Transcontinental Realty Investors (TCI) 10-K 30 Mar 20 2019 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Mar. 25, 2020	Jun. 30, 2019
Cover [Abstract]
Entity Registrant Name	TRANSCONTINENTAL REALTY INVESTORS INC
Entity Central Index Key	0000733590
Document Type	10-K
Document Period End Date	Dec. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-09240
Entity Incorporation, State or Country Code	NV
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Well-Known Season Issuer	No
Entity Voluntary Filers	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,717,767
Entity Public Float			$ 24,391,302
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2019

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Real estate, at cost	$ 469,997	$ 461,718
Real estate subject to sales contracts at cost	7,966	2,014
Less accumulated depreciation	(90,173)	(79,228)
Total real estate	387,790	384,504
Notes and interest receivable (including $57,260 in 2019 and $51,945 in 2018 from related parties)	120,986	83,541
Cash and cash equivalents	51,179	36,358
Restricted cash	32,082	70,207
Investment in VAA	59,148	68,399
Investment in other unconsolidated investees	22,632	22,172
Receivable from related parties	141,541	133,642
Other assets	50,560	63,557
Total assets	865,918	862,380
Liabilities:
Notes and interest payable	246,546	277,237
Bonds and bond interest payable	229,722	158,574
Deferred revenue (including $9,468 in 2019 and $17,522 in 2018 to related parties)	9,468	17,522
Deferred tax liability		2,000
Accounts payable and other liabilities (including $935 in 2019 and $3 in 2018 to related parties)	26,115	26,646
Total liabilities	511,851	481,979
Shareholders' equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2019 and 2018; outstanding 8,717,767 shares in 2019 and 2018	87	87
Treasury stock at cost, 200 shares in 2019 and 2018	(2)	(2)
Paid-in capital	257,853	258,050
Retained earnings	74,665	101,585
Total Transcontinental Realty Investors, Inc. shareholders' equity	332,603	359,720
Non-controlling interest	21,464	20,681
Total shareholders' equity	354,067	380,401
Total liabilities and shareholders' equity	$ 865,918	$ 862,380

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Notes and interest receivable	$ 120,986	$ 83,541
Deferred revenue	9,468	17,522
Accounts payable and other liabilities	$ 26,115	$ 26,646
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]
Notes and interest receivable	$ 57,260	$ 51,945
Deferred revenue	9,468	17,522
Accounts payable and other liabilities	$ 935	$ 3

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Revenues:
Rental and other property revenues (including $841, $767 and $839 for the years ended 2019, 2018 and 2017, respectively, from related parties)	$ 47,970	$ 120,955	$ 125,233
Expenses:
Property operating expenses (including $991, $943 and $929 for the years ended 2019, 2018 and 2017, respectively, from related parties)	25,213	59,420	63,056
Depreciation and amortization	13,379	22,761	25,558
General and administrative (including $4,144, $4,578 and $3,120 for the years ended 2019, 2018 and 2017, respectively, from related parties)	10,951	11,359	6,269
Net income fee to related party	357	631	250
Advisory fee to related party	5,806	10,663	9,995
Total operating expenses	55,706	104,834	105,128
Net operating (loss) income	(7,736)	16,121	20,105
Other income (expenses):
Interest income (including $17,413, $13,132 and $11,485 for the years ended 2019, 2018 and 2017, respectively, from related parties)	19,607	15,793	13,862
Other income	84	28,150	625
Mortgage and loan interest (including $1,999, $423 and $1,174 for the year ended 2019, 2018 and 2017, respectively, from related parties)	(31,816)	(58,872)	(59,944)
Foreign currency transaction (loss) gain	(15,108)	12,399	(4,536)
Loss on debt extinguishment	(5,219)
Equity (loss) earnings from VAA	(2,774)	44
Earnings from other unconsolidated investees	16	1,085	26
Total other expenses	(35,210)	(1,401)	(49,967)
(Loss) income before gain on disposition of 50% interest in VAA, gain on land sales, non-controlling interest, and taxes	(42,946)	14,720	(29,862)
Gain on disposition of 50% interest in VAA		154,126
(Loss) gain on sale of income producing properties	(80)		9,842
Gain on land sales	14,889	17,404	4,884
Net (loss) income from continuing operations before taxes	(28,137)	186,250	(15,136)
Income tax expense - current	0	(1,210)	(180)
Income tax benefit (expense) - deferred	2,000	(2,000)
Net (loss) income from continuing operations	(26,137)	183,040	(15,316)
Net (loss) income	(26,137)	183,040	(15,316)
Net (income) attributable to non-controlling interest	(783)	(1,590)	(499)
Net (loss) income attributable to Transcontinental Realty Investors, Inc.	(26,920)	181,450	(15,815)
Preferred dividend requirement		(900)	(900)
Net (loss) income applicable to common shares	$ (26,920)	$ 180,550	$ (16,715)
Earnings per share - basic
Net (loss) income from continuing operations (in dollars per share)	$ (3)	$ 20.89	$ (1.86)
Net (loss) income applicable to common shares (in dollars per share)	(3.09)	20.71	(1.92)
Earnings per share - diluted
Net (loss) income from continuing operations (in dollars per share)	(3)	20.89	(1.86)
Net (loss) income applicable to common shares (in dollars per share)	$ (3.09)	$ 20.71	$ (1.92)
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 (loss) income from continuing operations	$ (26,137)	$ 183,040	$ (15,316)
Net (loss) income applicable to common shares	$ (26,920)	$ 180,550	$ (16,715)

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Rental and other property revenues	$ 47,970	$ 120,955	$ 125,233
Property operating expenses	25,213	59,420	63,056
General and administrative	10,951	11,359	6,269
Interest income	19,607	15,793	13,862
Mortgage and loan interest	31,816	58,872	59,944
Related Party [Member]
Rental and other property revenues	841	767	839
Property operating expenses	991	943	929
General and administrative	4,144	4,578	3,120
Interest income	17,413	13,132	11,485
Mortgage and loan interest	$ 1,999	$ 423	$ 1,174

CONSOLIDATED STATEMENT OF SHARE

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Comprehensive Income (Loss) [Member]	Common Stock [Member]	Treasury Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Non-controlling Interest [Member]
Balance at beginning at Dec. 31, 2016	$ 224,477	$ (64,852)	$ 87	$ (2)	$ 269,849	$ (64,050)	$ 18,592
Balance at beginnng (in shares) at Dec. 31, 2016			8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(15,316)	(15,316)				(15,815)	499
Series D preferred stock dividends (9.0% per year)	(900)				(900)
Balance at ending at Dec. 31, 2017	208,261	(80,168)	$ 87	(2)	268,949	(79,865)	19,091
Balance at ending (in shares) at Dec. 31, 2017			8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	183,040	181,450				181,450	1,590
Series D preferred stock dividends (9.0% per year)	(900)				(900)
Redemption of Series D preferred stock	(10,000)				(9,999)
Balance at ending at Dec. 31, 2018	380,401	101,282	$ 87	(2)	258,050	101,585	20,681
Balance at ending (in shares) at Dec. 31, 2018			8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution to equity partner	(197)				(197)
Net income (loss)	(26,137)	(26,920)				(26,920)	783
Balance at ending at Dec. 31, 2019	$ 354,067	$ 74,362	$ 87	$ (2)	$ 257,853	$ 74,665	$ 21,464
Balance at ending (in shares) at Dec. 31, 2019			8,717,967

CONSOLIDATED STATEMENT OF SHA_2

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Statement of Stockholders' Equity [Abstract]
Series D preferred stock dividends percentage	9.00%	9.00%

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Cash Flow From Operating Activities:
Net (loss) income	$ (26,137)	$ 183,040	$ (15,316)
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:
Gain on disposition of 50% inerest in VAA		(154,126)
Loss (gain) on sale of income-producing properties	80		(9,842)
Foreign currency transaction loss (gain)	15,108	(12,399)	4,536
Loss on debt extinguishment	5,219
Gain on sale of land	(14,889)	(17,404)	(4,884)
Depreciation and amortization	13,379	22,761	25,558
Amortization of deferred borrowing costs	662	4,994	3,574
Amortization of bond issuance costs	1,544	2,994	971
Loss (earnings) from joint venture	2,774	(44)
Earnings from other unconsolidated investees	(16)	(1,085)	(26)
(Increase) decrease in assets:
Accrued interest receivable	(8,916)	(22,601)	(668)
Other assets	(1,149)	(105,531)	(1,433)
Prepaid expense	10,237	19,124	(5,661)
Rent receivables	626	(3,213)	543
Related party receivables	(35,257)	(14,995)	(9,972)
Increase (decrease) in liabilities:
Accrued interest payable	2,349	(2,307)	4,573
Other liabilities	(1,361)	(80,395)	(17,027)
Net cash (used in) operating activities	(35,747)	(181,187)	(25,074)
Cash Flow From Investing Activities:
Proceeds from disposition of 50% interest in VAA		236,752
Proceeds from notes receivable	13,862	6,541	26,230
Originations or advances on notes receivable	(21,434)	(16,801)	(16,420)
Acquisition of land held for development	(3,422)
Acquisition of income-producing properties		(10,558)	(37,044)
Distribution from equity investee	6,701
Distributions to equity partner	(197)
Proceeds from sale of income-producing properties	1,296	4,889
Proceeds from sale of land	27,326	11,857	6,301
Improvement of income-producing properties	(5,257)	(3,688)	(64,443)
Construction and development of new properties	(28,473)	(81,367)	(12,936)
Net cash (used in) provided by investing activities	(9,598)	147,625	(98,312)
Cash Flow From Financing Activities:
Proceeds from notes payable	25,675	123,345	135,116
Recurring payment of principal on notes payable	(10,446)	(124,616)	(83,070)
Payment on commercial note payable	(41,531)
Debt extinguishment costs	(3,799)
Proceeds from bonds	78,125	59,213	115,335
Bond payments	(21,742)
Bond issuance costs	(4,241)	(5,257)	(6,887)
Deferred financing costs			(3,599)
Preferred stock dividends - Series D		(900)	(900)
Net cash provided by financing activities	22,041	51,785	155,995
Net (decrease) increase in cash, cash equivalents and restricted cash	(23,304)	18,223	32,609
Cash, cash equivalents and restricted cash, beginning of period	106,565	88,342	55,733
Cash, cash equivalents and restricted cash, end of period	83,261	106,565	88,342
Supplemental disclosures of cash flow information:
Cash paid for interest	29,430	61,587	$ 49,791
Schedule of noncash investing and financing activities:
Land received in exchange for note receivable	1,800
Notes receivable received from sale of income-producing properties		1,735
Seller financing note - acquisition of income-producing properties		1,895
Notes payable issued on acquisition of income-producing properties		$ 31,175
Notes payable issued on acquisition of land	$ 1,155

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (26,137)	$ 183,040	$ (15,316)
Total comprehensive (loss) income	(26,137)	183,040	(15,316)
Comprehensive (income) attributable to non-controlling interest	(783)	(1,590)	(499)
Comprehensive (loss) income attributable to Transcontinental Realty Investors, Inc.	$ (26,920)	$ 181,450	$ (15,815)

ORGANIZATION AND SUMMARY OF SIG

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2019
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 78.38% 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, 2019, TCI owned 81.23% of the outstanding IOR common shares. Shares of IOR are traded on the New York Exchange (“NYSE American”) under the symbol “IOR”. TCI’s Board of Directors are 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. Refer to 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. On November 19, 2018, we executed an agreement between the Macquarie Group (“Macquarie”) and Southern and TCI to create a joint venture, Victory Abode Apartments, LLC (“VAA”) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, Southern and TCI contributed a portfolio of 47 income producing apartment complexes, and 5 development projects in various stages of construction and received cash consideration of $236.8 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (“HUD”). VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of Southern and Summerset Intermediate Holdings 2 LLC (“Summerset”), a wholly-owned indirect subsidiary of Macquarie. Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (“Class A Members”). The remaining 2% of the profits interest is held by Daniel J. Moos, who serves as the President and Chief Executive officer of the Company (“Class B Member”) and Manager of the joint venture. 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 income from gains on sales of income-producing properties and land. At December 31, 2019, we owned ten residential apartment communities comprising of 1,657 units, seven commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, an investment in 1,951 acres of undeveloped and partially developed land. In addition, our joint venture VAA owns fifty-one residential apartment communities comprised of 9,888 units. 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 investments in ARL and VAA are accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates ten and nine multifamily residential properties located throughout the United States at December 31, 2019 and December 31, 2018, respectively, with total units of 1,657 and 1,489, respectively. Assets totaling $477.9 million and $463.7 million at December 31, 2019 and 2018, 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 revenue 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. Concentration of credit risk. Earnings per share . Use of estimates. Income taxes . Recent accounting pronouncements . In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. ASU 2016-02 was effective for reporting periods beginning after December 15, 2018. The adoption of ASU 2016-02 did not have a material impact on the Company’s financial position and results of operations. 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. As the majority of the Company’s revenue is from rental revenue related to leases, the Company has determined that the adoption of this Standard was immaterial to the consolidated financial statements and related disclosures.

INVESTMENT IN VAA

INVESTMENT IN VAA	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN VAA	NOTE 2. INVESTMENT IN VAA On November 19, 2018, we executed an agreement between the Macquarie Group (“Macquarie”) and Southern and TCI to create a joint venture, Victory Abode Apartments, LLC (“VAA”) to address existing and future demand for quality multifamily residential housing through acquisition and development of sustainable Class A multifamily housing in focused secondary and tertiary markets. In connection with the formation of the joint venture, Southern and TCI contributed a portfolio of 47 income producing apartment complexes, and 5 development projects in various stages of construction. TCI received cash consideration of $236.8 million and recognized a gain of approximately $154.1 million. At the time of the transfer of the properties, the joint venture assumed all liabilities of those properties, including mortgage debt to the Department of Housing and Urban Development (“HUD”). VAA is equally owned and controlled by Abode JVP, LLC, a wholly-owned subsidiary of Southern and Summerset Intermediate Holdings 2 LLC (“Summerset”), a wholly-owned indirect subsidiary of Macquarie. Pursuant to the Agreement, Abode JVP, LLC and Summerset each own voting and profit participation rights of 50% and 49%, respectively (“Class A Members”). The remaining 2% of the profit participation interest is held by Daniel J. Moos TCI’s President and Chief Executive Officer (“Class B Member”) who serves also as the Manager of the joint venture. In addition, upon the closing of the agreement the Class B Member received a payment of $1.9 million. The Company accounts for VAA as an equity method investment. Under the equity method of accounting, our net equity is reflected within the Consolidated Balance Sheets, and our share of net income or loss from the joint ventures is included within the Consolidated Statements of Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses; however, our recognition of joint venture income or loss generally follows the joint venture’s distribution priorities, which may change upon the achievement of certain investment return thresholds. The following is a summary of the financial position and results of operations of VAA (dollars in thousands): As of December 31, Balance Sheet 2019 2018 Net real estate assets $ 1,242,957 $ 1,257,557 Other assets 62,222 67,020 Debt, net (832,779 ) (791,225 ) Other liabilities (271,291 ) (280,288 ) Total equity (201,109 ) (253,064 ) Results of Operations For the Year Ended For the period Total revenue $ 115,377 $ 12,887 Total property, operating, and maintenance expenses (56,967 ) (4,507 ) Interest expense (61,487 ) (5,818 ) Depreciation and Amortization (43,942 ) (6,987 ) Total other expense (3,377 ) (5,297 ) Net loss $ (50,396 ) $ (9,722 ) The following is a reconciliation from VAA's net loss to TCI's equity in earnings of VAA (dollars in thousands): For the Year Ended For the period VAA net loss $ (50,396 ) $ (9,722 ) Adjustments to reconcile to income (loss) from VAA Interest expense on mezzanine loan 25,014 2,815 In-place lease intangibles - amortization expense 14,703 3,983 Depreciation basis differences 5,132 3,012 Net loss $ (5,547 ) $ 88 Percentage ownership in VAA 50 % 50 % Loss from VAA $ (2,774 ) $ 44 The following table sets forth the location of our real estate held for investment (income-producing properties only) by asset type as of December 31, 2019: Apartments Location No. Units Alabama 1 168 Arkansas 5 1,122 Colorado 2 260 Florida 2 388 Georgia 1 222 Louisiana 3 464 Mississippi 1 196 North Carolina 1 201 Nevada 1 308 Tennessee 4 708 Texas-Greater Dallas-Ft Worth 19 3,709 Texas-Greater Houston 2 416 Texas-Other 9 1,726 Total 51 9,888 At December 31, 2019, our apartment projects in development included (dollars in thousands): Property Location No. of Units Costs to Date (1) Total Projected Costs (1) Lakeside Lofts apartments Farmers Branch, TX 249 $ 50,357 $ 80,622 Total 249 $ 50,357 $ 80,622 (1) Costs include construction hard costs, construction soft costs and loan borrowing costs. During 2019, the Company received $19.4 million cash distribution from VAA as a result of the annual surplus cash computation from its HUD collaterized residential properties and other amounts owed to the Company as agreed to in the joint venture operating agreement.

REAL ESTATE

REAL ESTATE	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
REAL ESTATE	NOTE 3. REAL ESTATE At December 31, 2019 and 2018, TCI’s real estate investment is comprised of the following (dollars in thousands): December 31, 2019 2018 Apartments $ 156,173 $ 126,274 Apartments under construction 22,363 27,261 Commercial properties 229,424 224,167 Land held for development 62,037 84,016 Real estate subject to sales contract 7,966 2,014 Total real estate, at cost, less impairment $ 477,963 $ 463,732 Less accumulated deprecation (90,173 ) (79,228 ) Total real estate, net of depreciation $ 387,790 $ 384,504 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. There was no provision for impairment during the years ended December 31, 2019, 2018 and 2017. The following is a description of the Company’s significant real estate transactions for the year ended December 31, 2019: ● Sold 35.9 acres of land located in Farmers Branch, Texas for an aggregate sales price of $18.9 million and recognized a gain on the sale of $9.0 million. ● Sold 29.4 acres of land located in Forney, Texas for a total sales price of $5.0 million and recognized a gain on the sale of approximately $4.1 million. ● Sold 10.33 acres of land located in Dallas, Texas for a total sales price of $2.1 million and recognized a gain on the sale of approximately $0.4 million. ● Sold 6.25 acres of land located in Nashville, Tennessee for a total sales price of $2.3 million and recognized a gain on the sale of approximately $0.9 million. ● Sold 23.24 acres of land located in Fort Worth, Texas for a total sales price of $1.8 million and recognized a gain on the sale of approximately $0.5 million. ● Sold a multifamily residential property, located in Mary Ester, Florida for a total sales price of $3.1 million out of which $1.8 million represents land received with a total acreage of 1.27 acres located in Riverside, California in exchange for a note receivable of the same value. The Company recognized a loss from this sale of approximately $0.08 million. ● Purchased 33.05 acres of land in Athens, Alabama for a total purchase price of $2.1 million, out of which $0.9 million was paid in cash and the remaining balance of $1.2 million was issued as a note payable. The note payable matures in eighteen months and bears an annual interest rate of 5.91%. ● Purchased from a third party 8.94 acres of land located in Collin County, Texas for a total purchase price of $2.5 million. ● Purchased an option to buy 37.8 acres of land (6.3 acres located in Collin County, Texas and 31.5 acres located in Clark County, Nevada) for $2.0 million from a third party land developer. The Company continues to invest in the development of apartment projects. During the year ended December 31, 2019, TCI has invested $28.5 million related to the construction and development of various apartment complexes and capitalized $0.8 million of interest costs.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 4. SUPPLEMENTAL CASH FLOW INFORMATION For the years ended December 31, 2019 and 2018, the Company paid interest of $29.4 million and $61.6 million, respectively. Cash and cash equivalents, and restricted cash for fiscal year ended 2019 and 2018 was $83.3 million and $106.6 million, respectively. The following is a reconciliation of the Company’s cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: December 31, 2019 2018 Cash and cash equivalents $ 51,179 $ 36,358 Restricted cash (cash held in escrow) 15,540 37,946 Restricted cash (certificate of deposits) 3,759 9,688 Restricted cash (held with Trustee) 12,783 22,573 Total cash, cash equivalents and restricted cash $ 83,261 $ 106,565 Amounts included in restricted cash represent funds required to meet contractual obligations with certain financial institutions for the payment of reserve replacement and tax and insurance escrow. In addition, restricted cash includes funds to the Bond’s Trustee for payment of principal and interests.

NOTES AND INTEREST RECEIVABLE

NOTES AND INTEREST RECEIVABLE	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
NOTES AND INTEREST RECEIVABLE	NOTE 5. NOTES AND INTEREST RECEIVABLE A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: Prospectus Endeavors 4, LLC 01/23 12.00 % 5,907 Secured Prospectus Endeavors 6, LLC 10/22 12.00 % 496 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured H198, LLC (McKinney Ranch Land) 09/20 6.00 % 4,554 Secured Forest Pines 11/20 5.00 % 2,868 Secured Spyglass Apartments of Ennis, LP 11/20 5.00 % 5,288 Secured Bellwether Ridge 05/20 5.00 % 3,765 Secured Parc at Windmill Farms 05/20 5.00 % 7,602 Secured Autumn Breeze 10/21 5.00 % 1,302 Secured Plum Tree 10/21 5.00 % 413 Secured Ingleside 12/21 5.00 % 1,531 Secured RNC 09/24 5.00 % 8,802 Secured Revolving Line of Credit Steeple Crest 10/20 5.00 % 6,665 Secured RAI PFBL 2018 Purch Fee Note Weatherford 12/21 12.00 % 525 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 % 6,369 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 4,000 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (1) 12/21 12.00 % 10,401 Unsecured Unified Housing Foundation, Inc. (1) 06/20 12.00 % 5,314 Unsecured Unified Housing Foundation, Inc. (1) 03/22 12.00 % 4,782 Unsecured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 07/21 12.00 % 838 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 07/21 12.00 % 773 Secured Unified Housing Foundation, Inc. (Marquis at Vista Ridge) (1) 07/21 12.00 % 839 Secured Unified Housing Foundation, Inc. (Timbers at the Park) (1) 07/21 12.00 % 432 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 07/21 12.00 % 913 Secured Unified Housing Foundation, Inc. (Bella Vista) (1) 08/21 12.00 % 212 Secured Unified Housing Foundation, Inc. (1) 10/21 12.00 % 6,831 Unsecured Other related party notes Various Various 3,553 Various secured interests Other non-related party notes Various Various 10,276 Various secured interests Accrued interest 8,629 Total Performing $ 122,811 Allowance for estimated losses (1,825 ) Total $ 120,986 (1) As of December 31, 2019, the obligors on $54.0 million of the mortgage notes receivable portfolio were due from related entities. The Company recognized $6.9 million of interest income from these related party notes receivables. In addition, during the quarter ended June 30, 2019, TCI purchased notes receivables with a face value of $29.0 million (out of which $1.0 million represented accrued interest receivables) from related parties. As of December 31, 2019, 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.

INVESTMENT IN UNCONSOLIDATED JO

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES	NOTE 6. 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% ownership 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 an unconsolidated joint venture. Our interest in the common stock of ARL in the amount of 0.90% is accounted for under the equity method. The summary data presented below includes our investments accounted for under the equity method, except for our investment in VAA which is discussed in detail in Note 2 ‘Investment in VAA’. The following is a summary of the financial position and results of operations from our unconsolidated parent (dollars in thousands): December 31, 2019 2018 2017 ARL Real estate, net of accumulated depreciation $ — $ 549 $ 12,349 Notes receivable 35,213 42,517 41,928 Other assets 67,441 66,712 126,238 Notes payable (8,327 ) (9,637 ) (6,507 ) Other liabilities (26,947 ) (21,123 ) (102,014 ) Shareholders’ equity/partners capital (67,380 ) (79,018 ) (71,994 ) For the Year Ended December 31, 2019 2018 2017 Rents, interest and other income $ 12,569 $ 7,132 $ 9,193 Depreciation — — (157 ) Operating expenses (3,765 ) (2,420 ) (3,149 ) Gain on land sales 1,016 — 4,765 Interest expense (8,043 ) (7,191 ) (6,228 ) Income (loss) from continuing operations $ 1,777 $ (2,479 ) $ 4,424 Net income (loss) $ 1,777 $ (2,479 ) $ 4,424 Company’s proportionate share of income (loss) $ 16 $ (22 ) $ 40 During the fourth quarter of 2018, TCI purchased from RAI 900,000 shares of ARL Series A convertible Preferred Stock for $9.0 million. The Series A Preferred Stock may be converted into common stock at 90.0% of the average daily closing price of ARL’s common stock for the prior 20 trading days. The investment in ARL convertible Preferred Stock is being carried at the Company’s cost of $9 million and is included in investment in other unconsolidated investees. Additionally, TCI purchased from RAI $9.9 million accrued unpaid dividends related to the ARL Series A convertible Preferred Stock which is carried at the cost and included in investment in unconsolidated investees on the balance sheet.

NOTES AND INTEREST PAYABLE

NOTES AND INTEREST PAYABLE	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
NOTES AND INTEREST PAYABLE	NOTE 7. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 2018 Apartments $ 120,024 $ 94,759 Apartments under Construction 9,017 14,402 Commercial 92,838 135,951 Land 14,806 22,200 Real estate held for sale — 376 Corporate and other notes 16,430 18,130 Total notes payable $ 253,115 $ 285,818 Less: unamortized deferred borrowing costs (7,342 ) (9,425 ) Total outstanding notes payable, net $ 245,773 $ 276,393 Accrued Interest 773 844 Total notes payable, net and accrued interest $ 246,546 $ 277,237 Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company’s notes payable at December 31, 2019 are as follows (in thousands): Year Amount 2020 $ 25,982 2021 55,393 2022 13,437 2023 36,770 2024 1,995 Thereafter 119,538 Total $ 253,115 Interest payable at December 31, 2019 and 2018, was $.08 million and $.09 million, respectively. Our debt has interest rates ranging from 2.5% to 9.75% per annum with maturity dates between 2021 and 2059. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $311.5 million. 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 $28.5 million and $81.0 million in construction loans during the year ended December 31, 2019, and 2018, respectively.

BONDS AND BONDS INTEREST PAYABL

BONDS AND BONDS INTEREST PAYABLE	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
BONDS AND BONDS INTEREST PAYABLE	NOTE 8. 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 obligations of Southern. During the year ended December 31, 2017 on three separate occasions Southern issued nonconvertible Series A Bonds with a total value of approximately NIS400 million New Israeli Shekels (“NIS”) or approximately $115 million dollars. The Series A Bonds have a stated interest rate of 7.3%. At March 31, 2018 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), with the first payment commencing on July 31, 2017. On January 25, 2018, interest payment of approximately NIS 14.6 million (or approximately $4.3 million) was paid to the Series A bondholders. On February 15, 2018, Southern issued Series B bonds in the amount of NIS 137.7 million par value (approximately $39.2 million as of February 15, 2018). The Series B bonds are registered on the TASE. The bonds are reported in NIS and bear 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). A total bond issuance cost of $1.4 million was incurred. The effective interest rate is 7.99%. On July 19, 2018, Southern closed a private placement of its Series B bonds in the amount of NIS 72.3 million (or approximately $19.8 million). The bonds are reported in NIS, are registered on the TASE, bear an annual interest rate of 6.8% and have an effective interest rate of 9.60%. Interest will be paid on January 31 and July 31 of each of the years 2019 and 2013 (inclusive). The principal will be repaid in ten equal installment on January 31 and July 31 of each of the years from 2021 to 2012 (inclusive). The Company incurred bonds issuance costs of approximately $1.9 million. On July 26, 2018, interest payment of approximately NIS 18.9 million (or approximately $5.2 million) was paid to the Series A and B bondholders. On July 28, 2019, SPC issued Series C bonds in the amount of NIS 275 million (or approximately $78.1 million). The bonds are reported in NIS, and registered on the TASE, and bear an annual interest of 4.65%. The interest will be paid on January 31 and July 31 of each of the years 2020 through 2023, with the principal payment due in 2023. The Company incurred bond issuance costs of approximately $4.2 million. On September 23, 2019, Southern entered into a foreign exchange risk hedging transaction agreement with Bank Leumi with the aim of hedging the risk that the NIS exchange rate against the dollar will fall below 3, thereby reducing the exposure of the bonds (Series A, B and C) to exchange rate volatility. The term of the agreement is six months and the face value of the transaction is NIS 664 million ($ 221 million). The hedge transaction costs as well as the fair value as of December 31, 2019 were immaterial. During the year ended December 31, 2019, the Company made payments of $21.8 million and $11.6 million on bond principal and interests, respectively. On January 27, 2020, the Company made payments of NIS 60.6 million in bond principal on the Series A and interests on the Series A, B, C (or approximately $17.6 million). On February 2, 2020, S&P Global Ratings announced the increase of the Company's issuer rating to 'ilA-' from 'ilBBB+' for Bonds (Series A and B). In addition, Series C bond rating (secured by one of SPC’s commercial properties) increase to 'ilA' from 'ilA-' rating due to the expectation of continued improvement in coverage ratios and the expansion of Company’s portfolio. The outstanding balance of these Bonds at December 31, 2019 and 2018 is as follows: December 31, 2019 2018 Bonds (Series A) $ 92,653 $ 106,686 Bonds (Series B) 39,844 36,740 Bonds (Series B expansion) 20,920 19,290 Bonds (Series C) 79,572 — Total outstanding bonds $ 232,989 $ 162,716 Less: deferred bond issuance costs (9,724 ) (8,179 ) Total outstanding bonds, net 223,265 154,537 Accrued Interest 6,457 4,037 Total outstanding bonds, net and accrued interest $ 229,722 $ 158,574 The aggregate maturities of the bonds are as follows: Year Agrregage Maturities 2020 $ 23,148 2021 35,301 2022 35,301 2023 114,873 2024 12,153 Thereafter 12,213 $ 232,989 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 the year ended December 31, 2019 and 2018, the Company recorded a loss on foreign currency transaction of approximately $15.1 million, and a gain of $12.4 million, respectively.

RELATED PARTY TRANSACTIONS AND

RELATED PARTY TRANSACTIONS AND FEES	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS AND FEES	NOTE 9. 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. Refer to 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: For the year ended December 31, 2019 2018 2017 (dollars in thousands) Fees: Advisory $ 5,806 $ 10,663 $ 9,995 Mortgage brokerage and equity refinancing — 852 1,551 Net income fee 357 631 250 $ 6,163 $ 12,146 $ 11,796 Other Expense: Cost reimbursements $ 6,687 $ 4,398 $ 2,895 Interest paid (received) (8,475 ) (7,404 ) (4,859 ) $ (1,788 ) $ (3,006 ) $ (1,964 ) Revenue: Rental $ 1,311 $ 1,178 $ 783 Fees paid to Regis and related parties: For the year ended December 31, 2019 2018 2017 (dollars in thousands) Fees: Property Sales/Acquisition $ 318 $ 43,856 $ 9,819 Property management, construction management and leasing commissions 165 540 963 Real estate brokerage 71 2,068 1,369 $ 554 $ 46,464 $ 12,151 The Company received rental revenue of $1.3 million, $1.2 million, and $0.8 million in the years ended December 31, 2019, 2018, and 2017, respectively, from Pillar and its related parties for properties owned by the Company. As of December 31, 2019, the Company had notes and interest receivable, net of allowances of $54.0 million and $3.2 million, respectively, due from UHF, a related party. During 2019, the Company recognized interest income of $6.9 million, originated $21.4 million, received $12.4 million in principal payments, and received interest payments of $7.6 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 $25.0 million mezzanine loan between UHF and a lender. In addition, ARL, and an officer of the Company are limited recourse guarantors of the loan. As of December 31, 2019 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%. In addition, SPC is part of a management service agreement with the controlling shareholder owned company in which SPC for an annual payment of 0.5% on the value of the investment properties receives from the Advisor office space, administrative and management services. During 2019, SPC paid management fees to Pillar in the amount of $2.2 million. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2019 (dollars in thousands): Pillar ARL Total Related party receivable, beginning balance, December 31, 2018 $ — $ 133,642 $ 133,642 Cash transfers 29,395 — 29,395 Advisory fees (5,806 ) — (5,806 ) Net income fee (357 ) — (357 ) Fees and commissions (71 ) — (71 ) Cost reimbursements (6,687 ) — (6,687 ) Interest income — 8,475 8,475 Notes receivable purchased (28,669 ) — (28,669 ) Expenses (paid)/received by advisor 9,073 — 9,073 Financing (mortgage payments) — — — Sales/Purchases Commissions (318 ) — (318 ) Intercompany property transfers 2,864 — 2,864 Income tax expense — — — Deferred tax asset — — — Purchase of obligations — — Related party receivable, ending balance, December 31, 2019 $ (576 ) $ 142,117 $ 141,541

DEFERRED INCOME

DEFERRED INCOME	12 Months Ended
	Dec. 31, 2019
Revenue Recognition and Deferred Revenue [Abstract]
DEFERRED INCOME	NOTE 10. DEFERRED INCOME In previous years, the Company has sold properties to related parties where we have had continuing involvement in the form of management or financial assistance associated with the sale of the properties. Because of the continuing involvement associated with the sale, the sales criteria for the full accrual method is not met, and as such the Company has deferred some or all of the gain recognition and accounted for the sale by applying the finance, deposit, installment or cost recovery methods, as appropriate, until the sales criteria is met. The gains on these transactions have been deferred until the properties are sold to a non-related third party. As of December 31, 2019, we had a deferred gain of $9.5 million.

DIVIDENDS

DIVIDENDS	12 Months Ended
	Dec. 31, 2019
Dividends [Abstract]
DIVIDENDS	NOTE 11. 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 2019, 2018, or 2017. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board.

PREFERRED STOCK

PREFERRED STOCK	12 Months Ended
	Dec. 31, 2019
Equity [Abstract]
PREFERRED STOCK	NOTE 12. PREFERRED STOCK In November 2006, TCI issued 100,000 shares of Series D Preferred Stock with a liquidation preference of $100 per share. The preferred stock is not convertible into any other security, requires dividends payable at the initial rate of 7% annually. The dividend rate increases ratably from 7% to 9% in future periods and can be redeemed at any point after September 30, 2011. During the fourth quarter of 2018, all 100,000 shares of Series D Preferred Stock were redeemed for $17.2 million, of which $7.2 million was accrued unpaid dividends. At December 31, 2019 and 2018, there were no preferred shares outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13. 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. (Loss) income from continuing operations before income taxes Years Ended December 31, 2019 2018 2017 (In thousands) $ (28,137 ) $ 186,250 $ (15,136 ) The (benefit) expense for income taxes consists of: Years Ended December 31, 2019 2018 2017 (In thousands) Current: Federal $ — $ 42,805 $ (5,603 ) State — 1,210 10 Deferred and Other: Federal (2,000 ) (40,805 ) 5,603 State — — 170 Total tax (benefit) expense $ (2,000 ) $ 3,210 $ 180 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, 2019 2018 2017 (In thousands) Income tax (benefit) expense at federal statutory rate $ (5,909 ) $ 39,113 $ (5,603 ) State and local income taxes net of federal tax benefit 1,210 10 Permanent differences (2,406 ) (143 ) — Timing differences Installment note on land sale — (2,876 ) (1,917 ) Allowance for losses on note — (383 ) (256 ) Deferred gains (588 ) (9,417 ) (7,723 ) Basis difference on fixed assets — 23,675 10,082 Other basis/timing differences 3,173 (7,164 ) (16 ) Generation (use) of net operating loss carryforwards 5,730 (42,805 ) 5,603 Calculated income tax expense $ — $ 1,210 $ 180 Effective tax rate 0.0 % 0.6 % N/A The company is subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2019, the Company’s tax years for 2018, 2017, and 2016 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2019, the Company is no longer subject to U.S federal, state, local, or foreign examinations by tax authorities for the years before 2016. The 2019 and 2018 effective tax rate is driven primarily by the passing of the Tax Cuts and Jobs Act by congress on December 22, 2017. This act 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 tax rate for future years with the impact on the 2017 provision for income taxes. Components of the Net Deferred Tax Asset or Liability Years Ended December 31, 2019 2018 (In thousands) Deferred Tax Assets: Cumulative foreign currency translation loss $ 1,522 $ — Deferred gain 1,988 — Net operating loss carryforward 9,633 3,904 Total Deferred Tax Assets 13,143 3,904 Less: valuation allowance (6,480 ) — Total net deferred tax assets $ 6,663 $ 3,904 Deferred Tax Liabilities: Deferred gain $ — $ 2,603 Basis differences for fixed assets 6,663 3,301 Total Deferred Tax Liability $ 6,663 $ 5,904 Net deferred tax asset (liability) $ — $ (2,000 ) Current net deferred tax asset 6,663 3,904 Long-term net deferred tax liability 6,663 5,904 Net deferred tax liability $ — $ (2,000 ) Operating Loss and Tax Credit Carryforwards We 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, 2019 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 100% valuation allowance was established.

FUTURE MINIMUM RENTAL INCOME UN

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES	NOTE 14. 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). These leases expire at various dates through 2029. The following is a schedule of minimum future rents on non-cancelable operating leases at December 31, 2019 (dollars in thousands): Year Amount 2020 26,208 2021 23,558 2022 20,382 2023 14,882 2024 8,861 Thereafter 7,109 Total $ 101,000

OPERATING SEGMENTS

OPERATING SEGMENTS	12 Months Ended
	Dec. 31, 2019
Segment Reporting [Abstract]
OPERATING SEGMENTS	NOTE 15. 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 2019, 2018 and 2017 (dollars in thousands): Commercial For the Year Ended December 31, 2019 Properties Apartments Land Other Total Rental and other property revenues $ 32,707 $ 15,257 $ — $ 6 $ 47,970 Property operating expenses (15,805 ) (8,375 ) (255 ) (778 ) (25,213 ) Depreciation (10,229 ) (3,150 ) — — (13,379 ) Mortgage and loan interest (7,018 ) (4,069 ) (1,000 ) (19,729 ) (31,816 ) Loss on debt extinguishment (5,219 ) — — — (5,219 ) Interest income — — — 19,607 19,607 Loss on sale of income producing property — (80 ) — — (80 ) Gain on land sales — — 14,889 — 14,889 Segment operating (loss) income $ (5,564 ) $ (417 ) $ 13,634 $ (894 ) $ 6,759 Capital expenditures $ 5,257 $ 25,001 $ 3,489 $ — $ 33,747 Assets $ 229,424 $ 178,536 $ 70,003 $ — $ 477,963 Property Sales Sales price $ — $ 3,096 $ 30,012 $ — $ 33,108 Cost of sale — (3,176 ) (15,123 ) — (18,299 ) (Loss) gain on sales $ — $ (80 ) $ 14,889 $ — $ 14,809 Commercial For the Year Ended December 31, 2018 Properties Apartments Land Other Total Rental and other property revenues $ 33,113 $ 87,832 $ — $ 10 $ 120,955 Property operating expenses (16,558 ) (42,134 ) (275 ) (453 ) (59,420 ) Depreciation (9,530 ) (13,217 ) — (14 ) (22,761 ) Mortgage and loan interest (7,662 ) (20,671 ) (318 ) (30,221 ) (58,872 ) Interest income — — — 15,793 15,793 Gain on land sales — — 17,404 — 17,404 Segment operating income (loss) $ (637 ) $ 11,810 $ 16,811 $ (14,885 ) $ 13,099 Capital expenditures $ 8,246 $ 16,954 $ — $ — $ 25,200 Assets $ 153,018 $ 143,500 $ 84,016 $ 3,970 $ 384,504 Property Sales Sales price $ 2,313 $ 8,512 $ 43,311 $ — $ 54,136 Cost of sale (2,313 ) (8,512 ) (25,907 ) — (36,732 ) Gain on land sales $ — $ — $ 17,404 $ — $ 17,404 Commercial For the Twelve Months 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 Cost of sale — — (6,293 ) — (6,293 ) Recognized prior deferred gain — 9,842 — — 9,842 Gain on sale $ — $ 9,842 $ 4,884 $ — $ 14,726 The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations: For the Years Ended December 31, 2019 2018 2017 Segment operating income $ 6,759 $ 13,099 $ 5,263 Other non-segment items of income (expense) General and administrative (10,951 ) (11,359 ) (6,269 ) Net income fee to related party (357 ) (631 ) (250 ) Advisory fee to related party (5,806 ) (10,663 ) (9,995 ) Other income 84 28,150 625 Gain on formation of joint venture — 154,126 — Foreign currency translation (loss) gain (15,108 ) 12,399 (4,536 ) (Loss) earnings from joint venture (2,774 ) 44 — Earnings from other unconsolidated investees 16 1,085 26 Income tax benefit (expense) 2,000 (3,210 ) (180 ) Net (loss) income from continuing operations $ (26,137 ) $ 183,040 $ (15,316 ) The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets: As of December 31, 2019 2018 2017 Segment assets $ 387,790 $ 384,504 $ 979,870 Investments in unconsolidated subsidiaries and investees 81,780 90,571 2,472 Notes and interest receivable 120,986 83,541 70,166 Other assets and receivables 275,362 303,764 260,914 Total assets $ 865,918 $ 862,380 $ 1,313,422

QUARTERLY RESULTS OF OPERATIONS

QUARTERLY RESULTS OF OPERATIONS	12 Months Ended
	Dec. 31, 2019
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY RESULTS OF OPERATIONS	NOTE 16. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of TCI’s quarterly results of operations for the years 2019, 2018 and 2017. 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: Three Months Ended 2019 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 11,929 $ 11,840 $ 11,883 $ 12,318 Total operating expenses 13,182 15,220 12,948 14,356 Operating loss (1,253 ) (3,380 ) (1,065 ) (2,038 ) Other expense (6,389 ) (4,639 ) (11,841 ) (12,341 ) (Loss) income before gain on formation of joint venture, gain on sales, non-controlling interest, and taxes (7,642 ) (8,019 ) (12,906 ) (14,379 ) (Loss) on sale of income producing properties — (80 ) — — Gain on land sales 2,216 2,133 5,140 5,400 Income tax benefit - deferred — — — 2,000 Net (loss) income from continued operations (5,426 ) (5,966 ) (7,766 ) (6,979 ) Net loss (5,426 ) (5,966 ) (7,766 ) (6,979 ) Less: net (loss) attributable to non-controlling interest (183 ) (379 ) (21 ) (200 ) Net loss applicable to common shares $ (5,609 ) $ (6,345 ) $ (7,787 ) $ (7,179 ) PER SHARE DATA Earnings per share - basic (Loss) income from continued operations $ (0.62 ) $ (0.68 ) $ (0.89 ) $ (0.81 ) Net (loss) income applicable to common shares $ (0.64 ) $ (0.73 ) $ (0.89 ) $ (0.83 ) 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) income from continued operations $ (0.62 ) $ (0.68 ) $ (0.89 ) $ (0.81 ) Net (loss) income applicable to common shares $ (0.64 ) $ (0.73 ) $ (0.89 ) $ (0.83 ) Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Three Months Ended 2018 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,082 $ 31,607 $ 33,505 $ 24,761 Total operating expenses 25,894 26,966 27,734 24,240 Operating income 5,188 4,641 5,771 521 Other (expense) income (6,624 ) 2,731 5,896 (3,404 ) (Loss) income before gain on formation of joint venture, gain on sales, non-contolling interest, and taxes (1,436 ) 7,372 11,667 (2,883 ) Gain on formation of joint venture — — — 154,126 Gain on land sales 1,335 — 12,243 3,826 Income tax expense — — (792 ) (2,418 ) Net (loss) income from continued operations (101 ) 7,372 23,118 152,651 Net (loss) income (101 ) 7,372 23,118 152,651 Less: net (loss) attributable to non-controlling interest (132 ) (126 ) (915 ) (417 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net (loss) income applicable to common shares $ (455 ) $ 7,022 $ 21,976 $ 152,007 PER SHARE DATA Earnings per share - basic (Loss) income from continued operations $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Net (loss) income applicable to common shares $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 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) income from continued operations $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Net (loss) income applicable to common shares $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,535 $ 31,302 $ 31,491 $ 30,905 Total operating expenses 26,337 25,460 25,725 27,606 Operating income (loss) 5,198 5,842 5,766 3,299 Other expense (10,658 ) (15,613 ) (8,967 ) (14,729 ) Loss before gain on sales, non-contolling interest, and taxes (5,460 ) (9,771 ) (3,201 ) (11,430 ) Gain (loss) on sale of income producing properties — — 9,841 1 Gain (loss) on land sales 445 (476 ) 530 4,385 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,015 ) (10,247 ) 7,170 (7,224 ) Net income (loss) (5,015 ) (10,247 ) 7,170 (7,224 ) Less: net (income) loss attributable to non-controlling interest (119 ) (163 ) (96 ) (121 ) Preferred dividend requirement (222 ) (224 ) (224 ) (230 ) Net (loss) income applicable to common shares $ (5,356 ) $ (10,634 ) $ 6,850 $ (7,575 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 Loss from continued operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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

COMMITMENTS AND CONTINGENCIES A

COMMITMENTS AND CONTINGENCIES AND LIQUIDITY	12 Months Ended
	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES AND LIQUIDITY	NOTE 17. COMMITMENTS AND CONTINGENCIES AND LIQUIDITY Liquidity. Guarantees . Partnership Buyouts ART and ART Midwest, Inc. While the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the “Clapper Parties”). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust, Inc. “ART” and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre- and post-judgment interest thereon. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter. The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. “EQK”, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART’s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In February 2018 the court determined that this legal matter should not have been filed in federal court and therefore granted motions to dismiss on jurisdictional grounds. In June 2018, the court overruled its own grant of motions to dismiss and reinstated the case. We continue to vigorously defend the case and management believes it has defenses to the claims. The case has not been set for trial. In 2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the principal case with the Clapper Parties was pending, but the abatement was recently lifted. The trial court subsequently dismissed the case on procedural grounds, but ART has filed a notice of appeal. The appeal was heard in February 2018 and the case was subsequently appealed to the Texas Supreme Court. The application for Review is still pending with the Texas Supreme Court. In January 2012, the Company sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million. At December 31, 2012, the Company fully reserved and valued such note at zero. 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 was $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 was $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 was $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 were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys’ fees from Dynex Commercial, Inc. TCI is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as pursue additional claims, if any, against Dynex Capital, Inc. Post judgment interest continues to accrue. Berger Litigation On February 4, 2019, an individual claiming to be a stockholder holding 7,900 shares of Common Stock of Income Opportunity Realty Investors, Inc. (“IOR”) filed a Complaint in the United States District Court for the Northern District of Texas, Dallas Division, individually and allegedly derivatively on behalf of IOR, against Transcontinental Realty Investors, Inc. (“TCI”), American Realty Investors, Inc. (“ARL”), (TCI is a shareholder of IOR, ARL is a shareholder of TCI) Pillar Income Asset Management, Inc. (“Pillar”), ( collectively the “Companies”), certain officers and directors of the Companies (“Additional Parties”) and two other individuals. The Complaint filed alleges that the sale and/or exchange of certain tangible and intangible property between the Companies and IOR during the last ten years of business operations constitutes a breach of fiduciary duty by the one or more of Companies, the Additional Defendants and/or the directors of IOR. The case alleges other related claims. The Plaintiff seeks certification as a representative of IOR and all of its shareholders, unspecified damages, a return to IOR of various funds and an award of costs, expenses, disbursements (including Plaintiff’s attorneys’ fees) and prejudgment and post-judgment interest. The named Defendants intend to vigorously defend the action, deny all of the allegations of the Complaint, and believe the allegations to be wholly without any merit. The Defendants have filed motions to dismiss the case in its entirety in June 2019. On February 26, 2020, the Court denied IOR’s demand futility motion. The remainder of the motions to dismiss are pending. Litigation .

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 2019
Earnings Per Share [Abstract]
EARNINGS PER SHARE	NOTE 18. 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, 2019 and 2018, 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, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 19. SUBSEQUENT EVENTS On February 2, 2020, S&P Global Ratings announced the increase of the Company's issuer rating to 'ilA-' from 'ilBBB+' for Bonds (Series A and B). In addition, Series C bond rating (secured by one of SPC’s commercial properties) increase to 'ilA' from 'ilA-' rating due to the expectation of continued improvement in coverage ratios and the expansion of Company’s portfolio. During 2020, a strain of coronavirus (“COVID – 19”) was reported worldwide, resulting in decreased economic activity and concerns about the pandemic, which would adversely affect the broader global economy. The Company is taking all necessary steps to keep our business premises, tenants, vendors and employees in a safe environment and are constantly monitoring the impact of COVID – 19. At this point, the extent to which COVID – 19 may impact the global economy and our business is uncertain, but pandemics or other significant public health events could have a material adverse effect on our business and results of operations. The date to which events occurring after December 31, 2019, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 30, 2020, 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.

SCHEDULE III REAL ESTATE AND AC

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION	Schedule III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 Initial Cost Cost Capitalized Subsequent to Acquisition Asset Impairment Gross Amount of Which Carried at End of Year Property/Location Encumbrances Land Buildings Improvements Asset Impairment Land Building & Improvements Total Accumulated Depreciation Date of Construction Date Acquired Life on Which Depreciation In Latest Statement of Operation is Computed Properties Held for Investment Apartments Legacy at Pleasant Grove, Texarkana, TX $ 13,944 $ 2,005 $ 17,892 $ 217 $ — $ 2,005 $ 18,109 $ 20,114 $ 2,289 2006 12/14 40 years Toulon, Gautier, MS 19,575 1,621 20,107 372 — 1,621 20,479 22,100 4,273 2011 9/09 40 years Villager, Ft. Walton, FL 672 141 1,267 — — 141 1,267 1,408 148 1972 6/15 40 years Villas at Bon Secour, Gulf Shores, AL 11,212 2,715 15,385 — — 2,715 15,385 18,100 545 2007 7/18 40 years Vista Ridge, Tupelo, MS 10,252 1,339 13,398 — — 1,339 13,398 14,737 1,893 2009 10/15 40 years Chelsea, Beaumont, TX 8,794 1,225 11,025 160 — 1,225 11,185 12,410 303 1999 11/18 40 years Overlook at Allensville Phase II, Sevierville, TN 15,829 2,411 17,005 — — 2,411 17,005 19,416 319 2012 11/15 40 years Landing, Houma, LA 15,484 2,012 18,115 25 — 2,012 18,140 20,152 491 2005 12/18 40 years Farnham Park, Port Aurther, TX 9,183 1,010 9,086 144 — 1,010 9,230 10,240 251 1999 11/18 40 years Parc at Denham Springs Phase II, Denham Springs, LA 15,079 1,502 12,486 3,508 — 1,502 15,994 17,496 50 2010 11/9 40 years Total Apartments Held for Investment $ 120,024 $ 15,981 $ 135,766 $ 4,426 $ — $ 15,981 $ 140,192 $ 156,173 $ 10,562 Apartments Under Construction Forest Pines, Bryan, TX — 5,040 — 301 — 5,040 301 5,341 — — — — Sugar Mill III, Addis, LA 6,302 576 — 7,023 — 576 7,023 7,599 — — 11/15 — McKinney Apts at Heritage, McKinney, TX — 2,481 — 89 — 2,481 89 2,570 — — 6/17 — Forest Pines Phase II (Forest Grove), Bryan, TX 1,560 — — 4,674 — — 4,674 4,674 — — 4/19 — LD Athens Lindsay Ln, Athens, LA 1,155 2,098 — 81 — 2,098 81 2,179 — — 9/19 — Total Apartments Under Construction $ 9,017 $ 10,195 $ — $ 12,168 $ — $ 10,195 $ 12,168 $ 22,363 $ — Commercial 600 Las Colinas, Las Colinas, TX 37,215 5,751 51,759 20,143 — 5,751 71,902 77,653 32,858 1984 8/05 40 years 770 South Post Oak, Houston, TX 12,178 1,763 15,834 697 — 1,763 16,531 18,294 2,117 1970 7/15 40 years Bridgeview Plaza, LaCrosse, WI 3,908 — — 1,207 — — 1,207 1,207 804 1979 3/03 40 years Browning Place (Park West I), Farmers Branch, TX 5,096 45,868 26,645 — 5,096 72,513 77,609 29,867 1984 4/05 40 years Fruitland Plaza, Fruitland Park, FL 23 — 83 — 23 83 106 71 — 5/92 40 years Senlac VHP, Farmers Branch, TX 622 — 142 — 622 142 764 142 — 8/05 40 years Stanford Center, Dallas, TX 39,537 20,278 34,862 8,251 (9,600 ) 20,278 33,513 53,791 13,752 — 6/08 40 years Total Commercial Held for Investment $ 92,838 $ 33,533 $ 148,323 $ 57,168 $ (9,600 ) $ 33,533 $ 195,891 $ 229,424 $ 79,611 Land Dedeaux, Gulfport, MS — 1,612 — 46 (38 ) 1,612 8 1,620 — — 10/06 — Gautier, Gautier, MS — 202 — — — 202 — 202 — — 7/98 — Lake Shore Villas, Humble, TX — 81 — 3 — 81 3 84 — — 3/02 — Lubbock, Lubbock, TX — 234 — — — 234 — 234 — — 1/04 — Ocean Estates, Gulfport, MS — 1,418 — 390 — 1,418 390 1,808 — — 10/07 — Union Pacific Railroad, Dallas, TX — 130 — — — 130 — 130 — — 3/04 — Willowick, Pensacola, FL — 137 — — — 137 — 137 — — 1/95 — Windmill Farms, Kaufman County, TX 13,861 55,668 — 13,913 (20,343 ) 55,668 (6,430 ) 49,238 — — 11/11 — T Palm Desert, Riverside, CA — 1,800 — — — 1,800 — 1,800 — — 9/19 — Lacy Longhorn, Farmers Branch, TX — 1,169 — — (760 ) 1,169 (760 ) 409 — — 6/04 — Minivest, Dallas, TX — 7 — — 7 — 7 — — 4/13 — Nicholson Croslin, Dallas, TX — 184 — — (118 ) 184 (118 ) 66 — — 10/98 — Nicholson Mendoza, Dallas, TX — 80 — — (51 ) 80 (51 ) 29 — — 10/98 — Mercer Crossing, Farmers Branch, TX — 10,966 — — 10,966 — 10,966 — — 1/08 — McKinney 36, Collin County, TX 945 635 — 161 (19 ) 635 142 777 — — 1/98 — Travis Ranch, Kaufman County, TX — 80 — — — 80 — 80 — — 8/08 — Dominion Mercer Phase II, Farmers Branch, TX — 2,440 — 111 (135 ) 2,440 (24 ) 2,416 — — 3/99 — Total Land Held for Investment $ 14,806 $ 76,843 $ — $ 14,624 $ (21,464 ) $ 76,843 $ (6,840 ) $ 70,003 $ — Total Properties Held for Investment $ 236,685 $ 136,552 $ 284,089 $ 88,386 $ (31,064 ) $ 136,552 $ 341,411 $ 477,963 $ 90,173 REAL ESTATE AND ACCUMULATED DEPRECIATION As of December 31, 2019 2019 2018 2017 Reconciliation of Real Estate Balance at January 1, $ 463,732 $ 1,165,662 1,066,603 Additions Acquisitions, improvements and construction 92,964 175,996 129,483 Deductions Sale of real estate (78,733 ) (877,926 ) (30,424 ) Balance at December 31, $ 477,963 $ 463,732 $ 1,165,662 Reconciliation of Accumulated Depreciation Balance at January 1, 79,228 177,546 165,597 Additions Depreciation 13,379 22,761 25,558 Deductions Sale of real estate (2,434 ) (121,079 ) (13,609 ) Balance at December 31, $ 90,173 $ 79,228 177,546

SCHEDULE IV MORTGAGE LOANS RECE

SCHEDULE IV MORTGAGE LOANS RECEIVABLE	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Abstract]
MORTGAGE LOANS RECEIVABLE	SCHEDULE IV MORTGAGE LOANS December 31, 2019 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage Principal or Loans Subject to Delinquent Principal or Interest (dollars in thousands) Prospectus Endeavors 4, LLC 12.00% Jan-23 Excess cash flow — 5,907 5,907 — Prospectus Endeavors 6, LLC 12.00% Oct-22 Excess cash flow — 496 496 — Oulan-Chikh Family Trust 8.00% Mar-21 Excess cash flow — 174 174 — H198, LLC 6.00% Sep-20 Excess cash flow — 4,554 4,554 — McKinney Ranch Land Forest Pines 5.00% Nov-20 Excess cash flow — — 2,868 — Spyglass Apartments of Ennis, LP 5.00% Nov-20 Excess cash flow — 5,083 5,288 — Bellwether Ridge 5.00% May-20 Excess cash flow — 3,429 3,765 — Parc at Windmill Farms 5.00% May-20 Excess cash flow — 6,066 7,602 — RAI PFBL 2018 Purch Fee Note Weatherford 12.00% Dec-21 Excess cash flow 525 — Unified Housing Foundation, Inc. (Echo Station) 12.00% Dec-32 Excess cash flow 9,719 2,794 1,481 — 100% Interest in UH of Temple, LLC — Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) 12.00% Dec-32 Excess cash flow 15,965 2,959 2,000 — 100% Interest in HFS of Humble, LLC — Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (31.5% of cash flow) 12.00% Dec-32 Excess cash flow 15,756 8,836 6,369 — Interest in Unified Housing Foundation Inc. — Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) 12.00% Dec-32 Excess cash flow — — 1,953 — Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) 12.00% Dec-32 Excess cash flow — — 2,000 — Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) 12.00% Dec-32 Excess cash flow — — 4,000 — Unified Housing Foundation, Inc. (Timbers of Terrell) 12.00% Dec-32 Excess cash flow 7,294 1,702 1,323 — 100% Interest in UH of Terrell, LLC Unified Housing Foundation, Inc (2015 Advisory Fee) 12.00% Dec-21 Excess cash flow — — 3,994 — Unified Housing Foundation, Inc (2008-2014 Advisory Fee) 12.00% Dec-21 Excess cash flow — — 6,407 — Unified Housing Foundation, Inc (2018 Advisory Fee) 12.00% Jun-20 Excess cash flow — — 5,314 — Unified Housing Foundation, Inc 12.00% Mar-22 Excess cash flow — — 4,782 — RAI UHF 2019 Advisory Fee Note Excess cash flow Unified Housing Foundation, Inc 12.00% Jul-21 Excess cash flow — — 838 — 2018 Refin Fee (Lakeshore Villas) Excess cash flow Unified Housing Foundation, Inc 12.00% Jul-21 Excess cash flow — — 773 — 2018 Refin Fee (Limestone Ranch) Excess cash flow Unified Housing Foundation, Inc 12.00% Jul-21 Excess cash flow — — 839 — 2018 Refin Fee (Marquis Vista Ridge) Excess cash flow Unified Housing Foundation, Inc 12.00% Jul-21 Excess cash flow — — 432 — 2018 Refin Fee (Timbers at the Park) Excess cash flow Unified Housing Foundation, Inc 12.00% Jul-21 Excess cash flow — — 913 — 2018 Refin Fee (Trails White Rock) Unified Housing Foundation, Inc 12.00% Aug-21 Excess cash flow — — 212 — 2018 Refin Fee (Bella Vista) Unified Housing Foundation, Inc 12.00% Oct-21 Excess cash flow — — 1,980 — 2017 Fees on Sale LSC/SR/PKCR Unified Housing Foundation, Inc 12.00% Oct-21 Excess cash flow — — 4,851 — 2017 Fees on Profit LSC/SR/PKCR Various related party notes Various Various Excess cash flow — — 3,553 — Various non-related party notes Various Various Excess cash flow — — 28,989 — $ 114,182 Accrued interest 8,629 Allowance for estimated losses (1,825 ) $ 120,986 (1) Fully reserved MORTGAGE LOANS As of December 31, 2019 2018 2017 (dollars in thousands) Balance at January 1, $ 83,541 $ 70,166 $ 81,133 Additions New mortgage loans 49,671 13,123 16,422 Increase (decrease) of interest receivable on mortgage loans 9,576 6,329 668 Deductions Amounts received (21,589 ) (6,077 ) (26,230 ) Non-cash reductions (213 ) — (1,827 ) Balance at December 31, $ 120,986 $ 83,541 $ 70,166

ORGANIZATION AND SUMMARY OF S_2

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities are included in consolidated net income. TCI’s investments in ARL and VAA are accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates ten and nine multifamily residential properties located throughout the United States at December 31, 2019 and December 31, 2018, respectively, with total units of 1,657 and 1,489, respectively. Assets totaling $477.9 million and $463.7 million at December 31, 2019 and 2018, 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 revenue 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.
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 December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes. In October 2018, the FASB issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). The standard amends the existing lease accounting guidance and requires lessees to recognize a lease liability and a right-of-use asset for all leases (except for short-term leases that have a duration of one year or less) on their balance sheets. Lessees will continue to recognize lease expense in a manner similar to current accounting. For lessors, accounting for leases under the new guidance is substantially the same as in prior periods, but eliminates current real estate-specific provisions and changes the treatment of initial direct costs. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparable period presented, with an option to elect certain transition relief. ASU 2016-02 was effective for reporting periods beginning after December 15, 2018. The adoption of ASU 2016-02 did not have a material impact on the Company’s financial position and results of operations. 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. As the majority of the Company’s revenue is from rental revenue related to leases, the Company has determined that the adoption of this Standard was immaterial to the consolidated financial statements and related disclosures.

INVESTMENT IN VAA (Tables)

INVESTMENT IN VAA (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of the financial position and results of operations of VAA	The following is a summary of the financial position and results of operations of VAA (dollars in thousands): As of December 31, Balance Sheet 2019 2018 Net real estate assets $ 1,242,957 $ 1,257,557 Other assets 62,222 67,020 Debt, net (832,779 ) (791,225 ) Other liabilities (271,291 ) (280,288 ) Total equity (201,109 ) (253,064 ) Results of Operations For the Year Ended For the period Total revenue $ 115,377 $ 12,887 Total property, operating, and maintenance expenses (56,967 ) (4,507 ) Interest expense (61,487 ) (5,818 ) Depreciation and Amortization (43,942 ) (6,987 ) Total other expense (3,377 ) (5,297 ) Net loss $ (50,396 ) $ (9,722 ) The following is a reconciliation from VAA's net loss to TCI's equity in earnings of VAA (dollars in thousands): For the Year Ended For the period VAA net loss $ (50,396 ) $ (9,722 ) Adjustments to reconcile to income (loss) from VAA Interest expense on mezzanine loan 25,014 2,815 In-place lease intangibles - amortization expense 14,703 3,983 Depreciation basis differences 5,132 3,012 Net loss $ (5,547 ) $ 88 Percentage ownership in VAA 50 % 50 % Loss from VAA $ (2,774 ) $ 44
Schedule of the location of properties owned by VAA	The following table sets forth the location of our real estate held for investment (income-producing properties only) by asset type as of December 31, 2019: Apartments Location No. Units Alabama 1 168 Arkansas 5 1,122 Colorado 2 260 Florida 2 388 Georgia 1 222 Louisiana 3 464 Mississippi 1 196 North Carolina 1 201 Nevada 1 308 Tennessee 4 708 Texas-Greater Dallas-Ft Worth 19 3,709 Texas-Greater Houston 2 416 Texas-Other 9 1,726 Total 51 9,888
Schedule of apartment projects in development	At December 31, 2019, our apartment projects in development included (dollars in thousands): Property Location No. of Units Costs to Date (1) Total Projected Costs (1) Lakeside Lofts apartments Farmers Branch, TX 249 $ 50,357 $ 80,622 Total 249 $ 50,357 $ 80,622 (1) Costs include construction hard costs, construction soft costs and loan borrowing costs.

REAL ESTATE (Tables)

REAL ESTATE (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of the real estate owned	At December 31, 2019 and 2018, TCI’s real estate investment is comprised of the following (dollars in thousands): December 31, 2019 2018 Apartments $ 156,173 $ 126,274 Apartments under construction 22,363 27,261 Commercial properties 229,424 224,167 Land held for development 62,037 84,016 Real estate subject to sales contract 7,966 2,014 Total real estate, at cost, less impairment $ 477,963 $ 463,732 Less accumulated deprecation (90,173 ) (79,228 ) Total real estate, net of depreciation $ 387,790 $ 384,504
Schedule of estimated useful lives of the assets	Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2019
Supplemental Cash Flow Elements [Abstract]
Schedule of reconciliation of cash and cash equivalents and restricted cash	The following is a reconciliation of the Company’s cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: December 31, 2019 2018 Cash and cash equivalents $ 51,179 $ 36,358 Restricted cash (cash held in escrow) 15,540 37,946 Restricted cash (certificate of deposits) 3,759 9,688 Restricted cash (held with Trustee) 12,783 22,573 Total cash, cash equivalents and restricted cash $ 83,261 $ 106,565

NOTES AND INTEREST RECEIVABLE (

NOTES AND INTEREST RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2019
Receivables [Abstract]
schedule of notes and interest receivable	A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: Prospectus Endeavors 4, LLC 01/23 12.00 % 5,907 Secured Prospectus Endeavors 6, LLC 10/22 12.00 % 496 Secured Oulan-Chikh Family Trust 03/21 8.00 % 174 Secured H198, LLC (McKinney Ranch Land) 09/20 6.00 % 4,554 Secured Forest Pines 11/20 5.00 % 2,868 Secured Spyglass Apartments of Ennis, LP 11/20 5.00 % 5,288 Secured Bellwether Ridge 05/20 5.00 % 3,765 Secured Parc at Windmill Farms 05/20 5.00 % 7,602 Secured Autumn Breeze 10/21 5.00 % 1,302 Secured Plum Tree 10/21 5.00 % 413 Secured Ingleside 12/21 5.00 % 1,531 Secured RNC 09/24 5.00 % 8,802 Secured Revolving Line of Credit Steeple Crest 10/20 5.00 % 6,665 Secured RAI PFBL 2018 Purch Fee Note Weatherford 12/21 12.00 % 525 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 % 6,369 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12/32 12.00 % 4,000 Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12/32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (1) 12/21 12.00 % 10,401 Unsecured Unified Housing Foundation, Inc. (1) 06/20 12.00 % 5,314 Unsecured Unified Housing Foundation, Inc. (1) 03/22 12.00 % 4,782 Unsecured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 07/21 12.00 % 838 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 07/21 12.00 % 773 Secured Unified Housing Foundation, Inc. (Marquis at Vista Ridge) (1) 07/21 12.00 % 839 Secured Unified Housing Foundation, Inc. (Timbers at the Park) (1) 07/21 12.00 % 432 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 07/21 12.00 % 913 Secured Unified Housing Foundation, Inc. (Bella Vista) (1) 08/21 12.00 % 212 Secured Unified Housing Foundation, Inc. (1) 10/21 12.00 % 6,831 Unsecured Other related party notes Various Various 3,553 Various secured interests Other non-related party notes Various Various 10,276 Various secured interests Accrued interest 8,629 Total Performing $ 122,811 Allowance for estimated losses (1,825 ) Total $ 120,986 (1)

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Tables)	12 Months Ended
	Dec. 31, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of financial position and results of operations from our investees	The following is a summary of the financial position and results of operations from our unconsolidated parent (dollars in thousands): December 31, 2019 2018 2017 ARL Real estate, net of accumulated depreciation $ — $ 549 $ 12,349 Notes receivable 35,213 42,517 41,928 Other assets 67,441 66,712 126,238 Notes payable (8,327 ) (9,637 ) (6,507 ) Other liabilities (26,947 ) (21,123 ) (102,014 ) Shareholders’ equity/partners capital (67,380 ) (79,018 ) (71,994 ) For the Year Ended December 31, 2019 2018 2017 Rents, interest and other income $ 12,569 $ 7,132 $ 9,193 Depreciation — — (157 ) Operating expenses (3,765 ) (2,420 ) (3,149 ) Gain on land sales 1,016 — 4,765 Interest expense (8,043 ) (7,191 ) (6,228 ) Income (loss) from continuing operations $ 1,777 $ (2,479 ) $ 4,424 Net income (loss) $ 1,777 $ (2,479 ) $ 4,424 Company’s proportionate share of income (loss) $ 16 $ (22 ) $ 40

NOTES AND INTEREST PAYABLE (Tab

NOTES AND INTEREST PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of notes and interest payable	Below is a summary of our notes and interest payable as of December 31, 2019 and 2018 (dollars in thousands): December 31, 2019 2018 Apartments $ 120,024 $ 94,759 Apartments under Construction 9,017 14,402 Commercial 92,838 135,951 Land 14,806 22,200 Real estate held for sale — 376 Corporate and other notes 16,430 18,130 Total notes payable $ 253,115 $ 285,818 Less: unamortized deferred borrowing costs (7,342 ) (9,425 ) Total outstanding notes payable, net $ 245,773 $ 276,393 Accrued Interest 773 844 Total notes payable, net and accrued interest $ 246,546 $ 277,237
Schedule of principal payments on the notes payable	Future principal payments due (including scheduled amortization payments and payments due upon maturity) on the Company’s notes payable at December 31, 2019 are as follows (in thousands): Year Amount 2020 $ 25,982 2021 55,393 2022 13,437 2023 36,770 2024 1,995 Thereafter 119,538 Total $ 253,115

BONDS AND BONDS INTEREST PAYA_2

BONDS AND BONDS INTEREST PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2019
Notes to Financial Statements
Schedule of bonds and interest payable	The outstanding balance of these Bonds at December 31, 2019 and 2018 is as follows: December 31, 2019 2018 Bonds (Series A) $ 92,653 $ 106,686 Bonds (Series B) 39,844 36,740 Bonds (Series B expansion) 20,920 19,290 Bonds (Series C) 79,572 — Total outstanding bonds $ 232,989 $ 162,716 Less: deferred bond issuance costs (9,724 ) (8,179 ) Total outstanding bonds, net 223,265 154,537 Accrued Interest 6,457 4,037 Total outstanding bonds, net and accrued interest $ 229,722 $ 158,574
schedule of aggregate maturities	The aggregate maturities of the bonds are as follows: Year Agrregage Maturities 2020 $ 23,148 2021 35,301 2022 35,301 2023 114,873 2024 12,153 Thereafter 12,213 $ 232,989

RELATED PARTY TRANSACTIONS AN_2

RELATED PARTY TRANSACTIONS AND FEES (Tables)	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Schedule of related party transactions	Fees, expenses and revenue paid to and/or received from our advisor: For the year ended December 31, 2019 2018 2017 (dollars in thousands) Fees: Advisory $ 5,806 $ 10,663 $ 9,995 Mortgage brokerage and equity refinancing — 852 1,551 Net income fee 357 631 250 $ 6,163 $ 12,146 $ 11,796 Other Expense: Cost reimbursements $ 6,687 $ 4,398 $ 2,895 Interest paid (received) (8,475 ) (7,404 ) (4,859 ) $ (1,788 ) $ (3,006 ) $ (1,964 ) Revenue: Rental $ 1,311 $ 1,178 $ 783 Fees paid to Regis and related parties: For the year ended December 31, 2019 2018 2017 (dollars in thousands) Fees: Property Sales/Acquisition $ 318 $ 43,856 $ 9,819 Property management, construction management and leasing commissions 165 540 963 Real estate brokerage 71 2,068 1,369 $ 554 $ 46,464 $ 12,151
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, 2019 (dollars in thousands): Pillar ARL Total Related party receivable, beginning balance, December 31, 2018 $ — $ 133,642 $ 133,642 Cash transfers 29,395 — 29,395 Advisory fees (5,806 ) — (5,806 ) Net income fee (357 ) — (357 ) Fees and commissions (71 ) — (71 ) Cost reimbursements (6,687 ) — (6,687 ) Interest income — 8,475 8,475 Notes receivable purchased (28,669 ) — (28,669 ) Expenses (paid)/received by advisor 9,073 — 9,073 Financing (mortgage payments) — — — Sales/Purchases Commissions (318 ) — (318 ) Intercompany property transfers 2,864 — 2,864 Income tax expense — — — Deferred tax asset — — — Purchase of obligations — — Related party receivable, ending balance, December 31, 2019 $ (576 ) $ 142,117 $ 141,541

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Schedule of income tax expense benefit	(Loss) income from continuing operations before income taxes Years Ended December 31, 2019 2018 2017 (In thousands) $ (28,137 ) $ 186,250 $ (15,136 ) The (benefit) expense for income taxes consists of: Years Ended December 31, 2019 2018 2017 (In thousands) Current: Federal $ — $ 42,805 $ (5,603 ) State — 1,210 10 Deferred and Other: Federal (2,000 ) (40,805 ) 5,603 State — — 170 Total tax (benefit) expense $ (2,000 ) $ 3,210 $ 180
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, 2019 2018 2017 (In thousands) Income tax (benefit) expense at federal statutory rate $ (5,909 ) $ 39,113 $ (5,603 ) State and local income taxes net of federal tax benefit 1,210 10 Permanent differences (2,406 ) (143 ) — Timing differences Installment note on land sale — (2,876 ) (1,917 ) Allowance for losses on note — (383 ) (256 ) Deferred gains (588 ) (9,417 ) (7,723 ) Basis difference on fixed assets — 23,675 10,082 Other basis/timing differences 3,173 (7,164 ) (16 ) Generation (use) of net operating loss carryforwards 5,730 (42,805 ) 5,603 Calculated income tax expense $ — $ 1,210 $ 180 Effective tax rate 0.0 % 0.6 % 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, 2019 2018 (In thousands) Deferred Tax Assets: Cumulative foreign currency translation loss $ 1,522 $ — Deferred gain 1,988 — Net operating loss carryforward 9,633 3,904 Total Deferred Tax Assets 13,143 3,904 Less: valuation allowance (6,480 ) — Total net deferred tax assets $ 6,663 $ 3,904 Deferred Tax Liabilities: Deferred gain $ — $ 2,603 Basis differences for fixed assets 6,663 3,301 Total Deferred Tax Liability $ 6,663 $ 5,904 Net deferred tax asset (liability) $ — $ (2,000 ) Current net deferred tax asset 6,663 3,904 Long-term net deferred tax liability 6,663 5,904 Net deferred tax liability $ — $ (2,000 )

FUTURE MINIMUM RENTAL INCOME _2

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2019
Leases [Abstract]
Schedule of minimum future rents under non-cancelable operating leases	The following is a schedule of minimum future rents on non-cancelable operating leases at December 31, 2019 (dollars in thousands): Year Amount 2020 26,208 2021 23,558 2022 20,382 2023 14,882 2024 8,861 Thereafter 7,109 Total $ 101,000

OPERATING SEGMENTS (Tables)

OPERATING SEGMENTS (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019, 2018 and 2017 (dollars in thousands): Commercial For the Year Ended December 31, 2019 Properties Apartments Land Other Total Rental and other property revenues $ 32,707 $ 15,257 $ — $ 6 $ 47,970 Property operating expenses (15,805 ) (8,375 ) (255 ) (778 ) (25,213 ) Depreciation (10,229 ) (3,150 ) — — (13,379 ) Mortgage and loan interest (7,018 ) (4,069 ) (1,000 ) (19,729 ) (31,816 ) Loss on debt extinguishment (5,219 ) — — — (5,219 ) Interest income — — — 19,607 19,607 Loss on sale of income producing property — (80 ) — — (80 ) Gain on land sales — — 14,889 — 14,889 Segment operating (loss) income $ (5,564 ) $ (417 ) $ 13,634 $ (894 ) $ 6,759 Capital expenditures $ 5,257 $ 25,001 $ 3,489 $ — $ 33,747 Assets $ 229,424 $ 178,536 $ 70,003 $ — $ 477,963 Property Sales Sales price $ — $ 3,096 $ 30,012 $ — $ 33,108 Cost of sale — (3,176 ) (15,123 ) — (18,299 ) (Loss) gain on sales $ — $ (80 ) $ 14,889 $ — $ 14,809 Commercial For the Year Ended December 31, 2018 Properties Apartments Land Other Total Rental and other property revenues $ 33,113 $ 87,832 $ — $ 10 $ 120,955 Property operating expenses (16,558 ) (42,134 ) (275 ) (453 ) (59,420 ) Depreciation (9,530 ) (13,217 ) — (14 ) (22,761 ) Mortgage and loan interest (7,662 ) (20,671 ) (318 ) (30,221 ) (58,872 ) Interest income — — — 15,793 15,793 Gain on land sales — — 17,404 — 17,404 Segment operating income (loss) $ (637 ) $ 11,810 $ 16,811 $ (14,885 ) $ 13,099 Capital expenditures $ 8,246 $ 16,954 $ — $ — $ 25,200 Assets $ 153,018 $ 143,500 $ 84,016 $ 3,970 $ 384,504 Property Sales Sales price $ 2,313 $ 8,512 $ 43,311 $ — $ 54,136 Cost of sale (2,313 ) (8,512 ) (25,907 ) — (36,732 ) Gain on land sales $ — $ — $ 17,404 $ — $ 17,404 Commercial For the Twelve Months 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 Cost of sale — — (6,293 ) — (6,293 ) Recognized prior deferred gain — 9,842 — — 9,842 Gain on sale $ — $ 9,842 $ 4,884 $ — $ 14,726
Schedule of reconciliaton of segment information to consolidated statements of operations	For the Years Ended December 31, 2019 2018 2017 Segment operating income $ 6,759 $ 13,099 $ 5,263 Other non-segment items of income (expense) General and administrative (10,951 ) (11,359 ) (6,269 ) Net income fee to related party (357 ) (631 ) (250 ) Advisory fee to related party (5,806 ) (10,663 ) (9,995 ) Other income 84 28,150 625 Gain on formation of joint venture — 154,126 — Foreign currency translation (loss) gain (15,108 ) 12,399 (4,536 ) (Loss) earnings from joint venture (2,774 ) 44 — Earnings from other unconsolidated investees 16 1,085 26 Income tax benefit (expense) 2,000 (3,210 ) (180 ) Net (loss) income from continuing operations $ (26,137 ) $ 183,040 $ (15,316 )
Schedule of reconciliaton segment information to consolidated balance sheets	The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets: As of December 31, 2019 2018 2017 Segment assets $ 387,790 $ 384,504 $ 979,870 Investments in unconsolidated subsidiaries and investees 81,780 90,571 2,472 Notes and interest receivable 120,986 83,541 70,166 Other assets and receivables 275,362 303,764 260,914 Total assets $ 865,918 $ 862,380 $ 1,313,422

QUARTERLY RESULTS OF OPERATIO_2

QUARTERLY RESULTS OF OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2019
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 2019, 2018 and 2017. 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: Three Months Ended 2019 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 11,929 $ 11,840 $ 11,883 $ 12,318 Total operating expenses 13,182 15,220 12,948 14,356 Operating loss (1,253 ) (3,380 ) (1,065 ) (2,038 ) Other expense (6,389 ) (4,639 ) (11,841 ) (12,341 ) (Loss) income before gain on formation of joint venture, gain on sales, non-controlling interest, and taxes (7,642 ) (8,019 ) (12,906 ) (14,379 ) (Loss) on sale of income producing properties — (80 ) — — Gain on land sales 2,216 2,133 5,140 5,400 Income tax benefit - deferred — — — 2,000 Net (loss) income from continued operations (5,426 ) (5,966 ) (7,766 ) (6,979 ) Net loss (5,426 ) (5,966 ) (7,766 ) (6,979 ) Less: net (loss) attributable to non-controlling interest (183 ) (379 ) (21 ) (200 ) Net loss applicable to common shares $ (5,609 ) $ (6,345 ) $ (7,787 ) $ (7,179 ) PER SHARE DATA Earnings per share - basic (Loss) income from continued operations $ (0.62 ) $ (0.68 ) $ (0.89 ) $ (0.81 ) Net (loss) income applicable to common shares $ (0.64 ) $ (0.73 ) $ (0.89 ) $ (0.83 ) 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) income from continued operations $ (0.62 ) $ (0.68 ) $ (0.89 ) $ (0.81 ) Net (loss) income applicable to common shares $ (0.64 ) $ (0.73 ) $ (0.89 ) $ (0.83 ) Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Three Months Ended 2018 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,082 $ 31,607 $ 33,505 $ 24,761 Total operating expenses 25,894 26,966 27,734 24,240 Operating income 5,188 4,641 5,771 521 Other (expense) income (6,624 ) 2,731 5,896 (3,404 ) (Loss) income before gain on formation of joint venture, gain on sales, non-contolling interest, and taxes (1,436 ) 7,372 11,667 (2,883 ) Gain on formation of joint venture — — — 154,126 Gain on land sales 1,335 — 12,243 3,826 Income tax expense — — (792 ) (2,418 ) Net (loss) income from continued operations (101 ) 7,372 23,118 152,651 Net (loss) income (101 ) 7,372 23,118 152,651 Less: net (loss) attributable to non-controlling interest (132 ) (126 ) (915 ) (417 ) Preferred dividend requirement (222 ) (224 ) (227 ) (227 ) Net (loss) income applicable to common shares $ (455 ) $ 7,022 $ 21,976 $ 152,007 PER SHARE DATA Earnings per share - basic (Loss) income from continued operations $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Net (loss) income applicable to common shares $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 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) income from continued operations $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Net (loss) income applicable to common shares $ (0.05 ) $ 0.81 $ 2.52 $ 17.44 Weighted average common shares used in computing diluted earnings per share 8,717,767 8,717,767 8,717,767 8,717,767 Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) Total operating revenues $ 31,535 $ 31,302 $ 31,491 $ 30,905 Total operating expenses 26,337 25,460 25,725 27,606 Operating income (loss) 5,198 5,842 5,766 3,299 Other expense (10,658 ) (15,613 ) (8,967 ) (14,729 ) Loss before gain on sales, non-contolling interest, and taxes (5,460 ) (9,771 ) (3,201 ) (11,430 ) Gain (loss) on sale of income producing properties — — 9,841 1 Gain (loss) on land sales 445 (476 ) 530 4,385 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,015 ) (10,247 ) 7,170 (7,224 ) Net income (loss) (5,015 ) (10,247 ) 7,170 (7,224 ) Less: net (income) loss attributable to non-controlling interest (119 ) (163 ) (96 ) (121 ) Preferred dividend requirement (222 ) (224 ) (224 ) (230 ) Net (loss) income applicable to common shares $ (5,356 ) $ (10,634 ) $ 6,850 $ (7,575 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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 Loss from continued operations $ (0.61 ) $ (1.22 ) $ 0.79 $ (0.88 ) 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

ORGANIZATION AND SUMMARY OF S_3

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands	Nov. 19, 2018USD ($)Number	Dec. 31, 2019USD ($)aNumber	Dec. 31, 2018USD ($)Number	Jul. 17, 2009shares	Jul. 16, 2009
Acres of land | a		1,951
Assets | $		$ 865,918	$ 862,380
Residential Properties [Member]
Number of apartment units		1,657	1,489
Assets | $		$ 477,900	$ 463,700
Number of apartment communities		10	9
Commercial Properties [Member]
Number of income-producing properties		7
Rentable square feet | a		1,700,000
Office Buildings [Member]
Number of income-producing properties		5
Retail Properties [Member]
Number of income-producing properties		2
Apartment Buildings [Member]
Number of apartment units		1,657
Number of income-producing properties		10
Minimum [Member]
Percentage of ownership		20.00%
Minimum [Member] | Buildings and Improvements [Member]
Useful life of property, plant and equipment		10 years
Minimum [Member] | Furniture, Fixtures And Equipment [Member]
Useful life of property, plant and equipment		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] | Furniture, Fixtures And Equipment [Member]
Useful life of property, plant and equipment		10 years
Income Opportunities Realty Investors, Inc. [Member]
Percentage of ownership					25.00%
Number of additional shares acquired | shares				2,518,934
Income Opportunities Realty Investors, Inc. [Member] | Minimum [Member]
Percentage of ownership				80.00%
Income Opportunities Realty Investors, Inc. [Member]
Percentage of ownership		81.23%
Victory Abode Apartments, LLC [Member] | Class B [Member] | Daniel J. Moos [Member]
Profit participation rights percentage		2.00%
American Realty Investors, Inc [Member] | TCI [Member]
Percentage of ownership by parent		78.38%
Parent of ARL [Member] | TCI [Member]
Percentage of ownership by non-controlling owners		6.98%
Victory Abode Apartments, LLC [Member]
Number of apartment units		9,888
Number of income-producing properties	47	51
Cash consideration | $	$ 236,800
Number of development project	5
Abode JVP, LLC [Member] | Victory Abode Apartments, LLC [Member] | Class A [Member]
Voting interest in joint venture		50.00%
Profit participation rights percentage		49.00%
Summerset Intermediate Holdings 2 LLC [Member] | Victory Abode Apartments, LLC [Member] | Class A [Member]
Voting interest in joint venture		50.00%
Profit participation rights percentage		49.00%

INVESTMENT IN VAA (Details)

INVESTMENT IN VAA (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended												12 Months Ended
	Dec. 31, 2018	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Balance Sheet
Net real estate assets	$ 384,504	$ 387,790				$ 384,504								$ 387,790	$ 384,504
Other assets	63,557	50,560				63,557								50,560	63,557
Total equity	(359,720)	(332,603)				(359,720)								(332,603)	(359,720)
Results of Operations
Total revenue														47,970	120,955	$ 125,233
Total property, operating, and maintenance expenses		(14,356)	$ (12,948)	$ (15,220)	$ (13,182)	(24,240)	$ (27,734)	$ (26,966)	$ (25,894)	$ (27,606)	$ (25,725)	$ (25,460)	$ (26,337)	(55,706)	(104,834)	(105,128)
Depreciation and Amortization														(13,379)	(22,761)	(25,558)
Net loss														16	1,085	$ 26
Adjustments to reconcile to income (loss) from VAA
Loss from VAA														(2,774)	44
Victory Abode Apartments, LLC [Member]
Balance Sheet
Net real estate assets	1,257,557	1,242,957				1,257,557								1,242,957	1,257,557
Other assets	67,020	62,222				67,020								62,222	67,020
Debt, net	(791,225)	(832,779)				(791,225)								(832,779)	(791,225)
Other liabilities	(280,288)	(271,291)				(280,288)								(271,291)	(280,288)
Total equity	(253,064)	$ (201,109)				$ (253,064)								(201,109)	$ (253,064)
Results of Operations
Total revenue	12,887													115,377
Total property, operating, and maintenance expenses	(4,507)													(56,967)
Interest expense	(5,818)													(61,487)
Depreciation and Amortization	(6,987)													(43,942)
Total other expense	(5,297)													(3,377)
Net loss	(9,722)													(50,396)
Adjustments to reconcile to income (loss) from VAA
Interest expense on mezzanine loan	2,815													25,014
In-place lease intangibles amortization expense	3,983													14,703
Depreciation basis differences	3,012													5,132
Net loss	$ 88													$ (5,547)
Percentage ownership in VAA	50.00%	50.00%				50.00%								50.00%	50.00%
Loss from VAA	$ 44													$ (2,774)

INVESTMENT IN VAA (Details 1)

INVESTMENT IN VAA (Details 1) - Victory Abode Apartments, LLC [Member]	Dec. 31, 2019Number
Total number of apartments	51
Total Apartment Units	9,888
ALABAMA
Total number of apartments	1
Total Apartment Units	168
ARKANSAS
Total number of apartments	5
Total Apartment Units	1,122
COLORADO
Total number of apartments	2
Total Apartment Units	260
FLORIDA
Total number of apartments	2
Total Apartment Units	388
GEORGIA
Total number of apartments	1
Total Apartment Units	222
LOUISIANA
Total number of apartments	3
Total Apartment Units	464
MISSISSIPPI
Total number of apartments	1
Total Apartment Units	196
NEVADA
Total number of apartments	1
Total Apartment Units	308
NORTH CAROLINA
Total number of apartments	1
Total Apartment Units	201
TENNESSEE
Total number of apartments	4
Total Apartment Units	708
Texas-Greater Dallas Ft. Worth
Total number of apartments	19
Total Apartment Units	3,709
Texas-Greater Houston
Total number of apartments	2
Total Apartment Units	416
TEXAS
Total number of apartments	9
Total Apartment Units	1,726

INVESTMENT IN VAA (Details 2)

INVESTMENT IN VAA (Details 2) $ in Thousands		Dec. 31, 2019USD ($)Number	Dec. 31, 2018USD ($)
Costs to Date		$ 22,363	$ 27,261
Victory Abode Apartments, LLC [Member]
Total Apartment Units | Number		9,888
Victory Abode Apartments, LLC [Member] | Lakeside Lofts Apartments [Member] | Framers Branch, Texas
Total Apartment Units | Number		249
Costs to Date	[1]	$ 50,357
Total Projected Costs	[1]	$ 80,622
Victory Abode Apartments, LLC [Member] | Apartment Projects In Development [Member]
Total Apartment Units | Number		249
Costs to Date	[1]	$ 50,357
Total Projected Costs	[1]	$ 80,622
[1]	Costs include construction hard costs, construction soft costs and loan borrowing costs.

INVESTMENT IN VAA (Details Narr

INVESTMENT IN VAA (Details Narrative) $ in Thousands	Nov. 20, 2019USD ($)	Nov. 20, 2019USD ($)	Dec. 31, 2019USD ($)Number
Victory Abode Apartments, LLC [Member]
Cash distribution from VAA			$ 19,400
Victory Abode Apartments, LLC [Member] | Class B [Member] | Daniel J. Moos [Member]
Profit participation rights percentage			2.00%
Cash payment upon closing		$ 1,900
Victory Abode Apartments, LLC [Member] | Abode JVP, LLC [Member] | Class A [Member]
Voting interest in joint venture			50.00%
Profit participation rights percentage			49.00%
Victory Abode Apartments, LLC [Member] | Summerset Intermediate Holdings 2 LLC [Member] | Class A [Member]
Voting interest in joint venture			50.00%
Profit participation rights percentage			49.00%
Transcontinental Realty Investors, Inc. [Member] | Residential Apartments [Member]
Number of portfolio contributed | Number			47
Transcontinental Realty Investors, Inc. [Member] | Development Projects [Member]
Number of portfolio contributed | Number			3
Victory Abode Apartments, LLC [Member]
Cash consideration	$ 236,800
Recognized gain	$ 154,100

REAL ESTATE (Details)

REAL ESTATE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate [Abstract]
Apartments	$ 156,173	$ 126,274
Apartments under construction	22,363	27,261
Commercial properties	229,424	224,167
Land held for development	62,037	84,016
Real estate subject to sales contract	7,966	2,014
Total real estate, at cost, less impairment	477,963	463,732
Less accumulated depreciation	(90,173)	(79,228)	$ (177,546)	$ (165,597)
Total real estate, net of depreciation	$ 387,790	$ 384,504

REAL ESTATE (Details 1)

REAL ESTATE (Details 1)	12 Months Ended
	Dec. 31, 2019
Land Improvements [Member] | Minimum [Member]
Estimated useful lives	25 years
Land Improvements [Member] | Maximum [Member]
Estimated useful lives	40 years
Buildings and Improvements [Member] | Minimum [Member]
Estimated useful lives	10 years
Buildings and Improvements [Member] | Maximum [Member]
Estimated useful lives	40 years
Tenant Improvements [Member]
Estimated useful lives	Shorter of useful life or terms of related lease
Furniture, Fixtures and Equipment [Member] | Minimum [Member]
Estimated useful lives	3 years
Furniture, Fixtures and Equipment [Member] | Maximum [Member]
Estimated useful lives	7 years

REAL ESTATE (Details Narrative)

REAL ESTATE (Details Narrative) $ in Thousands	3 Months Ended											12 Months Ended
	Dec. 31, 2019USD ($)	Sep. 30, 2019USD ($)	Jun. 30, 2019USD ($)	Mar. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2019USD ($)a	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Gain on sale of land	$ 5,400	$ 5,140	$ 2,133	$ 2,216	$ 3,826	$ 12,243	$ 1,335	$ 4,385	$ 530	$ (476)	$ 445	$ 14,889	$ 17,404	$ 4,884
Purchase price of properties													$ 10,558	$ 37,044
Payment for construction or predevelopment of various apartment complexes												28,500
Capitalized interest costs	800											800
Payments to acquire land												$ 3,422
Third Party Land Developer [Member]
Area of land purchased | a												37.8
Purchase price of properties												$ 2,000
Farmers Branch, Texas [Member]
Area of land sold | a												35.9
Proceeds from sale of land												$ 18,900
Gain on sale of land												$ 9,000
Forney, Texas [Member]
Area of land sold | a												29.4
Proceeds from sale of land												$ 5,000
Gain on sale of land												$ 4,100
Dallas Texas [Member]
Area of land sold | a												10.33
Proceeds from sale of land												$ 2,100
Gain on sale of land												$ 400
Nashville, Tennessee [Member]
Area of land sold | a												6.25
Proceeds from sale of land												$ 2,300
Gain on sale of land												$ 900
Fort Worth Texas [Member]
Area of land sold | a												23.24
Proceeds from sale of land												$ 1,800
Gain on sale of land												500
Mary Ester, Florida [Member]
Proceeds from sale of property												3,100
Gain (loss) on sale of property												(80)
Proceeds from sale of receivables												$ 1,800
Area of land purchased | a												1.27
Athens, Alabama [Member] | Note Payable [Member]
Area of land purchased | a												33.05
Purchase price of properties												$ 2,100
Payments to acquire land												900
Debt instrument principal amount	$ 1,200											$ 1,200
Maturity term												18 months
Interest rate	5.91%											5.91%
Collin County, Texas [Member]
Area of land purchased | a												8.94
Purchase price of properties												$ 2,500
Collin County, Texas [Member] | Third Party Land Developer [Member]
Area of land purchased | a												6.3
Clark County, Nevada[Member] | Third Party Land Developer [Member]
Area of land purchased | a												31.5

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents	$ 51,179	$ 36,358
Restricted cash	32,082	70,207
Total cash, cash equivalents and restricted cash	83,261	106,565	$ 88,342	$ 55,733
Held in Escrow [Member]
Restricted cash	15,540	37,946
Certificates of Deposit [Member]
Restricted cash	3,759	9,688
Held With Trustee [Member]
Restricted cash	$ 12,783	$ 22,573

SUPPLEMENTAL CASH FLOW INFORM_4

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplemental Cash Flow Elements [Abstract]
Interest expense paid	$ 29,430	$ 61,587	$ 49,791
Cash and cash equivalents, and restricted cash	$ 83,261	$ 106,565	$ 88,342	$ 55,733

NOTES AND INTEREST RECEIVABLE_2

NOTES AND INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accrued interest		$ 8,629
Notes and interest receivable		120,986	$ 83,541	$ 70,166	$ 81,133
Performing Loans [Member]
Notes and interest receivable		122,811
Accrued interest		8,629
Allowance for estimated losses		(1,825)
Notes and interest receivable		$ 120,986
Performing Loans [Member] | Prospectus Endeavors 4, LLC [Member]
Maturity Date		Jan. 31, 2023
Description of property		Prospectus Endeavors 4, LLC
Interest Rate		12.00%
Notes and interest receivable		$ 5,907
Description of Security		Secured
Performing Loans [Member] | Prospectus Endeavors 6, LLC [Member]
Maturity Date		Oct. 31, 2022
Description of property		Prospectus Endeavors 6, LLC
Interest Rate		12.00%
Notes and interest receivable		$ 496
Description of Security		Secured
Performing Loans [Member] | Oulan-Chikh Family Trust [Member]
Maturity Date		Mar. 31, 2021
Description of property		Oulan-Chikh Family Trust
Interest Rate		8.00%
Notes and interest receivable		$ 174
Description of Security		Secured
Performing Loans [Member] | H198, LLC (McKinney Ranch Land) [Member]
Maturity Date		Sep. 30, 2020
Description of property		H198, LLC (McKinney Ranch Land
Interest Rate		6.00%
Notes and interest receivable		$ 4,554
Description of Security		Secured
Performing Loans [Member] | Forest Pines [Member]
Maturity Date		Nov. 30, 2020
Description of property		Forest Pines
Interest Rate		5.00%
Notes and interest receivable		$ 2,868
Description of Security		Secured
Performing Loans [Member] | Spyglass Apartments of Ennis, LP [Member]
Maturity Date		Nov. 30, 2020
Description of property		Spyglass Apartments of Ennis, LP
Interest Rate		5.00%
Notes and interest receivable		$ 5,288
Description of Security		Secured
Performing Loans [Member] | Bellwether Ridge [Member]
Maturity Date		May 31, 2020
Description of property		Bellwether Ridge
Interest Rate		5.00%
Notes and interest receivable		$ 3,765
Description of Security		Secured
Performing Loans [Member] | Parc at Windmill Farms [Member]
Maturity Date		May 31, 2020
Description of property		Parc at Windmill Farms
Interest Rate		5.00%
Notes and interest receivable		$ 7,602
Description of Security		Secured
Performing Loans [Member] | RAI PFBL 2018 Purch Fee Note Weatherford [Member]
Maturity Date		Dec. 31, 2021
Description of property		RAI PFBL 2018 Purch Fee Note Weatherford
Interest Rate		12.00%
Notes and interest receivable		$ 525
Description of Security		Secured
Performing Loans [Member] | Autumn Breeze [Member]
Maturity Date		Oct. 31, 2021
Description of property		Autumn Breeze
Interest Rate		5.00%
Notes and interest receivable		$ 1,302
Description of Security		Secured
Performing Loans [Member] | Plum Tree [Member]
Maturity Date		Oct. 31, 2021
Description of property		Plum Tree
Interest Rate		5.00%
Notes and interest receivable		$ 413
Description of Security		Secured
Performing Loans [Member] | Ingleside [Member]
Maturity Date		Dec. 31, 2021
Description of property		Ingleside
Interest Rate		5.00%
Notes and interest receivable		$ 1,531
Description of Security		Secured
Performing Loans [Member] | RNC [Member]
Maturity Date		Sep. 30, 2024
Description of property		RNC
Interest Rate		5.00%
Notes and interest receivable		$ 8,802
Description of Security		Secured
Performing Loans [Member] | Revolving Line of Credit Steeple Crest [Member]
Maturity Date		Oct. 31, 2020
Description of property		Revolving Line of Credit Steeple Crest
Interest Rate		5.00%
Notes and interest receivable		$ 6,665
Description of Security		Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Echo Station)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 1,481
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Lakeshore Villas)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 2,000
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Lakeshore Villas)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 6,369
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Limestone Ranch)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 1,953
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Limestone Ranch)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 2,000
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Limestone Ranch)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 4,000
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]
Maturity Date	[1]	Dec. 31, 2032
Description of property	[1]	Unified Housing Foundation, Inc. (Timbers of Terrell)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 1,323
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member]
Maturity Date	[1]	Dec. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc.
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 10,401
Description of Security	[1]	Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. #5 [Member]
Maturity Date	[1]	Jun. 30, 2020
Description of property	[1]	Unified Housing Foundation, Inc.
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 5,314
Description of Security	[1]	Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. #6 [Member]
Maturity Date	[1]	Mar. 31, 2022
Description of property	[1]	Unified Housing Foundation, Inc.
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 4,782
Description of Security	[1]	Unsecured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity Date	[1]	Jul. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Lakeshore Villas)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 838
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity Date	[1]	Jul. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Limestone Ranch)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 773
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Marquis at Vista Ridge) [Member]
Maturity Date	[1]	Jul. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Marquis at Vista Ridge)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 839
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers at the Park) [Member]
Maturity Date	[1]	Jul. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Timbers at the Park)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 432
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Trails at White Rock) [Member]
Maturity Date	[1]	Jul. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Trails at White Rock)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 913
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. (Bella Vista) [Member]
Maturity Date	[1]	Aug. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc. (Bella Vista)
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 212
Description of Security	[1]	Secured
Performing Loans [Member] | Unified Housing Foundation, Inc. #7 [Member]
Maturity Date	[1]	Oct. 31, 2021
Description of property	[1]	Unified Housing Foundation, Inc.
Interest Rate	[1]	12.00%
Notes and interest receivable	[1]	$ 6,831
Description of Security	[1]	Unsecured
Performing Loans [Member] | Other Related Party Notes [Member]
Description of maturity date		Various
Description of property		Other related party notes
Description of Interest Rate		Various
Notes and interest receivable		$ 3,553
Description of Security		Various secured interests
Performing Loans [Member] | Other Non-Related Party Notes [Member]
Description of maturity date		Various
Description of property		Other non-related party notes
Description of Interest Rate		Various
Notes and interest receivable		$ 10,276
Description of Security		Various secured interests
[1]	Related party notes

NOTES AND INTEREST RECEIVABLE_3

NOTES AND INTEREST RECEIVABLE (Details Narrative) - Related Parties [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2019USD ($)
Notes receivable due from related parties	$ 54,000
Interest income from these related party notes receivable	6,900
Accrued interest receivables from related parties	1,000
Note receivables, face amount	$ 29,000

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real estate, net of accumulated depreciation	$ 387,790				$ 384,504								$ 387,790	$ 384,504
Other assets	50,560				63,557								50,560	63,557
Notes payable	(246,546)				(277,237)								(246,546)	(277,237)
Shareholders' equity/partners capital	(332,603)				(359,720)								(332,603)	(359,720)
Total revenue													47,970	120,955	$ 125,233
Depreciation													(13,379)	(22,761)	(25,558)
Operating expenses	(14,356)	$ (12,948)	$ (15,220)	$ (13,182)	(24,240)	$ (27,734)	$ (26,966)	$ (25,894)	$ (27,606)	$ (25,725)	$ (25,460)	$ (26,337)	(55,706)	(104,834)	(105,128)
Income (loss) from continuing operations													(26,137)	183,040	(15,316)
Net income (loss)													(26,920)	181,450	(15,815)
Company's proportionate share of loss													16	1,085	26
American Realty Investors, Inc. [Member]
Real estate, net of accumulated depreciation					549				12,349					549	12,349
Notes receivable	35,213				42,517				41,928				35,213	42,517	41,928
Other assets	67,441				66,712				126,238				67,441	66,712	126,238
Notes payable	(8,327)				(9,637)				(6,507)				(8,327)	(9,637)	(6,507)
Other liabilities	(26,947)				(21,123)				(102,014)				(26,947)	(21,123)	(102,014)
Shareholders' equity/partners capital	$ (67,380)				$ (79,018)				$ (71,994)				(67,380)	(79,018)	(71,994)
Total revenue													12,569	7,132	9,193
Depreciation															(157)
Operating expenses													(3,765)	(2,420)	(3,149)
Gain on land sales													1,016		4,765
Interest expense													(8,043)	(7,191)	(6,228)
Income (loss) from continuing operations													1,777	(2,479)	4,424
Net income (loss)													1,777	(2,479)	4,424
Company's proportionate share of loss													$ 16	$ (22)	$ 40

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED JOINT VENTURES AND INVESTEES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Dec. 31, 2018	Dec. 31, 2019
Minimum [Member]
Percentage of ownership		20.00%
Maximum [Member]
Percentage of ownership		50.00%
American Realty Investors, Inc. [Member]
Percentage of ownership		0.90%
Investment cost		$ 9,000
American Realty Investors, Inc. [Member] | Series A Convertible Preferred Stock [Member]
Number of shares purchased	900,000
Value of preferred stock purchased	$ 9,000
Percent of average daily closing price for conversion	90.00%
Number of trading days	20 days
Accrued unpaid dividends	$ 9,900

NOTES AND INTEREST PAYABLE (Det

NOTES AND INTEREST PAYABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Total notes payable	$ 253,115	$ 285,818
Less: unamortized deferred borrowing costs	(7,342)	(9,425)
Total outstanding notes payable, net	245,773	276,393
Accrued Interest	773	844
Total notes payable, net and accrued interest	246,546	277,237
Apartments [Member]
Total notes payable	120,024	94,759
Apartments under Construction [Member]
Total notes payable	9,017	14,402
Commercial [Member]
Total notes payable	92,838	135,951
Land [Member]
Total notes payable	14,806	22,200
Corporate and Other Notes [Member]
Total notes payable	$ 16,430	18,130
Real Estate Held For Sale [Member]
Total notes payable		$ 376

NOTES AND INTEREST PAYABLE (D_2

NOTES AND INTEREST PAYABLE (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 25,982
2021	55,393
2022	13,437
2023	36,770
2024	1,995
Thereafter	119,538
Total	$ 253,115	$ 285,818

NOTES AND INTEREST PAYABLE (D_3

NOTES AND INTEREST PAYABLE (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Increase in construction loans	$ 28,500	$ 81,000
Interest payable	$ 773	$ 844
Description of maturity date	Maturity dates between 2021 and 2059.
Real estate, net carrying value	$ 311,500
Minimum [Member]
Interest rate	2.50%
Maximum [Member]
Interest rate	9.75%

BONDS AND BONDS INTEREST PAYA_3

BONDS AND BONDS INTEREST PAYABLE (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Jul. 19, 2018	Feb. 15, 2018
Less: deferred issuance expense, net	$ (7,342)	$ (9,425)
Accrued Interest	773	844
Bonds (Series A) [Member]
Bonds	92,653	106,686
Bonds (Series B) [Member]
Bonds	39,844	36,740
Less: deferred issuance expense, net			$ (1,900)	$ (1,400)
Bonds (Series B expansion) [Member]
Bonds	20,920	19,290
Bonds (Series C) [Member]
Bonds	79,572
Bonds [Member]
Bonds	232,989	162,716
Less: deferred issuance expense, net	(9,724)	(8,179)
Total outstanding bonds, net	223,265	154,537
Accrued Interest	6,457	4,037
Total oustanding bonds, net and accrued interest	$ 229,722	$ 158,574

BONDS AND BONDS INTEREST PAYA_4

BONDS AND BONDS INTEREST PAYABLE (Details 1) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Year ended December 31,
2021	$ 55,393
2022	13,437
2023	36,770
2024	1,995
Thereafter	119,538
Bonds [Member]
Year ended December 31,
2020	23,148
2021	35,301
2022	35,301
2023	114,873
2024	12,153
Thereafter	12,213
Total	$ 232,989	$ 162,716

BONDS AND BONDS INTEREST PAYA_5

BONDS AND BONDS INTEREST PAYABLE (Details Narrative) - USD ($) $ in Thousands	Jan. 27, 2020	Jul. 26, 2018	Jan. 25, 2018	Dec. 31, 2019	Dec. 31, 2018	Sep. 23, 2019	Jul. 28, 2019	Jul. 19, 2018	Mar. 31, 2018	Feb. 15, 2018	Feb. 13, 2017
Bond issuance cost				$ 7,342	$ 9,425
Loss on foreign currency transaction				15,100	12,400
Foreign Currency Hedge Contract [Member] | Bank Leumi [Member]
Derivative notional amount						$ 221,000
Israel, New Shekels [Member] | Foreign Currency Hedge Contract [Member] | Bank Leumi [Member]
Derivative notional amount						$ 664,000
Series A and B Bonds [Member]
Interest paid to bondholders		$ 5,200
Series A and B Bonds [Member] | Israel, New Shekels [Member]
Interest paid to bondholders		$ 18,900
Bonds (Series A) [Member]
Effective interest rate									9.17%
Interest paid to bondholders			$ 4,300
Bonds (Series A) [Member] | Southern Properties Capital LTD [Member]
Debentures offering amount											$ 115,000
Interest rate											7.30%
Bonds (Series A) [Member] | Israel, New Shekels [Member]
Interest paid to bondholders			$ 14,600
Bonds (Series A) [Member] | Israel, New Shekels [Member] | Subsequent Event [Member]
Payment of bond principal	$ 60,600
Bonds (Series A) [Member] | Israel, New Shekels [Member] | Southern Properties Capital LTD [Member]
Debentures offering amount											$ 400,000
Series B Bonds [Member]
Debentures offering amount								$ 19,800		$ 39,200
Interest rate								6.80%		6.80%
Effective interest rate								9.60%		7.99%
Bond issuance cost								$ 1,900		$ 1,400
Series B Bonds [Member] | Israel, New Shekels [Member]
Debentures offering amount								$ 72,300		$ 137,700
Series C Bonds [Member]
Debentures offering amount							$ 78,100
Interest rate							4.65%
Bond issuance cost							$ 4,200
Series C Bonds [Member] | Israel, New Shekels [Member]
Debentures offering amount							$ 275,000
Bonds [Member]
Payment of bond principal				21,800
Bond issuance cost				9,724	$ 8,179
Interest paid to bondholders				$ 11,600
Bonds (Series A, B, C) [Member] | Subsequent Event [Member]
Interest paid to bondholders	17,600
Bonds (Series A, B, C) [Member] | Israel, New Shekels [Member] | Subsequent Event [Member]
Interest paid to bondholders	$ 60,600

RELATED PARTY TRANSACTIONS AN_3

RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fees:
Advisory	$ 5,806	$ 10,663	$ 9,995
Net income	357	631	250
Other Expense:
Cost reimbursements	6,687
Pillar Income Asset Management, Inc [Member]
Fees:
Advisory	5,806	10,663	9,995
Mortgage brokerage and equity refinancing		852	1,551
Net income	357	631	250
Total fees	6,163	12,146	11,796
Other Expense:
Cost reimbursements	6,687	4,398	2,895
Interest received	(8,475)	(7,404)	(4,859)
Total other expense	(1,788)	(3,006)	(1,964)
Revenue:
Rental	1,311	1,178	783
Regis Realty Prime, LLC [Member]
Fees:
Property acquisition	318	43,856	9,819
Property management, construction management and leasing commissions	165	540	963
Real estate brokerage	71	2,068	1,369
Total fees	$ 554	$ 46,464	$ 12,151

RELATED PARTY TRANSACTIONS AN_4

RELATED PARTY TRANSACTIONS AND FEES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Due from Related Parties [RollForward]
Related party receivable, beginning balance	$ 133,642
Cash transfers	29,395
Advisory fees	(5,806)	$ (10,663)	$ (9,995)
Net income fee	(357)	(631)	(250)
Fees and commissions	(71)
Cost reimbursements	(6,687)
Interest income	8,475
Notes receivable purchased	(28,669)
Expenses (paid)/received by advisor	9,073
Sales/purchases Commission	(318)
Intercompany property transfers	2,864
Related party receivable, ending balance	141,541	133,642
Pillar Income Asset Management, Inc [Member]
Due from Related Parties [RollForward]
Cash transfers	29,395
Advisory fees	(5,806)	(10,663)	(9,995)
Net income fee	(357)	(631)	(250)
Fees and commissions	(71)
Cost reimbursements	(6,687)	(4,398)	$ (2,895)
Notes receivable purchased	(28,669)
Expenses (paid)/received by advisor	9,073
Sales/purchases Commission	(318)
Intercompany property transfers	2,864
Related party receivable, ending balance	(576)
American Realty Investors, Inc [Member]
Due from Related Parties [RollForward]
Related party receivable, beginning balance	133,642
Interest income	8,475
Related party receivable, ending balance	$ 142,117	$ 133,642

RELATED PARTY TRANSACTIONS AN_5

RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Interest receivable	$ 8,629
Total notes receivable	114,182
Collections on notes receivable	$ 21,589	$ 6,077	$ 26,230
Statutory tax rate	21.00%	21.00%	35.00%
Maximum [Member]
Statutory tax rate	21.00%
Related Party [Member]
Interest income	$ 6,900
Related Party [Member] | Mezzanine Financing [Member]
Guarantor - notes payable	25,000
Pillar Income Asset Management, Inc [Member]
Rental revenue	1,300	$ 1,200	$ 800
Management fee	$ 2,200
SPC [Member]
Annual pament percentage	0.50%
Unified Housing Foundation, Inc. [Member]
Interest receivable	$ 54,000
Total notes receivable	3,200
Recognized interest income	6,900
Originated interest income	21,400
Principal payments	12,400
Interest income	$ 7,600

DEFERRED INCOME (Details Narrat

DEFERRED INCOME (Details Narrative) $ in Thousands	Dec. 31, 2019USD ($)
Revenue Recognition and Deferred Revenue [Abstract]
Deferred revenue	$ 9,500

PREFERRED STOCK (Details Narrat

PREFERRED STOCK (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Nov. 30, 2006	Dec. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Preferred stock dividend (in percent)			9.00%	9.00%
Value of redeemed			$ 10,000
Series D Preferred Stock [Member]
Share issued	100,000
Preferred stock, liquidation preference per share	$ 100
Preferred stock dividend (in percent)	7.00%
Accrued unpaid dividends		$ 7,200
Value of redeemed		$ 17,200
Series D Preferred Stock [Member] | Minimum [Member]
Preferred stock dividend (in percent)	7.00%
Series D Preferred Stock [Member] | Maximum [Member]
Preferred stock dividend (in percent)	9.00%

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended				12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Dec. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income before income taxes					$ (28,137)	$ 186,250	$ (15,136)
Current:
Federal						42,805	(5,603)
State						1,210	10
Deferred and Other:
Federal					(2,000)	(40,805)	5,603
State							170
Total Tax (benefit) expense	$ 2,000	$ (2,418)	$ (792)	$ (180)	$ (2,000)	$ 3,210	$ 180

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income tax (benefit) expense at federal statutory rate	$ (5,909)	$ 39,113	$ (5,603)
State and local income taxes net of federal tax benefit		1,210	10
Permanent differences	(2,406)	(143)
Timing differences
Installment note on land sale		(2,876)	(1,917)
Allowance for losses on note		(383)	(256)
Deferred gains	(588)	(9,417)	(7,723)
Basis difference on fixed asssets		23,675	10,082
Other basis/timing differences	3,173	(7,164)	(16)
Generation (use) of net operating loss carryforwards	5,730	(42,805)	5,603
Calculated income tax expense	$ 0	$ 1,210	$ 180
Effective Tax Rate	0.00%	0.60%

INCOME TAXES (Details 2)

INCOME TAXES (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Deferred Tax Assets:
Cumulative foreign currency translation loss	$ 1,522
Deferred Gain	1,988
Net operating loss carryforward	9,633	$ 3,904
Total Deferred Tax Assets	13,143	3,904
Less: valuation allowance	(6,480)
Total net deferred tax assets	6,663	3,904
Deferred Tax Liabilities:
Deferred gain		2,603
Basis differences for fixed assets	6,663	3,301
Total deferred tax liability	6,663	5,904
Net deferred tax asset (liability)	0	(2,000)
Current net deferred tax asset	6,663	3,904
Long-term net deferred tax liability	6,663	5,904
Net deferred tax liability	$ 0	$ (2,000)

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Statutory tax rate for corporations	21.00%	21.00%	35.00%

FUTURE MINIMUM RENTAL INCOME _3

FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands	Dec. 31, 2019USD ($)
Leases [Abstract]
2020	$ 26,208
2021	23,558
2022	20,382
2023	14,882
2024	8,861
Thereafter	7,109
Total	$ 101,000

OPERATING SEGMENTS (Details)

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment Reporting Information [Line Items]
Rental and other property revenues													$ 47,970	$ 120,955	$ 125,233
Property operating expenses													(25,213)	(59,420)	(63,056)
Depreciation													(13,379)	(22,761)	(25,558)
Loss on debt extinguishment													(5,219)
Loss on sale of income producing property			$ (80)						$ 1	$ 9,841			(80)		9,842
Segment operating income (loss)	$ (2,038)	$ (1,065)	$ (3,380)	$ (1,253)	$ 521	$ 5,771	$ 4,641	$ 5,188	3,299	$ 5,766	$ 5,842	$ 5,198	(7,736)	16,121	20,105
Assets	387,790				384,504								387,790	384,504
Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													47,970	120,955	125,233
Property operating expenses													(25,213)	(59,420)	(63,056)
Depreciation													(13,379)	(22,761)	(25,558)
Mortgage and loan interest													(31,816)	(58,872)	(59,944)
Loss on debt extinguishment													(5,219)
Interest income													19,607	15,793	13,862
Loss on sale of income producing property													(80)
Recognition of deferred gain on sale of income producing properties															9,842
Gain on land sales													14,889	17,404	4,884
Segment operating income (loss)													6,759	13,099	5,263
Capital expenditures													33,747	25,200	5,168
Assets	477,963				384,504				979,870				477,963	384,504	979,870
Property Sales
Sales price													33,108	54,136	11,177
Cost of sale													(18,299)	(36,732)	(6,293)
Recognized prior deferred gain															9,842
(Loss) gain on sales													14,809	17,404	14,726
Commercial Properties [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													32,707	33,113	32,323
Property operating expenses													(15,805)	(16,558)	(17,724)
Depreciation													(10,229)	(9,530)	(9,200)
Mortgage and loan interest													(7,018)	(7,662)	(7,528)
Loss on debt extinguishment													(5,219)
Segment operating income (loss)													(5,564)	(637)	(2,129)
Capital expenditures													5,257	8,246	3,157
Assets	229,424				153,018				137,157				229,424	153,018	137,157
Property Sales
Sales price														2,313
Cost of sale														(2,313)
Apartments [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													15,257	87,832	92,807
Property operating expenses													(8,375)	(42,134)	(43,677)
Depreciation													(3,150)	(13,217)	(16,354)
Mortgage and loan interest													(4,069)	(20,671)	(22,346)
Loss on sale of income producing property													(80)
Recognition of deferred gain on sale of income producing properties															9,842
Segment operating income (loss)													(417)	11,810	20,272
Capital expenditures													25,001	16,954	1,402
Assets	178,536				143,500				726,852				178,536	143,500	726,852
Property Sales
Sales price													3,096	8,512
Cost of sale													(3,176)	(8,512)
Recognized prior deferred gain															9,842
(Loss) gain on sales													(80)		9,842
Land [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues															87
Property operating expenses													(255)	(275)	(667)
Mortgage and loan interest													(1,000)	(318)	(1,588)
Gain on land sales													14,889	17,404	4,884
Segment operating income (loss)													13,634	16,811	2,716
Capital expenditures													3,489		609
Assets	$ 70,003				84,016				115,205				70,003	84,016	115,205
Property Sales
Sales price													30,012	43,311	11,177
Cost of sale													(15,123)	(25,907)	(6,293)
(Loss) gain on sales													14,889	17,404	4,884
Other [Member] | Operating Segments [Member]
Segment Reporting Information [Line Items]
Rental and other property revenues													6	10	16
Property operating expenses													(778)	(453)	(988)
Depreciation														(14)	(4)
Mortgage and loan interest													(19,729)	(30,221)	(28,482)
Interest income													19,607	15,793	13,862
Segment operating income (loss)													$ (894)	(14,885)	(15,596)
Assets					$ 3,970				$ 656					$ 3,970	$ 656

OPERATING SEGMENTS (Details 1)

OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment operating income	$ (2,038)	$ (1,065)	$ (3,380)	$ (1,253)	$ 521	$ 5,771	$ 4,641	$ 5,188	$ 3,299	$ 5,766	$ 5,842	$ 5,198	$ (7,736)	$ 16,121	$ 20,105
Other non-segment items of income (expense)
General and administrative													(10,951)	(11,359)	(6,269)
Net income fee to related party													(357)	(631)	(250)
Advisory fee to related party													(5,806)	(10,663)	(9,995)
Other income													84	28,150	625
Gain on formation of joint venture					154,126
Foreign currency translation (loss) gain													(15,108)	12,399	(4,536)
(Loss) earnings from joint venture													(2,774)	44
Earnings from other unconsolidated investees													16	1,085	26
Income tax benefit (expense)	(2,000)				2,418	792			180				2,000	(3,210)	(180)
Net (loss) income from continuing operations	$ (6,979)	$ (7,766)	$ (5,966)	$ (5,426)	$ 152,651	$ 23,118	$ 7,372	$ (101)	$ (7,224)	$ 7,170	$ (10,247)	$ (5,015)	(26,137)	183,040	(15,316)
Operating Segments [Member]
Segment operating income													6,759	13,099	5,263
Other non-segment items of income (expense)
General and administrative													(10,951)	(11,359)	(6,269)
Net income fee to related party													(357)	(631)	(250)
Advisory fee to related party													(5,806)	(10,663)	(9,995)
Other income													84	28,150	625
Gain on formation of joint venture														154,126
Foreign currency translation (loss) gain													(15,108)	12,399	(4,536)
(Loss) earnings from joint venture													(2,774)	44
Earnings from other unconsolidated investees													16	1,085	26
Income tax benefit (expense)													2,000	(3,210)	(180)
Net (loss) income from continuing operations													$ (26,137)	$ 183,040	$ (15,316)

OPERATING SEGMENTS (Details 2)

OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Segment assets	$ 387,790	$ 384,504
Investments in unconsolidated subsidiaries and investees	22,632	22,172
Total assets	865,918	862,380
Segment Reconciling Items [Member]
Segment assets	387,790	384,504	$ 979,870
Investments in unconsolidated subsidiaries and investees	81,780	90,571	2,472
Notes and interest receivable	120,986	83,541	70,166
Other assets and receivables	275,362	303,764	260,914
Total assets	$ 865,918	$ 862,380	$ 1,313,422

QUARTERLY RESULTS OF OPERATIO_3

QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Total operating revenues	$ 12,318	$ 11,883	$ 11,840	$ 11,929	$ 24,761	$ 33,505	$ 31,607	$ 31,082	$ 30,905	$ 31,491	$ 31,302	$ 31,535
Total operating expenses	14,356	12,948	15,220	13,182	24,240	27,734	26,966	25,894	27,606	25,725	25,460	26,337	$ 55,706	$ 104,834	$ 105,128
Operating income (loss)	(2,038)	(1,065)	(3,380)	(1,253)	521	5,771	4,641	5,188	3,299	5,766	5,842	5,198	(7,736)	16,121	20,105
Other (expense) income	(12,341)	(11,841)	(4,639)	(6,389)	(3,404)	5,896	2,731	(6,624)	(14,729)	(8,967)	(15,613)	(10,658)	(35,210)	(1,401)	(49,967)
(Loss) income before gain on formation of joint venture, gain on sales, non-contolling interest, and taxes	(14,379)	(12,906)	(8,019)	(7,642)	(2,883)	11,667	7,372	(1,436)	(11,430)	(3,201)	(9,771)	(5,460)	(42,946)	14,720	(29,862)
Gain (loss) on sale of income producing properties			(80)						1	9,841			(80)		9,842
Gain on formation of joint venture					154,126
Gain (loss) on land sales	5,400	5,140	2,133	2,216	3,826	12,243		1,335	4,385	530	(476)	445	14,889	17,404	4,884
Income tax benefit (expense)	2,000				(2,418)	(792)			(180)				(2,000)	3,210	180
Net (loss) income from continued operations	(6,979)	(7,766)	(5,966)	(5,426)	152,651	23,118	7,372	(101)	(7,224)	7,170	(10,247)	(5,015)	(26,137)	183,040	(15,316)
Net (loss) income	(6,979)	(7,766)	(5,966)	(5,426)	152,651	23,118	7,372	(101)	(7,224)	7,170	(10,247)	(5,015)	(26,137)	183,040	(15,316)
Less: net (income) loss attributable to non-controlling interest	(200)	(21)	(379)	(183)	(417)	(915)	(126)	(132)	(121)	(96)	(163)	(119)
Preferred dividend requirement					(227)	(227)	(224)	(222)	(230)	(224)	(224)	(222)
Net (loss) income applicable to common shares	$ (7,179)	$ (7,787)	$ (6,345)	$ (5,609)	$ 152,007	$ 21,976	$ 7,022	$ (455)	$ (7,575)	$ 6,850	$ (10,634)	$ (5,356)	$ (26,920)	$ 180,550	$ (16,715)
Earnings per share - basic
(Loss) income from continued operations (in dollars per share)	$ (.81)	$ (0.89)	$ (0.68)	$ (0.62)	$ 17.44	$ 2.52	$ 0.81	$ (0.05)	$ (0.88)	$ 0.79	$ (1.22)	$ (0.61)	$ (3)	$ 20.89	$ (1.86)
Net (loss) income applicable to common shares (in dollars per share)	$ (.83)	$ (0.89)	$ (0.73)	$ (0.64)	$ 17.44	$ 2.52	$ 0.81	$ (0.05)	$ (0.88)	$ 0.79	$ (1.22)	$ (0.61)	$ (3.09)	$ 20.71	$ (1.92)
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
(Loss) income from continued operations (in dollars per share)	$ (0.81)	$ (0.89)	$ (0.68)	$ (0.62)	$ 17.44	$ 2.52	$ 0.81	$ (0.05)	$ (0.88)	$ 0.79	$ (1.22)	$ (0.61)	$ (3)	$ 20.89	$ (1.86)
Net (loss) income applicable to common shares (in dollars per share)	$ (0.83)	$ (0.89)	$ (0.73)	$ (0.64)	$ 17.44	$ 2.52	$ 0.81	$ (0.05)	$ (0.88)	$ 0.79	$ (1.22)	$ (0.61)	$ (3.09)	$ 20.71	$ (1.92)
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 CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands	Jul. 20, 2015	Jan. 31, 2012	Oct. 31, 2011	Dec. 31, 2019	Feb. 04, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2012
Notes and interest receivable				$ 120,986		$ 83,541	$ 70,166	$ 81,133
Common stock held by shareholder of lawsuit					7,900
Lender [Member]
Guarantors of loan				$ 25,000
Dynex Litigation [Member]
Unfunded loan commitment	$ 160,000
Awarded attorney fees	$ 1,600
Post-judgment interest rate	5.00%
Dynex Litigation [Member] | Transcontinental Realty Investors, Inc. [Member]
Damages awarded value	$ 19,500
Actual damages awarded value	11,100
Interest damages awarded value	8,400
Dynex Litigation [Member] | American Realty Trust, Inc. [Member]
Damages awarded value	24,800
Actual damages awarded value	14,200
Interest damages awarded value	10,600
Dynex Litigation [Member] | Basic Capital Management, Inc. [Member]
Damages awarded value	448
Actual damages awarded value	256
Interest damages awarded value	$ 192
ART and ART Midwest, Inc. Litigation [Member]
Damages awarded value		$ 59,000	$ 74,000
Actual damages awarded value			26,000
Interest damages awarded value			$ 48,000
Notes and interest receivable		$ 10,000							$ 0

EARNINGS PER SHARE (Details Nar

EARNINGS PER SHARE (Details Narrative) $ / shares in Units, $ in Thousands	Jul. 09, 2014USD ($)$ / sharesshares
Common 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
Accrued Dividends | $	$ 900
Preferred stock, liquidation preference per share | $ / shares	$ 100
Percentage of the average daily closing price of common stock	90.00%
Number of trading days	5 days
Shares converted	30,000

SCHEDULE III REAL ESTATE AND _2

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Gross Amounts of Which Carried at End of Year Total	$ 477,963	$ 463,732	$ 1,165,662	$ 1,066,603
Accumulated Depreciation	90,173	$ 79,228	$ 177,546	$ 165,597
Properties Held for Investment/Corporate Debt [Member]
Encumbrances	236,685
Initial Cost Land	136,552
Initial Cost Buildings	284,089
Cost Capitalized Subsequent to Acquisition Improvements	88,386
Asset Impairment	(31,064)
Gross Amounts of Which Carried at End of Year Land	136,552
Gross Amounts of Which Carried at End of Year Building & Improvements	341,411
Gross Amounts of Which Carried at End of Year Total	477,963
Accumulated Depreciation	90,173
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member]
Encumbrances	120,024
Initial Cost Land	15,981
Initial Cost Buildings	135,766
Cost Capitalized Subsequent to Acquisition Improvements	4,426
Gross Amounts of Which Carried at End of Year Land	15,981
Gross Amounts of Which Carried at End of Year Building & Improvements	140,192
Gross Amounts of Which Carried at End of Year Total	156,173
Accumulated Depreciation	10,562
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Legacy at Pleasant Grove, Texarkana [Member] | TEXAS
Encumbrances	13,944
Initial Cost Land	2,005
Initial Cost Buildings	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	$ 2,289
Date of Construction	2006
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] | Toulon, Gautier [Member] | MISSISSIPPI
Encumbrances	$ 19,575
Initial Cost Land	1,621
Initial Cost Buildings	20,107
Cost Capitalized Subsequent to Acquisition Improvements	372
Gross Amounts of Which Carried at End of Year Land	1,621
Gross Amounts of Which Carried at End of Year Building & Improvements	20,479
Gross Amounts of Which Carried at End of Year Total	22,100
Accumulated Depreciation	$ 4,273
Date of Construction	2011
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] | Villager, Ft. Walton [Member] | FLORIDA
Encumbrances	$ 672
Initial Cost Land	141
Initial Cost Buildings	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	$ 148
Date of Construction	1972
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 Bon Secour, Gulf Shores [Member] | ALABAMA
Encumbrances	$ 11,212
Initial Cost Land	2,715
Initial Cost Buildings	15,385
Gross Amounts of Which Carried at End of Year Land	2,715
Gross Amounts of Which Carried at End of Year Building & Improvements	15,385
Gross Amounts of Which Carried at End of Year Total	18,100
Accumulated Depreciation	$ 545
Date of Construction	2007
Date Acquired	07/18
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	$ 10,252
Initial Cost Land	1,339
Initial Cost Buildings	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	$ 1,893
Date of Construction	2009
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] | Chelsea, Beaumont [Member] | TEXAS
Encumbrances	$ 8,794
Initial Cost Land	1,225
Initial Cost Buildings	11,025
Cost Capitalized Subsequent to Acquisition Improvements	160
Gross Amounts of Which Carried at End of Year Land	1,225
Gross Amounts of Which Carried at End of Year Building & Improvements	11,185
Gross Amounts of Which Carried at End of Year Total	12,410
Accumulated Depreciation	$ 303
Date of Construction	1999
Date Acquired	11/18
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 Square II, Sevierville [Member] | TENNESSEE
Encumbrances	$ 15,829
Initial Cost Land	2,411
Initial Cost Buildings	17,005
Gross Amounts of Which Carried at End of Year Land	2,411
Gross Amounts of Which Carried at End of Year Building & Improvements	17,005
Gross Amounts of Which Carried at End of Year Total	19,416
Accumulated Depreciation	$ 319
Date of Construction	2012
Date Acquired	11/15
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] | Landing, Houma [Member] | LOUISIANA
Encumbrances	$ 15,484
Initial Cost Land	2,012
Initial Cost Buildings	18,115
Cost Capitalized Subsequent to Acquisition Improvements	25
Gross Amounts of Which Carried at End of Year Land	2,012
Gross Amounts of Which Carried at End of Year Building & Improvements	18,140
Gross Amounts of Which Carried at End of Year Total	20,152
Accumulated Depreciation	$ 491
Date of Construction	2005
Date Acquired	12/18
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] | Farnham Park, Port Aurther [Member] | TEXAS
Encumbrances	$ 9,183
Initial Cost Land	1,010
Initial Cost Buildings	9,086
Cost Capitalized Subsequent to Acquisition Improvements	144
Gross Amounts of Which Carried at End of Year Land	1,010
Gross Amounts of Which Carried at End of Year Building & Improvements	9,230
Gross Amounts of Which Carried at End of Year Total	10,240
Accumulated Depreciation	$ 251
Date of Construction	1999
Date Acquired	11/18
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 Phase II, Denham Springs [Member] | LOUISIANA
Encumbrances	$ 15,079
Initial Cost Land	1,502
Initial Cost Buildings	12,486
Cost Capitalized Subsequent to Acquisition Improvements	3,508
Gross Amounts of Which Carried at End of Year Land	1,502
Gross Amounts of Which Carried at End of Year Building & Improvements	15,994
Gross Amounts of Which Carried at End of Year Total	17,496
Accumulated Depreciation	$ 50
Date of Construction	2010
Date Acquired	11/9
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	$ 9,017
Initial Cost Land	10,195
Cost Capitalized Subsequent to Acquisition Improvements	12,168
Gross Amounts of Which Carried at End of Year Land	10,195
Gross Amounts of Which Carried at End of Year Building & Improvements	12,168
Gross Amounts of Which Carried at End of Year Total	22,363
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Forest Pines [Member] | TEXAS
Initial Cost Land	5,040
Cost Capitalized Subsequent to Acquisition Improvements	301
Gross Amounts of Which Carried at End of Year Land	5,040
Gross Amounts of Which Carried at End of Year Building & Improvements	301
Gross Amounts of Which Carried at End of Year Total	5,341
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Sugar Mill III, Addis [Member] | LOUISIANA
Encumbrances	6,302
Initial Cost Land	576
Cost Capitalized Subsequent to Acquisition Improvements	7,023
Gross Amounts of Which Carried at End of Year Land	576
Gross Amounts of Which Carried at End of Year Building & Improvements	7,023
Gross Amounts of Which Carried at End of Year Total	$ 7,599
Date Acquired	11/15
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | McKinney Apts at Heritage, McKinney [Member] | TEXAS
Initial Cost Land	$ 2,481
Cost Capitalized Subsequent to Acquisition Improvements	89
Gross Amounts of Which Carried at End of Year Land	2,481
Gross Amounts of Which Carried at End of Year Building & Improvements	89
Gross Amounts of Which Carried at End of Year Total	$ 2,570
Date Acquired	6/17
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Forest Pines Phase II (Forest Grove), Bryan [Member] | TEXAS
Encumbrances	$ 1,560
Cost Capitalized Subsequent to Acquisition Improvements	4,674
Gross Amounts of Which Carried at End of Year Building & Improvements	4,674
Gross Amounts of Which Carried at End of Year Total	$ 4,674
Date Acquired	4/19
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | LD Athens Lindsay Ln, Athens [Member] | LOUISIANA
Encumbrances	$ 1,155
Initial Cost Land	2,098
Cost Capitalized Subsequent to Acquisition Improvements	81
Gross Amounts of Which Carried at End of Year Land	2,098
Gross Amounts of Which Carried at End of Year Building & Improvements	81
Gross Amounts of Which Carried at End of Year Total	$ 2,179
Date Acquired	9/19
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member]
Encumbrances	$ 92,838
Initial Cost Land	33,533
Initial Cost Buildings	148,323
Cost Capitalized Subsequent to Acquisition Improvements	57,168
Asset Impairment	(9,600)
Gross Amounts of Which Carried at End of Year Land	33,533
Gross Amounts of Which Carried at End of Year Building & Improvements	195,891
Gross Amounts of Which Carried at End of Year Total	229,424
Accumulated Depreciation	79,611
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass, Las Colinas [Member] | TEXAS
Encumbrances	37,215
Initial Cost Land	5,751
Initial Cost Buildings	51,759
Cost Capitalized Subsequent to Acquisition Improvements	20,143
Gross Amounts of Which Carried at End of Year Land	5,751
Gross Amounts of Which Carried at End of Year Building & Improvements	71,902
Gross Amounts of Which Carried at End of Year Total	77,653
Accumulated Depreciation	$ 32,858
Date of Construction	1984
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	$ 12,178
Initial Cost Land	1,763
Initial Cost Buildings	15,834
Cost Capitalized Subsequent to Acquisition Improvements	697
Gross Amounts of Which Carried at End of Year Land	1,763
Gross Amounts of Which Carried at End of Year Building & Improvements	16,531
Gross Amounts of Which Carried at End of Year Total	18,294
Accumulated Depreciation	$ 2,117
Date of Construction	1970
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	$ 3,908
Cost Capitalized Subsequent to Acquisition Improvements	1,207
Gross Amounts of Which Carried at End of Year Building & Improvements	1,207
Gross Amounts of Which Carried at End of Year Total	1,207
Accumulated Depreciation	$ 804
Date of Construction	1979
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
Initial Cost Land	$ 5,096
Initial Cost Buildings	45,868
Cost Capitalized Subsequent to Acquisition Improvements	26,645
Gross Amounts of Which Carried at End of Year Land	5,096
Gross Amounts of Which Carried at End of Year Building & Improvements	72,513
Gross Amounts of Which Carried at End of Year Total	77,609
Accumulated Depreciation	$ 29,867
Date of Construction	1984
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] | 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	$ 71
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	$ 142
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	$ 39,537
Initial Cost Land	20,278
Initial Cost Buildings	34,862
Cost Capitalized Subsequent to Acquisition Improvements	8,251
Asset Impairment	(9,600)
Gross Amounts of Which Carried at End of Year Land	20,278
Gross Amounts of Which Carried at End of Year Building & Improvements	33,513
Gross Amounts of Which Carried at End of Year Total	53,791
Accumulated Depreciation	$ 13,752
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] | 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] | 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] | 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] | 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] | 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] | 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
Date Acquired	11/11
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Windmill Farms Land, Kaufman County [Member] | TEXAS
Encumbrances	$ 13,861
Initial Cost Land	55,668
Cost Capitalized Subsequent to Acquisition Improvements	13,913
Asset Impairment	(20,343)
Gross Amounts of Which Carried at End of Year Land	55,668
Gross Amounts of Which Carried at End of Year Building & Improvements	(6,430)
Gross Amounts of Which Carried at End of Year Total	49,238
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | T Palm Desert, Riverside [Member] | CANADA
Initial Cost Land	1,800
Gross Amounts of Which Carried at End of Year Land	1,800
Gross Amounts of Which Carried at End of Year Total	$ 1,800
Date Acquired	9/19
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS
Date Acquired	06/04
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 1,169
Cost Capitalized Subsequent to Acquisition Improvements	(760)
Gross Amounts of Which Carried at End of Year Land	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
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] | Nicholson Croslin, Dallas [Member] | TEXAS
Date Acquired	10/98
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Croslin, Dallas [Member] | TEXAS
Initial Cost Land	$ 184
Cost Capitalized Subsequent to Acquisition Improvements	(118)
Gross Amounts of Which Carried at End of Year Land	184
Gross Amounts of Which Carried at End of Year Building & Improvements	(118)
Gross Amounts of Which Carried at End of Year Total	$ 66
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Mendoza, Dallas [Member] | TEXAS
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
Cost Capitalized Subsequent to Acquisition Improvements	(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
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mercer Crossing, Farmers Branch [Member] | TEXAS
Initial Cost Land	10,966
Asset Impairment	10,966
Gross Amounts of Which Carried at End of Year Building & Improvements	$ 10,966
Date Acquired	1/08
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney 36, Collin County [Member] | TEXAS
Encumbrances	$ 945
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] | Travis Ranch Land, Kaufman County [Member] | TEXAS
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] | Dominion Mercer Phase II Farmers Branch [Member] | TEXAS
Initial Cost Land	$ 2,440
Cost Capitalized Subsequent to Acquisition Improvements	111
Asset Impairment	(135)
Gross Amounts of Which Carried at End of Year Land	2,440
Gross Amounts of Which Carried at End of Year Building & Improvements	(24)
Gross Amounts of Which Carried at End of Year Total	$ 2,416
Date Acquired	3/99
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member]
Encumbrances	$ 14,806
Initial Cost Land	76,843
Cost Capitalized Subsequent to Acquisition Improvements	14,624
Asset Impairment	(21,464)
Gross Amounts of Which Carried at End of Year Land	76,843
Gross Amounts of Which Carried at End of Year Building & Improvements	(6,840)
Gross Amounts of Which Carried at End of Year Total	$ 70,003

SCHEDULE III REAL ESTATE AND _3

SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Reconciliation of Real Estate
Balance at at beginning	$ 463,732	$ 1,165,662	$ 1,066,603
Additions
Acquisitions, improvements and construction	92,964	175,996	129,483
Deductions
Sale of real estate	(78,733)	(877,926)	(30,424)
Balance at ending	477,963	463,732	1,165,662
Reconciliation of Accumulated Depreciation
Balance at at beginning	79,228	177,546	165,597
Additions
Depreciation	13,379	22,761	25,558
Deductions
Sale of real estate	(2,434)	(121,079)	(13,609)
Balance at ending	$ 90,173	$ 79,228	$ 177,546

SCHEDULE IV MORTGAGE LOANS RE_2

SCHEDULE IV MORTGAGE LOANS RECEIVABLE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Carrying Amount of Mortgage	$ 114,182
Accrued interest	8,629
Allowance for estimated losses	(1,825)
Notes and interest receivable	$ 120,986	$ 83,541	$ 70,166	$ 81,133
Mortgage Loans [Member] | Prospectus Endeavors 4, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2023-01
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 5,907
Carrying Amount of Mortgage	$ 5,907
Mortgage Loans [Member] | Prospectus Endeavors 6, LLC [Member]
Interest Rate	12.00%
Final Maturity Date	2022-10
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 496
Carrying Amount of Mortgage	$ 496
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] | H198, LLC McKinney Ranch Land [Member]
Interest Rate	6.00%
Final Maturity Date	2020-09
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 4,554
Carrying Amount of Mortgage	$ 4,554
Mortgage Loans [Member] | Forest Pines [Member]
Interest Rate	5.00%
Final Maturity Date	2020-11
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 2,868
Mortgage Loans [Member] | Spyglass Apartments of Ennis, LP [Member]
Interest Rate	5.00%
Final Maturity Date	2020-11
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 5,083
Carrying Amount of Mortgage	$ 5,288
Mortgage Loans [Member] | Bellwether Ridge [Member]
Interest Rate	5.00%
Final Maturity Date	2020-05
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 3,429
Carrying Amount of Mortgage	$ 3,765
Mortgage Loans [Member] | Parc at Windmill Farms [Member]
Interest Rate	5.00%
Final Maturity Date	2020-05
Periodic Payment Terms	Excess cash flow
Face Amount of Mortgage	$ 6,066
Carrying Amount of Mortgage	$ 7,602
Mortgage Loans [Member] | RAI PFBL 2018 Purch Fee Note Weatherford [Member]
Interest Rate	12.00%
Final Maturity Date	2021-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 525
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member]
Security	100% Interest in UH of Temple, LLC
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 9,719
Face Amount of Mortgage	2,794
Carrying Amount of Mortgage	$ 1,481
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) [Member]
Security	100% Interest in HFS of Humble, LLC
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Prior Liens	$ 15,965
Face Amount of Mortgage	2,959
Carrying Amount of Mortgage	$ 2,000
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) [Member]
Security	Interest in Unified Housing Foundation Inc.
% of Cash Flow	31.50%
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	$ 6,369
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 1,953
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 2,000
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch/UH of Vista Ridge,LLC) [Member]
Interest Rate	12.00%
Final Maturity Date	2032-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 4,000
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]
Security	100% Interest in UH of Terrell, LLC
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 (2015 Advisory Fee) [Member]
Interest Rate	12.00%
Final Maturity Date	2021-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 3,994
Mortgage Loans [Member] | Unified Housing Foundation, Inc (2008-2014 Advisory Fee) [Member]
Interest Rate	12.00%
Final Maturity Date	2021-12
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 6,407
Mortgage Loans [Member] | Unified Housing Foundation, Inc (2018 Advisory Fee) [Member]
Interest Rate	12.00%
Final Maturity Date	2020-06
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 5,314
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	RAI UHF 2019 Advisory Fee Note
Interest Rate	12.00%
Final Maturity Date	2022-03
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 4,782
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Lakeshore Villas)
Interest Rate	12.00%
Final Maturity Date	2021-07
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 838
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Limestone Ranch)
Interest Rate	12.00%
Final Maturity Date	2021-07
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 773
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Marquis @ Vista Ridge)
Interest Rate	12.00%
Final Maturity Date	2021-07
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 839
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Timbers at the Park)
Interest Rate	12.00%
Final Maturity Date	2021-07
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 432
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Trails @ White Rock)
Interest Rate	12.00%
Final Maturity Date	2021-07
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 913
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2018 Refin Fee (Bella Vista)
Interest Rate	12.00%
Final Maturity Date	2021-08
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 212
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2017 Fees on Sale LSC/SR/PKCR
Interest Rate	12.00%
Final Maturity Date	2021-10
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 1,980
Mortgage Loans [Member] | Unified Housing Foundation, Inc [Member]
Security	2017 Fees on Profit LSC/SR/PKCR
Interest Rate	12.00%
Final Maturity Date	2021-10
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 4,851
Mortgage Loans [Member] | Various Related Party Notes [Member]
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 3,553
Mortgage Loans [Member] | Various Non-Related Party Notes [Member]
Periodic Payment Terms	Excess cash flow
Carrying Amount of Mortgage	$ 28,989

SCHEDULE IV MORTGAGE LOANS RE_3

SCHEDULE IV MORTGAGE LOANS RECEIVABLE (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance at beginning	$ 83,541	$ 70,166	$ 81,133
Additions
New mortgage loans	49,671	13,123	16,422
Increase (decrease) of interest receivable on mortgage loans	9,576	6,329	668
Deductions
Amounts received	(21,589)	(6,077)	(26,230)
Non-cash reductions	(213)		(1,827)
Balance at ending	$ 120,986	$ 83,541	$ 70,166