	$ 18,303	$ 118,471	$ 102,220	$ 75,858
Total operating expenses	25,821	25,429	24,751	24,823	29,732	24,613	19,310	19,264	22,059	17,264	18,388	17,376	100,824	92,919	75,087
Operating income (loss)	3,450	4,347	5,770	4,080	(1,111)	2,926	4,446	3,040	(1,481)	1,202	123	927	17,647	9,301	771
Other expenses	(10,364)	(9,309)	(7,901)	(9,054)	(13,243)	(11,211)	(5,243)	(6,398)	(5,242)	(5,754)	(3,718)	(2,899)	(36,628)	(36,095)	(17,613)
Loss before gain on land sales, non-contolling interest, and taxes	(6,914)	(4,962)	(2,131)	(4,974)	(14,354)	(8,285)	(797)	(3,358)	(6,723)	(4,552)	(3,595)	(1,972)	(18,981)	(26,794)	(16,842)
Gain (loss) on sale of income-producing properties	11,283		5,168	(244)									16,207	735	61,879
Gain (loss) on land sales	(805)	555	1,719	1,652	13,788	997	1,250	2,876	(73)	40	(159)	753	16,207
Income tax benefit (expense)		(25)		1	(881)	274	(12)	102	15,360	786	2,195	2,049	24	517	(20,390)
Net income (loss) from continuing operations	3,564	(4,432)	4,756	(3,565)	(1,447)	(7,014)	441	(380)	8,564	(3,726)	(1,559)	830	323	(8,400)	4,109
Net income from discontinued operations	(3)			2	220	508	(22)	190	28,526	1,461	4,076	3,805	(1)	896	37,868
Net income (loss)	3,561	(4,432)	4,756	(3,563)	(1,227)	(6,506)	419	(190)	37,090	(2,265)	2,517	4,635	322	(7,504)	41,977
Net (loss) attributable to non-controlling interest	(97)	(114)	(97)	23	(51)	(95)	(281)	295	(107)	(81)	(127)	(84)
Preferred dividend requirement	(227)	(227)	(224)	(222)	(227)	(227)	(224)	(222)	(227)	(227)	(277)	(274)
Net income (loss) applicable to common shares	$ 3,237	$ (4,773)	$ 4,435	$ (3,762)	$ (1,505)	$ (6,828)	$ (86)	$ (117)	$ 36,756	$ (2,573)	$ 2,113	$ 4,277	$ (863)	$ (8,536)	$ 40,573
Earnings per share - basic
Income (loss) from continuing operations	$ 0.37	$ (0.55)	$ 0.51	$ (0.43)	$ (0.19)	$ (0.84)	$ (0.01)	$ (0.04)	$ 0.94	$ (0.46)	$ (0.23)	$ 0.06	$ (.10)	$ (1.08)	$ 0.32
Income from discontinued operations					0.02	0.06		0.02	3.27	0.17	0.48	0.45		0.10	4.42
Net income (loss) applicable to common shares	$ 0.37	$ (0.55)	$ 0.51	$ (0.43)	$ (0.17)	$ (0.78)	$ (0.01)	$ (0.02)	$ 4.21	$ (0.29)	$ 0.25	$ 0.51	$ (.10)	$ (0.98)	$ 4.74
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	8,717,767	8,717,767	8,717,767	8,717,767	8,688,018	8,413,469	8,413,469	8,717,767	8,717,767	8,559,370
Earnings per share - diluted
Income (loss) from continuing operations	$ 0.37	$ (0.55)	$ 0.51	$ (0.43)	$ (0.19)	$ (0.84)	$ (0.01)	$ (0.04)	$ 0.94	$ (0.46)	$ (0.23)	$ 0.05	$ (.10)	$ (1.08)	$ 0.32
Income from discontinued operations					0.02	0.06		0.02	3.27	0.17	0.48	0.44		0.10	4.42
Net income (loss) applicable to common shares	$ 0.37	$ (0.55)	$ 0.51	$ (0.43)	$ (0.17)	$ (0.78)	$ (0.01)	$ (0.02)	$ 4.21	$ (0.29)	$ 0.25	$ 0.49	$ (.10)	$ (0.98)	$ 4.74
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	8,717,767	8,717,767	8,717,767	8,717,767	8,688,018	8,413,469	8,639,679	8,717,767	8,717,767	8,559,370

COMMITMENTS AND CONTINGENCIES72

COMMITMENTS AND CONTINGENCIES AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands	1 Months Ended
	Jul. 20, 2015	Dec. 31, 2016
Related Parties [Member] | Mezzanine Financing [Member]
Guarantor - notes payable		$ 60,400
Dynex Capital, Inc. [Member]
Description of plaintiff	ART and TCI
Description of defendant	Dynex Capital Inc.
Description of action taken by court	The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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.
Damages - awarded amount	$ 256
Damages - pre-judgement interest	192
Damages - total	448
Awarded attorney fees	$ 1,600
Post-judgment interest rate	5.00%
Unfunded loan commitment	$ 160,000
Dynex Capital, Inc. [Member] | Southern Properties Capital LTD [Member]
Damages - awarded amount	11,100
Damages - pre-judgement interest	8,400
Damages - total	19,500
Dynex Capital, Inc. [Member] | 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, 2016	Dec. 31, 2015
Preferred stock, liquidation preference per share		$ 100	$ 100
RAI [Member]
Shares issued upon conversion	304,298
Series C Cumulative Convertible Preferred Stock [Member] | RAI [Member]
Preferred stock, shares issued	30,000
Preferred stock, shares outstanding	30,000
Shares issued upon conversion	(30,000)
Accrued Dividends	$ 900
Preferred stock, liquidation preference per share	$ 100

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Feb. 14, 2017USD ($)	Feb. 14, 2017ILS (₪)	Dec. 31, 2016USD ($)
Debentures offering amount			$ 78,900,000
Subsequent Event [Member]
Debentures offering amount	$ 73,651,065
Interest rate	7.38%	7.38%
Subsequent Event [Member] | Israel Shekel [Member]
Debentures offering amount | ₪		₪ 276,000,000
Exchange rate	3.7474	3.7474

SCHEDULE III REAL ESTATE AND 75

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Gross Amounts of Which Carried at End of Year Total	$ 1,045,454	$ 982,827	$ 804,489	$ 828,093
Accumulated Depreciation	154,281	$ 138,808	$ 115,368	$ 132,291
Properties Held for Investment/Corporate Debt [Member]
Encumbrances	871,481
Initial Cost Land	173,247
Initial Cost Building & Improvements	788,954
Cost Capitalized Subsequent to Acquisition Improvements	80,855
Asset Impairment	(44,561)
Gross Amounts of Which Carried at End of Year Land	164,285
Gross Amounts of Which Carried at End of Year Building & Improvements	834,213
Gross Amounts of Which Carried at End of Year Total	998,498
Accumulated Depreciation	154,281
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member]
Encumbrances	553,512
Initial Cost Land	61,025
Initial Cost Building & Improvements	634,601
Cost Capitalized Subsequent to Acquisition Improvements	5,288
Asset Impairment	(3,180)
Gross Amounts of Which Carried at End of Year Land	61,025
Gross Amounts of Which Carried at End of Year Building & Improvements	636,709
Gross Amounts of Which Carried at End of Year Total	697,733
Accumulated Depreciation	98,588
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Anderson Estates, Oxford [Member] | MISSISSIPPI
Encumbrances	796
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	$ 732
Date of Construction	2,003
Date Acquired	01/06
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	$ 10,589
Initial Cost Land	526
Initial Cost Building & Improvements	11,057
Cost Capitalized Subsequent to Acquisition Improvements	19
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	$ 3,809
Date of Construction	2,003
Date Acquired	01/02
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	$ 3,832
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	$ 1,023
Date of Construction	2,004
Date Acquired	01/04
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	$ 9,271
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	$ 3,123
Date of Construction	2,004
Date Acquired	05/03
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	$ 6,340
Initial Cost Land	762
Initial Cost Building & Improvements	6,856
Cost Capitalized Subsequent to Acquisition Improvements	57
Gross Amounts of Which Carried at End of Year Land	762
Gross Amounts of Which Carried at End of Year Building & Improvements	6,913
Gross Amounts of Which Carried at End of Year Total	7,675
Accumulated Depreciation	$ 1,553
Date of Construction	2,007
Date Acquired	04/08
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	$ 8,893
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	8,003
Gross Amounts of Which Carried at End of Year Total	9,862
Accumulated Depreciation	$ 2,506
Date of Construction	2,003
Date Acquired	03/03
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	$ 20,794
Initial Cost Land	2,570
Initial Cost Building & Improvements	22,589
Gross Amounts of Which Carried at End of Year Land	2,570
Gross Amounts of Which Carried at End of Year Building & Improvements	22,589
Gross Amounts of Which Carried at End of Year Total	25,159
Accumulated Depreciation	$ 800
Date of Construction	2,011
Date Acquired	07/14
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	$ 1,444
Initial Cost Land	847
Initial Cost Building & Improvements	5,733
Cost Capitalized Subsequent to Acquisition Improvements	285
Gross Amounts of Which Carried at End of Year Land	847
Gross Amounts of Which Carried at End of Year Building & Improvements	6,018
Gross Amounts of Which Carried at End of Year Total	6,864
Accumulated Depreciation	$ 1,772
Date of Construction	2,003
Date Acquired	01/06
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	$ 14,700
Initial Cost Land	1,590
Initial Cost Building & Improvements	14,314
Gross Amounts of Which Carried at End of Year Land	1,590
Gross Amounts of Which Carried at End of Year Building & Improvements	14,314
Gross Amounts of Which Carried at End of Year Total	15,904
Accumulated Depreciation	$ 267
Date of Construction	2,015
Date Acquired	12/15
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	$ 12,356
Initial Cost Land	921
Initial Cost Building & Improvements	12,644
Cost Capitalized Subsequent to Acquisition Improvements	358
Gross Amounts of Which Carried at End of Year Land	921
Gross Amounts of Which Carried at End of Year Building & Improvements	13,002
Gross Amounts of Which Carried at End of Year Total	13,923
Accumulated Depreciation	$ 3,860
Date of Construction	2,004
Date Acquired	01/04
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	$ 563
Initial Cost Land	277
Initial Cost Building & Improvements	1,521
Cost Capitalized Subsequent to Acquisition Improvements	70
Gross Amounts of Which Carried at End of Year Land	277
Gross Amounts of Which Carried at End of Year Building & Improvements	1,591
Gross Amounts of Which Carried at End of Year Total	1,868
Accumulated Depreciation	$ 461
Date of Construction	1,999
Date Acquired	01/06
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	$ 573
Initial Cost Land	439
Initial Cost Building & Improvements	2,115
Cost Capitalized Subsequent to Acquisition Improvements	64
Gross Amounts of Which Carried at End of Year Land	439
Gross Amounts of Which Carried at End of Year Building & Improvements	2,179
Gross Amounts of Which Carried at End of Year Total	2,618
Accumulated Depreciation	$ 590
Date of Construction	2,003
Date Acquired	01/06
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	$ 15,119
Initial Cost Land	1,472
Initial Cost Building & Improvements	17,854
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	17,919
Gross Amounts of Which Carried at End of Year Total	19,391
Accumulated Depreciation	$ 5,772
Date of Construction	2,002
Date Acquired	05/02
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 Lakes, Arlington [Member] | TEXAS
Encumbrances	$ 13,530
Initial Cost Land	1,437
Initial Cost Building & Improvements	15,095
Cost Capitalized Subsequent to Acquisition Improvements	449
Gross Amounts of Which Carried at End of Year Land	1,437
Gross Amounts of Which Carried at End of Year Building & Improvements	15,544
Gross Amounts of Which Carried at End of Year Total	16,981
Accumulated Depreciation	$ 5,566
Date of Construction	2,001
Date Acquired	10/01
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	$ 11,162
Initial Cost Land	1,345
Initial Cost Building & Improvements	12,015
Cost Capitalized Subsequent to Acquisition Improvements	51
Gross Amounts of Which Carried at End of Year Land	1,345
Gross Amounts of Which Carried at End of Year Building & Improvements	12,066
Gross Amounts of Which Carried at End of Year Total	13,410
Accumulated Depreciation	$ 3,626
Date of Construction	2,003
Date Acquired	03/03
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	$ 11,669
Initial Cost Land	1,450
Initial Cost Building & Improvements	14,611
Gross Amounts of Which Carried at End of Year Land	1,450
Gross Amounts of Which Carried at End of Year Building & Improvements	14,611
Gross Amounts of Which Carried at End of Year Total	16,061
Accumulated Depreciation	$ 609
Date of Construction	2,004
Date Acquired	05/14
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	$ 12,007
Initial Cost Land	927
Initial Cost Building & Improvements	12,267
Cost Capitalized Subsequent to Acquisition Improvements	1,023
Gross Amounts of Which Carried at End of Year Land	927
Gross Amounts of Which Carried at End of Year Building & Improvements	13,290
Gross Amounts of Which Carried at End of Year Total	14,217
Accumulated Depreciation	$ 3,919
Date of Construction	2,004
Date Acquired	01/04
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	$ 14,757
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	$ 932
Date of Construction	2,006
Date Acquired	12/14
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	$ 16,174
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	$ 2,090
Date of Construction	2,011
Date Acquired	10/05
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	$ 15,347
Initial Cost Land	977
Initial Cost Building & Improvements	17,799
Cost Capitalized Subsequent to Acquisition Improvements	75
Gross Amounts of Which Carried at End of Year Land	977
Gross Amounts of Which Carried at End of Year Building & Improvements	17,874
Gross Amounts of Which Carried at End of Year Total	18,851
Accumulated Depreciation	$ 3,465
Date of Construction	2,009
Date Acquired	09/05
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] | Metropolitan Apartments, North Little Rock [Member] | ARKANSAS
Encumbrances	$ 24,303
Initial Cost Land	3,229
Initial Cost Building & Improvements	29,003
Gross Amounts of Which Carried at End of Year Land	3,229
Gross Amounts of Which Carried at End of Year Building & Improvements	29,004
Gross Amounts of Which Carried at End of Year Total	32,233
Accumulated Depreciation	$ 363
Date of Construction	2,010
Date Acquired	06/16
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	$ 14,670
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	$ 4,077
Date of Construction	2,005
Date Acquired	05/05
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 Estate, Monticello [Member] | ARKANSAS
Encumbrances	$ 445
Initial Cost Land	285
Initial Cost Building & Improvements	1,493
Cost Capitalized Subsequent to Acquisition Improvements	15
Gross Amounts of Which Carried at End of Year Land	285
Gross Amounts of Which Carried at End of Year Building & Improvements	1,508
Gross Amounts of Which Carried at End of Year Total	1,793
Accumulated Depreciation	$ 422
Date of Construction	2,001
Date Acquired	01/06
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	$ 13,099
Initial Cost Land	1,300
Initial Cost Building & Improvements	14,560
Cost Capitalized Subsequent to Acquisition Improvements	27
Gross Amounts of Which Carried at End of Year Land	1,300
Gross Amounts of Which Carried at End of Year Building & Improvements	14,587
Gross Amounts of Which Carried at End of Year Total	15,887
Accumulated Depreciation	$ 2,671
Date of Construction	2,009
Date Acquired	10/07
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	$ 11,832
Initial Cost Land	1,435
Initial Cost Building & Improvements	12,406
Gross Amounts of Which Carried at End of Year Land	1,435
Gross Amounts of Which Carried at End of Year Building & Improvements	12,406
Gross Amounts of Which Carried at End of Year Total	13,841
Accumulated Depreciation	$ 465
Date of Construction	2,011
Date Acquired	07/14
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] | Oceanaire Apartments, Biloxi, [Member] | MISSISSIPPI
Encumbrances	$ 11,374
Initial Cost Land	1,397
Initial Cost Building & Improvements	12,575
Gross Amounts of Which Carried at End of Year Land	1,397
Gross Amounts of Which Carried at End of Year Building & Improvements	12,575
Gross Amounts of Which Carried at End of Year Total	13,972
Accumulated Depreciation	$ 567
Date of Construction	2,009
Date Acquired	12/16
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	$ 13,607
Initial Cost Land	1,228
Initial Cost Building & Improvements	12,296
Gross Amounts of Which Carried at End of Year Land	1,228
Gross Amounts of Which Carried at End of Year Building & Improvements	12,296
Gross Amounts of Which Carried at End of Year Total	$ 13,526
Date of Construction	2,012
Date Acquired	10/15
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	$ 12,658
Initial Cost Land	587
Initial Cost Building & Improvements	14,300
Cost Capitalized Subsequent to Acquisition Improvements	103
Gross Amounts of Which Carried at End of Year Land	587
Gross Amounts of Which Carried at End of Year Building & Improvements	14,403
Gross Amounts of Which Carried at End of Year Total	14,990
Accumulated Depreciation	$ 3,022
Date of Construction	2,007
Date Acquired	06/02
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	$ 18,520
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	20,196
Gross Amounts of Which Carried at End of Year Total	21,218
Accumulated Depreciation	$ 3,012
Date of Construction	2,011
Date Acquired	07/07
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	$ 15,694
Initial Cost Land	1,710
Initial Cost Building & Improvements	17,688
Cost Capitalized Subsequent to Acquisition Improvements	218
Gross Amounts of Which Carried at End of Year Land	1,710
Gross Amounts of Which Carried at End of Year Building & Improvements	17,906
Gross Amounts of Which Carried at End of Year Total	19,617
Accumulated Depreciation	$ 4,759
Date of Construction	2,006
Date Acquired	12/04
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	$ 10,316
Initial Cost Land	1,044
Initial Cost Building & Improvements	12,226
Cost Capitalized Subsequent to Acquisition Improvements	476
Gross Amounts of Which Carried at End of Year Land	1,044
Gross Amounts of Which Carried at End of Year Building & Improvements	12,702
Gross Amounts of Which Carried at End of Year Total	13,746
Accumulated Depreciation	$ 3,359
Date of Construction	2,006
Date Acquired	05/05
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	$ 20,382
Initial Cost Land	1,482
Initial Cost Building & Improvements	22,995
Cost Capitalized Subsequent to Acquisition Improvements	449
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	20,264
Gross Amounts of Which Carried at End of Year Total	21,746
Accumulated Depreciation	$ 4,321
Date of Construction	2,007
Date Acquired	04/04
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	$ 14,251
Initial Cost Land	902
Initial Cost Building & Improvements	16,626
Cost Capitalized Subsequent to Acquisition Improvements	42
Gross Amounts of Which Carried at End of Year Land	902
Gross Amounts of Which Carried at End of Year Building & Improvements	16,668
Gross Amounts of Which Carried at End of Year Total	17,570
Accumulated Depreciation	$ 3,473
Date of Construction	2,008
Date Acquired	10/05
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	$ 10,057
Initial Cost Land	1,074
Initial Cost Building & Improvements	10,604
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	$ 462
Date of Construction	2,005
Date Acquired	04/15
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	$ 282
Initial Cost Land	198
Initial Cost Building & Improvements	1,537
Cost Capitalized Subsequent to Acquisition Improvements	5
Gross Amounts of Which Carried at End of Year Land	198
Gross Amounts of Which Carried at End of Year Building & Improvements	1,542
Gross Amounts of Which Carried at End of Year Total	1,740
Accumulated Depreciation	$ 464
Date of Construction	2,003
Date Acquired	01/06
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	$ 1,089
Initial Cost Land	297
Initial Cost Building & Improvements	4,007
Cost Capitalized Subsequent to Acquisition Improvements	163
Gross Amounts of Which Carried at End of Year Land	297
Gross Amounts of Which Carried at End of Year Building & Improvements	4,170
Gross Amounts of Which Carried at End of Year Total	4,467
Accumulated Depreciation	$ 1,467
Date of Construction	2,003
Date Acquired	01/06
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] | Sawgrass Creek, New Port Richey, FL [Member] | FLORIDA
Initial Cost Land	$ 784
Initial Cost Building & Improvements	7,056
Gross Amounts of Which Carried at End of Year Land	784
Gross Amounts of Which Carried at End of Year Building & Improvements	7,056
Gross Amounts of Which Carried at End of Year Total	7,840
Accumulated Depreciation	$ 73
Date of Construction	2,008
Date Acquired	08/16
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	$ 10,616
Initial Cost Land	941
Initial Cost Building & Improvements	11,072
Cost Capitalized Subsequent to Acquisition Improvements	1
Gross Amounts of Which Carried at End of Year Land	941
Gross Amounts of Which Carried at End of Year Building & Improvements	11,073
Gross Amounts of Which Carried at End of Year Total	12,014
Accumulated Depreciation	$ 1,500
Date of Construction	2,011
Date Acquired	07/10
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	$ 11,216
Initial Cost Land	1,437
Initial Cost Building & Improvements	13,367
Cost Capitalized Subsequent to Acquisition Improvements	204
Gross Amounts of Which Carried at End of Year Land	1,437
Gross Amounts of Which Carried at End of Year Building & Improvements	13,571
Gross Amounts of Which Carried at End of Year Total	15,008
Accumulated Depreciation	$ 2,500
Date of Construction	2,009
Date Acquired	08/08
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] | Tattersall Village, Hinesville [Member] | GA
Encumbrances	$ 26,121
Initial Cost Land	2,691
Initial Cost Building & Improvements	23,961
Gross Amounts of Which Carried at End of Year Land	2,691
Gross Amounts of Which Carried at End of Year Building & Improvements	23,961
Gross Amounts of Which Carried at End of Year Total	$ 26,652
Date of Construction	2,010
Date Acquired	12/16
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	$ 20,356
Initial Cost Land	1,993
Initial Cost Building & Improvements	20,107
Gross Amounts of Which Carried at End of Year Land	1,993
Gross Amounts of Which Carried at End of Year Building & Improvements	20,107
Gross Amounts of Which Carried at End of Year Total	22,100
Accumulated Depreciation	$ 2,765
Date of Construction	2,011
Date Acquired	09/09
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	$ 14,477
Initial Cost Land	3,300
Initial Cost Building & Improvements	20,073
Gross Amounts of Which Carried at End of Year Land	3,300
Gross Amounts of Which Carried at End of Year Building & Improvements	20,073
Gross Amounts of Which Carried at End of Year Total	23,373
Accumulated Depreciation	$ 748
Date of Construction	2,015
Date Acquired	06/15
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	$ 733
Initial Cost Land	141
Initial Cost Building & Improvements	1,268
Gross Amounts of Which Carried at End of Year Land	141
Gross Amounts of Which Carried at End of Year Building & Improvements	1,268
Gross Amounts of Which Carried at End of Year Total	1,409
Accumulated Depreciation	$ 53
Date of Construction	1,972
Date Acquired	06/15
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	$ 10,410
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	$ 544
Date of Construction	2,005
Date Acquired	12/14
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	$ 9,418
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	$ 680
Date of Construction	2,010
Date Acquired	12/14
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	$ 10,661
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	$ 848
Date of Construction	2,009
Date Acquired	10/15
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	$ 15,076
Initial Cost Land	1,327
Initial Cost Building & Improvements	16,539
Cost Capitalized Subsequent to Acquisition Improvements	127
Gross Amounts of Which Carried at End of Year Land	1,327
Gross Amounts of Which Carried at End of Year Building & Improvements	16,666
Gross Amounts of Which Carried at End of Year Total	17,993
Accumulated Depreciation	$ 4,728
Date of Construction	2,004
Date Acquired	01/04
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	$ 17,167
Initial Cost Land	2,341
Initial Cost Building & Improvements	20,880
Gross Amounts of Which Carried at End of Year Land	2,341
Gross Amounts of Which Carried at End of Year Building & Improvements	20,880
Gross Amounts of Which Carried at End of Year Total	23,221
Accumulated Depreciation	$ 783
Date of Construction	2,013
Date Acquired	06/14
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	$ 4,167
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	7,342
Accumulated Depreciation	$ 263
Date of Construction	1,972
Date Acquired	06/15
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	$ 10,599
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	11,596
Gross Amounts of Which Carried at End of Year Total	12,386
Accumulated Depreciation	$ 3,724
Date of Construction	2,002
Date Acquired	07/03
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	$ 13,005
Initial Cost Land	7,866
Cost Capitalized Subsequent to Acquisition Improvements	17,421
Gross Amounts of Which Carried at End of Year Land	7,867
Gross Amounts of Which Carried at End of Year Building & Improvements	17,421
Gross Amounts of Which Carried at End of Year Total	25,288
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Terra Lago, Rowlett [Member] | TEXAS
Encumbrances	13,005
Initial Cost Land	6,023
Cost Capitalized Subsequent to Acquisition Improvements	15,406
Gross Amounts of Which Carried at End of Year Land	6,024
Gross Amounts of Which Carried at End of Year Building & Improvements	15,406
Gross Amounts of Which Carried at End of Year Total	$ 21,430
Date Acquired	11/15
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Lakeside Lofts, Farmers Branch [Member] | TEXAS
Cost Capitalized Subsequent to Acquisition Improvements	$ 1,744
Gross Amounts of Which Carried at End of Year Building & Improvements	1,744
Gross Amounts of Which Carried at End of Year Total	$ 1,744
Date Acquired	12/14
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Overlook at Allensville Square II, Sevierville [Member] | TENNESSEE
Initial Cost Land	$ 1,843
Cost Capitalized Subsequent to Acquisition Improvements	271
Gross Amounts of Which Carried at End of Year Land	1,843
Gross Amounts of Which Carried at End of Year Building & Improvements	271
Gross Amounts of Which Carried at End of Year Total	$ 2,114
Date Acquired	11/15
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member]
Encumbrances	$ 108,348
Initial Cost Land	24,301
Initial Cost Building & Improvements	154,354
Cost Capitalized Subsequent to Acquisition Improvements	40,629
Asset Impairment	(14,900)
Gross Amounts of Which Carried at End of Year Land	24,301
Gross Amounts of Which Carried at End of Year Building & Improvements	180,083
Gross Amounts of Which Carried at End of Year Total	204,384
Accumulated Depreciation	55,693
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass, Las Colinas [Member] | TEXAS
Encumbrances	39,237
Initial Cost Land	5,751
Initial Cost Building & Improvements	51,759
Cost Capitalized Subsequent to Acquisition Improvements	16,941
Gross Amounts of Which Carried at End of Year Land	5,751
Gross Amounts of Which Carried at End of Year Building & Improvements	68,700
Gross Amounts of Which Carried at End of Year Total	74,451
Accumulated Depreciation	$ 23,728
Date of Construction	1,984
Date Acquired	08/05
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	1,763
Initial Cost Building & Improvements	15,834
Cost Capitalized Subsequent to Acquisition Improvements	165
Gross Amounts of Which Carried at End of Year Land	1,763
Gross Amounts of Which Carried at End of Year Building & Improvements	15,999
Gross Amounts of Which Carried at End of Year Total	17,762
Accumulated Depreciation	$ 660
Date of Construction	1,970
Date Acquired	07/15
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 Plaza, LaCrosse [Member] | WISCONSIN
Encumbrances	$ 5,218
Cost Capitalized Subsequent to Acquisition Improvements	1,008
Gross Amounts of Which Carried at End of Year Land
Gross Amounts of Which Carried at End of Year Building & Improvements	1,008
Gross Amounts of Which Carried at End of Year Total	1,008
Accumulated Depreciation	$ 521
Date of Construction	1,979
Date Acquired	03/03
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	$ 23,193
Initial Cost Land	5,096
Initial Cost Building & Improvements	45,868
Cost Capitalized Subsequent to Acquisition Improvements	14,355
Gross Amounts of Which Carried at End of Year Land	5,096
Gross Amounts of Which Carried at End of Year Building & Improvements	60,223
Gross Amounts of Which Carried at End of Year Total	65,319
Accumulated Depreciation	$ 21,301
Date of Construction	1,984
Date Acquired	04/05
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
Initial Cost Land	$ 7,168
Initial Cost Building & Improvements	6,031
Cost Capitalized Subsequent to Acquisition Improvements	142
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	873
Gross Amounts of Which Carried at End of Year Total	8,041
Accumulated Depreciation	$ 323
Date of Construction	1,981
Date Acquired	11/14
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	$ 46
Date Acquired	05/92
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	764
Accumulated Depreciation	$ 134
Date Acquired	08/05
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	7,793
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	33,055
Gross Amounts of Which Carried at End of Year Total	36,933
Accumulated Depreciation	$ 8,980
Date Acquired	06/08
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	$ 34,384
Initial Cost Land	80,058
Cost Capitalized Subsequent to Acquisition Improvements	17,517
Asset Impairment	(26,480)
Gross Amounts of Which Carried at End of Year Land	71,095
Gross Amounts of Which Carried at End of Year Total	71,095
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dominion Mercer, Farmers Branch, TX [Member] | TEXAS
Encumbrances	3,572
Initial Cost Land	3,688
Gross Amounts of Which Carried at End of Year Land	3,688
Gross Amounts of Which Carried at End of Year Total	$ 3,688
Date Acquired	10/16
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	07/12
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	816
Gross Amounts of Which Carried at End of Year Total	$ 816
Date Acquired	03/07
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	12/14
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Cooks Lane, Fort Worth [Member] | TEXAS
Encumbrances	$ 394
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	06/04
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	10/06
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Denham Springs, Denham Springs [Member] | LOUISIANA
Encumbrances	$ 153
Initial Cost Land	714
Gross Amounts of Which Carried at End of Year Land	714
Gross Amounts of Which Carried at End of Year Total	$ 714
Date Acquired	08/08
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	07/98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Hollywood Casino Tract II, Farmers Branch [Member] | TEXAS
Encumbrances	$ 2,645
Initial Cost Land	6,940
Cost Capitalized Subsequent to Acquisition Improvements	1,292
Asset Impairment	(3,747)
Gross Amounts of Which Carried at End of Year Land	4,485
Gross Amounts of Which Carried at End of Year Total	$ 4,485
Date Acquired	06/02
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,169
Asset Impairment	(760)
Gross Amounts of Which Carried at End of Year Land	1,409
Gross Amounts of Which Carried at End of Year Total	$ 1,409
Date Acquired	06/04
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	03/02
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	01/04
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	04/08
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	01/05
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney 36, Collin County [Member] | TEXAS
Encumbrances	$ 1,415
Initial Cost Land	647
Cost Capitalized Subsequent to Acquisition Improvements	164
Asset Impairment	(19)
Gross Amounts of Which Carried at End of Year Land	792
Gross Amounts of Which Carried at End of Year Total	$ 792
Date Acquired	01/98
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	04/13
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	05/01
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nakash, Malden [Member] | MISSOURI
Initial Cost Land	$ 114
Gross Amounts of Which Carried at End of Year Land	114
Gross Amounts of Which Carried at End of Year Total	$ 114
Date Acquired	01/93
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nashville, Nashville [Member] | TENNESSEE
Initial Cost Land	$ 662
Cost Capitalized Subsequent to Acquisition Improvements	61
Gross Amounts of Which Carried at End of Year Land	723
Gross Amounts of Which Carried at End of Year Total	$ 723
Date Acquired	06/02
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Croslin, Dallas [Member] | TEXAS
Initial Cost Land	$ 184
Asset Impairment	(118)
Gross Amounts of Which Carried at End of Year Land	66
Gross Amounts of Which Carried at End of Year Total	$ 6
Date Acquired	10/98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Mendoza, Dallas [Member] | TEXAS
Initial Cost Land	$ 80
Asset Impairment	(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	10/98
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	10/07
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	08/05
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Sugar Mill Land, Baton Rouge [Member] | LOUISIANA
Encumbrances	$ 116
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	08/13
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	12/06
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	08/08
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	08/08
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	03/04
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
Asset Impairment	(94)
Gross Amounts of Which Carried at End of Year Land	228
Gross Amounts of Which Carried at End of Year Total	$ 228
Date Acquired	08/08
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	01/95
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Windmill Farms Land, Kaufman County [Member] | TEXAS
Encumbrances	$ 25,332
Initial Cost Land	48,822
Cost Capitalized Subsequent to Acquisition Improvements	15,007
Asset Impairment	(20,564)
Gross Amounts of Which Carried at End of Year Land	43,265
Gross Amounts of Which Carried at End of Year Total	$ 43,265
Date Acquired	11/11
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member]
Encumbrances	$ 162,232
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | TCI - Corporate [Member]
Encumbrances	162,232
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	03/92
Life on Which Depreciation In Latest Statement of Operation is Computed	40 years
Properties Subject to Sales Contract Apartments [Member]
Encumbrances	$ 5,142
Initial Cost Land	67,143
Cost Capitalized Subsequent to Acquisition Improvements	842
Asset Impairment	(21,029)
Gross Amounts of Which Carried at End of Year Land	46,956
Gross Amounts of Which Carried at End of Year Total	46,956
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member]
Encumbrances	5,142
Initial Cost Land	67,143
Cost Capitalized Subsequent to Acquisition Improvements	842
Asset Impairment	(21,029)
Gross Amounts of Which Carried at End of Year Land	46,956
Gross Amounts of Which Carried at End of Year Total	46,956
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Dominion Tract, Dallas [Member] | TEXAS
Encumbrances	3,360
Initial Cost Land	3,931
Cost Capitalized Subsequent to Acquisition Improvements	53
Asset Impairment	(1,624)
Gross Amounts of Which Carried at End of Year Land	2,360
Gross Amounts of Which Carried at End of Year Total	$ 2,360
Date Acquired	03/99
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Hollywood Casino Tract I, Farmers Branch [Member] | TEXAS
Encumbrances	$ 1,410
Initial Cost Land	8,470
Cost Capitalized Subsequent to Acquisition Improvements	147
Asset Impairment	(5,297)
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	03/08
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | LaDue Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,900
Asset Impairment	(55)
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	07/98
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	03/14
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	11/06
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Travelers Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 6,891
Asset Impairment	(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	11/06
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Walker Land, Dallas County [Member] | TEXAS
Initial Cost Land	$ 19,728
Cost Capitalized Subsequent to Acquisition Improvements	71
Asset Impairment	(6,624)
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	09/06
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Whorton Land Bentonville [Member] | ARKANSAS
Encumbrances	$ 372
Initial Cost Land	3,510
Cost Capitalized Subsequent to Acquisition Improvements	567
Asset Impairment	(2,451)
Gross Amounts of Which Carried at End of Year Land	1,626
Gross Amounts of Which Carried at End of Year Total	$ 1,626
Date Acquired	06/05
Land Sold [Member]
Encumbrances	$ 876,999
Initial Cost Land	240,390
Initial Cost Building & Improvements	788,954
Cost Capitalized Subsequent to Acquisition Improvements	81,697
Asset Impairment	(65,590)
Gross Amounts of Which Carried at End of Year Land	211,241
Gross Amounts of Which Carried at End of Year Building & Improvements	834,213
Gross Amounts of Which Carried at End of Year Total	1,045,454
Accumulated Depreciation	154,281
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, 2016	Dec. 31, 2015	Dec. 31, 2014
Reconciliation of Real Estate
Balance at at beginning	$ 982,827	$ 804,489	$ 828,093
Additions
Acquisitions, improvements and construction	122,763	222,423	71,423
Deductions
Sale of real estate	(50,136)	(38,785)	(95,027)
Asset impairments		(5,300)
Balance at ending	1,045,454	982,827	804,489
Reconciliation of Accumulated Depreciation
Balance at at beginning	138,808	115,368	132,291
Additions
Depreciation	22,180	25,565	17,145
Deductions
Sale of real estate	(6,707)	(2,125)	(34,068)
Balance at ending	$ 154,281	$ 138,808	$ 115,368

SCHEDULE IV MORTGAGE LOANS (Det

SCHEDULE IV MORTGAGE LOANS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Carrying Amount of Mortgage	$ 75,654
Accrued interest	5,479
Allowance for estimated losses	(1,825)
Total notes and interest receivable	$ 79,308	$ 71,376	$ 85,447	$ 70,169
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) (31.5% 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	$ 796
Mortgage Loans [Member] | Oulan-Chikh Family Trust [Member]
Interest Rate	8.00%
Final Maturity Date	2021-03
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 174
Carrying Amount of Mortgage	$ 174
Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% 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	2019-06
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 1,261
Carrying Amount of Mortgage	$ 5,400
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	1,404
Loans [Member] | Various Non-Related Party Notes [Member]
Face Amount of Mortgage	4,742
Carrying Amount of Mortgage	$ 4,742

SCHEDULE IV MORTGAGE LOANS (D78

SCHEDULE IV MORTGAGE LOANS (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at at beginning	$ 71,376	$ 85,447	$ 70,169
Additions
New mortgage loans	11,703	18,055	32,380
Increase (decrease) of interest receivable on mortgage loans	9,878	6,994	(7,650)
Deductions
Amounts received	(11,824)	(12,475)	(9,180)
Non-cash reductions		(26,645)	(272)
Balance at ending	$ 79,308	$ 71,376	$ 85,447