Transcontinental Realty Investors (TCI) 10-Q 12 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 12, 2020
Cover [Abstract]
Entity Registrant Name	TRANSCONTINENTAL REALTY INVESTORS INC
Entity Central Index Key	0000733590
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
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 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
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020

CONSOLIDATED BALANCE SHEETS (Un

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Real estate, net	$ 380,715	$ 387,790
Notes receivable (including $66.287 in 2020 and $57,817 in 2019 from related parties)	123,854	112,357
Cash and cash equivalents	32,967	51,179
Restricted cash	28,030	32,082
Investment in unconsolidated joint ventures	71,171	81,780
Receivable from related parties	140,050	141,541
Other assets	68,558	59,189
Total assets	845,345	865,918
Liabilities:
Mortgages and notes payable	242,300	245,773
Bonds payable	203,192	223,265
Accounts payable and other liabilities (including $937 in 2020 and $935 in 2019 to related parties)	24,642	26,115
Accrued interest payable	3,281	7,230
Deferred revenue	9,315	9,468
Total liabilities	482,730	511,851
Shareholders' Equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares at September 30, 2020 and December 31, 2019.	87	87
Treasury stock at cost, 200 shares in 2020 and 2019	(2)	(2)
Paid-in capital	257,853	257,853
Retained earnings	82,813	74,665
Total shareholders' equity	340,751	332,603
Non-controlling interest	21,864	21,464
Total equity	362,615	354,067
Total liabilities and equity	$ 845,345	$ 865,918

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Notes receivable	$ 123,854	$ 112,357
Accounts payable and other liabilities	$ 24,642	$ 26,115
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
Treasury stock, shares	200	200
Related Party [Member]
Notes receivable	$ 66,287	$ 57,817
Accounts payable and other liabilities	$ 937	$ 935

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Rental revenues (including $262 and $212 for the three months and $673 and $527 for the nine months ended 2020 and 2019, respectively, from related parties)	$ 11,453	$ 11,407	$ 34,461	$ 34,352
Other income	706	1,990	3,885	7,394
Total revenues	12,159	13,397	38,346	41,746
Expenses:
Property operating expenses (including $254 and $237 for the three months ended and $750 and $741 for the nine months ended 2020 and 2019, respectively, from related parties)	6,388	5,403	18,507	18,722
Depreciation and amortization	3,526	3,416	10,338	9,964
General and administrative (including $1,017 and $935 for the three months ended and $2,783 and $3,355 for the nine months ended 2020 and 2019, respectively, from related parties)	1,643	1,929	7,063	6,468
Advisory fee to related party	2,139	2,200	6,483	6,196
Total operating expenses	13,696	12,948	42,391	41,350
Net operating (loss) income	(1,537)	449	(4,045)	396
Interest income (including $3,752 and $4,618 for the three months ended and $11,255 and $13,483 for the nine months ended 2020 and 2019, respectively, from related parties)	4,348	5,232	13,102	14,668
Interest expense (including $380 and $514 for the three months ended and $1,193 and $1,517 for the nine months ended 2020 and 2019, respectively, from related parties)	(6,291)	(8,037)	(21,999)	(23,642)
(Loss) gain on foreign currency transaction	(1,470)	(5,153)	774	(13,296)
Loss on extinguishment of debt		(5,219)		(5,219)
Income (losses) from unconsolidated joint ventures	365	(178)	(740)	(1,474)
Gain on sales or write-down of assets	12,328	5,140	21,802	9,409
Income tax expense	(50)		(346)
Net income (loss)	7,693	(7,766)	8,548	(19,158)
Net income attributable to non-controlling interest		(21)	(400)	(583)
Net income (loss) attributable to common shares	$ 7,693	$ (7,787)	$ 8,148	$ (19,741)
Earnings (loss) per share - attributable to common shares
Basic and diluted (in dollars per share)	$ 0.88	$ (0.89)	$ 0.93	$ (2.26)
Weighted-average number of common shares outstanding:
Basic and diluted (in shares)	8,717,767	8,717,767	8,717,767	8,717,767

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Rental and other property revenues	$ 12,159	$ 13,397	$ 38,346	$ 41,746
Property operating expenses	6,388	5,403	18,507	18,722
General and administrative	1,643	1,929	7,063	6,468
Interest income	4,348	5,232	13,102	14,668
Interest expense	6,291	8,037	21,999	23,642
Related Party [Member]
Rental and other property revenues	262	212	673	527
Property operating expenses	254	237	750	741
Interest income	3,752	4,618	11,255	13,483
Interest expense	$ 380	$ 514	$ 1,193	$ 1,517

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Treasury Stock [Member]	Paid-in Capital [Member]	Retained Earnings [Member]	Total Shareholders' Equity [Member]	Non-controlling Interest [Member]	Total
Balance at beginning at Dec. 31, 2018	$ 87	$ (2)	$ 258,050	$ 101,585	$ 359,720	$ 20,681	$ 380,401
Balance at beginnng (in shares) at Dec. 31, 2018	8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution to equity partner			(197)		(197)		(197)
Net income (loss)				(19,741)	(19,741)	583	(19,158)
Balance at ending at Sep. 30, 2019	$ 87	(2)	257,853	81,844	339,670	21,264	361,046
Balance at ending (in shares) at Sep. 30, 2019	8,717,967
Balance at beginning at Jun. 30, 2019	$ 87	(2)	257,938	89,631	347,654	21,243	368,897
Balance at beginnng (in shares) at Jun. 30, 2019	8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distribution to equity partner			(85)		(85)		(85)
Net income (loss)				(7,787)	(7,787)	21	(7,766)
Balance at ending at Sep. 30, 2019	$ 87	(2)	257,853	81,844	339,670	21,264	361,046
Balance at ending (in shares) at Sep. 30, 2019	8,717,967
Balance at beginning at Dec. 31, 2019	$ 87	(2)	257,853	74,665	332,603	21,464	354,067
Balance at beginnng (in shares) at Dec. 31, 2019	8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				8,148	8,148	400	8,548
Balance at ending at Sep. 30, 2020	$ 87	(2)	257,853	82,813	340,751	21,864	362,615
Balance at ending (in shares) at Sep. 30, 2020	8,717,967
Balance at beginning at Jun. 30, 2020	$ 87	(2)	257,853	75,120	333,058	21,864	354,922
Balance at beginnng (in shares) at Jun. 30, 2020	8,717,967
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)				7,693	7,693		7,693
Balance at ending at Sep. 30, 2020	$ 87	$ (2)	$ 257,853	$ 82,813	$ 340,751	$ 21,864	$ 362,615
Balance at ending (in shares) at Sep. 30, 2020	8,717,967

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash Flow From Operating Activities:
Net income (loss)	$ 8,548	$ (19,158)
Adjustments to reconcile net income (loss) to used in operating activities:
(Gain) loss on foreign currency transactions	(774)	13,296
Loss on debt extinguishment		5,219
Gain on sales or write-down of assets	(21,802)	(9,409)
Depreciation and amortization	13,023	12,818
Loss from unconsolidated joint ventures	740	1,474
Distribution of income from unconsolidated joint ventures	1,782
Changes in assets and liabilities, net of dispositions:
Other assets	(14,179)	12,888
Related party receivables	1,491	(35,257)
Accrued interest payable	(94)	(1,557)
Accounts payable and other liabilities	(3,745)	5,441
Deferred revenue	(153)	4,957
Net cash used in operating activities	(15,163)	(9,288)
Cash Flow From Investing Activities:
Collection of notes receivables	3,467	255
Origination and advances on notes receivable	(15,718)	(7,262)
Acquisition of real estate	(2,664)	(3,422)
Development and renovation of real estate	(12,488)	(31,311)
Deferred leasing costs	(96)
Proceeds from sale of real estate	31,768	23,030
Distributions from unconsolidated joint ventures	8,086	1,928
Net cash provided by (used in) investing activities	12,355	(16,782)
Cash Flow From Financing Activities:
Proceeds from mortgages and notes payable	10,234	16,934
Payments on mortgages and notes payable	(7,912)	(45,623)
Proceeds from bonds payable		78,125
Payments on bonds payable	(21,724)	(21,742)
Debt extinguishment costs		(3,799)
Deferred finance costs	(54)	(4,241)
Distributions to equity partner		(197)
Net cash (used in) provided by financing activities	(19,456)	19,457
Net decrease in cash, cash equivalents and restricted cash	(22,264)	(6,613)
Cash, cash equivalents and restricted cash, beginning of period	83,261	106,565
Cash, cash equivalents and restricted cash, end of period	60,997	99,952
Supplemental disclosures of cash flow information:
Cash paid for interest, net of amounts capitalized	21,109	27,470
Schedule of noncash investing and financing activities:
Land acquired in exchange for note payable	3,350
Note receiveable issued in exchange for property	1,761
Debt assumed in sale of properties	$ 8,238
Land received in exhange for note receivable		$ 1,800

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization As used herein, the terms “the Company”, “We”, “Our”, or “Us” refer to Transcontinental Realty Investors, Inc. a Nevada corporation which was formed in 1984. Our common stock is listed and trades on the New York Stock Exchange (“NYSE”) under the symbol “TCI”. We are a “C” corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with American Realty Investors, Inc. (“ARL”), whose common stock is traded on the NYSE under the symbol “ARL”. ARL owns 78.38% and the parent of ARL owns 7.20% of the Company. Our primary business is the acquisition, development and ownership of income-producing multifamily apartment communities and commercial real estate properties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time to time and when we believe it appropriate to do so, we will also sell land and income-producing properties. We generate revenues by leasing apartment units to residents, and leasing office, industrial and retail space to various for-profit businesses as well as certain local, state and federal agencies. We also generate revenues from gains on sales of income-producing properties and land. At September 30, 2020, our portfolio of income-producing properties consisted of: ● Six commercial properties consisting of five office buildings and one retail property comprising in aggregate of approximately 1.6 million square feet; ● Ten multifamily apartment communities owned directly by us comprising in 1,639 units, excluding apartments being developed; ● Approximately 1,980 acres of developed and undeveloped land; and ● Fifty-one multifamily apartment communities totaling 10,137 units owned by our 50% owned investee Victory Abode Apartments, LLC (“VAA”). Our day to day operations are managed by Pillar Income Asset Management, Inc. (“Pillar”). Their duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing with third party lenders and investors. All of the Companies employees are Pillar employees. Our commercial properties are managed by Regis Realty Prime, LLC (“Regis”). Regis provides leasing, construction management and brokerage services. Our multifamily apartment communities are managed by outside management companies.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2019 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019. Certain 2019 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations. Newly Issued Accounting Standards In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The adoption of the standard on January 1, 2020, did not have a material impact on our financial position and results of operations. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides guidance, optional expedients and exceptions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The standard was effective upon issuance and can be applied through December 31, 2022. We have mortgage notes payable with interest rates that reference LIBOR, and therefore, we will adopt this standard when LIBOR is discontinued. On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our adoption of the guidance of the Q&A did not have a significant impact on our consolidated financial statements during the nine months ended September 30, 2020.

Earnings per Share

Earnings per Share	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Earnings per Share	3. Earnings per Share Earnings per share (“EPS”) have been computed by dividing income available to common shares by the weighted-average number of common shares outstanding during the period. Shares issued during the period shall be weighted for the portion of the period that they were outstanding. The following table details our basic and diluted earnings per common share calculation: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Net income (loss) $ 7,693 $ (7,766 ) $ 8,548 $ (19,158 ) Net (income) attributable to non-controlling interest — (21 ) (400 ) (583 ) Net income (loss) attributable to common shares $ 7,693 $ (7,787 ) $ 8,148 $ (19,741 ) Weighted-average common shares outstanding — basic and diluted 8,717,767 8,717,767 8,717,767 8,717,767 EPS - attributable to common shares — basic and diluted $ 0.88 $ (0.89 ) $ 0.93 $ (2.26 )

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	4. Supplemental Cash Flow Information The following is a reconciliation of our cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: For the Period Ended 2020 2019 Beginning of period Cash and cash equivalents $ 51,179 $ 36,358 Restricted cash 32,082 70,207 Cash, cash equivalents and restricted cash $ 83,261 $ 106,565 End of period Cash and cash equivalents $ 32,967 $ 63,069 Restricted cash 28,030 36,883 Cash, cash equivalents and restricted cash $ 60,997 $ 99,952 Amounts included in restricted cash represent funds required to be set aside to meet contractual obligations with certain financial institutions for the payment of reserve replacement, tax and insurance escrow. In addition, restricted cash includes funds for bond principle and interest payments (See Note 11 – Bonds Payable).

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Operating Segments	5. Operating Segments Our segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily apartment communities and (ii) the acquisition, ownership and management of commercial real estate properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The following table presents our reportable segments for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Multifamily Segment Revenues $ 3,683 $ 3,383 $ 10,943 $ 10,077 Operating expenses (2,412 ) (2,243 ) (6,466 ) (6,363 ) Profit from segment 1,271 1,140 4,477 3,714 Commercial Segment Revenues 7,770 8,024 23,518 24,275 Operating expenses (3,976 ) (3,160 ) (12,041 ) (12,359 ) Profit from segment 3,794 4,864 11,477 11,916 Total profit from segments $ 5,065 $ 6,004 $ 15,954 $ 15,630 The table below reflects the reconciliation of total profit from segments to net income (loss) for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Total profit from segments $ 5,065 $ 6,004 $ 15,954 $ 15,630 Other non-segment items of income (expense) Depreciation (3,526 ) (3,416 ) (10,338 ) (9,964 ) General and administrative (1,643 ) (1,930 ) (7,063 ) (6,468 ) Advisory fee to related party (2,139 ) (2,199 ) (6,483 ) (6,196 ) Interest income 4,348 5,232 13,102 14,668 Other income 706 1,990 3,885 7,394 Interest expense (6,291 ) (8,037 ) (21,999 ) (23,642 ) (Loss) gain on foreign currency transaction (1,470 ) (5,153 ) 774 (13,296 ) Loss on extinguishment of debt — (5,219 ) — (5,219 ) Income (losses) from unconsolidated joint ventures 365 (178 ) (740 ) (1,474 ) Gain on sales or write-down of assets 12,328 5,140 21,802 9,409 Income tax expense (50 ) — (346 ) — Net income (loss) $ 7,693 $ (7,766 ) $ 8,548 $ (19,158 )

Leases

Leases	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Leases	6. Leases We lease our multifamily apartment communities and commercial properties under agreements that are classified as operating leases. Our multifamily leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The following table summarizes the components of rental revenue for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Fixed component $ 11,107 $ 10,827 $ 33,111 $ 32,963 Variable component 346 580 1,350 1,389 $ 11,453 $ 11,407 $ 34,461 $ 34,352 The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less: Twelve months ended September 30, 2020 Amount 2021 $ 6,444 2022 23,155 2023 20,038 2024 14,606 2025 8,737 Thereafter 7,071 $ 80,051

Real Estate Activity

Real Estate Activity	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Real Estate Activity	7. Real Estate Activity Below is a summary of the real estate owned as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Land $ 50,759 $ 49,887 Building and improvements 297,068 286,280 Tenant improvements 49,423 49,431 Construction in progress 77,116 84,399 474,366 469,997 Less accumulated deprecation (97,883 ) (90,173 ) 376,483 379,824 Property held for sale 4,232 7,966 Total $ 380,715 $ 387,790 The gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2020 and 2019 consist of the following: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Land (1) $ 5,774 $ 5,140 $ 15,248 $ 9,489 Residential Properties (2) 3,704 — 3,704 (80 ) Commercial Properties (3) 4,609 — 4,609 — Other (4) (1,759 ) — (1,759 ) — Total $ 12,328 $ 5,140 $ 21,802 $ 9,409 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) On September 14, 2020, we sold Bridgeview Plaza, a 122,205 square foot retail center in La Crosse, Wisconsin for $5,250, resulting in a gain on sale of $4,744. The proceeds from the sale were used to pay off the $3,375 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable) and for general corporate purposes. (3) On May 1, 2020, we sold Villager Apartments, a 33 unit multifamily apartment community in Pensacola, Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of the $665 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable). On July 16, 2020, we sold Farnham Park Apartments, a 144 unit multifamily apartment community in Port Arthur, Texas for $13,300, resulting in a gain on the sale of of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable). (4) Includes the write-off of development costs.

Notes Receivable

Notes Receivable	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Notes Receivable	8. Notes Receivable The following table summarizes our notes receivable as of September 30, 2020 and December 31, 2019: Carrying value Property/Borrower September 30, 2020 December 31, 2019 Interest Rate Maturity Date ABC Land and Development, Inc. $ 7,408 $ 7,408 9.50 % 06/21 ABC Paradise, LLC 1,210 1,210 9.50 % 06/21 Autumn Breeze (1) 1,807 1,302 5.00 % 10/21 Bellwether Ridge (1) 3,559 3,765 5.00 % 11/20 Big River NV LLC 344 — — 07/20 Forest Pines Phase I (1) 2,869 2,868 5.00 % 11/20 JEM Holdings, Inc. 300 300 6.00 % 07/16 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 06/21 Oulad-Chikh Family Trust 174 174 8.00 % 03/21 Parc at Ingleside (1) 2,294 1,531 5.00 % 12/21 Parc at Windmill Farms (1) 7,949 7,602 5.00 % 11/20 Phillips Foundation for Better Living, Inc. — 314 12.00 % 03/22 Plum Tree (1) 792 413 5.00 % 10/21 Prospectus Endeavors 4, LLC 5,907 5,907 12.00 % 01/23 Prospectus Endeavors 6, LLC 496 496 12.00 % 10/22 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 06/21 RNC Revolving Line of Credit 8,853 8,802 5.00 % 09/24 Spyglass of Ennis (1) 5,359 5,288 5.00 % 11/20 Steeple Crest (1) 6,498 6,665 5.00 % 08/21 TPS Income, Inc. 4,554 4,554 6.00 % 09/20 Unified Housing Foundation, Inc. (2) 10,401 10,401 12.00 % 12/21 Unified Housing Foundation, Inc. (2) 10,096 10,096 12.00 % 03/22 Unified Housing Foundation, Inc. (2) 2,882 3,795 12.00 % 07/21 Unified Housing Foundation, Inc. (2) 212 212 12.00 % 08/21 Unified Housing Foundation, Inc. (2) 7,051 6,831 12.00 % 03/23 Unified Housing Foundation, Inc. (2) 3,615 — 12.00 % 05/23 Unified Housing Foundation, Inc. (2) 6,831 — 12.00 % 10/21 Unified Housing Foundation, Inc. (2) 495 525 12.00 % 12/21 Unified Housing Foundation, Inc. (2) 19,125 19,125 12.00 % 12/32 Total $ 123,854 $ 112,357 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and are collateralized by the underlying development property. (2) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	9. Investment in Unconsolidated Joint Ventures The following is a summary of the financial position and results of operations of our unconsolidated joint ventures: September 30, 2020 December 31, 2019 VAA ARL Total VAA ARL Total Assets Property, net $ 1,224,905 $ 31,719 $ 1,256,624 $ 1,242,957 $ 35,213 $ 1,278,170 Other assets 56,660 69,165 125,825 62,222 67,441 129,663 Total Assets $ 1,281,565 $ 100,884 $ 1,382,449 $ 1,305,179 $ 102,654 $ 1,407,833 Liabilities and partners' capital Mortgage and other notes payable $ 832,819 $ 6,702 $ 839,521 $ 832,779 $ 8,327 $ 841,106 Other liabilities 270,534 23,599 294,133 271,290 26,947 298,237 Company's capital 89,106 635 89,741 100,555 606 101,161 Outside partner's capital 89,106 69,948 159,054 100,555 66,774 167,329 Total liabilties and partners' capital $ 1,281,565 $ 100,884 $ 1,382,449 $ 1,305,179 $ 102,654 $ 1,407,833 Investments in unconsolidated joint ventures Company's capital $ 89,106 $ 635 $ 89,741 $ 100,555 $ 606 $ 101,161 Basis adjustments (40,601 ) 22,031 (18,570 ) (41,407 ) 22,026 (19,381 ) Investment in unconsolidated joint ventures $ 48,505 $ 22,666 $ 71,171 $ 59,148 $ 22,632 $ 81,780 For the Three Months Ended September 30, 2020 2019 VAA ARL Total VAA ARL Total Revenue Rents $ 29,998 $ — $ 29,998 $ 27,347 $ 60 $ 27,407 Other 1,593 3,000 4,593 2,310 114 2,424 Interest 1 1,075 1,076 56 1,622 1,678 Total revenue 31,592 4,075 35,667 29,713 1,796 31,509 Expenses Operating 16,172 (470 ) 15,702 14,138 860 14,998 Depreciation and amortization 7,832 — 7,832 16,036 — 16,036 Interest 13,839 1,331 15,170 15,424 2,383 17,807 Other expenses (income) (556 ) — (556 ) 699 — 699 Total expenses 37,287 861 38,148 46,297 3,243 49,540 Net (loss) income $ (5,695 ) $ 3,214 $ (2,481 ) $ (16,584 ) $ (1,447 ) $ (18,031 ) Company's equity in net (loss) income $ 336 $ 29 $ 365 $ (165 ) $ (13 ) $ (178 )   For the Nine Months Ended September 30, 2020 2019 VAA ARL Total VAA ARL Total Revenue Rents $ 86,841 $ — $ 86,841 $ 79,435 $ 60 $ 79,495 Other 4,034 5,269 9,303 6,550 4,262 10,812 Interest 38 3,358 3,396 139 4,845 4,984 Total revenue 90,913 8,627 99,540 86,124 9,167 95,291 Expenses Operating 47,463 453 47,916 42,345 2,339 44,684 Depreciation and amortization 23,253 — 23,253 46,792 — 46,792 Interest 43,107 4,296 47,403 45,294 6,154 51,448 Other expenses (income) (1,453 ) — (1,453 ) 2,058 — 2,058 Total expenses 112,370 4,749 117,119 136,489 8,493 144,982 Net (loss) income $ (21,457 ) $ 3,878 $ (17,579 ) $ (50,365 ) $ 674 $ (49,691 ) Company's equity in net (loss) income $ (775 ) $ 35 $ (740 ) $ (1,480 ) $ 6 $ (1,474 )

Mortgages and Notes Payable

Mortgages and Notes Payable	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Mortgages and Notes Payable	10. Mortgages and Notes Payable The following table summarizes our mortgages and other notes payable as of September 30, 2020 and December 31, 2019: Carrying value Property / Entity September 30, 2020 December 31, 2019 Effective Maturity Date 600 Las Colinas Building $ 35,773 $ 36,302 5.30 % 11/1/2023 770 South Post Oak Building 11,924 12,077 4.40 % 6/1/2025 Bridgeview Plaza Shopping Center (1) — 3,824 7.75 % 11/1/2020 Chelsea Apartments 8,627 8,749 3.40 % 12/1/2050 EQK Portage-Kent Ohio Land (2) 3,350 — 10.00 % 11/13/2024 Estate of Robert Shaw (3) 13,065 13,032 9.50 % 7/5/2020 Farnham Apartments (4) — 9,144 3.39 % 12/1/2050 Forest Pines Phase II Apartments (5) 7,057 — 3.75 % 5/5/2024 Forest Pines Phase II (5) — 1,390 3.75 % 5/5/2024 Landing Apartments 15,286 15,467 3.50 % 9/1/2053 LD Athens Lindsay Ln Land 1,155 1,155 5.90 % 2/28/2021 Legacy at Pleasant Grove Apartments 13,727 13,944 3.60 % 4/1/2048 McKinney 36 Land 856 944 8.00 % 6/30/2022 Overlook at Allensville Phase II Apartments 15,666 15,798 3.80 % 5/1/2059 Parc at Denham Spring Phase II Apartments 16,168 14,785 4.10 % 2/1/2060 Stanford Center Building 39,191 39,255 6.00 % 12/26/2021 Sugar Mill Phase III Apartments — 5,908 4.50 % 2/1/2060 Sugar Mill Phase III Apartments 8,906 — 4.50 % 2/1/2060 Toulon Apartments 18,283 18,465 3.20 % 12/1/2051 Villager Apartments (6) — 556 2.50 % 3/1/2043 Villas at Bon Secour Apartments 10,860 11,026 4.00 % 1/1/2022 Vista Ridge Apartments 10,015 10,122 4.00 % 8/1/2053 Windmill Farms Land 12,391 13,830 6.00 % 2/28/2021 Total $ 242,300 $ 245,773 (1) On September 14, 2020, we paid off the loan in connection with the sale of the underlining property (See Note 7 – Real Estate Activity). (2) On March 5, 2020, we acquired 49.2 acres of land in Kent, Ohio in exchange for the note payable. (3) We are currently negotiating an extension of the loan with the lender. (4) On July 16, 2020, the loan was assumed by a third party in connection with the sale of the underlying property (See Note 7 – Real Estate Activity). (5) The loan bears interest at prime rate plus 0.5%. (6) On May 1, 2020, the loan was assumed by a third party in connection to sale of the underlying property (See Note 7 – Real Estate Activity).

Bonds Payable

Bonds Payable	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Bonds Payable	11. Bonds Payable We have issued bonds through our subsidiary, Southern Properties Capital LTD, which are listed and trade on the Tel Aviv Stock Exchange. Payments of principal and interest are denominated in New Israeli Shekels. In connection with the principal and interest payments, we incurred a (loss) gain on foreign currency transactions of ($1,470) and ($5,153) for the three months ended September 30, 2020 and 2019, respectively, and $744 and ($13,296) for the nine months ended September 30, 2020 and 2019, respectively. The following table summarizes the bonds payable as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Maturity Date Bonds (Series A) $ 69,747 $ 92,653 7/31/2023 Bonds (Series B) 61,029 60,764 7/31/2025 Bonds (Series C) 79,919 79,572 1/31/2023 Total outstanding bonds 210,695 232,989 Less: unamortized deferred bond issuance costs (7,503 ) (9,724 ) Total outstanding bonds, net $ 203,192 $ 223,265

Deferred Income

Deferred Income	9 Months Ended
	Sep. 30, 2020
Deferred Income
Deferred Income	12. Deferred Income In previous years, we 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 we 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 gain on these transactions have been deferred until the properties are sold to a non-related third party. As of September 30, 2020 and December 31, 2019, we had deferred gain of $9,315 and $9,468, respectively.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Related Party Transactions	13. Related Party Transactions Rental income includes $262 and $212 for the three months ended September 30, 2020 and 2019, respectively, and $673 and $527 for the nine months ended September 30, 2020 and 2019, respectively, for office space leased to Pillar, Regis and VAA. Property operating expense includes $254 and $237 for the three months ended September 30, 2020 and 2019, respectively, and $750 and $741 for the nine months ended September 30, 2020 and 2019, respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $1,017 and $935 for the three months ended September 30, 2020 and 2019, respectively, and $2,783 and $3,355 for the nine months ended September 30, 2020 and 2019, respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisor fees are were $2,139 and $2,200 for the three months ended September 30, 2020 and 2019, respectively, and $6,483 and $6,196 for the nine months ended September 30, 2020 and 2019, respectively. Interest income on notes receivable issued by UHF and Pillar (See Note 8 – Notes Receivable) was $3,752 and $4,618 for the three months ended September 30, 2020 and 2019, respectively, and $11,255 and $13,483 for the nine months ended September 30, 2020 and 2019, respectively. Interest expense on these notes payable to Pillar was $380 and $514 for the three months ended September 30, 2020 and 2019, respectively, and $1,193 and $1,517 for the nine months ended September 30, 2020 and 2019, respectively. Related party receivables represents amounts outstanding from advances to related parties in addition to unreimbursed fees, expenses and costs as provided above. The net amounts outstanding consist of the following: As of September 30, December 31, 2020 2019 ARL $ 146,215 $ 142,117 Pillar (6,165 ) (576 ) Total $ 140,050 $ 141,541

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	14. Commitments and Contingencies We believes that we will generate excess cash from property operations in the next twelve months; such excess, however, might not be sufficient to discharge all of our obligations as they become due. We intend to sell income-producing assets, refinance real estate and obtain additional borrowings primarily secured by real estate to meet our liquidity requirements. We are the primary guarantor, on a $24,300 mezzanine loan between UHF and a lender. In addition, ARL is limited recourse guarantors of the loan. As of September 30, 2020 UHF was in compliance with the covenants to the loan agreement. We were the plaintiff in a lawsuit against Dynex Commercial, Inc. (“Dynex”) for failure to fulfill certain loan commitments. In January 2015, the court awarded us with a judgment of $24,800. We are pursuing all legal means to collect this award. However, due to the uncertainty of the collectability of the award, the receivable has been fully reserved. In February 2019, we were charged in a lawsuit brought by Paul Berger (“Berger”) that alleges that we completed improper sales and/or transfers of property with Income Opportunity Realty Investors, Inc. (“IOR”), our consolidated subsidiary. Berger requests that we pay off various related party loans to IOR and that IOR then distribute the funds to its shareholders. We intend to vigorously defend against the allegations.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	15. Subsequent Events The date to which events occurring after September 30, 2020, the date of the most recent balance sheet, have been evaluated for possible adjustment to the consolidated financial statements or disclosure is November 12, 2020, which is the date on which the consolidated financial statements were available to be issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The consolidated balance sheet at December 31, 2019 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Annual Report on Form 10-K for the year ended December 31, 2019. Certain 2019 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations.
Newly Issued Accounting Standards	Newly Issued Accounting Standards In October 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-17, Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities. This standard is intended to improve the accounting when considering indirect interests held through related parties under common control for determining whether fees paid to decision makers and service providers are variable interests. The effective date of the amendments is for fiscal years, and interim periods within those years, beginning after December 15, 2019. The adoption of the standard on January 1, 2020, did not have a material impact on our financial position and results of operations. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The standard provides guidance, optional expedients and exceptions that reference London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued due to reference rate reform. The standard was effective upon issuance and can be applied through December 31, 2022. We have mortgage notes payable with interest rates that reference LIBOR, and therefore, we will adopt this standard when LIBOR is discontinued. On April 10, 2020, the FASB issued a Staff Q&A (“Q&A”) related to the application of the lease guidance in ASC 842 for the accounting impact of lease concessions related to the COVID-19 pandemic. The Q&A, allows an entity to make an election to account for lease concessions related to the effects of the COVID-19 as though enforceable rights and obligations for those concessions existed. As a result of this election, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance in ASC 842, as long as the concessions do not result in a substantial increase in the rights of the lessor or the obligations of the lessee. Our adoption of the guidance of the Q&A did not have a significant impact on our consolidated financial statements during the nine months ended September 30, 2020.

Earnings per Share (Tables)

Earnings per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
Schedule of earnings per share	The following table details our basic and diluted earnings per common share calculation: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Net income (loss) $ 7,693 $ (7,766 ) $ 8,548 $ (19,158 ) Net (income) attributable to non-controlling interest — (21 ) (400 ) (583 ) Net income (loss) attributable to common shares $ 7,693 $ (7,787 ) $ 8,148 $ (19,741 ) Weighted-average common shares outstanding — basic and diluted 8,717,767 8,717,767 8,717,767 8,717,767 EPS - attributable to common shares — basic and diluted $ 0.88 $ (0.89 ) $ 0.93 $ (2.26 )

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of reconciliation of cash and cash equivalents and restricted cash	The following is a reconciliation of our cash and cash equivalents, and restricted cash to the total presented in the consolidated statement of cash flows: For the Period Ended 2020 2019 Beginning of period Cash and cash equivalents $ 51,179 $ 36,358 Restricted cash 32,082 70,207 Cash, cash equivalents and restricted cash $ 83,261 $ 106,565 End of period Cash and cash equivalents $ 32,967 $ 63,069 Restricted cash 28,030 36,883 Cash, cash equivalents and restricted cash $ 60,997 $ 99,952

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Reporting [Abstract]
Schedule of reportable segments	The following table presents our reportable segments for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Multifamily Segment Revenues $ 3,683 $ 3,383 $ 10,943 $ 10,077 Operating expenses (2,412 ) (2,243 ) (6,466 ) (6,363 ) Profit from segment 1,271 1,140 4,477 3,714 Commercial Segment Revenues 7,770 8,024 23,518 24,275 Operating expenses (3,976 ) (3,160 ) (12,041 ) (12,359 ) Profit from segment 3,794 4,864 11,477 11,916 Total profit from segments $ 5,065 $ 6,004 $ 15,954 $ 15,630
Schedule of reconciliaton of total profit from segments to net income (loss)	The table below reflects the reconciliation of total profit from segments to net income (loss) for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Total profit from segments $ 5,065 $ 6,004 $ 15,954 $ 15,630 Other non-segment items of income (expense) Depreciation (3,526 ) (3,416 ) (10,338 ) (9,964 ) General and administrative (1,643 ) (1,930 ) (7,063 ) (6,468 ) Advisory fee to related party (2,139 ) (2,199 ) (6,483 ) (6,196 ) Interest income 4,348 5,232 13,102 14,668 Other income 706 1,990 3,885 7,394 Interest expense (6,291 ) (8,037 ) (21,999 ) (23,642 ) (Loss) gain on foreign currency transaction (1,470 ) (5,153 ) 774 (13,296 ) Loss on extinguishment of debt — (5,219 ) — (5,219 ) Income (losses) from unconsolidated joint ventures 365 (178 ) (740 ) (1,474 ) Gain on sales or write-down of assets 12,328 5,140 21,802 9,409 Income tax expense (50 ) — (346 ) — Net income (loss) $ 7,693 $ (7,766 ) $ 8,548 $ (19,158 )

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2020
Leases [Abstract]
Schedule of rental revenue	The following table summarizes the components of rental revenue for the three and nine months ended September 30, 2020 and 2019: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Fixed component $ 11,107 $ 10,827 $ 33,111 $ 32,963 Variable component 346 580 1,350 1,389 $ 11,453 $ 11,407 $ 34,461 $ 34,352
Schedule of future rental payments	The following table summarizes the future rental payments to us from under non-cancelable leases. The table exclude multifamily leases, which typically have a term of one-year or less: Twelve months ended September 30, 2020 Amount 2021 $ 6,444 2022 23,155 2023 20,038 2024 14,606 2025 8,737 Thereafter 7,071 $ 80,051

Real Estate Activity (Tables)

Real Estate Activity (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
Schedule of the real estate owned	Below is a summary of the real estate owned as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Land $ 50,759 $ 49,887 Building and improvements 297,068 286,280 Tenant improvements 49,423 49,431 Construction in progress 77,116 84,399 474,366 469,997 Less accumulated deprecation (97,883 ) (90,173 ) 376,483 379,824 Property held for sale 4,232 7,966 Total $ 380,715 $ 387,790
Schedule of gain (loss) on sale or write-down of assets	The gain (loss) on sale or write-down of assets, net for the three and nine months ended September 30, 2020 and 2019 consist of the following: For the Three Months Ended For the Nine Months Ended 2020 2019 2020 2019 Land (1) $ 5,774 $ 5,140 $ 15,248 $ 9,489 Residential Properties (2) 3,704 — 3,704 (80 ) Commercial Properties (3) 4,609 — 4,609 — Other (4) (1,759 ) — (1,759 ) — Total $ 12,328 $ 5,140 $ 21,802 $ 9,409 (1) Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings. (2) On September 14, 2020, we sold Bridgeview Plaza, a 122,205 square foot retail center in La Crosse, Wisconsin for $5,250, resulting in a gain on sale of $4,744. The proceeds from the sale were used to pay off the $3,375 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable) and for general corporate purposes. (3) On May 1, 2020, we sold Villager Apartments, a 33 unit multifamily apartment community in Pensacola, Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of the $665 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable). On July 16, 2020, we sold Farnham Park Apartments, a 144 unit multifamily apartment community in Port Arthur, Texas for $13,300, resulting in a gain on the sale of of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property (See Note 10 – Mortgages and Notes Payable). (4) Includes the write-off of development costs.

Notes Receivable (Tables)

Notes Receivable (Tables)	9 Months Ended
	Sep. 30, 2020
Receivables [Abstract]
Schedule of notes receivable	The following table summarizes our notes receivable as of September 30, 2020 and December 31, 2019: Carrying value Property/Borrower September 30, 2020 December 31, 2019 Interest Rate Maturity Date ABC Land and Development, Inc. $ 7,408 $ 7,408 9.50 % 06/21 ABC Paradise, LLC 1,210 1,210 9.50 % 06/21 Autumn Breeze (1) 1,807 1,302 5.00 % 10/21 Bellwether Ridge (1) 3,559 3,765 5.00 % 11/20 Big River NV LLC 344 — — 07/20 Forest Pines Phase I (1) 2,869 2,868 5.00 % 11/20 JEM Holdings, Inc. 300 300 6.00 % 07/16 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 06/21 Oulad-Chikh Family Trust 174 174 8.00 % 03/21 Parc at Ingleside (1) 2,294 1,531 5.00 % 12/21 Parc at Windmill Farms (1) 7,949 7,602 5.00 % 11/20 Phillips Foundation for Better Living, Inc. — 314 12.00 % 03/22 Plum Tree (1) 792 413 5.00 % 10/21 Prospectus Endeavors 4, LLC 5,907 5,907 12.00 % 01/23 Prospectus Endeavors 6, LLC 496 496 12.00 % 10/22 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 06/21 RNC Revolving Line of Credit 8,853 8,802 5.00 % 09/24 Spyglass of Ennis (1) 5,359 5,288 5.00 % 11/20 Steeple Crest (1) 6,498 6,665 5.00 % 08/21 TPS Income, Inc. 4,554 4,554 6.00 % 09/20 Unified Housing Foundation, Inc. (2) 10,401 10,401 12.00 % 12/21 Unified Housing Foundation, Inc. (2) 10,096 10,096 12.00 % 03/22 Unified Housing Foundation, Inc. (2) 2,882 3,795 12.00 % 07/21 Unified Housing Foundation, Inc. (2) 212 212 12.00 % 08/21 Unified Housing Foundation, Inc. (2) 7,051 6,831 12.00 % 03/23 Unified Housing Foundation, Inc. (2) 3,615 — 12.00 % 05/23 Unified Housing Foundation, Inc. (2) 6,831 — 12.00 % 10/21 Unified Housing Foundation, Inc. (2) 495 525 12.00 % 12/21 Unified Housing Foundation, Inc. (2) 19,125 19,125 12.00 % 12/32 Total $ 123,854 $ 112,357 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and are collateralized by the underlying development property. (2) Principal and interest payments on the notes from Unified Housing Foundation, Inc. (“UHF”) are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of the financial position and results of operations - unconsolidated joint ventures	The following is a summary of the financial position and results of operations of our unconsolidated joint ventures: September 30, 2020 December 31, 2019 VAA ARL Total VAA ARL Total Assets Property, net $ 1,224,905 $ 31,719 $ 1,256,624 $ 1,242,957 $ 35,213 $ 1,278,170 Other assets 56,660 69,165 125,825 62,222 67,441 129,663 Total Assets $ 1,281,565 $ 100,884 $ 1,382,449 $ 1,305,179 $ 102,654 $ 1,407,833 Liabilities and partners' capital Mortgage and other notes payable $ 832,819 $ 6,702 $ 839,521 $ 832,779 $ 8,327 $ 841,106 Other liabilities 270,534 23,599 294,133 271,290 26,947 298,237 Company's capital 89,106 635 89,741 100,555 606 101,161 Outside partner's capital 89,106 69,948 159,054 100,555 66,774 167,329 Total liabilties and partners' capital $ 1,281,565 $ 100,884 $ 1,382,449 $ 1,305,179 $ 102,654 $ 1,407,833 Investments in unconsolidated joint ventures Company's capital $ 89,106 $ 635 $ 89,741 $ 100,555 $ 606 $ 101,161 Basis adjustments (40,601 ) 22,031 (18,570 ) (41,407 ) 22,026 (19,381 ) Investment in unconsolidated joint ventures $ 48,505 $ 22,666 $ 71,171 $ 59,148 $ 22,632 $ 81,780 For the Three Months Ended September 30, 2020 2019 VAA ARL Total VAA ARL Total Revenue Rents $ 29,998 $ — $ 29,998 $ 27,347 $ 60 $ 27,407 Other 1,593 3,000 4,593 2,310 114 2,424 Interest 1 1,075 1,076 56 1,622 1,678 Total revenue 31,592 4,075 35,667 29,713 1,796 31,509 Expenses Operating 16,172 (470 ) 15,702 14,138 860 14,998 Depreciation and amortization 7,832 — 7,832 16,036 — 16,036 Interest 13,839 1,331 15,170 15,424 2,383 17,807 Other expenses (income) (556 ) — (556 ) 699 — 699 Total expenses 37,287 861 38,148 46,297 3,243 49,540 Net (loss) income $ (5,695 ) $ 3,214 $ (2,481 ) $ (16,584 ) $ (1,447 ) $ (18,031 ) Company's equity in net (loss) income $ 336 $ 29 $ 365 $ (165 ) $ (13 ) $ (178 )   For the Nine Months Ended September 30, 2020 2019 VAA ARL Total VAA ARL Total Revenue Rents $ 86,841 $ — $ 86,841 $ 79,435 $ 60 $ 79,495 Other 4,034 5,269 9,303 6,550 4,262 10,812 Interest 38 3,358 3,396 139 4,845 4,984 Total revenue 90,913 8,627 99,540 86,124 9,167 95,291 Expenses Operating 47,463 453 47,916 42,345 2,339 44,684 Depreciation and amortization 23,253 — 23,253 46,792 — 46,792 Interest 43,107 4,296 47,403 45,294 6,154 51,448 Other expenses (income) (1,453 ) — (1,453 ) 2,058 — 2,058 Total expenses 112,370 4,749 117,119 136,489 8,493 144,982 Net (loss) income $ (21,457 ) $ 3,878 $ (17,579 ) $ (50,365 ) $ 674 $ (49,691 ) Company's equity in net (loss) income $ (775 ) $ 35 $ (740 ) $ (1,480 ) $ 6 $ (1,474 )

Mortgages and Notes Payable (Ta

Mortgages and Notes Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of mortgages and other notes payable	The following table summarizes our mortgages and other notes payable as of September 30, 2020 and December 31, 2019: Carrying value Property / Entity September 30, 2020 December 31, 2019 Effective Maturity Date 600 Las Colinas Building $ 35,773 $ 36,302 5.30 % 11/1/2023 770 South Post Oak Building 11,924 12,077 4.40 % 6/1/2025 Bridgeview Plaza Shopping Center (1) — 3,824 7.75 % 11/1/2020 Chelsea Apartments 8,627 8,749 3.40 % 12/1/2050 EQK Portage-Kent Ohio Land (2) 3,350 — 10.00 % 11/13/2024 Estate of Robert Shaw (3) 13,065 13,032 9.50 % 7/5/2020 Farnham Apartments (4) — 9,144 3.39 % 12/1/2050 Forest Pines Phase II Apartments (5) 7,057 — 3.75 % 5/5/2024 Forest Pines Phase II (5) — 1,390 3.75 % 5/5/2024 Landing Apartments 15,286 15,467 3.50 % 9/1/2053 LD Athens Lindsay Ln Land 1,155 1,155 5.90 % 2/28/2021 Legacy at Pleasant Grove Apartments 13,727 13,944 3.60 % 4/1/2048 McKinney 36 Land 856 944 8.00 % 6/30/2022 Overlook at Allensville Phase II Apartments 15,666 15,798 3.80 % 5/1/2059 Parc at Denham Spring Phase II Apartments 16,168 14,785 4.10 % 2/1/2060 Stanford Center Building 39,191 39,255 6.00 % 12/26/2021 Sugar Mill Phase III Apartments — 5,908 4.50 % 2/1/2060 Sugar Mill Phase III Apartments 8,906 — 4.50 % 2/1/2060 Toulon Apartments 18,283 18,465 3.20 % 12/1/2051 Villager Apartments (6) — 556 2.50 % 3/1/2043 Villas at Bon Secour Apartments 10,860 11,026 4.00 % 1/1/2022 Vista Ridge Apartments 10,015 10,122 4.00 % 8/1/2053 Windmill Farms Land 12,391 13,830 6.00 % 2/28/2021 Total $ 242,300 $ 245,773 (1) On September 14, 2020, we paid off the loan in connection with the sale of the underlining property (See Note 7 – Real Estate Activity). (2) On March 5, 2020, we acquired 49.2 acres of land in Kent, Ohio in exchange for the note payable. (3) We are currently negotiating an extension of the loan with the lender. (4) On July 16, 2020, the loan was assumed by a third party in connection with the sale of the underlying property (See Note 7 – Real Estate Activity). (5) The loan bears interest at prime rate plus 0.5%. (6) On May 1, 2020, the loan was assumed by a third party in connection to sale of the underlying property (See Note 7 – Real Estate Activity).

Bonds Payable (Tables)

Bonds Payable (Tables)	9 Months Ended
	Sep. 30, 2020
Notes to Financial Statements
Schedule of bonds payable	The following table summarizes the bonds payable as of September 30, 2020 and December 31, 2019: September 30, December 31, 2020 2019 Maturity Date Bonds (Series A) $ 69,747 $ 92,653 7/31/2023 Bonds (Series B) 61,029 60,764 7/31/2025 Bonds (Series C) 79,919 79,572 1/31/2023 Total outstanding bonds 210,695 232,989 Less: unamortized deferred bond issuance costs (7,503 ) (9,724 ) Total outstanding bonds, net $ 203,192 $ 223,265

Related Party Transactions (Tab

Related Party Transactions (Tables)	9 Months Ended
	Sep. 30, 2020
Related Party Transactions [Abstract]
Schedule of related party receivables	The net amounts outstanding consist of the following: As of September 30, December 31, 2020 2019 ARL $ 146,215 $ 142,117 Pillar (6,165 ) (576 ) Total $ 140,050 $ 141,541

Organization (Details Narrative

Organization (Details Narrative)	Sep. 30, 2020aft²Number
Acres of land | a	1,980
Commercial Properties [Member]
Number of income-producing properties	6
Rentable square feet | ft²	1,600,000
Office Buildings [Member]
Number of income-producing properties	5
Retail Properties [Member]
Number of income-producing properties	1
Apartment Buildings [Member]
Number of apartment units	1,639
Number of income-producing properties	10
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	7.20%
Victory Abode Apartment, LLC [Member]
Percentage of ownership	50.00%
Number of apartment units	10,137
Number of income-producing properties	51

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ 7,693	$ (7,766)	$ 8,548	$ (19,158)
Net (income) attributable to non-controlling interest		(21)	(400)	(583)
Net income (loss) attributable to common shares	$ 7,693	$ (7,787)	$ 8,148	$ (19,741)
Weighted-average common shares outstanding - basic and diluted (in shares)	8,717,767	8,717,767	8,717,767	8,717,767
EPS - attributable to common shares - basic and diluted (in dollars per share)	$ 0.88	$ (0.89)	$ 0.93	$ (2.26)

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 32,967	$ 51,179	$ 63,069	$ 36,358
Restricted cash	28,030	32,082	36,883	70,207
Total cash, cash equivalents and restricted cash	$ 60,997	$ 83,261	$ 99,952	$ 106,565

Operating Segments (Details)

Operating Segments (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues	$ 12,159	$ 13,397	$ 38,346	$ 41,746
Total profit from segments	5,065	6,004	15,954	15,630
Multifamily Segment [Member]
Revenues	3,683	3,383	10,943	10,077
Operating expenses	(2,412)	(2,243)	(6,466)	(6,363)
Profit from segment	1,271	1,140	4,477	3,714
Commercial Segment [Member]
Revenues	7,770	8,024	23,518	24,275
Operating expenses	(3,976)	(3,160)	(12,041)	(12,359)
Profit from segment	$ 3,794	$ 4,864	$ 11,477	$ 11,916

Operating Segments (Details 1)

Operating Segments (Details 1) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting [Abstract]
Total profit from segments	$ 5,065	$ 6,004	$ 15,954	$ 15,630
Depreciation	(3,526)	(3,416)	(10,338)	(9,964)
General and administrative	(1,643)	(1,929)	(7,063)	(6,468)
Advisory fee to related party	(2,139)	(2,200)	(6,483)	(6,196)
Interest income	4,348	5,232	13,102	14,668
Other income	706	1,990	3,885	7,394
Interest expense	(6,291)	(8,037)	(21,999)	(23,642)
(Loss) gain on foreign currency transaction	(1,470)	(5,153)	774	(13,296)
Loss on extinguishment of debt		(5,219)		(5,219)
Income (losses) from unconsolidated joint ventures	365	(178)	(740)	(1,474)
Gain on sales or write-down of assets	12,328	5,140	21,802	9,409
Income tax expense	(50)		(346)
Net income (loss)	$ 7,693	$ (7,766)	$ 8,548	$ (19,158)

Operating Segments (Details Nar

Operating Segments (Details Narrative)	9 Months Ended
	Sep. 30, 2020Number
Segment Reporting [Abstract]
Number of reportable segments	2

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Fixed component	$ 11,107	$ 10,827	$ 33,111	$ 32,963
Variable component	346	580	1,350	1,389
Total	$ 11,453	$ 11,407	$ 34,461	$ 34,352

Leases (Details 1)

Leases (Details 1) $ in Thousands	Sep. 30, 2020USD ($)
Twelve months ended September 30, 2020
2021	$ 6,444
2022	23,155
2023	20,038
2024	14,606
2025	8,737
Thereafter	7,071
Total	$ 80,051

Real Estate Activity (Details)

Real Estate Activity (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Real Estate [Abstract]
Land	$ 50,759	$ 49,887
Building and improvements	297,068	286,280
Tenant improvements	49,423	49,431
Construction in progress	77,116	84,399
Property, Plant and Equipment, Gross	474,366	469,997
Less accumulated deprecation	(97,883)	(90,173)
Property, Plant and Equipment, Net	376,483	379,824
Property held for sale	4,232	7,966
Total	$ 380,715	$ 387,790

Real Estate Activity (Details 1

Real Estate Activity (Details 1) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Total		$ 12,328	$ 5,140	$ 21,802	$ 9,409
Land [Member]
Total	[1]	5,774	$ 5,140	15,248	9,489
Residential Properties [Member]
Total	[2]	3,704		3,704	$ (80)
Commercial Properties [Member]
Total	[3]	4,609		4,609
Other [Member]
Total	[4]	$ (1,759)		$ (1,759)
[1]	Includes the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.
[2]	On September 14, 2020, we sold Bridgeview Plaza, a 122,205 square foot retail center in La Crosse, Wisconsin for $5,250, resulting in a gain on sale of $4,744. The proceeds from the sale were used to pay off the $3,375 mortgage note payable on the property (See Note 10 - Mortgages and Notes Payable) and for general corporate purposes.
[3]	On May 1, 2020, we sold Villager Apartments, a 33 unit multifamily apartment community in Pensacola, Florida for $2,426, resulting in a gain on sale of $898. The sales price was funded by the issuance of a $1,761 note receivable and the assumption of the $665 mortgage note payable on the property (See Note 10 - Mortgages and Notes Payable). On July 16, 2020, we sold Farnham Park Apartments, a 144 unit multifamily apartment community in Port Arthur, Texas for $13,300, resulting in a gain on the sale of of $2,684. The sales price was funded by cash payment of $4,215 and the assumption of the $9,085 mortgage note payable on the property (See Note 10 - Mortgages and Notes Payable).
[4]	Includes the write-off of development costs.

Real Estate Activity (Details N

Real Estate Activity (Details Narrative) $ in Thousands	Sep. 14, 2020USD ($)ft²	Jul. 16, 2020USD ($)Number	May 01, 2020USD ($)Number	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
Gain on sale				$ 21,802	$ 9,409
Port Arthur [Member]
Number of units sold | Number		144
Proceeds from sale		$ 13,300
Gain on sale		2,684
Mortgage note payable		9,085
Cash payment		$ 4,215
Villager Apartments [Member]
Number of units sold | Number			33
Proceeds from sale			$ 2,426
Gain on sale			898
Mortgage note payable			665
Note receivable and the assumption			$ 1,761
Bridgeview Plaza [Member]
Area of property sold | ft²	122,205
Proceeds from sale	$ 5,250
Gain on sale	4,744
Mortgage note payable	$ 3,375

Notes Receivable (Details)

Notes Receivable (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Carrying value		$ 123,854	$ 112,357
ABC Land and Development, Inc. [Member]
Carrying value		$ 7,408	7,408
Interest rate		9.50%
Description of maturity date		06/21
ABC Paradise, LLC [Member]
Carrying value		$ 1,210	1,210
Interest rate		9.50%
Description of maturity date		06/21
Autumn Breeze [Member]
Carrying value	[1]	$ 1,807	1,302
Interest rate	[1]	5.00%
Description of maturity date	[1]	10/21
Bellwether Ridge [Member]
Carrying value	[1]	$ 3,559	3,765
Interest rate	[1]	5.00%
Description of maturity date	[1]	11/20
Big River NV LLC [Member]
Carrying value		$ 344
Interest rate
Description of maturity date		07/20
Forest Pines Phase I [Member]
Carrying value	[1]	$ 2,869	2,868
Interest rate	[1]	5.00%
Description of maturity date	[1]	11/20
JEM Holdings, Inc [Member]
Carrying value		$ 300	300
Interest rate		6.00%
Description of maturity date		07/16
One Realco Land Holding, Inc [Member]
Carrying value		$ 1,728	1,728
Interest rate		9.50%
Description of maturity date		06/21
Oulad-Chikh Family Trust [Member]
Carrying value		$ 174	174
Interest rate		8.00%
Description of maturity date		03/21
Parc at Ingleside [Member]
Carrying value	[1]	$ 2,294	1,531
Interest rate	[1]	5.00%
Description of maturity date	[1]	12/21
Parc at Windmill Farms [Member]
Carrying value	[1]	$ 7,949	7,602
Interest rate	[1]	5.00%
Description of maturity date	[1]	11/20
Phillips Foundation for Better Living, Inc. [Member]
Carrying value			314
Interest rate		12.00%
Description of maturity date		03/22
Plum Tree [Member]
Carrying value	[1]	$ 792	413
Interest rate	[1]	5.00%
Description of maturity date	[1]	10/21
Prospectus Endeavors 4, LLC [Member]
Carrying value		$ 5,907	5,907
Interest rate		12.00%
Description of maturity date		01/23
Prospectus Endeavors 6, LLC [Member]
Carrying value		$ 496	496
Interest rate		12.00%
Description of maturity date		10/22
Riverview on the Park Land, LLC [Member]
Carrying value		$ 1,045	1,045
Interest rate		9.50%
Description of maturity date		06/21
RNC Revolving Line of Credit [Member]
Carrying value		$ 8,853	8,802
Interest rate		5.00%
Description of maturity date		09/24
Spyglass of Ennis [Member]
Carrying value	[1]	$ 5,359	5,288
Interest rate	[1]	5.00%
Description of maturity date	[1]	11/20
Steeple Crest [Member]
Carrying value	[1]	$ 6,498	6,665
Interest rate	[1]	5.00%
Description of maturity date	[1]	08/21
TPS Income, Inc [Member]
Carrying value		$ 4,554	4,554
Interest rate		6.00%
Description of maturity date		09/20
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 10,401	10,401
Interest rate	[2]	12.00%
Description of maturity date	[2]	12/21
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 10,096	10,096
Interest rate	[2]	12.00%
Description of maturity date	[2]	03/22
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 2,882	3,795
Interest rate	[2]	12.00%
Description of maturity date	[2]	07/21
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 212	212
Interest rate	[2]	12.00%
Description of maturity date	[2]	08/21
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 7,051	6,831
Interest rate	[2]	12.00%
Description of maturity date	[2]	03/23
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 3,615
Interest rate	[2]	12.00%
Description of maturity date	[2]	05/23
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 6,831
Interest rate	[2]	12.00%
Description of maturity date	[2]	10/21
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 495	525
Interest rate	[2]	12.00%
Description of maturity date	[2]	12/21
Unified Housing Foundation, Inc [Member]
Carrying value	[2]	$ 19,125	$ 19,125
Interest rate	[2]	12.00%
Description of maturity date	[2]	12/32
[1]	The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and are collateralized by the underlying development property.
[2]	Principal and interest payments on the notes from Unified Housing Foundation, Inc. ("UHF") are funded from surplus cash flow from operations, sale or refinancing of the underlying properties and are cross collateralized to the extent that any surplus cash available from any of the properties underlying the notes. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Assets
Property, net	$ 376,483		$ 376,483		$ 379,824
Other assets	68,558		68,558		59,189
Total assets	845,345		845,345		865,918
Liabilities and partners' capital
Total liabilties and partners' capital	845,345		845,345		865,918
Investments in unconsolidated joint ventures
Investments in unconsolidated joint ventures	71,171		71,171		81,780
Revenue
Total revenue	12,159	$ 13,397	38,346	$ 41,746
Expenses
Depreciation and amortization	3,526	3,416	10,338	9,964
Interest	4,348	5,232	13,102	14,668
Other expenses (income)	(706)	(1,990)	(3,885)	(7,394)
Net (loss) income	7,693	(7,766)	8,548	(19,158)
Company's equity in net (loss) income	365	(178)	(740)	(1,474)
Investment in Unconsolidated Joint Ventures [Member]
Assets
Property, net	1,256,624		1,256,624		1,278,170
Other assets	125,825		125,825		129,663
Total assets	1,382,449		1,382,449		1,407,833
Liabilities and partners' capital
Mortgage and other notes payable	839,521		839,521		841,106
Other liabilities	294,133		294,133		298,237
Company's capital	89,741		89,741		101,161
Outside partner's capital	159,054		159,054		167,329
Total liabilties and partners' capital	1,382,449		1,382,449		1,407,833
Investments in unconsolidated joint ventures
Company's capital	89,741		89,741		101,161
Basis adjustments	(18,570)		(18,570)		(19,381)
Investments in unconsolidated joint ventures	71,171		71,171		81,780
Revenue
Total revenue	35,667	31,509	99,540	95,291
Expenses
Operating	15,702	14,998	47,916	44,684
Depreciation and amortization	7,832	16,036	23,253	46,792
Interest	15,170	17,807	47,403	51,448
Other expenses (income)	(556)	699	(1,453)	2,058
Total expenses	38,148	49,540	117,119	144,982
Net (loss) income	(2,481)	(18,031)	(17,579)	(49,691)
Company's equity in net (loss) income	365	(178)	(740)	(1,474)
Investment in Unconsolidated Joint Ventures [Member] | Rents [Member]
Revenue
Total revenue	29,998	27,407	86,841	79,495
Investment in Unconsolidated Joint Ventures [Member] | Other [Member]
Revenue
Total revenue	4,593	2,424	9,303	10,812
Investment in Unconsolidated Joint Ventures [Member] | Interest [Member]
Revenue
Total revenue	1,076	1,678	3,396	4,984
Investment in Unconsolidated Joint Ventures [Member] | Victory Abode Apartments, LLC [Member]
Assets
Property, net	1,224,905		1,224,905		1,242,957
Other assets	56,660		56,660		62,222
Total assets	1,281,565		1,281,565		1,305,179
Liabilities and partners' capital
Mortgage and other notes payable	832,819		832,819		832,779
Other liabilities	270,534		270,534		271,290
Company's capital	89,106		89,106		100,555
Outside partner's capital	89,106		89,106		100,555
Total liabilties and partners' capital	1,281,565		1,281,565		1,305,179
Investments in unconsolidated joint ventures
Company's capital	89,106		89,106		100,555
Basis adjustments	(40,601)		(40,601)		(41,407)
Investments in unconsolidated joint ventures	48,505		48,505		59,148
Revenue
Total revenue	31,592	29,713	90,913	86,124
Expenses
Operating	16,172	14,138	47,463	42,345
Depreciation and amortization	7,832	16,036	23,253	46,792
Interest	13,839	15,424	43,107	45,294
Other expenses (income)	(556)	699	(1,453)	2,058
Total expenses	37,287	46,297	112,370	136,489
Net (loss) income	(5,695)	(16,584)	(21,457)	(50,365)
Company's equity in net (loss) income	336	(165)	(775)	(1,480)
Investment in Unconsolidated Joint Ventures [Member] | Victory Abode Apartments, LLC [Member] | Rents [Member]
Revenue
Total revenue	29,998	27,347	86,841	79,435
Investment in Unconsolidated Joint Ventures [Member] | Victory Abode Apartments, LLC [Member] | Other [Member]
Revenue
Total revenue	1,593	2,310	4,034	6,550
Investment in Unconsolidated Joint Ventures [Member] | Victory Abode Apartments, LLC [Member] | Interest [Member]
Revenue
Total revenue	1	56	38	139
Investment in Unconsolidated Joint Ventures [Member] | American Realty Investors, Inc. [Member]
Assets
Property, net	31,719		31,719		35,213
Other assets	69,165		69,165		67,441
Total assets	100,884		100,884		102,654
Liabilities and partners' capital
Mortgage and other notes payable	6,702		6,702		8,327
Other liabilities	23,599		23,599		26,947
Company's capital	635		635		606
Outside partner's capital	69,948		69,948		66,774
Total liabilties and partners' capital	100,884		100,884		102,654
Investments in unconsolidated joint ventures
Company's capital	635		635		606
Basis adjustments	22,031		22,031		22,026
Investments in unconsolidated joint ventures	22,666		22,666		$ 22,632
Revenue
Total revenue	4,075	1,796	8,627	9,167
Expenses
Operating	(470)	860	453	2,339
Interest	1,331	2,383	4,296	6,154
Total expenses	861	3,243	4,749	8,493
Net (loss) income	3,214	(1,447)	3,878	674
Company's equity in net (loss) income	29	(13)	35	6
Investment in Unconsolidated Joint Ventures [Member] | American Realty Investors, Inc. [Member] | Rents [Member]
Revenue
Total revenue		60		60
Investment in Unconsolidated Joint Ventures [Member] | American Realty Investors, Inc. [Member] | Other [Member]
Revenue
Total revenue	3,000	114	5,269	4,262
Investment in Unconsolidated Joint Ventures [Member] | American Realty Investors, Inc. [Member] | Interest [Member]
Revenue
Total revenue	$ 1,075	$ 1,622	$ 3,358	$ 4,845

Mortgages and Notes Payable (De

Mortgages and Notes Payable (Details) - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2020	Dec. 31, 2019
Carrying value		$ 242,300	$ 245,773
Mortgages and Notes Payable [Member]
Carrying value		242,300	245,772
Mortgages and Notes Payable [Member] | 600 Las Colinas Building [Member]
Carrying value		$ 35,773	36,302
Effective Interest Rate		5.30%
Maturity Date		Nov. 1, 2023
Mortgages and Notes Payable [Member] | 770 South Post Oak Building [Member]
Carrying value		$ 11,924	12,077
Effective Interest Rate		4.40%
Maturity Date		Jun. 1, 2025
Mortgages and Notes Payable [Member] | Bridgeview Plaza Shopping Center [Member]
Carrying value	[1]		3,824
Effective Interest Rate	[1]	7.75%
Maturity Date	[1]	Nov. 1, 2020
Mortgages and Notes Payable [Member] | Chelsea Apartments [Member]
Carrying value		$ 8,627	8,749
Effective Interest Rate		3.40%
Maturity Date		Dec. 1, 2050
Mortgages and Notes Payable [Member] | EQK Portage-Kent Ohio Land [Member]
Carrying value	[2]	$ 3,350
Effective Interest Rate	[2]	10.00%
Maturity Date	[2]	Nov. 13, 2024
Mortgages and Notes Payable [Member] | Estate Of Robert Shaw [Member]
Carrying value	[3]	$ 13,065	13,032
Effective Interest Rate	[3]	9.50%
Maturity Date	[3]	Jul. 5, 2020
Mortgages and Notes Payable [Member] | Farnham Apartments [Member]
Carrying value	[4]		9,144
Effective Interest Rate	[4]	3.39%
Maturity Date	[4]	Dec. 1, 2050
Mortgages and Notes Payable [Member] | Forest Pines Phase II [Member]
Carrying value	[5]		1,390
Effective Interest Rate	[5]	3.75%
Maturity Date	[5]	May 5, 2024
Mortgages and Notes Payable [Member] | Forest Pines Phase II Apartments [Member]
Carrying value	[5]	$ 7,057
Effective Interest Rate	[5]	3.75%
Maturity Date	[5]	May 5, 2024
Mortgages and Notes Payable [Member] | Landing Apartments [Member]
Carrying value		$ 15,286	15,467
Effective Interest Rate		3.50%
Maturity Date		Sep. 1, 2053
Mortgages and Notes Payable [Member] | Ld Athens Lindsay Ln Land [Member]
Carrying value		$ 1,155	1,155
Effective Interest Rate		5.90%
Maturity Date		Feb. 28, 2021
Mortgages and Notes Payable [Member] | Legacy At Pleasant Grove Apartments [Member]
Carrying value		$ 13,727	13,944
Effective Interest Rate		3.60%
Maturity Date		Apr. 1, 2048
Mortgages and Notes Payable [Member] | Mckinney 36 Land [Member]
Carrying value		$ 856	944
Effective Interest Rate		8.00%
Maturity Date		Jun. 30, 2022
Mortgages and Notes Payable [Member] | Overlook At Allensville Phase II Apartments [Member]
Carrying value		$ 15,666	15,798
Effective Interest Rate		3.80%
Maturity Date		May 1, 2059
Mortgages and Notes Payable [Member] | Parc At Denham Spring Phase II Apartments [Member]
Carrying value		$ 16,168	14,785
Effective Interest Rate		4.10%
Maturity Date		Feb. 1, 2060
Mortgages and Notes Payable [Member] | Stanford Center Building [Member]
Carrying value		$ 39,191	39,255
Effective Interest Rate		6.00%
Maturity Date		Dec. 26, 2021
Mortgages and Notes Payable [Member] | Sugar Mill Phase III Apartments [Member]
Carrying value			5,908
Effective Interest Rate		4.50%
Maturity Date		Feb. 1, 2060
Mortgages and Notes Payable [Member] | Sugar Mill Phase III Apartments [Member]
Carrying value		$ 8,906
Effective Interest Rate		4.50%
Maturity Date		Feb. 1, 2060
Mortgages and Notes Payable [Member] | Toulon Apartments [Member]
Carrying value		$ 18,283	18,465
Effective Interest Rate		3.20%
Maturity Date		Dec. 1, 2051
Mortgages and Notes Payable [Member] | Villager Apartments [Member]
Carrying value	[6]		556
Effective Interest Rate	[6]	2.50%
Maturity Date	[6]	Mar. 1, 2043
Mortgages and Notes Payable [Member] | Villas At Bon Secour Apartments [Member]
Carrying value		$ 10,860	11,026
Effective Interest Rate		4.00%
Maturity Date		Jan. 1, 2022
Mortgages and Notes Payable [Member] | Vista Ridge Apartments [Member]
Carrying value		$ 10,015	10,122
Effective Interest Rate		4.00%
Maturity Date		Aug. 1, 2053
Mortgages and Notes Payable [Member] | Windmill Farms Land [Member]
Carrying value		$ 12,391	$ 13,830
Effective Interest Rate		6.00%
Maturity Date		Feb. 28, 2021
[1]	On September 14, 2020, we paid off the loan in connection with the sale of the underlining property (See Note 7 - Real Estate Activity).
[2]	On March 5, 2020, we acquired 49.2 acres of land in Kent, Ohio in exchange for the note payable.
[3]	We are currently negotiating an extension of the loan with the lender.
[4]	On July 16, 2020, the loan was assumed by a third party in connection with the sale of the underlying property (See Note 7 - Real Estate Activity).
[5]	The loan bears interest at prime rate plus 0.5%.
[6]	On May 1, 2020, the loan was assumed by a third party in connection to sale of the underlying property (See Note 7 - Real Estate Activity).

Mortgages and Notes Payable (_2

Mortgages and Notes Payable (Details Narrative) - a	9 Months Ended
	Sep. 30, 2020	Mar. 05, 2020
Area of land	1,980
Mortgages and Notes Payable [Member] | EQK Portage-Kent Ohio Land [Member]
Area of land		49.2
Mortgages and Notes Payable [Member] | Forest Pines Phase II [Member] | Prime Rate [Member]
Interest rate margin	0.50%

Bonds Payable (Details)

Bonds Payable (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Bonds	$ 210,695	$ 232,989
Less: unamortized deferred bond issuance costs	(7,503)	(9,724)
Total outstanding bonds, net	203,192	223,265
Bonds (Series A) [Member]
Bonds	69,747	92,653
Bonds (Series B) [Member]
Bonds	61,029	60,764
Bonds (Series C) [Member]
Bonds	$ 79,919	$ 79,572

Bonds Payable (Details Narrativ

Bonds Payable (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Notes to Financial Statements
(Loss) gain on foreign currency transactions	$ (1,470)	$ (5,153)	$ 744	$ (13,296)

Deferred Income (Details Narrat

Deferred Income (Details Narrative) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Income
Deferred gain	$ 9,315	$ 9,468

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Related party transaction	$ 140,050	$ 141,541
American Realty Investors, Inc [Member]
Related party transaction	146,215	142,117
Pillar Income Asset Management, Inc [Member]
Related party transaction	$ (6,165)	$ (576)

Related Party Transactions (D_2

Related Party Transactions (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Advisory fees	$ 2,139	$ 2,200	$ 6,483	$ 6,196
General and administrative expense	1,643	1,929	7,063	6,468
Interest expense	6,291	8,037	21,999	23,642
Pillar, Regis and VAA [Member]
Rental income	262	212	673	527
Regis [Member]
Property operating expense	254	237	750	741
Pillar [Member]
General and administrative expense	1,017	935	2,783	3,355
Interest expense	380	514	1,193	1,517
UHF and Pillar [Member]
Interest income	$ 3,752	$ 4,618	$ 11,255	$ 13,483

Commitments and Contingencies (

Commitments and Contingencies (Details narrative) - USD ($) $ in Thousands	1 Months Ended
	Jan. 30, 2015	Sep. 30, 2020
UHF Debt Guarantee [Member]
Loan guarantee amount		$ 24,300
Dynex Litigation [Member]
Damages awarded value	$ 24,800