Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Mar. 30, 2018 | |
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, 2017 | |
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 | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Real estate, at cost | $ 1,112,721 | $ 998,498 |
Real estate subject to sales contracts at cost, net of depreciation ($0 in 2017 and $0 in 2016) | 45,739 | 46,956 |
Less accumulated depreciation | (178,590) | (154,281) |
Total real estate, net of depreciation | 979,870 | 891,173 |
Notes and interest receivable | ||
Performing (including $45,155 in 2017 and $66,066 in 2016 from related parties) | 70,166 | 79,308 |
Less allowance for estimated losses (including $0 in 2017 and $0 in 2016 from related parties) | ||
Total notes and interest receivable | 70,166 | 79,308 |
Cash and cash equivalents | 42,705 | 17,506 |
Restricted cash | 45,637 | 38,227 |
Investments in unconsolidated subsidiaries and investees | 2,472 | 2,446 |
Receivable from related party | 111,665 | 101,649 |
Other assets | 60,907 | 55,605 |
Total assets | 1,313,422 | 1,185,914 |
Liabilities: | ||
Notes and interest payable | 892,149 | 835,528 |
Notes related to assets held for sale | 376 | 376 |
Notes related to subject to sales contracts | 1,957 | 5,612 |
Bond and bond interest payable | 113,047 | |
Deferred revenue (including $40,574 in 2017 and $50,689 in 2016 from related parties) | 60,949 | 71,065 |
Accounts payable and other liabilities (including $7,236 in 2017 and $6,487 in 2016 from related parties) | 36,683 | 48,856 |
Total liabilities | 1,105,161 | 961,437 |
Shareholders' equity: | ||
Preferred stock, Series C: $0.01 par value, authorized 10,000,000 shares, issued and outstanding zero shares in 2017 and 2016 (liquidation preference $100 per share). Series D: $0.01 par value, authorized, issued and outstanding 100,000 shares in 2017 and 2016 (liquidation preference $100 per share) | 1 | 1 |
Common Stock, $0.01 par value, authorized 10,000,000 shares, issued 8,717,967 shares in 2017 and 2016 and outstanding 8,717,767 in 2017 and 2016 | 87 | 87 |
Treasury stock at cost, 200 shares in 2017 and 2016 | (2) | (2) |
Paid-in capital | 268,949 | 269,849 |
Retained earnings | (79,865) | (64,050) |
Total Transcontinental Realty Investors, Inc. shareholders' equity | 189,170 | 205,885 |
Non-controlling interest | 19,091 | 18,592 |
Total shareholders' equity | 208,261 | 224,477 |
Total liabilities and shareholders' equity | $ 1,313,422 | $ 1,185,914 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate subject to sales contracts at cost, net | $ 0 | $ 0 |
Performing | 70,166 | 79,308 |
Allowance for doubtful accounts (in dollars) | ||
Deferred revenue from related parties | $ 60,949 | $ 71,065 |
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] | ||
Performing | $ 45,155 | $ 66,066 |
Allowance for doubtful accounts (in dollars) | 0 | 0 |
Deferred revenue from related parties | 40,574 | 50,689 |
Accounts payable and other liabilities to related parties (in dollars) | $ 7,236 | $ 6,487 |
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental and other property revenues (including $839, $708 and $726 for the year ended 2017, 2016 and 2015, respectively, from related parties) | $ 125,233 | $ 118,471 | $ 102,220 |
Expenses: | |||
Property operating expenses (including $929, $865 and $740 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 63,056 | 61,918 | 52,257 |
Depreciation and amortization | 25,558 | 23,683 | 21,299 |
General and administrative (including $3,120, $3,574 and $3,105 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 6,269 | 5,476 | 5,508 |
Provision on impairment of real estate assets | 5,300 | ||
Net income fee to related party | 250 | 257 | 187 |
Advisory fee to related party | 9,995 | 9,490 | 8,368 |
Total operating expenses | 105,128 | 100,824 | 92,919 |
Net operating income | 20,105 | 17,647 | 9,301 |
Other income (expense): | |||
Interest income (including $11,485, $13,348 and $10,071 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 13,862 | 14,670 | 10,687 |
Other income | 625 | 1,816 | 71 |
Mortgage and loan interest (including $0, $568, and $0 for the year ended 2017, 2016 and 2015, respectively, from related parties) | (59,944) | (53,088) | (46,541) |
Foreign currency translation loss | (4,536) | (1) | |
Income (loss) from unconsolidated joint ventures and investees | 26 | (26) | 41 |
Litigation settlement | (352) | ||
Total other expenses | (49,967) | (36,628) | (36,095) |
Loss before gain on sales, non-controlling interest and taxes | (29,862) | (18,981) | (26,794) |
Gain on sale of income-producing properties (including recognition of $9,842, $0 and $0 previously deferred gains in 2017, 2016 and 2015, respectively) | 9,842 | 16,207 | |
Gain on land sales | 4,884 | 3,121 | 18,911 |
Net income (loss) from continuing operations before taxes | (15,136) | 347 | (7,883) |
Income tax benefit (expense) | (180) | (24) | (517) |
Net income (loss) from continuing operations | (15,316) | 323 | (8,400) |
Discontinued operations: | |||
Net income (loss) from discontinued operations | (2) | 644 | |
Gain on sale of real estate from discontinued operations | 735 | ||
Income tax expense from discontinued operations | 1 | (483) | |
Net income from discontinued operations | (1) | 896 | |
Net income (loss) | (15,316) | 322 | (7,504) |
Net income attributable to non-controlling interest | (499) | (285) | (132) |
Net income (loss) attributable to Transcontinental Realty Investors, Inc. | (15,815) | 37 | (7,636) |
Preferred dividend requirement | (900) | (900) | (900) |
Net income (loss) applicable to common shares | $ (16,715) | $ (863) | $ (8,536) |
Earnings per share - basic | |||
Net income (loss) from continuing operations (in dollars per share) | $ (1.92) | $ (0.10) | $ (1.08) |
Net income from discontinued operations (in dollars per share) | 0.1 | ||
Net income (loss) applicable to common shares (in dollars per share) | (1.92) | (0.10) | (0.98) |
Earnings per share - diluted | |||
Net income (loss) from continuing operations (in dollars per share) | (1.92) | (0.10) | (1.08) |
Net income from discontinued operations (in dollars per share) | 0.1 | ||
Net income (loss) applicable to common shares (in dollars per share) | $ (1.92) | $ (0.10) | $ (0.98) |
Weighted average common shares used in computing earnings per share (in shares) | 8,717,767 | 8,717,767 | 8,717,767 |
Weighted average common shares used in computing diluted earnings per share (in shares) | 8,717,767 | 8,717,767 | 8,717,767 |
Amounts attributable to Transcontinental Realty Investors, Inc. | |||
Net income (loss) from continuing operations | $ (15,815) | $ 38 | $ (8,532) |
Net income (loss) from discontinued operations | (1) | 896 | |
Net income (loss) | $ (15,815) | $ 37 | $ (7,636) |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rental and other property revenues | $ 125,233 | $ 118,471 | $ 102,220 |
Property operating expenses | 63,056 | 61,918 | 52,257 |
General and administrative | 6,269 | 5,476 | 5,508 |
Interest income | 13,862 | 14,670 | 10,687 |
Mortgage and loan interest | 59,944 | 53,088 | 46,541 |
Recognition of deferred gains | 9,842 | 0 | 0 |
Related Parties [Member] | |||
Rental and other property revenues | 839 | 708 | 726 |
Property operating expenses | 929 | 865 | 740 |
General and administrative | 3,120 | 3,574 | 3,105 |
Interest income | 11,485 | 13,348 | 10,071 |
Mortgage and loan interest | $ 0 | $ 568 | $ 0 |
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, 2014 | $ 233,448 | $ (57,670) | $ 1 | $ 87 | $ (2) | $ 271,649 | $ (56,451) | $ 18,164 |
Balance, at beginning (in shares) at Dec. 31, 2014 | 8,717,967 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Series D preferred stock dividends (9.0% per year) | (900) | (900) | ||||||
Net income (loss) | (7,504) | (7,504) | (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 (9.0% per year) | (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 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Series D preferred stock dividends (9.0% per year) | (900) | (900) | ||||||
Net income (loss) | (15,316) | (15,316) | (15,815) | 499 | ||||
Balance, at the end at Dec. 31, 2017 | $ 208,261 | $ (80,168) | $ 1 | $ 87 | $ (2) | $ 268,949 | $ (79,865) | $ 19,091 |
Balance, at the end (in shares) at Dec. 31, 2017 | 8,717,967 |
CONSOLIDATED STATEMENT OF SHAR7
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Series D Preferred Stock [Member] | |||
Preferred stock dividend (in percent) | 9.00% | 9.00% | 9.09% |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow From Operating Activities: | |||
Net income (loss) | $ (15,316) | $ 322 | $ (7,504) |
Adjustments to reconcile net income (loss) applicable to common shares to net cash provided by (used in) operating activities: | |||
(Gain) loss on sale of land | (4,884) | (3,121) | (18,911) |
Gain on sale of income producing properties | (9,842) | (16,207) | (735) |
Depreciation and amortization | 25,558 | 23,683 | 21,299 |
Provision on impairment of notes receivable and real estate assets | 5,300 | ||
Amortization of deferred borrowing costs | 3,574 | 4,314 | 2,684 |
Amortization of Series A bonds issuance costs | 971 | ||
Earnings from unconsolidated subsidiaries and investees | (26) | (26) | (132) |
(Increase) decrease in assets: | |||
Accrued interest receivable | (668) | (922) | 586 |
Other assets | (1,433) | (2,388) | 4,204 |
Prepaid expense | (5,661) | (9,238) | (13,615) |
Escrow | (8,584) | 7,584 | 2,684 |
Earnest money | 856 | (571) | (905) |
Rent receivables | 543 | 2,840 | 2,104 |
Related party receivables | (9,972) | (11,134) | (40,153) |
Increase (decrease) in liabilities: | |||
Accrued interest payable | 4,573 | 20 | (710) |
Other liabilities | (12,173) | 12,882 | (7,115) |
Net cash provided by (used in) operating activities | (32,484) | 8,038 | (50,919) |
Cash Flow From Investing Activities: | |||
Proceeds from notes receivables | 26,230 | 2,867 | 10,669 |
Originations of notes receivables | (16,420) | (11,703) | (18,055) |
Acquisition of land held for development | (12,508) | ||
Acquisition of income producing properties | (37,044) | (79,736) | (207,313) |
Proceeds from sales of income producing properties | 21,850 | ||
Proceeds from sale of land | 6,301 | 29,128 | 107,299 |
Investment in unconsolidated real estate entities | 2,797 | (596) | |
Improvement of land held for development | (3,023) | (6,158) | |
Improvement of income producing properties | (64,443) | (5,702) | (8,952) |
Construction and development of new properties | (12,936) | (10,836) | (16,717) |
Net cash provided by (used in) investing activities | (98,312) | (66,866) | (139,823) |
Cash Flow From Financing Activities: | |||
Proceeds from Series A bonds payable | 115,335 | ||
Proceeds from notes payable | 135,116 | 242,215 | 403,309 |
Recurring amortization of principal on notes payable | (83,070) | (20,205) | (15,545) |
Payments on maturing notes payable | (160,745) | (186,128) | |
Deferred financing costs | (3,599) | 798 | (7,035) |
Distributions to non-controlling interests | 11 | ||
Bond issuance costs | (6,887) | ||
Preferred stock dividends - Series D | (900) | (900) | (900) |
Net cash provided by (used in) financing activities | 155,995 | 61,163 | 193,712 |
Net increase (decrease) in cash and cash equivalents | 25,199 | 2,335 | 2,970 |
Cash and cash equivalents, beginning of period | 17,506 | 15,171 | 12,201 |
Cash and cash equivalents, end of period | 42,705 | 17,506 | 15,171 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | $ 49,870 | $ 43,986 | $ 38,787 |
STATEMENTS OF CONSOLIDATED COMP
STATEMENTS OF CONSOLIDATED COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (15,316) | $ 322 | $ (7,504) |
Comprehensive income attributable to non-controlling interest | (499) | (285) | (132) |
Comprehensive income (loss) attributable to Transcontinental Realty Investors, Inc. | $ (15,815) | $ 37 | $ (7,636) |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
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 American under the symbol “ARL”. Subsidiaries of ARL own approximately 77.68% 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. “IOR”, and in doing so, increased its ownership from approximately 25% to over 80% of the shares of common stock of IOR outstanding. Upon acquisition of the additional shares in 2009, IOR’s results of operations began consolidating with those of the Company for tax and financial reporting purposes. As of December 31, 2017, TCI owned 81.25% of the outstanding IOR common shares. Shares of IOR are traded on the New York Exchange (“NYSE American”) under the symbol “IOR”. At the time of the acquisition, the historical accounting value of IOR’s assets was $112 million and liabilities were $43 million. In that the shares of IOR acquired by TCI were from a related party, the values recorded by TCI are IOR’s historical accounting values at the date of transfer. The Company’s fair valuation of IOR’s assets and liabilities at the acquisition date approximated IOR’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 IOR 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 IOR. The Chairman of the Board of Directors of TCI also serves as the Chairman of the Board of Directors of ARL and IOR. The officers of TCI also serve as officers of ARL, IOR 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 IOR. 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. Southern Properties Capital Ltd. (“Southern”) is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange. Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI. 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 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, 2017, we owned fifty-three residential apartment communities comprising of 8,427 units, seven commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, an investment in 3,466 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 fifty-one and fifty multifamily residential properties located throughout the United States at December 31, 2017 and December 31, 2016, respectively, with total units of 8,427 and 8,226, respectively. Assets totaling approximately $483.7 million and approximately $442 million at December 31, 2017 and 2016, 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. Restricted cash. Restricted cash is comprised primarily of cash balances held in escrow by financial institutions under the terms of certain secured notes payable and certain unsecured bonds payable. Concentration of credit risk. 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, 2017 | |
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): 2017 2016 Apartments $ 737,661 $ 697,732 Apartments under construction 104,791 25,288 Commercial properties 200,803 204,384 Land held for development 69,466 71,094 Real estate subject to sales contract 45,739 46,956 Total real estate, at cost, less impairment 1,158,460 1,045,454 Less accumulated deprecation (178,590 ) (154,281 ) Total real estate, net of depreciation $ 979,870 $ 891,173 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 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 There was no provision for impairment during the years ended December 31, 2017 and 2016. The highlights of our significant real estate transactions for the year ended December 31, 2017, are discussed below. Purchases During the year ended December 31, 2017, the Company acquired one income-producing apartment property from a third party in the state of North Carolina, increasing the total number of units by 201, for a combined purchase price of $36.7 million. In addition, we acquired one land parcel for future development for a total purchase price of $5.4 million, adding 18.5 acres to the development portfolio. Sales As of December 31, 2017, the Company has approximately 66.7 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, 2017, we have expended $69.8 million related to the construction or predevelopment of various apartment complexes and capitalized $2.4 million of interest costs. |
NOTES AND INTEREST RECEIVABLE
NOTES AND INTEREST RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, the obligors on $45.1 million or 64.3% of the mortgage notes receivable portfolio were due from related entities. The Company recognized $3.7 million of interest income from these related party notes receivables. As of December 31, 2017, 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. Maturity Interest Borrower Date Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % $ 5,907 Secured H198, LLC (McKinney Ranch Land) 09/18 6.00 % 4,290 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured Spyglass Apartments of Ennis 11/19 5.00 % 4,522 Secured Bellwether Ridge 05/20 5.00 % 2,954 Secured Parc at Windmill Farms 05/20 5.00 % 2,505 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 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. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 6,138 Secured 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) 06/20 12.00 % 5,760 Unsecured Other related party notes (1) Various Various 465 Various unsecured interests Other non-related party notes Various Various 796 Various secured interests Other non-related party notes Various Various 983 Various unsecured interests Accrued interest 6,146 Total Performing $ 70,166 (1) Related Party notes |
INVESTMENT IN UNCONSOLIDATED JO
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES | NOTE 4. 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, 2017 2016 2015 American Realty Investors, Inc. (1) 0.90% 0.90% 0.90% (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 2017 2016 2015 Real estate, net of accumulated depreciation $ 12,349 $ 14,504 $ 14,232 Notes Receivable 41,928 47,257 50,692 Other assets 126,238 127,001 127,497 Notes payable (6,507 ) (9,485 ) (25,233 ) Other liabilities (102,014 ) (111,707 ) (98,440 ) Shareholders’ equity/partners’ capital (71,994 ) (67,570 ) (68,748 ) Rents and interest and other income $ 9,193 $ 7,251 $ 11,990 Depreciation (157 ) (175 ) (192 ) Operating expenses (3,149 ) (3,633 ) (4,414 ) Gain on land sales 4,765 — 2,737 Interest expense (6,228 ) (6,274 ) (5,936 ) Income (loss) from continuing operations 4,424 (2,831 ) 4,185 Income from discontinued operations — — 1 Net income (loss) $ 4,424 $ (2,831 ) $ 4,186 Company’s proportionate share of income (loss) (1) $ 40 $ (25 ) $ 38 (1) Income (loss) represents continued and discontinued operations |
NOTES AND INTEREST PAYABLE
NOTES AND INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES AND INTEREST PAYABLE | NOTE 5. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 566,576 $ 1,585 $ 568,161 Apartments under Construction $ 78,683 113 $ 78,796 Commercial $ 126,955 $ 622 $ 127,577 Land $ 16,705 $ 200 $ 16,905 Real estate subject to sales contract $ 1,449 $ 508 $ 1,957 Mezzanine financing $ 110,172 $ 453 $ 110,625 Other $ 9,617 $ 78 $ 9,695 Total $ 910,157 $ 3,559 $ 913,716 Unamortized deferred borrowing costs (19,234 ) — (19,234 ) $ 890,923 $ 3,559 $ 894,482 The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands): Year Amount 2018 $ 79,838 2019 101,134 2020 64,255 2021 48,806 2022 11,205 Thereafter 604,919 Total $ 910,157 Interest payable at December 31, 2017 was $3.6 million. Our debt has interest rates ranging from 2.5% to 12.0% per annum with maturity dates between 2018 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $980.0 million. During the year 2017 the Company refinanced or modified six $84.9 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 $63 |
BONDS PAYABLE AND INTEREST PAYA
BONDS PAYABLE AND INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Bonds Payable And Interest Payable | |
BONDS PAYABLE AND INTEREST PAYABLE | NOTE 6. BONDS AND BONDS INTEREST PAYABLE In August 2016 Southern Properties Capital LTD (“Southern”), a British Virgin Islands corporation was incorporated for the purpose of raising funds by issuing Bonds to be traded on the Tel Aviv Stock Exchange (“TASE”). The Company transferred certain residential and commercial properties located in the United States to Southern, its wholly owned subsidiary. On February 13, 2017, Southern filed a final prospectus with the TASE for an offering and sale of nonconvertible Series A Bonds to be issued by Southern. The bonds are unsecured obligations of Southern. During 2017 on three separate occasions Southern issued nonconvertible Series A Bonds which in total amounted to approximately NIS400 million New Israeli Shekels (“NIS”) which converted to approximately $115 million dollars. The Series A Bonds have a stated interest rate of 7.3%. At December 31, 2017 the effective interest rate is 9.17%. The bonds require semi-annual equal installments on January 31 and July 31 of each year from 2019 to 2023 (inclusive). The interest will be repaid on January 31 and July 31 of each of the years 2018 to 2023 (inclusive), first payment commenced on July 31, 2017. a. Consisting of the following: December 31, 2017 2016 Bonds (Series A) $ 115,336 — Less; deferred issuance expense, net (5,916 ) — Accrued Interest 3,627 — $ 113,047 — b. Aggregate maturities are as follows: December 31, 2017 2016 2018 $ — — 2019 23,067 — 2020 23,067 — 2021 23,067 — 2022 23,067 — Thereafter 23,068 — $ 115,336 — The funds were used principally for the acquisition and development of additional real estate operations in the United States. The funds were raised and will be repaid in NIS however the funds raised have been converted to US dollars. The Company records unrealized gains or losses each quarter based upon the relative exchange values of the US dollar and the NIS; however, no gain or loss will be realized until a conversion from US dollars to NIS actually occurs in the future. The recorded unrealized gain or loss is reflected as a separate line item to highlight the fact that it is a non-cash transaction until such time as actual payment of principal and interest on the bonds is made. For 2017 the Company reflected an unrealized foreign currency loss of $4.5 million related to debenture transactions. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND FEES | 12 Months Ended |
Dec. 31, 2017 | |
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 IOR. 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 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: 2017 2016 2015 (dollars in thousands) Fees: Advisory $ 9,995 $ 9,490 $ 8,368 Mortgage brokerage and equity refinancing 1,551 775 1,524 Net income 250 257 187 Property acquisition — — 921 $ 11,796 $ 10,522 $ 11,000 Other Expense: Cost reimbursements $ 2,895 $ 3,228 $ 2,925 Interest paid (received) (4,859 ) (4,216 ) (3,352 ) $ (1,964 ) $ (988 ) $ (427 ) Revenue: Rental $ 783 $ 708 $ 726 Fees paid to Regis and related parties: 2017 2016 2015 (dollars in thousands) Fees: Property acquisition $ 9,819 $ 10,776 $ 1,932 Property management, construction management and leasing commissions 963 888 682 Real estate brokerage 1,369 787 1,105 $ 12,151 $ 12,451 $ 3,719 The Company received rental revenue of $0.8 million in each of the three years ended December 31, 2017 from Pillar and its related parties for properties owned by the Company. As of December 31, 2017, the Company had notes and interest receivables of interest receivable of $45.1 million due from UHF, a related party. During the current period, the Company recognized interest income of $6.5 million, originated $5.8 million, received principal payments of $26.1 million and received interest payments of $5.3 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 $39.1 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, 2017 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 IOR 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, IOR 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 21%. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2017 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2016 $ — $ 101,649 $101,649 Cash transfers 36,175 — 36,175 Advisory fees (9,995 ) — (9,995) Net income fee (250 ) — (250) Fees and commissions (2,921 ) — (2,921) Cost reimbursements (2,895 ) — (2,895) Interest income — 4,859 4,859 Notes receivable purchased (447 ) (447) Expenses paid by advisor (36 ) — (36) Financing (mortgage payments) (4,656 ) — (4,656) Sales/Purchases transactions (9,818 ) — (9,818) Income tax expense 5,593 — 5,593 Related party receivable, December 31, 2017 $ 10,750 $ 106,508 $117,258 As of December 31, 2017, the Company has approximately 66.7 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, 2017 | |
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 2017, 2016, or 2015. 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. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9. INCOME TAXES We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. For financial reporting purposes, income before income taxes were: Years Ended December 31 2017 2016 2015 (in thousands) TOTAL $ (15,136 ) $ 345 $ (7,239 ) The expense (benefit) for income taxes consists of: Years Ended December 31 2017 2016 2015 (in thousands) Current: Federal $ (5,603 ) $ 121 $ (2,534 ) State 10 — — Deferred and other: Federal 5,603 (98 ) 3,534 State 170 — — Total Tax Expense $ 180 $ 23 $ 1,000 The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31 2017 2016 2015 (in thousands) Income tax expense (benefit) at federal statutory rate $ (5,603 ) $ 121 $ (2,759 ) State and local income taxes net of federal tax benefit 10 — — Repricing of deferred assets due to change in future rates (19,871 ) — — Change in valuation allowance 25,644 (97 ) 3,276 Calculated income tax (benefit) expense 180 24 517 Effective Tax Rate N/A 6.9% N/A The company is subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2017, the Company’s tax years for 2016, 2015, and 2014 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2017, the Company is no longer subject to U.S federal, state, local, or foreign examinations by tax authorities for the years before 2014. The 2017 effective tax rate is driven primarily by the passing of the Tax Cuts and Jobs Act by congress. This act has reduced the statutory tax rate for corporations from 35% to 21% starting in 2018. As a result, the tax assets of TCI had to be re-priced to reflect the new rate for future years with the impact impacting the 2017 provision for income taxes. Components of the Net Deferred Tax Asset or Liability Years Ended December 31 2017 2016 (in thousands) Allowance for losses on notes $ 383 $ 639 Installment note on land sale 2,876 4,793 Deferred gain 6,814 14,537 Net operating loss carryforward 46,709 66,015 Subtotal 56,782 85,984 Less: valuation allowance (29,806 ) (48,926 ) Total net deferred tax assets 26,976 37,058 Basis differences for fixed assets 26,976 37,058 Total deferred tax liability 26,976 37,058 Net deferred tax asset (liability) — — Current net deferred tax asset 26,976 37,058 Long-term net deferred tax liability $ 26,976 $ 37,058 Net deferred tax asset (liability) — — Operating Loss and Tax Credit Carryforwards We have federal income tax NOL carryforwards related to our domestic operations of approximately $189 million on a standalone basis, which have an indefinite life. We also have state NOLs in many of the various states in which we operate. Valuation Allowance Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. At December 31, 2017, 2016 and 2015 TCI had a net deferred tax asset due to tax deductions available to it in future years. However, as management could not determine that it was more likely than not that TCI would realize the benefit of the deferred tax asset, a valuation allowance was established. |
FUTURE MINIMUM RENTAL INCOME UN
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | NOTE 10. 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, 2017 (dollars in thousands): Year Amount 2018 25,042 2019 19,828 2020 15,869 2021 13,643 2022 10,634 Thereafter 16,686 Total $ 101,702 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE 11. 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 2017, 2016 and 2015 (dollars in thousands): Commercial For the Year Ended December 31, 2017 Properties Apartments Land Other Total Rental and other property revenues $ 32,323 $ 92,807 $ 87 $ 16 $ 125,233 Property operating expenses (17,724 ) (43,677 ) (667 ) (988 ) (63,056 ) Depreciation (9,200 ) (16,354 ) — (4 ) (25,558 ) Mortgage and loan interest (7,528 ) (22,346 ) (1,588 ) (28,482 ) (59,944 ) Interest income — — — 13,862 13,862 Recognition of deferred gain on sale of income producing properties — 9,842 — — 9,842 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ (2,129 ) $ 20,272 $ 2,716 $ (15,596 ) $ 5,263 Capital expenditures $ 3,157 $ 1,402 $ 609 $ — $ 5,168 Assets $ 137,157 $ 726,852 $ 115,205 $ 656 $ 979,870 Property Sales Sales price $ — $ — $ 11,177 $ — $ 11,177 Less: Cost of sale — — (6,293 ) — (6,293 ) Recognized prior deferred gain — 9,842 — — 9,842 Gain on sale $ — $ 9,842 $ 4,884 $ — $ 14,726 Commercial For the Year Ended December 31, 2016 Properties 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 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, 2017 2016 2015 Segment operating income $ 5,263 $ 13,780 $ 11,721 Other non-segment items of income (expense) General and administrative (6,269 ) (5,476 ) (5,508 ) Provision on impairment of real estate assets — — (5,300 ) Net income fee to related party (250 ) (257 ) (187 ) Advisory fee to related party (9,995 ) (9,490 ) (8,368 ) Other income (3,911 ) 1,816 70 Loss from unconsolidated joint ventures and investees 26 (26 ) 41 Litigation settlement — — (352 ) Income tax benefit (expense) 5,252 (24 ) (517 ) Net income (loss) from continuing operations $ (9,884 ) $ 323 $ (8,400 ) 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, 2017 2016 2015 Segment assets $ 979,870 $ 891,173 $ 844,019 Investments in real estate partnerships 2,472 2,446 5,243 Notes and interest receivable 70,166 79,308 69,551 Other assets 266,166 212,987 191,391 Total assets $ 1,318,674 $ 1,185,914 $ 1,110,204 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 12. DISCONTINUED OPERATIONS 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 2017 or 2016 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, 2017 2016 2015 Revenues: Rental and other property revenues $ — $ — $ 355 — — 355 Expenses: Property operating expenses — — (345 ) General and administrative — 2 99 Total operating expenses — 2 (246 ) Other income (expense): Other income (expense) — — 45 Mortgage and loan interest — — (2 ) Total other expenses — — 43 Loss from discontinued operations before gain on sale of real estate and taxes — (2 ) 644 Gain on sale of real estate from discontinued operations — — 735 Income tax benefit (expense) — 1 (483 ) Income (loss) from discontinued operations $ — $ (1 ) $ 896 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS | NOTE 13. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of TCI’s quarterly results of operations for the years 2017, 2016 and 2015. 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 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2017 Revenue and other property revenues $ 31,535 $ 31,302 $ 31,491 $ 30,905 Total operating expenses 26,337 25,460 25,725 27,606 Operating income 5,198 5,842 5,766 3,299 Other expenses (10,658 ) (15,613 ) (8,967 ) (14,729 ) Loss before gain on land sales, non-controlling interest, and taxes (5,460 ) (9,771 ) (3,201 ) (11,430 ) Gain on sale of income-producing properties — — 9,841 1 Gain (loss) on land sales 445 (476 ) 530 4,385 Income tax benefit — — — (180) Net income (loss) (5,015 ) (10,247 ) 7,170 (7,224 ) Net (loss) attributable to non-controlling interest (119 ) (163 ) (96 ) (121 ) Preferred dividend requirement (222 ) (224 ) (224 ) (230 ) Net income (loss) applicable to common shares $ (5,356 ) $ (10,634 ) $ 6,850 $ (7,575 ) PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 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 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 (expense) 1 — (25 ) — Net income (loss) from continuing operations (3,565 ) 4,756 (4,432 ) 3,564 Net income (loss) from discontinued operations 2 — — (3 ) Net income (loss) (3,563 ) 4,756 (4,432 ) 3,561 Net income (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 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 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 on land sales 2,876 1,250 997 13,788 Income tax benefit (expense) 102 (12 ) 274 (881 ) Net income (loss) from continuing operations (380 ) 441 (7,014 ) (1,447 ) Net income (loss) 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 Loss from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net 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 Loss from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net 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 |
COMMITMENTS AND CONTINGENCIES A
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY | NOTE 14. 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, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 15. 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, 2017, 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, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS The date to which events occurring after December 31, 2017, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 30, 2018, which is the date of which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements. On February 15, 2018, Southern issued Series B bonds in the amount of NIS 137.7 million par value (approximately $39.4 million as of February 15, 2018). The Series B bonds are registered on the TASE. The bonds are reported in NIS and bear stated annual interest rate of 6.8%. Interest shall be repaid January 31 and July 31 of each of the years 2019 to 2023 (inclusive), first payment commencing on July 31, 2018. The principal shall be repaid in ten equal installments on January 31 and July 31 of each of the years from 2021 to 2025 (inclusive). The total bond issuance cost incurred is $1.4 million. In March 2018, the Company and a substantial financial institution (“Macquarie”) entered into an agreement to form a special purpose entity (“Joint Venture”) that would principally own and operate the existing TCI Class A multifamily residential portfolio that is currently owned 100% by Company’s subsidiaries. The Joint Venture would also actively participate in the development and/or acquisitions of additional Class A assets. It is anticipated that the Southern and Macquarie would each have a 49% ownership interest and a 50% voting interest in the Joint Venture. The remaining 2% ownership interest would be allotted to Daniel J. Moos, the current President and Chief Executive Officer of TCI and Abode Properties The completion of agreement is subject to the approval of certain regulators. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amounts of Which Carried at End of Year Life on Which 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 769 378 2,683 313 — 378 2,996 3,374 799 2003 01/06 40 years Blue Lake Villas I, Waxahachie, TX 10,448 526 11,057 19 — 526 11,076 11,602 4,088 2003 01/02 40 years Blue Lake Villas II, Waxahachie, TX 3,769 287 4,451 45 — 287 4,496 4,783 1,139 2004 01/04 40 years Breakwater Bay, Beaumont, TX 9,112 740 10,435 63 — 740 10,498 11,238 3,390 2004 05/03 40 years Bridgewood Ranch, Kaufman, TX 6,233 762 6,856 57 — 762 6,913 7,675 1,730 2007 04/08 40 years Capitol Hill, Little Rock, AR 8,740 1,860 7,948 55 — 1,860 8,003 9,863 2,713 2003 03/03 40 years Centennial, Oak Ridge, TN 20,518 2,570 22,589 — — 2,570 22,589 25,159 1,365 2011 07/14 40 years Curtis Moore Estates, Greenwood, MS 14,498 847 5,733 285 — 847 6,018 6,865 628 2003 01/06 40 years Crossing at Opelika, Opelika, AL 1,399 1,606 14,451 — — 1,606 14,451 16,057 1,939 2015 12/15 40 years Dakota Arms, Lubbock, TX 12,194 921 12,644 358 — 921 13,002 13,923 4,195 2004 01/04 40 years David Jordan Phase II, Greenwood, MS 551 277 1,521 70 — 277 1,591 1,868 506 1999 01/06 40 years David Jordan Phase III, Greenwood, MS 556 439 2,115 64 — 439 2,179 2,618 649 2003 01/06 40 years Desoto Ranch, DeSoto, TX 14,877 1,472 17,856 65 — 1,472 17,921 19,393 6,225 2002 05/02 40 years Falcon Lakes, Arlington, TX 13,352 1,437 15,095 449 — 1,437 15,544 16,981 5,946 2001 10/01 40 years Heather Creek, Mesquite, TX 10,976 1,345 12,015 141 — 1,345 12,156 13,501 3,934 2003 03/03 40 years Holland Lake, Weatherford, TX 11,510 1,450 14,612 342 — 1,450 14,954 16,404 976 2004 05/14 40 years Lake Forest, Houston, TX 11,808 927 12,267 1,361 — 927 13,628 14,555 4,282 2004 01/04 40 years Legacy at Pleasant Grove, Texarkana, TX 14,495 2,005 17,892 217 — 2,005 18,109 20,114 1,384 2006 12/14 40 years Lodge at Pecan Creek, Denton, TX 15,959 1,349 16,180 — — 1,349 16,180 17,529 2,494 2011 10/05 40 years Lofts at Reynolds Village, Asheville, NC 28,230 3,704 34,000 — — 3,704 34,000 37,704 212 2012 10/17 40 years Mansions of Mansfield, Mansfield, TX 15,084 977 17,799 75 — 977 17,874 18,851 3,916 2009 09/05 40 years Metropolitan Apartments, North Little Rock, AR 25,233 3,323 29,857 — — 3,323 29,857 33,180 1,109 2010 06/16 40 years Mission Oaks, San Antonio, TX 14,433 1,266 16,627 212 — 1,266 16,839 18,105 4,495 2005 05/05 40 years Monticello Estate, Monticello, AR 431 285 1,493 15 — 285 1,508 1,793 460 2001 01/06 40 years Northside on Travis, Sherman, TX 12,873 1,300 14,560 27 — 1,300 14,587 15,887 3,038 2009 10/07 40 years Oak Hollow, Sequin, TX 11,680 1,435 12,403 — — 1,435 12,403 13,838 775 2011 07/14 40 years Oceanaire Apartments, Biloxi, MS 10,791 1,384 12,575 — — 1,384 12,575 13,959 318 2009 12/16 40 years Overlook at Allensville, Sevierville, TN 12,079 1,228 12,296 — — 1,228 12,296 13,524 881 2012 10/15 40 years Parc at Clarksville, Clarksville, TN 12,441 587 14,300 103 — 587 14,403 14,990 3,385 2007 06/02 40 years Parc at Denham Springs, Denham Springs, LA 18,249 1,022 20,188 100 — 1,022 20,288 21,310 3,517 2011 07/07 40 years Parc at Maumelle, Little Rock, AR 15,438 1,710 17,688 218 — 1,710 17,906 19,616 5,248 2006 12/04 40 years Parc at Metro Center, Nashville, TN 10,148 1,044 12,226 472 — 1,044 12,698 13,742 3,672 2006 05/05 40 years Parc at Rogers, Rogers, AR 20,004 1,482 22,993 450 (3,180 ) 1,482 20,263 21,745 4,836 2007 04/04 40 years Preserve at Pecan Creek, Denton, TX 14,006 902 16,626 42 — 902 16,668 17,570 3,893 2008 10/05 40 years Preserve at Prairie Pointe, Lubbock, TX 9,928 1,074 10,604 178 — 1,074 10,782 11,856 748 2005 04/15 40 years Riverwalk Phase I, Greenville, MS 272 199 1,537 5 — 199 1,542 1,741 503 2003 01/06 40 years Riverwalk Phase II, Greenville, MS 1,053 297 4,007 163 — 297 4,170 4,467 1,572 2003 01/06 40 years Sawgrass Creek, New Port Richey, FL — 784 7,056 — — 784 7,056 7,840 249 2008 08/16 40 years Sonoma Court, Rockwall, TX 10,456 941 11,074 62 — 941 11,136 12,077 1,779 2011 07/10 40 years Sugar Mill, Baton Rouge, LA 11,031 1,437 13,367 205 — 1,437 13,572 15,009 2,838 2009 08/08 40 years Tattersall Village, Hinesville, GA 20,025 2,670 23,766 — — 2,670 23,766 26,436 594 2010 12/16 40 years Toulon, Gautier, MS 20,104 1,993 20,107 — — 1,993 20,107 22,100 3,267 2011 09/09 40 years Tradewinds, Midland, TX 13,882 3,313 20,073 — — 3,313 20,073 23,386 1,250 2015 06/15 40 years Villager, Ft. Walton, FL 713 141 1,267 — — 141 1,267 1,408 85 1972 06/15 40 years Villas at Park West I, Pueblo, CO 10,250 1,171 10,453 — — 1,171 10,453 11,624 806 2005 12/14 40 years Villas at Park West II, Pueblo, CO 9,278 1,463 13,060 — — 1,463 13,060 14,523 1,007 2010 12/14 40 years Vista Ridge, Tupelo, MS 10,530 1,339 13,398 — — 1,339 13,398 14,737 1,197 2009 10/15 40 years Vistas of Vance Jackson, San Antonio, TX 14,834 1,327 16,540 279 — 1,327 16,819 18,146 5,159 2004 01/04 40 years Waterford, Roseberg, TX 16,940 2,341 20,880 47 — 2,341 20,927 23,268 1,305 2013 06/14 40 years Westwood, Mary Ester, FL 3,938 693 6,650 0 — 693 6,650 7,343 429 1972 06/15 40 years Windsong, Fort Worth, TX 10,459 790 11,526 69 — 790 11,595 12,385 4,019 2002 07/03 40 years Total Apartments Held for Investment $ 566,577 $ 64,820 $ 669,395 $ 6,626 $ (3,180 ) $ 64,820 $ 672,841 $ 737,661 $ 114,944 Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 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 Apartments Under Construction Abode Red Rock 22,945 6,039 — 28,095 — 6,039 28,095 34,134 — — 01/17 — Apalache Point — — — 150 — — 150 150 — — — Eagle Crossing — — — 81 — — 81 81 — — — Forest Pines — 5,040 — 269 — 5,040 269 5,309 — — 06/17 — Lakeside Lofts, Farmers Branch, TX 1 — — 5,079 — — 5,079 5,079 — — 08/17 — McKinney Point — — — 138 — — 138 138 — — 10/17 — Parc at Bentonville — — — 86 — — 86 86 — — 08/17 — Parc at Garland — — — 81 — — 81 81 — — 08/17 — Parc at Wylie — — — 195 — — 195 195 — — 08/17 — Oak Hollow II 5,475 1,046 — 4,622 — 1,046 4,622 5,668 — — 04/17 — Overlook at Allensville Square II, Sevierville, TN — 1,843 — 530 — 1,843 530 2,373 — — 11/15 — Sawgrass II 1,007 — — 3,772 — — 3,772 3,772 — — 06/17 — Terra Lago, Rowlett, TX 39,042 5,588 — 42,137 — 5,588 42,137 47,725 — — 11/15 — Total Apartments Under Construction $ 68,470 $ 19,556 $ — $ 85,235 $ — $ 19,556 $ 85,235 $ 104,791 $ — Commercial 600 Las Colinas, Las Colinas, TX 38,600 5,751 51,759 18,573 — 5,751 70,332 76,083 26,899 1984 08/05 40 years 770 South Post Oak, Houston, TX 12,600 1,763 15,834 270 1,763 16,104 17,867 1,122 1970 07/15 40 years Bridgeview Plaza, LaCrosse, WI 4,906 — — 1,134 — — 1,134 1,134 616 1979 03/03 40 years Browning Place (Park West I), Farmers Branch, TX 42,473 5,096 45,868 15,571 — 5,096 61,439 66,535 23,746 1984 04/05 40 years Mahogany Run Golf Course, US Virgin Islands — 418 6,037 148 (5,300 ) 418 885 1,303 502 1981 11/14 40 years Fruitland Plaza, Fruitland Park, FL — 23 — 83 — 23 83 106 54 — 05/92 40 years Senlac VHP, Farmers Branch, TX — 622 — 142 — 622 142 764 140 — 08/05 40 years Stanford Center, Dallas, TX 28,000 3,878 34,862 7,871 (9,600 ) 3,878 33,133 37,011 10,567 — 06/08 40 years Total Commercial Held for Investment $ 126,579 $ 17,551 $ 154,360 $ 43,792 $ (14,900 ) $ 17,551 $ 183,252 $ 200,803 $ 63,646 Land Dominion Mercer, Farmers Branch, TX 11,125 4,040 3,609 — 4,040 3,609 7,649 — — 10/16 — 2427 Valley View Ln, Farmers Branch, TX — 76 — — 76 — 76 — — 07/12 — Audubon, Adams County, MS — 519 — 296 — 519 296 815 — — 03/07 — Bonneau Land, Farmers Branch, TX — 1,309 — — — 1,309 — 1,309 — — 12/14 — Cooks Lane, Fort Worth, TX 157 1,094 — — — 1,094 — 1,094 — — 06/04 — Dedeaux, Gulfport, MS — 1,612 — 46 (38 ) 1,612 8 1,620 — — 10/06 — Denham Springs, Denham Springs, LA 61 714 — — — 714 — 714 — — 08/08 — Gautier Land, Gautier, MS — 202 — — — 202 — 202 — — 07/98 — Hollywood Casino Land Tract II, Farmers Branch, TX — 6,940 — 1,346 (3,747 ) 6,940 (2,401 ) 4,539 — — 03/08 — Lacy Longhorn Land, Farmers Branch, TX — 1,169 — — (760 ) 1,169 (760 ) 409 — — 06/04 — Lake Shore Villas, Humble, TX — 81 — 3 — 81 3 84 — — 03/02 — Lubbock Land, Lubbock, TX — 234 — — — 234 — 234 — — 01/04 — Mandahl Bay Land — 667 — — — 667 — 667 — — 01/05 — McKinney 36, Collin County, TX 1,211 635 — 161 (19 ) 635 142 777 — — 01/98 — Minivest Land, Dallas, TX — 7 — — — 7 — 7 — — 04/13 — Mira Lago, Farmers Branch, TX — 59 — 15 — 59 15 74 — — 05/01 — Nakash, Malden, MO — 113 — — — 113 — 113 — — 01/93 — Nashville, Nashville, TN — 662 — 59 — 662 59 721 — — 06/02 — Nicholson Croslin, Dallas, TX — 184 — — (118 ) 184 (118 ) 66 — — 10/98 — Nicholson Mendoza, Dallas, TX — 80 — — (51 ) 80 (51 ) 29 — — 10/98 — Ocean Estates, Gulfport, MS — 1,418 — 390 — 1,418 390 1,808 — — 10/07 — Senlac Land Tract II, Farmers Branch, TX — 656 — — — 656 — 656 — — 08/05 — Texas Plaza Land, Irving, TX — 1,738 — — (238 ) 1,738 (238 ) 1,500 — — 12/06 — Travis Ranch Land, Kaufman County, TX 307 80 — — — 80 — 80 — — 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 ) 1,173 (945 ) 228 — — 08/08 — Willowick Land, Pensacola, FL — 137 — — — 137 — 137 — — 01/95 — Windmill Farms Land, Kaufman County, TX 14,922 48,378 — 14,209 (20,376 ) 48,378 (6,167 ) 42,211 — — 11/11 — Total Land Held for Investment $ 27,783 $ 75,624 $ — $ 20,134 $ (26,292 ) $ 75,624 $ (6,158 ) $ 69,466 $ — Schedule III (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 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 Corporate Departments/Investments/Misc. TCI - Corporate 119,786 — — — — — — — — — — — Total Corporate Departments/Investments/Misc. $ 119,786 $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Investment $ 909,195 $ 177,551 $ 823,755 $ 155,787 $ (44,372 ) $ 177,551 $ 935,170 $ 1,112,721 $ 178,590 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 $ 1,079 $ 3,931 $ — $ 53 (1,624 ) 2,360 $ — 2,360 $ — — 03/99 — Hollywood Casino Tract I, Farmers Branch, TX 420 5,281 — 124 (3,302 ) 2,103 $ — 2,103 — — 06/02 — 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 — 3,510 — 567 (2,451 ) 1,626 $ — 1,626 — — 06/05 — Total Land Subject to Sales Contract $ 1,499 $ 63,954 $ — $ 819 $ (19,034 ) $ 45,739 $ — $ 45,739 $ — Total Properties Subject to Sales Contract $ 1,499 $ 63,954 $ — $ 819 $ (19,034 ) $ 45,739 $ — $ 45,739 $ — Land Sold $ — $ — $ — $ — — $ — $ — $ — $ — — — — Total Land Sold $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — TOTAL: Real Estate $ 911,070 $ 241,505 $ 823,755 $ 156,606 $ (63,406 ) $ 223,290 $ 935,170 $ 1,158,460 $ 178,590 REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2017 SCHEDULE III (Continued) 2017 2016 2015 (dollars in thousansds) Reconciliation of Real Estate Balance at January 1, $ 1,045,454 $ 982,827 $ 804,489 Additions Acquisitions, improvements and construction 119,925 112,763 222,423 Deductions Sale of real estate (6,919 ) (50,136 ) (38,785 ) Asset impairments — — (5,300 ) Balance at December 31, $ 1,158,460 $ 1,045,454 $ 982,827 Reconciliation of Accumulated Depreciation Balance at January 1, $ 154,281 $ 138,808 $ 115,368 Additions Depreciation 24,309 22,180 25,565 Deductions Sale of real estate — (6,707 ) (2,125 ) Balance at December 31, $ 178,590 $ 154,281 $ 138,808 |
SCHEDULE IV MORTGAGE LOANS
SCHEDULE IV MORTGAGE LOANS | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOANS | TRANSCONTINENTAL REALTY INVESTORS, INC. MORTGAGE LOANS December 31, 2017 Description Interest Final Periodic Payment Prior Face Amount of Carrying Principal (dollars in thousands) H198, LLC 12.00% 01/20 — 5,907 5,907 — Las Vegas Land H198, LLC 12.00% 01/20 4,290 — McKinney Ranch Land Spyglass Apartments of Ennis 5.00% 11/19 4,522 — Bellwether Ridge 5.00% 05/20 2,954 — Parc at Windmill Farms 5.00% 05/20 2,505 — 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 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. (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 6,139 — 100% Interest in UH of Tivoli, LLC 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 (2017 Advisory Fee) 12.00% 06/20 Excess cash flow — 1,261 5,760 — 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 — 1,420 465 — Various non-related party notes various various — 496 796 — Various non-related party notes various various — 4,742 981 — $ 64,019 Accrued interest 6,147 $ 70,166 SCHEDULE IV (Continued) TRANSCONTINENTAL REALTY INVESTORS, INC. MORTGAGE LOANS As of December 31, 2017 2016 2015 (dollars in thousands) Balance at January 1, $ 79,308 $ 71,376 $ 85,447 Additions New mortgage loans 16,422 11,703 18,055 Funding of existing loans — — — Increase (decrease) of interest receivable on mortgage loans 668 9,878 6,994 Deductions Amounts received (26,230 ) (11,824 ) (12,475 ) Non-cash reduction(*) (2 ) (1,825 ) (26,645 ) Cost of mortgages sold — — — Balance at December 31, $ 70,166 $ 79,308 $ 71,376 |
ORGANIZATION AND SUMMARY OF S28
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization and business | 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 American under the symbol “ARL”. Subsidiaries of ARL own approximately 77.68% 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. “IOR”, and in doing so, increased its ownership from approximately 25% to over 80% of the shares of common stock of IOR outstanding. Upon acquisition of the additional shares in 2009, IOR’s results of operations began consolidating with those of the Company for tax and financial reporting purposes. As of December 31, 2017, TCI owned 81.25% of the outstanding IOR common shares. Shares of IOR are traded on the New York Exchange (“NYSE American”) under the symbol “IOR”. At the time of the acquisition, the historical accounting value of IOR’s assets was $112 million and liabilities were $43 million. In that the shares of IOR acquired by TCI were from a related party, the values recorded by TCI are IOR’s historical accounting values at the date of transfer. The Company’s fair valuation of IOR’s assets and liabilities at the acquisition date approximated IOR’s book value. The net difference between the purchase price and historical accounting basis of the assets and liabilities acquired was $25.9 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 IOR. The Chairman of the Board of Directors of TCI also serves as the Chairman of the Board of Directors of ARL and IOR. The officers of TCI also serve as officers of ARL, IOR 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 IOR. 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 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, 2017, we owned 53 residential apartment communities comprising of 8,606 units, 7 commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, an investment in 3,466 acres of undeveloped and partially developed land, and a golf course comprising of approximately 96.1 acres. |
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 fifty-one and fifty multifamily residential properties located throughout the United States at December 31, 2017 and December 31, 2016, respectively, with total units of 8,427 and 8,226, respectively. Assets totaling approximately $483.7 million and approximately $442 million at December 31, 2017 and 2016, 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. |
Restricted cash | Restricted cash. Restricted cash is comprised primarily of cash balances held in escrow by financial institutions under the terms of certain secured notes payable and certain unsecured bonds payable. |
Concentration of credit risk | Concentration of credit risk. |
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 (Tables)
REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): 2017 2016 Apartments $ 737,661 $ 697,732 Apartments under construction 104,791 25,288 Commercial properties 200,803 204,384 Land held for development 69,466 71,094 Real estate subject to sales contract 45,739 46,956 Total real estate, at cost, less impairment 1,158,460 1,045,454 Less accumulated deprecation (178,590 ) (154,281 ) Total real estate, net of depreciation $ 979,870 $ 891,173 |
Schedule of assets measures in recurring and non recurring basis | Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ — $ 3,000 |
NOTES AND INTEREST RECEIVABLE (
NOTES AND INTEREST RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of notes receivable | Maturity Interest Borrower Date Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01/20 12.00 % $ 5,907 Secured H198, LLC (McKinney Ranch Land) 09/18 6.00 % 4,290 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured Spyglass Apartments of Ennis 11/19 5.00 % 4,522 Secured Bellwether Ridge 05/20 5.00 % 2,954 Secured Parc at Windmill Farms 05/20 5.00 % 2,505 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 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. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12/32 12.00 % 6,138 Secured 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) 06/20 12.00 % 5,760 Unsecured Other related party notes (1) Various Various 465 Various unsecured interests Other non-related party notes Various Various 796 Various secured interests Other non-related party notes Various Various 983 Various unsecured interests Accrued interest 6,146 Total Performing $ 70,166 (1) Related Party notes |
INVESTMENT IN UNCONSOLIDATED 31
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 American Realty Investors, Inc. (1) 0.90% 0.90% 0.90% (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 2017 2016 2015 Real estate, net of accumulated depreciation $ 12,349 $ 14,504 $ 14,232 Notes Receivable 41,928 47,257 50,692 Other assets 126,238 127,001 127,497 Notes payable (6,507 ) (9,485 ) (25,233 ) Other liabilities (102,014 ) (111,707 ) (98,440 ) Shareholders’ equity/partners’ capital (71,994 ) (67,570 ) (68,748 ) Rents and interest and other income $ 9,193 $ 7,251 $ 11,990 Depreciation (157 ) (175 ) (192 ) Operating expenses (3,149 ) (3,633 ) (4,414 ) Gain on land sales 4,765 — 2,737 Interest expense (6,228 ) (6,274 ) (5,936 ) Income (loss) from continuing operations 4,424 (2,831 ) 4,185 Income from discontinued operations — — 1 Net income (loss) $ 4,424 $ (2,831 ) $ 4,186 Company’s proportionate share of income (loss) (1) $ 40 $ (25 ) $ 38 (1) Income (loss) represents continued and discontinued operations |
NOTES AND INTEREST PAYABLE (Tab
NOTES AND INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of notes and interest payable | Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 566,576 $ 1,585 $ 568,161 Apartments under Construction $ 78,683 113 $ 78,796 Commercial $ 126,955 $ 622 $ 127,577 Land $ 16,705 $ 200 $ 16,905 Real estate subject to sales contract $ 1,449 $ 508 $ 1,957 Mezzanine financing $ 110,172 $ 453 $ 110,625 Other $ 9,617 $ 78 $ 9,695 Total $ 910,157 $ 3,559 $ 913,716 Unamortized deferred borrowing costs (19,234 ) — (19,234 ) $ 890,923 $ 3,559 $ 894,482 |
Schedule of principal payments on the notes payable | The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands): Year Amount 2018 $ 79,838 2019 101,134 2020 64,255 2021 48,806 2022 11,205 Thereafter 604,919 Total $ 910,157 |
BONDS AND INTEREST PAYABLE (Tab
BONDS AND INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Bonds And Interest Payable Tables | |
Schedule of bonds and interest payable | a. Consisting of the following: December 31, 2017 2016 Bonds (Series A) $ 115,336 — Less; deferred issuance expense, net (5,916 ) — Accrued Interest 3,627 — $ 113,047 — |
Schedule of principal payments on the bonds payable | b. Aggregate maturities are as follows: December 31, 2017 2016 2018 $ — — 2019 23,067 — 2020 23,067 — 2021 23,067 — 2022 23,067 — Thereafter 23,068 — $ 115,336 — |
RELATED PARTY TRANSACTIONS AN34
RELATED PARTY TRANSACTIONS AND FEES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party transactions | Fees, expenses and revenue paid to and/or received from our advisor: 2017 2016 2015 (dollars in thousands) Fees: Advisory $ 9,995 $ 9,490 $ 8,368 Mortgage brokerage and equity refinancing 1,551 775 1,524 Net income 250 257 187 Property acquisition — — 921 $ 11,796 $ 10,522 $ 11,000 Other Expense: Cost reimbursements $ 2,895 $ 3,228 $ 2,925 Interest paid (received) (4,859 ) (4,216 ) (3,352 ) $ (1,964 ) $ (988 ) $ (427 ) Revenue: Rental $ 783 $ 708 $ 726 Fees paid to Regis and related parties: 2017 2016 2015 (dollars in thousands) Fees: Property acquisition $ 9,819 $ 10,776 $ 1,932 Property management, construction management and leasing commissions 963 888 682 Real estate brokerage 1,369 787 1,105 $ 12,151 $ 12,451 $ 3,719 |
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, 2017 (dollars in thousands): Pillar ARL Total Related party receivable, December 31, 2016 $ — $ 101,649 $101,649 Cash transfers 36,175 — 36,175 Advisory fees (9,995 ) — (9,995) Net income fee (250 ) — (250) Fees and commissions (2,921 ) — (2,921) Cost reimbursements (2,895 ) — (2,895) Interest income — 4,859 4,859 Notes receivable purchased (447 ) (447) Expenses paid by advisor (36 ) — (36) Financing (mortgage payments) (4,656 ) — (4,656) Sales/Purchases transactions (9,818 ) — (9,818) Income tax expense 5,593 — 5,593 Related party receivable, December 31, 2017 $ 10,750 $ 106,508 $117,258 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense benefit | For financial reporting purposes, income before income taxes were: Years Ended December 31 2017 2016 2015 (in thousands) TOTAL $ (15,136 ) $ 345 $ (7,239 ) The expense (benefit) for income taxes consists of: Years Ended December 31 2017 2016 2015 (in thousands) Current: Federal $ (5,603 ) $ 121 $ (2,534 ) State 10 — — Deferred and other: Federal 5,603 (98 ) 3,534 State 170 — — Total Tax Expense $ 180 $ 23 $ 1,000 |
Schedule of reconciliation between effective tax rate on income from continuing operations and the statutory rate | The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31 2017 2016 2015 (in thousands) Income tax expense (benefit) at federal statutory rate $ (5,603 ) $ 121 $ (2,759 ) State and local income taxes net of federal tax benefit 10 — — Repricing of deferred assets due to change in future rates (19,871 ) — — Change in valuation allowance 25,644 (97 ) 3,276 Calculated income tax (benefit) expense 180 24 517 Effective Tax Rate N/A 6.9% N/A |
Schedule of components of net deferred tax assets or liabilities | Components of the Net Deferred Tax Asset or Liability Years Ended December 31 2017 2016 (in thousands) Allowance for losses on notes $ 383 $ 639 Installment note on land sale 2,876 4,793 Deferred gain 6,814 14,537 Net operating loss carryforward 46,709 66,015 Subtotal 56,782 85,984 Less: valuation allowance (29,806 ) (48,926 ) Total net deferred tax assets 26,976 37,058 Basis differences for fixed assets 26,976 37,058 Total deferred tax liability 26,976 37,058 Net deferred tax asset (liability) — — Current net deferred tax asset 26,976 37,058 Long-term net deferred tax liability $ 26,976 $ 37,058 Net deferred tax asset (liability) — — |
FUTURE MINIMUM RENTAL INCOME 36
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of minimum future rents under non-cancelable operating leases | 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, 2017 (dollars in thousands): Year Amount 2018 25,042 2019 19,828 2020 15,869 2021 13,643 2022 10,634 Thereafter 16,686 Total $ 101,702 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017, 2016 and 2015 (dollars in thousands): Commercial For the Year Ended December 31, 2017 Properties Apartments Land Other Total Rental and other property revenues $ 32,323 $ 92,807 $ 87 $ 16 $ 125,233 Property operating expenses (17,724 ) (43,677 ) (667 ) (988 ) (63,056 ) Depreciation (9,200 ) (16,354 ) — (4 ) (25,558 ) Mortgage and loan interest (7,528 ) (22,346 ) (1,588 ) (28,482 ) (59,944 ) Interest income — — — 13,862 13,862 Recognition of deferred gain on sale of income producing properties — 9,842 — — 9,842 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ (2,129 ) $ 20,272 $ 2,716 $ (15,596 ) $ 5,263 Capital expenditures $ 3,157 $ 1,402 $ 609 $ — $ 5,168 Assets $ 137,157 $ 726,852 $ 115,205 $ 656 $ 979,870 Property Sales Sales price $ — $ — $ 11,177 $ — $ 11,177 Less: Cost of sale — — (6,293 ) — (6,293 ) Recognized prior deferred gain — 9,842 — — 9,842 Gain on sale $ — $ 9,842 $ 4,884 $ — $ 14,726 Commercial For the Year Ended December 31, 2016 Properties 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 |
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, 2017 2016 2015 Segment operating income $ 5,263 $ 13,780 $ 11,721 Other non-segment items of income (expense) General and administrative (6,269 ) (5,476 ) (5,508 ) Provision on impairment of real estate assets — — (5,300 ) Net income fee to related party (250 ) (257 ) (187 ) Advisory fee to related party (9,995 ) (9,490 ) (8,368 ) Other income (3,911 ) 1,816 70 Loss from unconsolidated joint ventures and investees 26 (26 ) 41 Litigation settlement — — (352 ) Income tax benefit (expense) 5,252 (24 ) (517 ) Net income (loss) from continuing operations $ (9,884 ) $ 323 $ (8,400 ) |
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, 2017 2016 2015 Segment assets $ 979,870 $ 891,173 $ 844,019 Investments in real estate partnerships 2,472 2,446 5,243 Notes and interest receivable 70,166 79,308 69,551 Other assets 266,166 212,987 191,391 Total assets $ 1,318,674 $ 1,185,914 $ 1,110,204 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 2015 Revenues: Rental and other property revenues $ — $ — $ 355 — — 355 Expenses: Property operating expenses — — (345 ) General and administrative — 2 99 Total operating expenses — 2 (246 ) Other income (expense): Other income (expense) — — 45 Mortgage and loan interest — — (2 ) Total other expenses — — 43 Loss from discontinued operations before gain on sale of real estate and taxes — (2 ) 644 Gain on sale of real estate from discontinued operations — — 735 Income tax benefit (expense) — 1 (483 ) Income (loss) from discontinued operations $ — $ (1 ) $ 896 |
QUARTERLY RESULTS OF OPERATIO39
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017, 2016 and 2015. 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 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2017 Revenue and other property revenues $ 31,535 $ 31,302 $ 31,491 $ 30,905 Total operating expenses 26,337 25,460 25,725 27,606 Operating income 5,198 5,842 5,766 3,299 Other expenses (10,658 ) (15,613 ) (8,967 ) (14,729 ) Loss before gain on land sales, non-controlling interest, and taxes (5,460 ) (9,771 ) (3,201 ) (11,430 ) Gain on sale of income-producing properties — — 9,841 1 Gain (loss) on land sales 445 (476 ) 530 4,385 Income tax benefit — — — (180) Net income (loss) (5,015 ) (10,247 ) 7,170 (7,224 ) Net (loss) attributable to non-controlling interest (119 ) (163 ) (96 ) (121 ) Preferred dividend requirement (222 ) (224 ) (224 ) (230 ) Net income (loss) applicable to common shares $ (5,356 ) $ (10,634 ) $ 6,850 $ (7,575 ) PER SHARE DATA Earnings per share - basic Income (loss) from continuing operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) Loss from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 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 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 (expense) 1 — (25 ) — Net income (loss) from continuing operations (3,565 ) 4,756 (4,432 ) 3,564 Net income (loss) from discontinued operations 2 — — (3 ) Net income (loss) (3,563 ) 4,756 (4,432 ) 3,561 Net income (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 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 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 on land sales 2,876 1,250 997 13,788 Income tax benefit (expense) 102 (12 ) 274 (881 ) Net income (loss) from continuing operations (380 ) 441 (7,014 ) (1,447 ) Net income (loss) 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 Loss from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net 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 Loss from continuing operations $ (0.04 ) $ (0.01 ) $ (0.84 ) $ (0.19 ) Income from discontinued operations 0.02 — 0.06 0.02 Net 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 |
ORGANIZATION AND SUMMARY OF S40
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($)ft²aNumbershares | Dec. 31, 2016USD ($)Numbershares | Dec. 31, 2009USD ($)shares | |
Number of apartment units | Number | 8,427 | 8,226 | |
Number of apartment communities | Number | 53 | ||
Number of properties | Number | 53 | 50 | |
Rentable square feet | ft² | 1,700 | ||
Acres of land | ft² | 3,466 | ||
Area of land comprising golf course | a | 96.1 | ||
Number of additional common stock issued | shares | 8,717,967 | 8,717,967 | |
Consolidated assets of VIE's | $ | $ 483,700 | $ 442,000 | |
Commercial Properties [Member] | |||
Number of properties | Number | 7 | ||
Minimum [Member] | |||
Percentage of ownership | 20.00% | ||
Minimum [Member] | Buildings and Improvements [Member] | |||
Useful life of property, plant and equipment | 10 years | ||
Minimum [Member] | Fixtures and Equipment [Member] | |||
Useful life of property, plant and equipment | 5 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] | Fixtures and Equipment [Member] | |||
Useful life of property, plant and equipment | 10 years | ||
Income Opportunities Realty Investors, Inc. [Member] | |||
Number of additional common stock issued | 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 in the company | 25.00% | ||
Income Opportunities Realty Investors, Inc. [Member] | Maximum [Member] | |||
Percentage of ownership in the company | 80.00% | ||
Southern Properties Capital LTD [Member] | |||
Percentage of ownership in the company | 77.68% | ||
Income Opportunities Realty Investors, Inc. [Member] | |||
Percentage of ownership | 81.25% |
REAL ESTATE (Details)
REAL ESTATE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||||
Apartments | $ 737,661 | $ 697,732 | ||
Apartments under construction | 104,791 | 25,288 | ||
Commercial properties | 200,803 | 204,384 | ||
Land held for development | 69,466 | 71,094 | ||
Real estate subject to sales contract | 45,739 | 46,956 | ||
Total real estate | 1,158,460 | 1,045,454 | ||
Less accumulated depreciation | (178,590) | (154,281) | $ (138,808) | $ (115,368) |
Total real estate, net of depreciation | $ 979,870 | $ 891,173 |
REAL ESTATE (Details 1)
REAL ESTATE (Details 1) - 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, 2017USD ($)ft²aNumber | Dec. 31, 2016Number | |
Number of properties | 53 | 50 |
Number of units | 8,427 | 8,226 |
Acres of land | ft² | 3,466 | |
Payment for construction or predevelopment of various apartment complexes | $ | $ 69,800 | |
Capitalized interest costs | $ | $ 2,400 | |
Related Parties [Member] | ||
Number of properties | 2 | |
Acres of land | a | 66.7 | |
Land Parcel Acquired [Member] | ||
Number of properties | 1 | |
Acquisition of income-producing properties | $ | $ 5,400 | |
Acres of land | a | 18.5 | |
Apartment Community Acquired [Member] | ||
Number of properties | 1 | |
Acquisition of income-producing properties | $ | $ 36,700 | |
Number of units | 201 | |
Commercial Properties [Member] | ||
Number of properties | 7 | |
Buildings and Improvements [Member] | Minimum [Member] | ||
Useful life | 10 years | |
Buildings and Improvements [Member] | Maximum [Member] | ||
Useful life | 40 years | |
Fixtures and Equipment [Member] | Minimum [Member] | ||
Useful life | 5 years | |
Fixtures and Equipment [Member] | Maximum [Member] | ||
Useful life | 10 years | |
Land Improvements [Member] | Minimum [Member] | ||
Useful life | 25 years | |
Land Improvements [Member] | Maximum [Member] | ||
Useful life | 40 years | |
KANSAS | Apartment Community Sold [Member] | ||
Number of properties | 1 |
NOTES AND INTEREST RECEIVABLE44
NOTES AND INTEREST RECEIVABLE (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($) | ||
Accrued interest | $ 6,147 | |
Performing loans, total | 64,019 | |
Performing Loans [Member] | ||
Accrued interest | 6,146 | |
Performing loans, total | $ 70,166 | |
Performing Loans [Member] | H198, LLC (Las Vegas Land) [Member] | ||
Maturity Date | Jan. 31, 2020 | |
Description of property | Las Vegas Land | |
Interest Rate | 12.00% | |
Performing loans, total | $ 5,907 | |
Description of Security | Secured | |
Performing Loans [Member] | H198, LLC (McKinney Ranch Land) [Member] | ||
Maturity Date | Sep. 30, 2018 | |
Description of property | McKinney Ranch Land | |
Interest Rate | 6.00% | |
Performing loans, total | $ 4,290 | |
Description of Security | Secured | |
Performing Loans [Member] | Spyglass Apartments of Ennis [Member] | ||
Maturity Date | Nov. 30, 2019 | |
Interest Rate | 5.00% | |
Performing loans, total | $ 4,522 | |
Description of Security | Secured | |
Performing Loans [Member] | Oulan-Chikh Family Trust [Member] | ||
Maturity Date | Mar. 31, 2021 | |
Interest Rate | 8.00% | |
Performing loans, total | $ 174 | |
Description of Security | Secured | |
Performing Loans [Member] | Bellwether Ridge [Member] | ||
Maturity Date | May 31, 2020 | |
Interest Rate | 5.00% | |
Performing loans, total | $ 2,954 | |
Description of Security | Secured | |
Performing Loans [Member] | Parc at Windmill Farms [Member] | ||
Maturity Date | May 31, 2020 | |
Interest Rate | 5.00% | |
Performing loans, total | $ 2,505 | |
Description of Security | Secured | |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Echo Station | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 1,481 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Lakeshore Villas | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 2,000 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Lakeshore Villas | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 6,368 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Limestone Ranch | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 6,000 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Limestone Ranch | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 1,953 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Timbers of Terrell | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 1,323 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | ||
Maturity Date | Dec. 31, 2032 | [1] |
Description of property | Tivoli | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 6,138 | [1] |
Description of Security | Secured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. [Member] | ||
Maturity Date | Dec. 31, 2018 | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 3,994 | [1] |
Description of Security | Unsecured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member] | ||
Maturity Date | Dec. 31, 2018 | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 6,407 | [1] |
Description of Security | Unsecured | [1] |
Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member] | ||
Maturity Date | Jun. 30, 2020 | [1] |
Interest Rate | 12.00% | [1] |
Performing loans, total | $ 5,760 | [1] |
Description of Security | Unsecured | [1] |
Performing Loans [Member] | Other Related Party Notes [Member] | ||
Description of maturity date | Various | [1] |
Description of Interest Rate | Various | [1] |
Performing loans, total | $ 465 | [1] |
Description of Security | Various unsecured interests | [1] |
Performing Loans [Member] | Other Non-Related Party Notes [Member] | ||
Description of maturity date | Various | |
Description of Interest Rate | Various | |
Performing loans, total | $ 796 | |
Description of Security | Various secured interests | |
Performing Loans [Member] | Other Non-Related Party Notes [Member] | ||
Description of maturity date | Various | |
Description of Interest Rate | Various | |
Performing loans, total | $ 983 | |
Description of Security | Various unsecured interests | |
[1] | Related party notes |
NOTES AND INTEREST RECEIVABLE45
NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total notes and interest receivable | $ 70,166 | $ 79,308 | $ 71,376 | $ 85,447 |
Interest income | 4,859 | |||
Mortgage Loans [Member] | Related Parties [Member] | ||||
Total notes and interest receivable | 45,100 | |||
Interest income | $ 3,700 | |||
Percentage on mortgage notes receivable | 64.30% |
INVESTMENT IN UNCONSOLIDATED 46
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
American Realty Investors, Inc. [Member] | ||||
Percentage of ownership | [1] | 0.90% | 0.90% | 0.90% |
[1] | Unconsolidated investment in parent company |
INVESTMENT IN UNCONSOLIDATED 47
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Real estate, net of accumulated depreciation | $ 979,870 | $ 891,173 | $ 979,870 | $ 891,173 | ||||||||||||
Other assets | 60,907 | 55,605 | 60,907 | 55,605 | ||||||||||||
Notes payable | (892,149) | (835,528) | (892,149) | (835,528) | ||||||||||||
Shareholders' equity | (189,170) | (205,885) | (189,170) | (205,885) | ||||||||||||
Rents and interest and other income | 30,905 | $ 31,491 | $ 31,302 | $ 31,535 | 29,271 | $ 29,776 | $ 30,521 | $ 28,903 | $ 28,621 | $ 27,539 | $ 23,756 | $ 22,304 | 125,233 | 118,471 | $ 102,220 | |
Depreciation | (25,558) | (23,683) | (21,299) | |||||||||||||
Operating expenses | 27,606 | 25,725 | 25,460 | 26,337 | 25,821 | 25,429 | 24,751 | 24,823 | 29,732 | 24,613 | 19,310 | 19,264 | 105,128 | 100,824 | 92,919 | |
Gain on land sales | 4,385 | 9,841 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 13,788 | 997 | 1,250 | 2,876 | 4,884 | 3,121 | 18,911 | |
Net income (loss) from continuing operations | 3,564 | (4,432) | 4,756 | (3,565) | (1,447) | (7,014) | 441 | (380) | (15,316) | 323 | (8,400) | |||||
Income (loss) from discontinued operations | (3) | 2 | 220 | 508 | (22) | 190 | (1) | 896 | ||||||||
Net loss | (7,224) | $ 7,170 | $ (10,247) | $ (5,015) | 3,561 | $ (4,432) | $ 4,756 | $ (3,563) | (1,227) | $ (6,506) | $ 419 | $ (190) | (15,316) | 322 | (7,504) | |
Company's proportionate share of loss | 26 | (26) | 41 | |||||||||||||
American Realty Investors, Inc. [Member] | ||||||||||||||||
Real estate, net of accumulated depreciation | 12,349 | 14,504 | 14,232 | 12,349 | 14,504 | 14,232 | ||||||||||
Notes receivable | 41,928 | 47,257 | 50,692 | 41,928 | 47,257 | 50,692 | ||||||||||
Other assets | 126,238 | 127,001 | 127,497 | 126,238 | 127,001 | 127,497 | ||||||||||
Notes payable | (6,507) | (9,485) | (25,233) | (6,507) | (9,485) | (25,233) | ||||||||||
Other liabilities | (102,014) | (111,707) | (98,440) | (102,014) | (111,707) | (98,440) | ||||||||||
Shareholders' equity | $ (71,994) | $ (67,570) | $ (68,748) | (71,994) | (67,570) | (68,748) | ||||||||||
Rents and interest and other income | 9,193 | 7,251 | 11,990 | |||||||||||||
Depreciation | (157) | (175) | (192) | |||||||||||||
Operating expenses | (3,149) | (3,633) | (4,414) | |||||||||||||
Gain on land sales | 4,765 | 2,737 | ||||||||||||||
Interest expense | (6,228) | (6,274) | (5,936) | |||||||||||||
Net income (loss) from continuing operations | 4,424 | (2,831) | 4,185 | |||||||||||||
Income (loss) from discontinued operations | 1 | |||||||||||||||
Net loss | 4,424 | (2,831) | 4,186 | |||||||||||||
Company's proportionate share of loss | [1] | $ 40 | $ (25) | $ 38 | ||||||||||||
[1] | Income (loss) represents continued and discontinued operations. |
INVESTMENT IN UNCONSOLIDATED 48
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details Narrative) | Dec. 31, 2017 |
American Realty Investors, Inc [Member] | |
Percentage of ownership | 0.90% |
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, 2017USD ($) |
Notes Payable | $ 890,923 |
Accrued Interest | 3,559 |
Total Debt | 894,482 |
Unamortized deferred borrowing costs | (19,234) |
Apartments [Member] | |
Notes Payable | 566,576 |
Accrued Interest | 1,585 |
Total Debt | 568,161 |
Apartments Under Construction [Member] | |
Notes Payable | 78,683 |
Accrued Interest | 113 |
Total Debt | 78,796 |
Commercial [Member] | |
Notes Payable | 126,955 |
Accrued Interest | 622 |
Total Debt | 127,577 |
Land [Member] | |
Notes Payable | 16,705 |
Accrued Interest | 200 |
Total Debt | 16,905 |
Real Estate Subject To Sales Contract [Member] | |
Notes Payable | 1,449 |
Accrued Interest | 508 |
Total Debt | 1,957 |
Mezzanine Financing [Member] | |
Notes Payable | 110,172 |
Accrued Interest | 453 |
Total Debt | 110,625 |
Other [Member] | |
Notes Payable | 9,617 |
Accrued Interest | 78 |
Total Debt | 9,695 |
Total Notes Payable [Member] | |
Notes Payable | 910,157 |
Accrued Interest | 3,559 |
Total Debt | 913,716 |
Unamortized deferred borrowing costs | $ (19,234) |
NOTES AND INTEREST PAYABLE (D50
NOTES AND INTEREST PAYABLE (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Contractual obligations for principal payments for the year ended December 31, | |
Total | $ 890,923 |
Total Notes Payable [Member] | |
Contractual obligations for principal payments for the year ended December 31, | |
2,018 | 79,838 |
2,019 | 101,134 |
2,020 | 64,255 |
2,021 | 48,806 |
2,022 | 11,205 |
Thereafter | 604,919 |
Total | $ 910,157 |
NOTES AND INTEREST PAYABLE (D51
NOTES AND INTEREST PAYABLE (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($)Number | |
Interest payable | $ 3,559 |
Notes payable | $ 84,900 |
Description of maturity date | Mature between 2018 and 2055. |
Minimum [Member] | |
Interest rates of debt | 2.50% |
Maximum [Member] | |
Interest rates of debt | 12.00% |
Construction Loans [Member] | |
Number of loans refinanced or modified | Number | 6 |
Notes payable | $ 980,000 |
Proceeds from draw on loan facility | $ 63,000 |
BONDS AND INTEREST PAYABLE (Det
BONDS AND INTEREST PAYABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Unamortized deferred borrowing costs | $ (19,234) | |
Accrued Interest | 3,559 | |
Bond and bond interest payable | 113,047 | |
Nonconvertible Series A Bonds [Member] | ||
Notes Payable | 115,336 | |
Unamortized deferred borrowing costs | (5,916) | |
Accrued Interest | 3,627 | |
Bond and bond interest payable | $ 113,047 |
BONDS AND INTEREST PAYABLE (D53
BONDS AND INTEREST PAYABLE (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Year ended December 31, | |
Total | $ 890,923 |
Nonconvertible Series A Bonds [Member] | |
Year ended December 31, | |
2,019 | 23,067 |
2,020 | 23,067 |
2,021 | 23,067 |
2,022 | 23,067 |
Thereafter | 23,068 |
Total | $ 115,336 |
BONDS PAYABLE AND INTEREST PA54
BONDS PAYABLE AND INTEREST PAYABLE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Feb. 14, 2017 | |
Debentures offering amount | $ 84,900 | |
Foreign currency loss - debenture transactions | $ (4,500) | |
Nonconvertible Series A Bonds [Member] | ||
Effective interest rate | 9.17% | |
Southern Properties Capital LTD [Member] | Nonconvertible Series A Bonds [Member] | ||
Debentures offering amount | $ 115,000 | |
Interest rate | 7.30% | |
Southern Properties Capital LTD [Member] | Nonconvertible Series A Bonds [Member] | Israel Shekel [Member] | ||
Debentures offering amount | $ 400,000 |
RELATED PARTY TRANSACTIONS AN55
RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fees: | |||
Advisory | $ 9,995 | $ 9,490 | $ 8,368 |
Net income | 250 | 257 | 187 |
Other Expense: | |||
Cost reimbursements | 1,954 | ||
Pillar Income Asset Management, Inc [Member] | |||
Fees: | |||
Advisory | 9,995 | 9,490 | 8,368 |
Mortgage brokerage and equity refinancing | 1,551 | 775 | 1,524 |
Net income | 250 | 257 | 187 |
Property acquisition | 921 | ||
Total fees | 11,796 | 10,522 | 11,000 |
Other Expense: | |||
Cost reimbursements | 2,895 | 3,228 | 2,925 |
Interest paid (received) | (4,859) | (4,216) | (3,352) |
Total other expense | (1,964) | (988) | (427) |
Revenue: | |||
Rental | 783 | 708 | 726 |
Regis Realty Prime, LLC [Member] | |||
Fees: | |||
Property acquisition | 9,819 | 10,776 | 1,932 |
Property management, construction management and leasing commissions | 963 | 888 | 682 |
Real estate brokerage | 1,369 | 787 | 1,105 |
Total fees | $ 12,151 | $ 12,451 | $ 3,719 |
RELATED PARTY TRANSACTIONS AN56
RELATED PARTY TRANSACTIONS AND FEES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Due from Related Parties [RollForward] | |||
Related party receivable, beginning | $ 101,649 | ||
Cash transfers | 36,175 | ||
Advisory fees | (9,995) | $ (9,490) | $ (8,368) |
Net income fee | (250) | (257) | (187) |
Fees and commissions | (2,921) | ||
Cost reimbursements | (1,954) | ||
Interest income | 4,859 | ||
Notes receivable purchased | (447) | ||
Expenses paid by Advisor | (36) | ||
Financing (mortgage payments) | (4,656) | ||
Sales/purchases transactions | (9,818) | ||
Income tax expense | 5,593 | ||
Related party receivable, ending | 111,665 | 101,649 | |
Pillar Income Asset Management, Inc [Member] | |||
Due from Related Parties [RollForward] | |||
Cash transfers | 36,175 | ||
Advisory fees | (9,995) | (9,490) | (8,368) |
Net income fee | (250) | (257) | (187) |
Fees and commissions | (2,921) | ||
Cost reimbursements | (2,895) | (3,228) | $ (2,925) |
Notes receivable purchased | (447) | ||
Expenses paid by Advisor | (36) | ||
Financing (mortgage payments) | (4,656) | ||
Sales/purchases transactions | (9,818) | ||
Income tax expense | 5,593 | ||
Related party receivable, ending | 10,750 | ||
American Realty Investors, Inc [Member] | |||
Due from Related Parties [RollForward] | |||
Related party receivable, beginning | 101,649 | ||
Interest income | 4,859 | ||
Related party receivable, ending | $ 106,508 | $ 101,649 |
RELATED PARTY TRANSACTIONS AN57
RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)ft²a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Interest receivable | $ 6,147 | |||
Total notes receivable | 70,166 | $ 79,308 | $ 71,376 | $ 85,447 |
Interest income | 4,859 | |||
Collections on notes receivable | $ 26,230 | $ 11,824 | $ 12,475 | |
Statutory tax rate | 35.00% | |||
Area of land | ft² | 3,466 | |||
Maximum [Member] | ||||
Statutory tax rate | 21.00% | |||
Unified Housing Foundation, Inc. [Member] | ||||
Total notes receivable | $ 45,100 | |||
Recognized interest income | 6,500 | |||
Originated interest income | 5,800 | |||
Interest income | 5,300 | |||
Collections on notes receivable | $ 26,100 | |||
Related Party [Member] | ||||
Area of land | a | 66.7 | |||
Related Party [Member] | Mezzanine Financing [Member] | ||||
Guarantor - notes payable | $ 39,100 | |||
Pillar Income Asset Management, Inc [Member] | ||||
Rental | $ 800 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income before income taxes | $ (15,136) | $ 345 | $ (7,239) |
Current | |||
Federal | (5,603) | 121 | (2,534) |
State | 10 | ||
Deferred and Other: | |||
Federal | 5,603 | (98) | 3,534 |
State | 170 | ||
Total Tax expense | $ 180 | $ 23 | $ 1,000 |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||||||||||
Income tax expense (benefit) at federal statutory rate | $ (5,603) | $ 121 | $ (2,759) | |||||||
State and local income taxes net of federal tax benefit | 10 | |||||||||
Repricing of deferred assets due to change in future rates | (19,871) | |||||||||
Change in valuation allowance | 25,644 | (97) | 3,276 | |||||||
Calcualted income tax expense (benefit) | $ (180) | $ (25) | $ 1 | $ (881) | $ 274 | $ (12) | $ 102 | $ 180 | $ 24 | $ 517 |
Effective Tax Rate | 6.90% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Allowance for losses on notes | $ 383 | $ 639 |
Installment note on land sale | 2,876 | 4,793 |
Deferred gain | 6,814 | 14,537 |
Net operating loss carryforward | 46,709 | 66,015 |
Subtotal | 56,782 | 85,984 |
Less: valuation allowance | (29,806) | (48,926) |
Total net deferred tax assets | 26,976 | 37,058 |
Basis differences for fixed assets | 26,976 | 37,058 |
Total deferred tax liability | 26,976 | 37,058 |
Current net deferred tax asset | 26,976 | 37,058 |
Long-term net deferred tax liability | $ 26,976 | $ 37,058 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Net operating losses carryforwards | $ 189,000 | |
Statutory tax rate for corporations | 35.00% | |
Subsequent Event [Member] | ||
Statutory tax rate for corporations | 21.00% |
FUTURE MINIMUM RENTAL INCOME 62
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Future minimum rents to be received during the year ended December 31, | |
2,018 | $ 25,042 |
2,019 | 19,828 |
2,020 | 15,869 |
2,021 | 13,643 |
2,022 | 10,634 |
Thereafter | 16,686 |
Total | $ 101,702 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | $ 30,905 | $ 31,491 | $ 31,302 | $ 31,535 | $ 29,271 | $ 29,776 | $ 30,521 | $ 28,903 | $ 28,621 | $ 27,539 | $ 23,756 | $ 22,304 | $ 125,233 | $ 118,471 | $ 102,220 |
Property operating expenses | (63,056) | (61,918) | (52,257) | ||||||||||||
Depreciation | (25,558) | (23,683) | (21,299) | ||||||||||||
Gain (loss) on sale of income producing properties | 1 | 11,283 | 5,168 | (244) | 9,842 | 16,207 | |||||||||
Gain on land sales | 4,385 | 9,841 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 13,788 | 997 | 1,250 | 2,876 | 4,884 | 3,121 | 18,911 |
Segment operating income (loss) | 3,299 | $ 5,766 | $ 5,842 | $ 5,198 | 3,450 | $ 4,347 | $ 5,770 | $ 4,080 | (1,111) | $ 2,926 | $ 4,446 | $ 3,040 | 20,105 | 17,647 | 9,301 |
Total real estate | 979,870 | 891,173 | 979,870 | 891,173 | |||||||||||
Property Sales | |||||||||||||||
Gain (loss) on sale | 9,842 | 16,207 | 735 | ||||||||||||
Commercial Properties [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | 32,323 | 31,864 | 29,308 | ||||||||||||
Property operating expenses | (17,724) | (19,476) | (16,838) | ||||||||||||
Depreciation | (9,200) | (8,924) | (8,861) | ||||||||||||
Mortgage and loan interest | (7,528) | (7,167) | (6,891) | ||||||||||||
Gain (loss) on sale of income producing properties | (238) | ||||||||||||||
Segment operating income (loss) | (2,129) | (3,941) | (3,282) | ||||||||||||
Capital expenditures | 3,157 | 4,577 | 8,118 | ||||||||||||
Total real estate | 137,157 | 148,689 | 153,270 | 137,157 | 148,689 | 153,270 | |||||||||
Property Sales | |||||||||||||||
Sales price | 1,500 | ||||||||||||||
Less: Cost of sale | (1,738) | ||||||||||||||
Gain (loss) on sale | (238) | ||||||||||||||
Apartments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | 92,807 | 86,603 | 72,809 | ||||||||||||
Property operating expenses | (43,677) | (40,786) | (34,437) | ||||||||||||
Depreciation | (16,354) | (14,759) | (12,438) | ||||||||||||
Mortgage and loan interest | (22,346) | (25,381) | (23,506) | ||||||||||||
Gain (loss) on sale of income producing properties | 9,842 | 16,445 | |||||||||||||
Segment operating income (loss) | 20,272 | 22,122 | 2,428 | ||||||||||||
Capital expenditures | 1,402 | 863 | 1,780 | ||||||||||||
Total real estate | 726,852 | 624,433 | 553,860 | 726,852 | 624,433 | 553,860 | |||||||||
Property Sales | |||||||||||||||
Sales price | 20,350 | 11,129 | |||||||||||||
Less: Cost of sale | (3,905) | (10,394) | |||||||||||||
Recognized prior deferred gain | 9,842 | ||||||||||||||
Gain (loss) on sale | 9,842 | 16,445 | 735 | ||||||||||||
Land [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | 87 | ||||||||||||||
Property operating expenses | (667) | (1,634) | (712) | ||||||||||||
Mortgage and loan interest | (1,588) | (1,746) | (4,214) | ||||||||||||
Gain on land sales | 4,884 | 3,121 | 18,911 | ||||||||||||
Segment operating income (loss) | 2,716 | (259) | 13,985 | ||||||||||||
Capital expenditures | 609 | 269 | 2,621 | ||||||||||||
Total real estate | 115,205 | 118,051 | 136,889 | 115,205 | 118,051 | 136,889 | |||||||||
Property Sales | |||||||||||||||
Sales price | 11,177 | 29,128 | 102,898 | ||||||||||||
Less: Cost of sale | (6,293) | (26,007) | (83,987) | ||||||||||||
Gain (loss) on sale | 4,884 | 3,121 | 18,911 | ||||||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | 16 | 4 | 103 | ||||||||||||
Property operating expenses | (988) | (22) | (270) | ||||||||||||
Depreciation | (4) | ||||||||||||||
Mortgage and loan interest | (28,482) | (18,794) | (11,930) | ||||||||||||
Interest income | 13,862 | 14,670 | 10,687 | ||||||||||||
Segment operating income (loss) | (15,596) | (4,142) | (1,410) | ||||||||||||
Total real estate | 656 | 656 | |||||||||||||
Total Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Rental and other property revenues | 125,233 | 118,471 | 102,220 | ||||||||||||
Property operating expenses | (63,056) | (61,918) | (52,257) | ||||||||||||
Depreciation | (25,558) | (23,683) | (21,299) | ||||||||||||
Mortgage and loan interest | (59,944) | (53,088) | (46,541) | ||||||||||||
Interest income | 13,862 | 14,670 | 10,687 | ||||||||||||
Gain (loss) on sale of income producing properties | 9,842 | 16,207 | |||||||||||||
Gain on land sales | 4,884 | 3,121 | 18,911 | ||||||||||||
Segment operating income (loss) | 5,263 | 13,780 | 11,721 | ||||||||||||
Capital expenditures | 5,168 | 5,709 | 12,519 | ||||||||||||
Total real estate | $ 979,870 | $ 891,173 | $ 844,019 | 979,870 | 891,173 | 844,019 | |||||||||
Property Sales | |||||||||||||||
Sales price | 11,177 | 50,978 | 114,027 | ||||||||||||
Less: Cost of sale | (6,293) | (31,650) | (94,381) | ||||||||||||
Recognized prior deferred gain | 9,842 | ||||||||||||||
Gain (loss) on sale | $ 14,726 | $ 19,328 | $ 19,646 |
OPERATING SEGMENTS (Details 1)
OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment operating income (loss) | $ 3,299 | $ 5,766 | $ 5,842 | $ 5,198 | $ 3,450 | $ 4,347 | $ 5,770 | $ 4,080 | $ (1,111) | $ 2,926 | $ 4,446 | $ 3,040 | $ 20,105 | $ 17,647 | $ 9,301 |
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (6,269) | (5,476) | (5,508) | ||||||||||||
Provision on impairment of real estate assets | (5,300) | ||||||||||||||
Net income fee to related party | (250) | (257) | (187) | ||||||||||||
Advisory fee to related party | (9,995) | (9,490) | (8,368) | ||||||||||||
Other income | 625 | 1,816 | 71 | ||||||||||||
Loss from unconsolidated joint ventures and investees | 26 | (26) | 41 | ||||||||||||
Litigation settlement | (352) | ||||||||||||||
Income tax benefit (expense) | $ 180 | 25 | (1) | 881 | (274) | 12 | (102) | (180) | (24) | (517) | |||||
Net income (loss) from continuing operations | $ 3,564 | $ (4,432) | $ 4,756 | $ (3,565) | $ (1,447) | $ (7,014) | $ 441 | $ (380) | (15,316) | 323 | (8,400) | ||||
Total Segments [Member] | |||||||||||||||
Segment operating income (loss) | 5,263 | 13,780 | 11,721 | ||||||||||||
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (6,269) | (5,476) | (5,508) | ||||||||||||
Provision on impairment of real estate assets | (5,300) | ||||||||||||||
Net income fee to related party | (250) | (257) | (187) | ||||||||||||
Advisory fee to related party | (9,995) | (9,490) | (8,368) | ||||||||||||
Other income | (3,911) | 1,816 | 70 | ||||||||||||
Loss from unconsolidated joint ventures and investees | 26 | (26) | 41 | ||||||||||||
Litigation settlement | (352) | ||||||||||||||
Income tax benefit (expense) | 5,252 | (24) | (517) | ||||||||||||
Net income (loss) from continuing operations | $ (9,884) | $ 323 | $ (8,400) |
OPERATING SEGMENTS (Details 2)
OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment assets | $ 979,870 | $ 891,173 | |
Investments in real estate partnerships | 2,472 | 2,446 | |
Other assets | 60,907 | 55,605 | |
Total assets | 1,313,422 | 1,185,914 | |
Total Segments [Member] | |||
Segment assets | 979,870 | 891,173 | $ 844,019 |
Investments in real estate partnerships | 2,472 | 2,446 | 5,243 |
Notes and interest receivable | 70,166 | 79,308 | 69,551 |
Other assets | 266,166 | 212,987 | 191,391 |
Total assets | $ 1,318,674 | $ 1,185,914 | $ 1,110,204 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||
Rental and other property revenues | $ 355 | |
Revenues | 355 | |
Expenses: | ||
Property operating expenses | (345) | |
General and administrative | $ 2 | 99 |
Total operating expenses | 2 | (246) |
Other income (expense): | ||
Other income (expense) | 45 | |
Mortgage and loan interest | (2) | |
Total other expenses | 43 | |
Income (loss) from discontinued operations before gain on sale of real estate and taxes | (2) | 644 |
Gain on sale of real estate from discontinued operations | 735 | |
Income tax benefit (expense) | 1 | (483) |
Income from discontinued operations | $ (1) | $ 896 |
QUARTERLY RESULTS OF OPERATIO67
QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Rents and interest and other income | $ 30,905 | $ 31,491 | $ 31,302 | $ 31,535 | $ 29,271 | $ 29,776 | $ 30,521 | $ 28,903 | $ 28,621 | $ 27,539 | $ 23,756 | $ 22,304 | $ 125,233 | $ 118,471 | $ 102,220 |
Total operating expenses | 27,606 | 25,725 | 25,460 | 26,337 | 25,821 | 25,429 | 24,751 | 24,823 | 29,732 | 24,613 | 19,310 | 19,264 | 105,128 | 100,824 | 92,919 |
Operating income (loss) | 3,299 | 5,766 | 5,842 | 5,198 | 3,450 | 4,347 | 5,770 | 4,080 | (1,111) | 2,926 | 4,446 | 3,040 | 20,105 | 17,647 | 9,301 |
Other expenses | (14,729) | (8,967) | (15,613) | (10,658) | (10,364) | (9,309) | (7,901) | (9,054) | (13,243) | (11,211) | (5,243) | (6,398) | (49,967) | (36,628) | (36,095) |
Loss before gain on land sales, non-controlling interest, and taxes | (11,430) | (3,201) | (9,771) | (5,460) | (6,914) | (4,962) | (2,131) | (4,974) | (14,354) | (8,285) | (797) | (3,358) | (29,862) | (18,981) | (26,794) |
Gain on sale of income-producing properties | 1 | 11,283 | 5,168 | (244) | 9,842 | 16,207 | |||||||||
Gain on land sales | 4,385 | 9,841 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 13,788 | 997 | 1,250 | 2,876 | 4,884 | 3,121 | 18,911 |
Income tax benefit (expense) | (180) | (25) | 1 | (881) | 274 | (12) | 102 | 180 | 24 | 517 | |||||
Net income (loss) from continuing operations | 3,564 | (4,432) | 4,756 | (3,565) | (1,447) | (7,014) | 441 | (380) | (15,316) | 323 | (8,400) | ||||
Net income from discontinued operations | (3) | 2 | 220 | 508 | (22) | 190 | (1) | 896 | |||||||
Net income (loss) | (7,224) | 7,170 | (10,247) | (5,015) | 3,561 | (4,432) | 4,756 | (3,563) | (1,227) | (6,506) | 419 | (190) | (15,316) | 322 | (7,504) |
Net income (loss) attributable to non-controlling interest | (121) | (96) | (163) | (119) | (97) | (114) | (97) | 23 | (51) | (95) | (281) | 295 | |||
Preferred dividend requirement | (230) | (224) | (224) | (222) | (227) | (227) | (224) | (222) | (227) | (227) | (224) | (222) | |||
Net income (loss) applicable to common shares | $ (7,575) | $ 6,850 | $ (10,634) | $ (5,356) | $ 3,237 | $ (4,773) | $ 4,435 | $ (3,762) | $ (1,505) | $ (6,828) | $ (86) | $ (117) | $ (16,715) | $ (863) | $ (8,536) |
Earnings per share - basic | |||||||||||||||
Net income (loss) from continuing operations (in dollars per share) | $ (.88) | $ 0.79 | $ (1.22) | $ (0.61) | $ (0.19) | $ (0.84) | $ (0.01) | $ (0.04) | $ (1.92) | $ (0.10) | $ (1.08) | ||||
Net income (loss) from discontinued operations (in dollars per share) | 0.02 | 0.06 | 0.02 | 0.1 | |||||||||||
Net income (loss) applicable to common shares (in dollars per share) | $ (.88) | $ 0.79 | $ (1.22) | $ (0.61) | $ 0.37 | $ (0.55) | $ 0.51 | $ (0.43) | $ (0.17) | $ (0.78) | $ (0.01) | $ (0.02) | $ (1.92) | $ (0.10) | $ (0.98) |
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 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 |
Earnings per share - diluted | |||||||||||||||
Net income (loss) from continuing operations (in dollars per share) | $ (.88) | $ 0.79 | $ (1.22) | $ (0.61) | $ (0.19) | $ (0.84) | $ (0.01) | $ (0.04) | $ (1.92) | $ (0.10) | $ (1.08) | ||||
Net income (loss) from discontinued operations (in dollars per share) | 0.02 | 0.06 | 0.02 | 0.1 | |||||||||||
Net income (loss) applicable to common shares (in dollars per share) | $ (.88) | $ 0.79 | $ (1.22) | $ (0.61) | $ 0.37 | $ (0.55) | $ 0.51 | $ (0.43) | $ (0.17) | $ (0.78) | $ (0.01) | $ (0.02) | $ (1.92) | $ (0.10) | $ (0.98) |
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 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 | 8,717,767 |
COMMITMENTS AND CONTINGENCIES68
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands | Jul. 20, 2015 | Dec. 31, 2017 |
Related Party [Member] | Mezzanine Financing [Member] | ||
Guarantor - notes payable | $ 39,100 | |
Dynex Litigation [Member] | ||
Description of plaintiff | Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras Corp., Continental Common, Inc. and Continental Baronne, Inc. | |
Description of defendant | Dynex Commercial, Inc. | |
Domicile of Litigation | 68th Judicial District Court in Dallas County, Texas | |
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. | |
Awarded attorney fees | $ 1,600 | |
Post-judgment interest rate | 5.00% | |
Unfunded loan commitment | $ 160,000 | |
Dynex Litigation [Member] | Southern Properties Capital LTD [Member] | ||
Damages - awarded amount | 11,100 | |
Damages - pre-judgement interest | 8,400 | |
Damages - total | 19,500 | |
Dynex Litigation [Member] | American Reality Trust, Inc. [Member] | ||
Damages - awarded amount | 14,200 | |
Damages - pre-judgement interest | 10,600 | |
Damages - total | 24,800 | |
Dynex Litigation [Member] | Basic Capital Management, Inc. [Member] | ||
Damages - awarded amount | 256 | |
Damages - pre-judgement interest | 192 | |
Damages - total | $ 448 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - RAI [Member] $ / shares in Units, $ in Thousands | Jul. 09, 2014USD ($)$ / sharesshares |
Shares issued upon conversion | (304,298) |
Series C Cumulative Convertible Preferred Stock [Member] | |
Preferred stock, shares issued | 30,000 |
Preferred stock, shares outstanding | 30,000 |
Shares issued upon conversion | (30,000) |
Accrued Dividends | $ | $ 900 |
Preferred stock, liquidation preference per share | $ / shares | $ 100 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) ₪ in Thousands, $ in Thousands | Mar. 31, 2018 | Feb. 15, 2018USD ($) | Feb. 15, 2018ILS (₪) | Dec. 31, 2017USD ($) |
Debentures offering amount | $ 84,900 | |||
Subsequent Event [Member] | Joint Venture [Member] | Chief Executive Officer [Member] | ||||
Ownership interest | 2.00% | |||
Subsequent Event [Member] | Joint Venture [Member] | Macquire [Member] | ||||
Ownership interest | 49.00% | |||
Voting interest in joint venture | 50.00% | |||
Subsequent Event [Member] | Joint Venture [Member] | Southern Properties Capital LTD [Member] | ||||
Ownership interest | 49.00% | |||
Voting interest in joint venture | 50.00% | |||
Subsequent Event [Member] | Nonconvertible Series A Bonds [Member] | ||||
Debentures offering amount | $ 39,400 | |||
Bond issuance cost | $ 1,400 | |||
Interest rate | 6.80% | 6.80% | ||
Subsequent Event [Member] | Series B Bonds [Member] | Israel Shekel [Member] | ||||
Debentures offering amount | ₪ | ₪ 137,700 |
SCHEDULE III REAL ESTATE AND 71
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross Amounts of Which Carried at End of Year Total | $ 1,158,460 | $ 1,045,454 | $ 982,827 | $ 804,489 |
Accumulated Depreciation | 178,590 | $ 154,281 | $ 138,808 | $ 115,368 |
Properties Held for Investment/Corporate Debt [Member] | ||||
Encumbrances | 909,195 | |||
Initial Cost Land | 177,551 | |||
Initial Cost Building & Improvements | 823,755 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 155,787 | |||
Asset Impairment | (44,372) | |||
Gross Amounts of Which Carried at End of Year Land | 177,551 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 935,170 | |||
Gross Amounts of Which Carried at End of Year Total | 1,112,721 | |||
Accumulated Depreciation | 178,590 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | ||||
Encumbrances | 566,577 | |||
Initial Cost Land | 64,820 | |||
Initial Cost Building & Improvements | 669,395 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 6,626 | |||
Asset Impairment | (3,180) | |||
Gross Amounts of Which Carried at End of Year Land | 64,820 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 672,841 | |||
Gross Amounts of Which Carried at End of Year Total | 737,661 | |||
Accumulated Depreciation | 114,944 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Anderson Estates, Oxford [Member] | MISSISSIPPI | ||||
Encumbrances | 769 | |||
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 | 3,374 | |||
Accumulated Depreciation | $ 799 | |||
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 | $ 10,448 | |||
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 | $ 4,088 | |||
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 | $ 3,769 | |||
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 | $ 1,139 | |||
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 | $ 9,112 | |||
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 | $ 3,390 | |||
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 | $ 6,233 | |||
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 | $ 1,730 | |||
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 | $ 8,740 | |||
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 | 9,863 | |||
Accumulated Depreciation | $ 2,713 | |||
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 | $ 20,518 | |||
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 | $ 1,365 | |||
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 | $ 14,498 | |||
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 | 6,865 | |||
Accumulated Depreciation | $ 628 | |||
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 | $ 1,399 | |||
Initial Cost Land | 1,606 | |||
Initial Cost Building & Improvements | 14,451 | |||
Gross Amounts of Which Carried at End of Year Land | 1,606 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 14,451 | |||
Gross Amounts of Which Carried at End of Year Total | 16,057 | |||
Accumulated Depreciation | $ 1,939 | |||
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 | $ 12,194 | |||
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 | $ 4,195 | |||
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 | $ 551 | |||
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 | $ 506 | |||
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 | $ 556 | |||
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 | $ 649 | |||
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 | $ 14,877 | |||
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 | 17,921 | |||
Gross Amounts of Which Carried at End of Year Total | 19,393 | |||
Accumulated Depreciation | $ 6,225 | |||
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 | $ 13,352 | |||
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 | $ 5,946 | |||
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 | $ 10,976 | |||
Initial Cost Land | 1,345 | |||
Initial Cost Building & Improvements | 12,015 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 141 | |||
Gross Amounts of Which Carried at End of Year Land | 1,345 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 12,156 | |||
Gross Amounts of Which Carried at End of Year Total | 13,501 | |||
Accumulated Depreciation | $ 3,934 | |||
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 | $ 11,510 | |||
Initial Cost Land | 1,450 | |||
Initial Cost Building & Improvements | 14,612 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 342 | |||
Gross Amounts of Which Carried at End of Year Land | 1,450 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 14,954 | |||
Gross Amounts of Which Carried at End of Year Total | 16,404 | |||
Accumulated Depreciation | $ 976 | |||
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 | $ 11,808 | |||
Initial Cost Land | 927 | |||
Initial Cost Building & Improvements | 12,267 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,361 | |||
Gross Amounts of Which Carried at End of Year Land | 927 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 13,628 | |||
Gross Amounts of Which Carried at End of Year Total | 14,555 | |||
Accumulated Depreciation | $ 4,282 | |||
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 | $ 14,495 | |||
Initial Cost Land | 2,005 | |||
Initial Cost Building & Improvements | 17,892 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 217 | |||
Gross Amounts of Which Carried at End of Year Land | 2,005 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 18,109 | |||
Gross Amounts of Which Carried at End of Year Total | 20,114 | |||
Accumulated Depreciation | $ 1,384 | |||
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 | $ 15,959 | |||
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 | $ 2,494 | |||
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] | Lofts at Reynolds Village, Asheville [Member] | NEW CALEDONIA | ||||
Encumbrances | $ 28,230 | |||
Initial Cost Land | 3,704 | |||
Initial Cost Building & Improvements | 34,000 | |||
Gross Amounts of Which Carried at End of Year Land | 3,704 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 34,000 | |||
Gross Amounts of Which Carried at End of Year Total | 37,704 | |||
Accumulated Depreciation | $ 212 | |||
Date of Construction | 2,012 | |||
Date Acquired | 10/17 | |||
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 | $ 15,084 | |||
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 | $ 3,916 | |||
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 | $ 25,233 | |||
Initial Cost Land | 3,323 | |||
Initial Cost Building & Improvements | 29,857 | |||
Gross Amounts of Which Carried at End of Year Land | 3,323 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 29,857 | |||
Gross Amounts of Which Carried at End of Year Total | 33,180 | |||
Accumulated Depreciation | $ 1,109 | |||
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 | $ 14,433 | |||
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 | $ 4,495 | |||
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 | $ 431 | |||
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 | $ 460 | |||
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 | $ 12,873 | |||
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 | $ 3,038 | |||
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 | $ 11,680 | |||
Initial Cost Land | 1,435 | |||
Initial Cost Building & Improvements | 12,403 | |||
Gross Amounts of Which Carried at End of Year Land | 1,435 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 12,403 | |||
Gross Amounts of Which Carried at End of Year Total | 13,838 | |||
Accumulated Depreciation | $ 775 | |||
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 | $ 10,791 | |||
Initial Cost Land | 1,384 | |||
Initial Cost Building & Improvements | 12,575 | |||
Gross Amounts of Which Carried at End of Year Land | 1,384 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 12,575 | |||
Gross Amounts of Which Carried at End of Year Total | 13,959 | |||
Accumulated Depreciation | $ 318 | |||
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 | $ 12,079 | |||
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 | 13,524 | |||
Accumulated Depreciation | $ 881 | |||
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 | $ 12,441 | |||
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 | $ 3,385 | |||
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 | $ 18,249 | |||
Initial Cost Land | 1,022 | |||
Initial Cost Building & Improvements | 20,188 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 100 | |||
Gross Amounts of Which Carried at End of Year Land | 1,022 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 20,288 | |||
Gross Amounts of Which Carried at End of Year Total | 21,310 | |||
Accumulated Depreciation | $ 3,517 | |||
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 | $ 15,438 | |||
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 | 19,616 | |||
Accumulated Depreciation | $ 5,248 | |||
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 | $ 10,148 | |||
Initial Cost Land | 1,044 | |||
Initial Cost Building & Improvements | 12,226 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 472 | |||
Gross Amounts of Which Carried at End of Year Land | 1,044 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 12,698 | |||
Gross Amounts of Which Carried at End of Year Total | 13,742 | |||
Accumulated Depreciation | $ 3,672 | |||
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 | $ 20,004 | |||
Initial Cost Land | 1,482 | |||
Initial Cost Building & Improvements | 22,993 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 450 | |||
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 | 20,263 | |||
Gross Amounts of Which Carried at End of Year Total | 21,745 | |||
Accumulated Depreciation | $ 4,836 | |||
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 | $ 14,006 | |||
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 | $ 3,893 | |||
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 | $ 9,928 | |||
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 | $ 748 | |||
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 | $ 272 | |||
Initial Cost Land | 199 | |||
Initial Cost Building & Improvements | 1,537 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5 | |||
Gross Amounts of Which Carried at End of Year Land | 199 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 1,542 | |||
Gross Amounts of Which Carried at End of Year Total | 1,741 | |||
Accumulated Depreciation | $ 503 | |||
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 | $ 1,053 | |||
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 | $ 1,572 | |||
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 | $ 249 | |||
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 | $ 10,456 | |||
Initial Cost Land | 941 | |||
Initial Cost Building & Improvements | 11,074 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 62 | |||
Gross Amounts of Which Carried at End of Year Land | 941 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 11,136 | |||
Gross Amounts of Which Carried at End of Year Total | 12,077 | |||
Accumulated Depreciation | $ 1,779 | |||
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 | $ 11,031 | |||
Initial Cost Land | 1,437 | |||
Initial Cost Building & Improvements | 13,367 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 205 | |||
Gross Amounts of Which Carried at End of Year Land | 1,437 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 13,572 | |||
Gross Amounts of Which Carried at End of Year Total | 15,009 | |||
Accumulated Depreciation | $ 2,838 | |||
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 | $ 20,025 | |||
Initial Cost Land | 2,670 | |||
Initial Cost Building & Improvements | 23,766 | |||
Gross Amounts of Which Carried at End of Year Land | 2,670 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 23,766 | |||
Gross Amounts of Which Carried at End of Year Total | 26,436 | |||
Accumulated Depreciation | $ 594 | |||
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 | $ 20,104 | |||
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 | $ 3,267 | |||
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 | $ 13,882 | |||
Initial Cost Land | 3,313 | |||
Initial Cost Building & Improvements | 20,073 | |||
Gross Amounts of Which Carried at End of Year Land | 3,313 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 20,073 | |||
Gross Amounts of Which Carried at End of Year Total | 23,386 | |||
Accumulated Depreciation | $ 1,250 | |||
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 | $ 713 | |||
Initial Cost Land | 141 | |||
Initial Cost Building & Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Land | 141 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Total | 1,408 | |||
Accumulated Depreciation | $ 85 | |||
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 | $ 10,250 | |||
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 | $ 806 | |||
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 | $ 9,278 | |||
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 | $ 1,007 | |||
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 | $ 10,530 | |||
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 | $ 1,197 | |||
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 | $ 14,834 | |||
Initial Cost Land | 1,327 | |||
Initial Cost Building & Improvements | 16,540 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 279 | |||
Gross Amounts of Which Carried at End of Year Land | 1,327 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 16,819 | |||
Gross Amounts of Which Carried at End of Year Total | 18,146 | |||
Accumulated Depreciation | $ 5,159 | |||
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 | $ 16,940 | |||
Initial Cost Land | 2,341 | |||
Initial Cost Building & Improvements | 20,880 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 47 | |||
Gross Amounts of Which Carried at End of Year Land | 2,341 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 20,927 | |||
Gross Amounts of Which Carried at End of Year Total | 23,268 | |||
Accumulated Depreciation | $ 1,305 | |||
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 | $ 3,938 | |||
Initial Cost Land | 693 | |||
Initial Cost Building & Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Land | 693 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Total | 7,343 | |||
Accumulated Depreciation | $ 429 | |||
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 | $ 10,459 | |||
Initial Cost Land | 790 | |||
Initial Cost Building & Improvements | 11,526 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 69 | |||
Gross Amounts of Which Carried at End of Year Land | 790 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 11,595 | |||
Gross Amounts of Which Carried at End of Year Total | 12,385 | |||
Accumulated Depreciation | $ 4,019 | |||
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 | $ 68,470 | |||
Initial Cost Land | 19,556 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 85,235 | |||
Gross Amounts of Which Carried at End of Year Land | 19,556 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 85,235 | |||
Gross Amounts of Which Carried at End of Year Total | 104,791 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Abode Red Rock [Member] | ||||
Encumbrances | 22,945 | |||
Initial Cost Land | 6,039 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 28,095 | |||
Gross Amounts of Which Carried at End of Year Land | 6,039 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 28,095 | |||
Gross Amounts of Which Carried at End of Year Total | $ 34,134 | |||
Date Acquired | 01/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Apalache Point [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 150 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 150 | |||
Gross Amounts of Which Carried at End of Year Total | 150 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Eagle Crossing [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Total | 81 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Forest Pines [Member] | ||||
Initial Cost Land | 5,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 269 | |||
Gross Amounts of Which Carried at End of Year Land | 5,040 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 269 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,309 | |||
Date Acquired | 06/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Lakeside Lofts, Farmers Branch [Member] | TEXAS | ||||
Encumbrances | $ 1 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,079 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 5,079 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,079 | |||
Date Acquired | 08/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | McKinney Point [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 138 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 138 | |||
Gross Amounts of Which Carried at End of Year Total | $ 138 | |||
Date Acquired | 10/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Bentonville [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 86 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 86 | |||
Gross Amounts of Which Carried at End of Year Total | $ 86 | |||
Date Acquired | 9/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Garland [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 81 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Total | $ 81 | |||
Date Acquired | 9/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Wylie [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 195 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 195 | |||
Gross Amounts of Which Carried at End of Year Total | $ 195 | |||
Date Acquired | 9/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Oak Hollow II [Member] | ||||
Encumbrances | $ 5,475 | |||
Initial Cost Land | 1,046 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,622 | |||
Gross Amounts of Which Carried at End of Year Land | 1,046 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 4,622 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,668 | |||
Date Acquired | 4/17 | |||
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 | 530 | |||
Gross Amounts of Which Carried at End of Year Land | 1,843 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 530 | |||
Gross Amounts of Which Carried at End of Year Total | $ 2,373 | |||
Date Acquired | 11/15 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Sawgrass II [Member] | ||||
Encumbrances | $ 1,007 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,772 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 3,772 | |||
Gross Amounts of Which Carried at End of Year Total | $ 3,772 | |||
Date Acquired | 06/17 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Terra Lago, Rowlett [Member] | TEXAS | ||||
Encumbrances | $ 39,042 | |||
Initial Cost Land | 5,588 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 42,137 | |||
Gross Amounts of Which Carried at End of Year Land | 5,588 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 42,137 | |||
Gross Amounts of Which Carried at End of Year Total | $ 47,725 | |||
Date Acquired | 11/15 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | ||||
Encumbrances | $ 126,579 | |||
Initial Cost Land | 17,551 | |||
Initial Cost Building & Improvements | 154,360 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 43,792 | |||
Asset Impairment | (14,900) | |||
Gross Amounts of Which Carried at End of Year Land | 17,551 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 183,252 | |||
Gross Amounts of Which Carried at End of Year Total | 200,803 | |||
Accumulated Depreciation | 63,646 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass, Las Colinas [Member] | TEXAS | ||||
Encumbrances | 38,600 | |||
Initial Cost Land | 5,751 | |||
Initial Cost Building & Improvements | 51,759 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 18,573 | |||
Gross Amounts of Which Carried at End of Year Land | 5,751 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 70,332 | |||
Gross Amounts of Which Carried at End of Year Total | 76,083 | |||
Accumulated Depreciation | $ 26,899 | |||
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 | $ 12,600 | |||
Initial Cost Land | 1,763 | |||
Initial Cost Building & Improvements | 15,834 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 270 | |||
Gross Amounts of Which Carried at End of Year Land | 1,763 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 16,104 | |||
Gross Amounts of Which Carried at End of Year Total | 17,867 | |||
Accumulated Depreciation | $ 1,122 | |||
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 | $ 4,906 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,134 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 1,134 | |||
Gross Amounts of Which Carried at End of Year Total | 1,134 | |||
Accumulated Depreciation | $ 616 | |||
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 | $ 42,473 | |||
Initial Cost Land | 5,096 | |||
Initial Cost Building & Improvements | 45,868 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15,571 | |||
Gross Amounts of Which Carried at End of Year Land | 5,096 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 61,439 | |||
Gross Amounts of Which Carried at End of Year Total | 66,535 | |||
Accumulated Depreciation | $ 23,746 | |||
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 | $ 418 | |||
Initial Cost Building & Improvements | 6,037 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 148 | |||
Asset Impairment | (5,300) | |||
Gross Amounts of Which Carried at End of Year Land | 418 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 885 | |||
Gross Amounts of Which Carried at End of Year Total | 1,303 | |||
Accumulated Depreciation | $ 502 | |||
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 | $ 54 | |||
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 | $ 140 | |||
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 | 7,871 | |||
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 | 33,133 | |||
Gross Amounts of Which Carried at End of Year Total | 37,011 | |||
Accumulated Depreciation | $ 10,567 | |||
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 | $ 27,783 | |||
Initial Cost Land | 75,624 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 20,134 | |||
Asset Impairment | (26,292) | |||
Gross Amounts of Which Carried at End of Year Land | 75,624 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (6,158) | |||
Gross Amounts of Which Carried at End of Year Total | 69,466 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dominion Mercer, Farmers Branch, TX [Member] | TEXAS | ||||
Encumbrances | 11,125 | |||
Initial Cost Land | 4,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,609 | |||
Gross Amounts of Which Carried at End of Year Land | 4,040 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 3,609 | |||
Gross Amounts of Which Carried at End of Year Total | $ 7,649 | |||
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 | 296 | |||
Gross Amounts of Which Carried at End of Year Land | 519 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 296 | |||
Gross Amounts of Which Carried at End of Year Total | $ 815 | |||
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 | $ 157 | |||
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 | 1,612 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 8 | |||
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 | $ 61 | |||
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 | ||||
Initial Cost Land | $ 6,940 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,346 | |||
Asset Impairment | (3,747) | |||
Gross Amounts of Which Carried at End of Year Land | 6,940 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (2,401) | |||
Gross Amounts of Which Carried at End of Year Total | $ 4,539 | |||
Date Acquired | 03/08 | |||
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 | 1,169 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (760) | |||
Gross Amounts of Which Carried at End of Year Total | $ 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 | 81 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 3 | |||
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] | 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 | $ 1,211 | |||
Initial Cost Land | 635 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 161 | |||
Asset Impairment | (19) | |||
Gross Amounts of Which Carried at End of Year Land | 635 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 142 | |||
Gross Amounts of Which Carried at End of Year Total | $ 777 | |||
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 | 59 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 15 | |||
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 | $ 113 | |||
Gross Amounts of Which Carried at End of Year Land | 113 | |||
Gross Amounts of Which Carried at End of Year Total | $ 113 | |||
Date Acquired | 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 | 59 | |||
Gross Amounts of Which Carried at End of Year Land | 662 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Total | $ 721 | |||
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 | 184 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (118) | |||
Gross Amounts of Which Carried at End of Year Total | $ 66 | |||
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 | 80 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (51) | |||
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 | 1,418 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 390 | |||
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] | Texas Plaza Land, Irving [Member] | TEXAS | ||||
Initial Cost Land | $ 1,738 | |||
Asset Impairment | (238) | |||
Gross Amounts of Which Carried at End of Year Land | 1,738 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (238) | |||
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 | $ 307 | |||
Initial Cost Land | 80 | |||
Gross Amounts of Which Carried at End of Year Land | 80 | |||
Gross Amounts of Which Carried at End of Year Total | $ 80 | |||
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 | (945) | |||
Gross Amounts of Which Carried at End of Year Land | 1,173 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (945) | |||
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 | $ 14,922 | |||
Initial Cost Land | 48,378 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,209 | |||
Asset Impairment | (20,376) | |||
Gross Amounts of Which Carried at End of Year Land | 48,378 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | (6,167) | |||
Gross Amounts of Which Carried at End of Year Total | $ 42,211 | |||
Date Acquired | 11/11 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | ||||
Encumbrances | $ 119,786 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | TCI - Corporate [Member] | ||||
Encumbrances | 119,786 | |||
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 | $ 1,499 | |||
Initial Cost Land | 63,954 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 819 | |||
Asset Impairment | (19,034) | |||
Gross Amounts of Which Carried at End of Year Land | 45,739 | |||
Gross Amounts of Which Carried at End of Year Total | 45,739 | |||
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | ||||
Encumbrances | 1,499 | |||
Initial Cost Land | 63,954 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 819 | |||
Asset Impairment | (19,034) | |||
Gross Amounts of Which Carried at End of Year Land | 45,739 | |||
Gross Amounts of Which Carried at End of Year Total | 45,739 | |||
Properties Subject to Sales Contract Apartments [Member] | Land Subject to Sales Contract [Member] | Dominion Tract, Dallas [Member] | TEXAS | ||||
Encumbrances | 1,079 | |||
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 | $ 420 | |||
Initial Cost Land | 5,281 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 124 | |||
Asset Impairment | (3,302) | |||
Gross Amounts of Which Carried at End of Year Land | 2,103 | |||
Gross Amounts of Which Carried at End of Year Total | $ 2,103 | |||
Date Acquired | 06/02 | |||
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 | ||||
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 | $ 911,070 | |||
Initial Cost Land | 241,505 | |||
Initial Cost Building & Improvements | 823,755 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 156,606 | |||
Asset Impairment | (63,406) | |||
Gross Amounts of Which Carried at End of Year Land | 223,290 | |||
Gross Amounts of Which Carried at End of Year Building & Improvements | 935,170 | |||
Gross Amounts of Which Carried at End of Year Total | 1,158,460 | |||
Accumulated Depreciation | $ 178,590 |
SCHEDULE III REAL ESTATE AND 72
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Real Estate | |||
Balance at at beginning | $ 1,045,454 | $ 982,827 | $ 804,489 |
Additions | |||
Acquisitions, improvements and construction | 119,925 | 112,763 | 222,423 |
Deductions | |||
Sale of real estate | (6,919) | (50,136) | (38,785) |
Asset impairments | (5,300) | ||
Balance at ending | 1,158,460 | 1,045,454 | 982,827 |
Reconciliation of Accumulated Depreciation | |||
Balance at at beginning | 154,281 | 138,808 | 115,368 |
Additions | |||
Depreciation | 24,309 | 22,180 | 25,565 |
Deductions | |||
Sale of real estate | (6,707) | (2,125) | |
Balance at ending | $ 178,590 | $ 154,281 | $ 138,808 |
SCHEDULE IV MORTGAGE LOANS (Det
SCHEDULE IV MORTGAGE LOANS (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Carrying Amount of Mortgage | $ 64,019 | |||
Accrued interest | 6,147 | |||
Total notes and interest receivable | $ 70,166 | $ 79,308 | $ 71,376 | $ 85,447 |
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] | H198, LLC [Member] | McKinney Ranch Land [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2020-01 | |||
Carrying Amount of Mortgage | $ 4,290 | |||
Mortgage Loans [Member] | Spyglass Apartments of Ennis [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2019-11 | |||
Carrying Amount of Mortgage | $ 4,522 | |||
Mortgage Loans [Member] | Bellwether Ridge [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2020-05 | |||
Carrying Amount of Mortgage | $ 2,954 | |||
Mortgage Loans [Member] | Parc at Windmill Farms [Member] | ||||
Interest Rate | 5.00% | |||
Final Maturity Date | 2020-05 | |||
Carrying Amount of Mortgage | $ 2,505 | |||
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 | |||
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) (35.1% 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 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. (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 | $ 6,139 | |||
Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2032-12 | |||
Periodic Payment Terms | Excess cash flow | |||
Prior Liens | $ 15,756 | |||
Face Amount of Mortgage | 2,189 | |||
Carrying Amount of Mortgage | $ 2,000 | |||
Loans [Member] | Unified Housing Foundation, Inc. [Member] | ||||
Interest Rate | 12.00% | |||
Final Maturity Date | 2020-06 | |||
Periodic Payment Terms | Excess cash flow | |||
Face Amount of Mortgage | $ 1,261 | |||
Carrying Amount of Mortgage | $ 5,760 | |||
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 | 465 | |||
Loans [Member] | Various Non-Related Party Notes [Member] | ||||
Face Amount of Mortgage | 496 | |||
Carrying Amount of Mortgage | 796 | |||
Loans [Member] | Various Non-Related Party Notes [Member] | ||||
Face Amount of Mortgage | 4,742 | |||
Carrying Amount of Mortgage | $ 981 |
SCHEDULE IV MORTGAGE LOANS (D74
SCHEDULE IV MORTGAGE LOANS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at at beginning | $ 79,308 | $ 71,376 | $ 85,447 |
Additions | |||
New mortgage loans | 16,422 | 11,703 | 18,055 |
Funding of existing loans | 26,230 | 11,824 | 12,475 |
Increase (decrease) of interest receivable on mortgage loans | 668 | 9,878 | 6,994 |
Deductions | |||
Amounts received | (26,230) | (11,824) | (12,475) |
Non-cash reductions | (2) | (1,825) | (26,645) |
Balance at ending | $ 70,166 | $ 79,308 | $ 71,376 |