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 |