Income Opportunity Realty Investors (IOR) 10-Q 13 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	5-May-15
Document and Entity Information
Entity Registrant Name	INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
Entity Trading Symbol	IOT
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Entity Central Index Key	949961
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		4,168,214
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets {1}
Real estate land holdings, at cost	$25,717	$25,717
Total real estate	25,717	25,717
Notes and interest receivable from related parties	26,142	27,461
Less allowance for doubtful accounts	-1,826	-1,826
Total notes and interest receivable	24,316	25,635
Cash and cash equivalents	3	7
Receivable and accrued interest from related parties	42,193	40,460
Other assets	1,245	1,257
Total assets	93,474	93,076
Liabilities:
Notes and interest payable - related parties	10,025	10,240
Accounts payable and other liabilities	96	37
Total liabilities	10,121	10,277
Shareholders' equity:
Common stock, $0.01 par value, authorized 10,000,000; issued 4,173,675 and outstanding 4,168,214 shares in 2015 and 2014	42	42
Treasury stock at cost, 5,461 shares in 2015 and 2014	-39	-39
Paid-in capital	61,955	61,955
Retained earnings	21,395	20,841
Total shareholders' equity	83,353	82,799
Total liabilities and shareholders' equity	$93,474	$93,076

CONSOLIDATED_BALANCE_SHEETS_PA

CONSOLIDATED BALANCE SHEETS PARENTHETICALS (USD $)	Mar. 31, 2015	Dec. 31, 2014
PARENTHETICALS
Common stock, par value	$0.01	$0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,173,675	4,173,675
Common stock, shares outstanding	4,168,214	4,168,214
Treasury stock, shares	5,461	5,461

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental and other property revenues	$0	$0
Expenses:
Property operating expenses (including $7 and $14 for the three months ended 2015 and 2014, respectively, from related parties)	7	18
General and administrative (including $68 and $64 for the three months ended 2015 and 2014, respectively, from related parties)	174	162
Net income fee to related party	45	45
Advisory fee to related party	175	165
Total operating expenses	401	390
Net operating loss	-401	-390
Other income (expenses):
Interest income from related parties	1,120	1,133
Mortgage and loan interest	-165	-184
Total other income	955	949
Net income from continuing operations before tax	554	559
Income tax expense	0	0
Net income from continuing operations	554	559
Net income	$554	$559
Earnings per share - basic
Net income from continuing operations - basic	$0.13	$0.13
Net income applicable to common shares- basic	$0.13	$0.13
Earnings per share - diluted
Net income from continuing operations - diluted	$0.13	$0.13
Net income applicable to common shares- diluted	$0.13	$0.13
Weighted average common shares used in computing earnings per share	4,168,214	4,168,214
Weighted average common shares used in computing diluted earnings per share	4,168,214	4,168,214

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS PARENTHETICALS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
STATEMENTS OF OPERATIONS PARENTHETICALS
Property operating expenses from related parties	$7	$14
General and administrative from related parties	$68	$64

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash Flow From Operating Activities:
Net income	$554	$559
Decrease in assets:
Accrued interest receivable from related parties	1,319	4,073
Other assets	12	1
Increase (decrease) in liabilities:
Accrued interest payable to related parties	0	-83
Other liabilities	59	0
Net cash provided by operating activities	1,944	4,550
Cash Flow From Investing Activities:
Receivable and accrued interest from related parties	-1,733	-4,550
Net cash used in investing activities	-1,733	-4,550
Cash Flow From Financing Activities:
Payments on notes payable to related parties	-215	0
Net cash used in financing activities	-215	0
Net decrease in cash and cash equivalents	-4	0
Cash and cash equivalents, beginning of period	7	3
Cash and cash equivalents, end of period	3	3
Supplemental disclosures of cash flow information:
Cash paid for interest	$153	$183

CONSOLIDATED_STATEMENT_OF_SHAR

CONSOLIDATED STATEMENT OF SHAREHOLDERS EQUITY (dollars in thousands) (USD $)	Total	Common Stock shares	Common Stock amount	Treasury Stock	Paid-in Capital	Retained Earnings
In Thousands, except Share data
Balance at Dec. 31, 2014	82,799	4,173,675	42	-39	61,955	20,841
Net Income;	$554	$0	$0	$0	$0	$554
Balance at Mar. 31, 2015	83,353	4,173,675	42	-39	61,955	21,395

ORGANIZATION_AND_BASIS_OF_PRES

ORGANIZATION AND BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2015
ORGANIZATION AND BASIS OF PRESENTATION
ORGANIZATION AND BASIS OF PRESENTATION	NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION
	Organization
	As used herein, the terms “IOT”, “the Company”, “we”, “our”, “us” refer to Income Opportunity Realty Investors, Inc., a Nevada corporation, individually or together with its subsidiaries.  Income Opportunity Realty Investors, Inc. is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 10, 1985.  The Company is headquartered in Dallas, Texas, and its common stock trades on the NYSE MKT under the symbol (“IOT”).
	Transcontinental Realty Investors, Inc. (“TCI”) owns approximately 81.1% of the Company’s common stock.  Effective July 17, 2009, IOT’s financial results were consolidated with those of American Realty Investors, Inc. (“ARL”) and TCI and their subsidiaries.  IOT is a “C” corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with ARL and its ultimate parent, May Realty Holdings, Inc. (“MRHI”).  We have no employees.
	IOT invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate.  Pillar Income Asset Management, Inc. (“Pillar”) is the Company’s external Advisor and Cash Manager.  Although the Board of Directors is directly responsible for managing the affairs of IOT, and for setting the policies which guide it, the day-to-day operations of IOT are performed by Pillar, as the contractual Advisor, under the supervision of the Board.  Pillar’s 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 for the Company with third party lenders and investors.  Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOT’s business plan and investment policy.  Pillar also serves as an Advisor and Cash Manager to TCI and ARL.
	Our primary business is investing in real estate and mortgage receivables. Land held for development or sale is our sole operating segment. At March 31, 2015, our land consisted of 184.7 acres of land held for future development or sale. All of our land holdings are located in Farmers Branch, Texas.  The principal source of revenue for the Company is interest income on over $25.4 million of note receivables due from related parties.
	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 results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
	The year-end Consolidated Balance Sheet at December 31, 2014, 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2014.  Certain 2014 Consolidated Financial Statement amounts have been reclassified to conform to the 2015 presentation, including any adjustments for discontinued operations.
	Principles of Consolidation
	The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest.  Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810 “Consolidation”, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“EITF 04-5”).  VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests.  The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entity’s financial results.  All significant intercompany balances and transactions have been eliminated in consolidation.
	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.  As of March 31, 2015, IOT was not the primary beneficiary of a VIE.
	For entities in which we have less than a controlling financial interest or entities where we are 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 is included in net income.
	Real Estate, Depreciation and Impairment
	Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives.  Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements – 10-40 years; furniture, fixtures and equipment – 5-10 years).  The Company continually evaluates the recoverability of the carrying value of our real estate assets using the methodology prescribed in ASC Topic 360, “Property, Plant and Equipment”.  Factors considered by management in evaluating impairment of our existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature.  Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date.  If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.
	Real Estate Held For Sale
	We periodically classify real estate assets as “held for sale”.  An asset is classified as held for sale after the approval of our Board of Directors, after an active program to sell the asset has commenced and if the sale is probable.  One of the deciding factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year.  Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset.  Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.  Real estate assets held for sale are stated separately on the accompanying Consolidated Balance Sheets.  Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation expense is reinstated.  The operating results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations.  Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets.  This classification of operating results as discontinued operations applies retroactively for all periods presented.  Additionally, gains and losses on assets designated as held for sale are classified as part of discontinued operations.
	Cost Capitalization
	Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.  We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period.  In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest rate of non-project specific debt.
	We capitalize interest, real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation of major construction activity.
	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
	We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures”, to the valuation of real estate assets.  These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy.  The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data.
	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
	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.
	Newly Issued Accounting Pronouncements
	We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our Consolidated Financial Statements, including that which we have not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results of operations.

REAL_ESTATE_ACTIVITY

REAL ESTATE ACTIVITY	3 Months Ended
	Mar. 31, 2015
REAL ESTATE ACTIVITY
REAL ESTATE ACTIVITY	NOTE 2. REAL ESTATE ACTIVITY
	On March 31, 2015, our portfolio consisted of 184.7 contiguous acres of land held for development or sale.  The table below shows information relating to the land owned:
	Land	Location	Acres
	Mercer Crossing/Travelers Land	Farmers Branch, TX		178.1
	Three Hickory Land	Farmers Branch, TX		6.6
		Total Land/Development		184.7

NOTES_AND_INTEREST_RECEIVABLE_

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES	3 Months Ended
	Mar. 31, 2015
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES
NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES	NOTE 3. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES
	Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower.
	All of the Company’s notes receivable are with Unified Housing Foundation, Inc. (“UHF”).  UHF is determined to be a related party to the Company 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.
	At March 31, 2015, we had junior mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $24.3 million.  As of March 31, 2015, we recognized interest income of $0.7 million related to these notes receivable.  Below is a summary of notes and interest receivable from related parties (dollars in thousands):
			Maturity	Interest
	Borrower		Date	Rate	Amount	Security
	Performing loans:
		Unified Housing Foundation, Inc. (Echo Station)	Dec-32	12.00%	$          1,481	100% Membership Interest in Unified Housing of Temple, LLC
		Unified Housing Foundation, Inc. (Lakeshore Villas)	Dec-32	12.00%	2,000	Secured
		Unified Housing Foundation, Inc. (Lakeshore Villas)	Dec-32	12.00%	6,363	Membership Interest in Housing for Seniors of Humble, LLC
		Unified Housing Foundation, Inc. (Limestone Canyon)	Dec-32	12.00%	3,057	100% Membership Interest in Unified Housing of Austin, LLC
		Unified Housing Foundation, Inc. (Limestone Ranch)	Dec-32	12.00%	2,250	100% Membership Interest in Unified Housing of Vista Ridge, LLC
		Unified Housing Foundation, Inc. (Parkside Crossing)	Dec-32	12.00%	1,936	100% Membership Interest in Unified Housing of Parkside Crossing, LLC
		Unified Housing Foundation, Inc. (Sendero Ridge)	Dec-32	12.00%	5,174	100% Membership Interest in Unified Housing of Sendero Ridge, LLC
		Unified Housing Foundation, Inc. (Timbers of Terrell)	Dec-32	12.00%	1,323	100% Membership Interest in Unified Housing of Terrell, LLC
		Unified Housing Foundation, Inc. (Tivoli)	Dec-32	12.00%	1,826	100% Membership Interest in Unified Housing of Tivoli, LLC
		Accrued interest			732
	Total Performing				$        26,142
		Allowance for doubtful accounts			(1,826)
	Total				$        24,316
	All are related party notes.

NOTES_AND_INTEREST_PAYABLE

NOTES AND INTEREST PAYABLE	3 Months Ended
	Mar. 31, 2015
NOTES AND INTEREST PAYABLE
NOTES AND INTEREST PAYABLE	NOTE 4. NOTES AND INTEREST PAYABLE
	The following table lists the mortgage notes payable as of March 31, 2015 (dollars in thousands):
	Lender	Maturity	Principal Balance
	Realty Advisors, Inc - related party *	12/30/16	$	10,021
	Propel Financial Services	6/1/20		4
			$	10,025
	*On December 31, 2013, Realty Advisors, Inc. (“RAI”), a related party, obtained a $20 million mortgage on the Company’s behalf, secured by Mercer/Travelers land owned by the Company and 100.05 acres of land owned by its parent TCI.  The Company and TCI have executed a promissory note to RAI for the same terms as the First NBC loan with a maturity of December 30, 2016, and a variable interest rate of prime plus 1.5% with an interest rate floor of 6%.  On May 28, 2014, a $1.5 million principal payment was made and two additional land parcels, including 8.0 acres of Ladue land owned by TCI and 16.75 acres of Valwood land owned by ARL, were substituted as collateral under the note in exchange for a release of a $4 million deposit account. The principal balance is allocated based on the land valuation.
	There is a property tax loan in the amount of $3,550 that accrues interest at 12.50% and matures on June 1, 2020.

RECEIVABLE_FROM_AND_PAYABLE_TO

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES	3 Months Ended
	Mar. 31, 2015
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES	NOTE 5. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES
	From time to time, IOT and its related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property.  In addition, we have a cash management agreement with our Advisor.  The agreement provides for excess cash to be invested in and managed by our Advisor, Pillar, a related party.  The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):
		TCI		Pillar			Total
	Balance, December 31, 2014	$	40,460	$	-		$	40,460
	Cash transfers		-		1,997			1,997
	Advisory fees		-		(175	)		(175	)
	Net income fee		-		(45	)		(45	)
	Cost reimbursements		-		(68	)		(68	)
	Expenses paid by advisor		-		(2	)		(2	)
	Financing (mortgage payments)		-		(367	)		(367	)
	Interest income		393		-			393
	Purchase of obligation		1,340		(1,340	)		-
	Balance, March 31, 2015	$	42,193	$	-		$	42,193
	We have historically engaged in and will continue to engage in certain business transactions with related parties, including but not limited to asset acquisitions 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 the best interest of the Company.

OPERATING_SEGMENTS

OPERATING SEGMENTS	3 Months Ended
	Mar. 31, 2015
OPERATING SEGMENTS
OPERATING SEGMENTS	NOTE 6. OPERATING SEGMENTS
	The Company’s segments are based on management’s method of internal reporting, which classifies operations by the type of property in the portfolio.  The Company’s segments by use of property are 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 and other 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, gain on debt extinguishment, gain on condemnation award, 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 operating segment information for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	For the Three Months Ended March 31, 2015	Land			Other			Total
	Rental and other property revenues	$	-		$	-		$	-
	Property operating expenses		(7	)		-			(7	)
	Mortgage and loan interest		(165	)		-			(165	)
	Interest income from related parties		-			1,120			1,120
	Segment operating income (loss)	$	(172	)	$	1,120		$	948
	Real estate assets		25,717			-			25,717
	For the Three Months Ended March 31, 2014	Land			Other			Total
	Rental and other property revenues	$	-		$	-		$	-
	Property operating expenses		(18	)		-			(18	)
	Mortgage and loan interest		(184	)		-			(184	)
	Interest income from related parties		-			1,133			1,133
	Segment operating income (loss)	$	(202	)	$	1,133		$	931
	Real estate assets		24,511			-			24,511
	The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):
		For the Three Months Ended
		March 31,
		2015			2014
	Segment operating income	$	948		$	931
	Other non-segment items of income (expense)
	General and administrative		(174	)		(162	)
	Net income fee to related party		(45	)		(45	)
	Advisory fee to related party		(175	)		(165	)
	Net income from continuing operations	$	554		$	559
	The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):
		March 31,
		2015			2014
	Real estate assets	$	25,717		$	24,511
	Notes and interest receivable		24,316			24,794
	Other assets		43,441			44,984
	Total assets	$	93,474		$	94,289

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	3 Months Ended
	Mar. 31, 2015
DISCONTINUED OPERATIONS
Discontinued Operations	NOTE 7. DISCONTINUED OPERATIONS
	We apply the provisions of ASC Topic 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell.  In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.
	Discontinued operations relates to properties that were either sold or repositioned as held for sale as of the period ended March 31, 2015.  There were no properties sold in 2015 or 2014.  The gain on sale of the properties, if applicable, is also included in discontinued operations for those years.
	Our application of ASC Topic 360 results in the presentation of the net operating results of these qualifying properties sold or held for sale during 2015 as income from discontinued operations if any. This does not have an impact on net income available to common shareholders and only impacts the presentation of these properties within the Consolidated Statements of Operations.

COMMITMENTS_AND_CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2015
Commitments and contingenciestextblock
Commitments Contingencies	NOTE 8. COMMITMENTS AND CONTINGENCIES
	Litigation.  The Company and its subsidiaries, from time to time, have been involved in various items of litigation incidental to and in the ordinary course of its business and, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon the Company’s financial condition, results of operations or liquidity.
	In 2005, IOT purchased 10.08 acres of land, located in Dallas County, Texas, from TCI, a related party, and obtained 3rd party financing. On August 2, 2011, the property was sold to ABCLD Real Estate, LLC ("ABCLD"), a related party. Ownership of this property was subsequently transferred from ABCLD to the lender through foreclosure procedures.
	On April 27, 2012, ABCLD filed a lawsuit for wrongful foreclosure against the lender. On September 9, 2014, the court entered a final judgement declaring that the foreclosure was void as a matter of law. ABCLD subsequently paid $7 million to get the property back.
	The plaintiffs appealed the final judgement and also allege that ABCLD and other various entities are still responsible for deficiencies, unpaid interest and related attorney fees. With the $7 million that was applied to the outstanding loan balance, the potential loss is significantly reduced, and the amount of final damages is contingent upon the outcome of the appeal. In the event of an unfavorable outcome, we believe the potential loss should be no more than $2 million. At this time, it is unknown as to the amount of damages and deficiency balances that the plaintiff will be entitled to recover, if any. Further, if there is any future obligations, it is unknown what the Company’s portion would be.
	ART and ART Midwest, Inc.
	In August 2014, David M. Clapper and two entities related to Mr. Clapper (all, collectively, the “Clapper Parties”) filed a complaint in the U. S. District Court against the Company, its directors and certain of its officers alleging purported transactions to the detriment of the Clapper Parties and others by transferring assets, cash and diverting property. Management of the Company believes that there is no basis for this action against the Company and its officers and directors and intends to vigorously defend itself. The August 2014 complaint does not allege any facts relating to the Company, except that the named directors and officers are directors and officers of the Company and that the Company is a Nevada corporation, with its headquarters/principal place of business in Dallas, Texas.
	The case arises over other litigation, commenced in 1999, among the Clapper Parties and American Realty Trust, Inc. (“ART”) and its former subsidiary, ART Midwest, Inc., originally arising out of a transaction in 1998, in which ART and the Clapper Parties were to form a partnership to own eight residential apartment complexes. Over the ensuing years, a number of rulings, both for and against ART and ART Midwest, Inc., were issued, resulting in a ruling in October 2011, under which the Clapper Parties were awarded an initial judgment for approximately $74 million, including $26 million in actual damages and $48 million in interest. The 2011 ruling was only 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. ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in the matter. ART and ART Midwest, Inc. are not and have never been subsidiaries of the Company.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2015
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 9. SUBSEQUENT EVENTS
	The Company has evaluated subsequent events through May 13, 2015, the date the Consolidated Financial Statements were available to be issued, and has determined that there are none to be reported.

Recovered_Sheet1

Organization And Basis Of Presentation (Policies)	3 Months Ended
	Mar. 31, 2015
Organization And Basis Of Presentation (Policies)
Organization	Organization
	As used herein, the terms “IOT”, “the Company”, “we”, “our”, “us” refer to Income Opportunity Realty Investors, Inc., a Nevada corporation, individually or together with its subsidiaries.  Income Opportunity Realty Investors, Inc. is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 10, 1985.  The Company is headquartered in Dallas, Texas, and its common stock trades on the NYSE MKT under the symbol (“IOT”).
	Transcontinental Realty Investors, Inc. (“TCI”) owns approximately 81.1% of the Company’s common stock.  Effective July 17, 2009, IOT’s financial results were consolidated with those of American Realty Investors, Inc. (“ARL”) and TCI and their subsidiaries.  IOT is a “C” corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with ARL and its ultimate parent, May Realty Holdings, Inc. (“MRHI”).  We have no employees.
	IOT invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate.  Pillar Income Asset Management, Inc. (“Pillar”) is the Company’s external Advisor and Cash Manager.  Although the Board of Directors is directly responsible for managing the affairs of IOT, and for setting the policies which guide it, the day-to-day operations of IOT are performed by Pillar, as the contractual Advisor, under the supervision of the Board.  Pillar’s 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 for the Company with third party lenders and investors.  Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOT’s business plan and investment policy.  Pillar also serves as an Advisor and Cash Manager to TCI and ARL.
	Our primary business is investing in real estate and mortgage receivables. Land held for development or sale is our sole operating segment. At March 31, 2015, our land consisted of 184.7 acres of land held for future development or sale. All of our land holdings are located in Farmers Branch, Texas.  The principal source of revenue for the Company is interest income on over $25.4 million of note receivables due from related parties.
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 results of operations for the three months ended March 31, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.
	The year-end Consolidated Balance Sheet at December 31, 2014, 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 Company’s Annual Report on Form 10-K for the year ended December 31, 2014.  Certain 2014 Consolidated Financial Statement amounts have been reclassified to conform to the 2015 presentation, including any adjustments for discontinued operations.
Principles of consolidation	Principles of Consolidation
	The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest.  Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810 “Consolidation”, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“EITF 04-5”).  VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests.  The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entity’s financial results.  All significant intercompany balances and transactions have been eliminated in consolidation.
	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.  As of March 31, 2015, IOT was not the primary beneficiary of a VIE.
	For entities in which we have less than a controlling financial interest or entities where we are 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 is included in net income.
Real Estate Depreciation and Impairment	Real Estate, Depreciation and Impairment
	Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives.  Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements – 10-40 years; furniture, fixtures and equipment – 5-10 years).  The Company continually evaluates the recoverability of the carrying value of our real estate assets using the methodology prescribed in ASC Topic 360, “Property, Plant and Equipment”.  Factors considered by management in evaluating impairment of our existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature.  Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date.  If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.
Real Estate Held for Sale	Real Estate Held For Sale
	We periodically classify real estate assets as “held for sale”.  An asset is classified as held for sale after the approval of our Board of Directors, after an active program to sell the asset has commenced and if the sale is probable.  One of the deciding factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year.  Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset.  Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.  Real estate assets held for sale are stated separately on the accompanying Consolidated Balance Sheets.  Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation expense is reinstated.  The operating results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations.  Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets.  This classification of operating results as discontinued operations applies retroactively for all periods presented.  Additionally, gains and losses on assets designated as held for sale are classified as part of discontinued operations.
Cost Capitalization	Cost Capitalization
	Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.  We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period.  In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest rate of non-project specific debt.
	We capitalize interest, real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation of major construction activity.
	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 Measurements	Fair Value Measurement
	We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures”, to the valuation of real estate assets.  These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy.  The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data.
	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
	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.
Newly Issued Accounting Pronouncements	Newly Issued Accounting Pronouncements
	We have considered all other newly issued accounting guidance that is applicable to our operations and the preparation of our Consolidated Financial Statements, including that which we have not yet adopted.  We do not believe that any such guidance will have a material effect on our financial position or results of operations.

REAL_ESTATE_TABLE

REAL ESTATE (TABLE)	3 Months Ended
	Mar. 31, 2015
REAL ESTATE (TABLE)
REAL ESTATE (TABLE)	The table below shows information relating to the land owned:
	Land	Location	Acres
	Mercer Crossing/Travelers Land	Farmers Branch, TX		178.1
	Three Hickory Land	Farmers Branch, TX		6.6
		Total Land/Development		184.7

NOTES_AND_INTEREST_RECEIVABLE_1

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Tables)	3 Months Ended
	Mar. 31, 2015
Notes and Interest Receivable From Related Parties (Tables)
Schedule of Receivables with Imputed Interest
			Maturity	Interest
	Borrower		Date	Rate	Amount	Security
	Performing loans:
		Unified Housing Foundation, Inc. (Echo Station)	Dec-32	12.00%	$          1,481	100% Membership Interest in Unified Housing of Temple, LLC
		Unified Housing Foundation, Inc. (Lakeshore Villas)	Dec-32	12.00%	2,000	Secured
		Unified Housing Foundation, Inc. (Lakeshore Villas)	Dec-32	12.00%	6,363	Membership Interest in Housing for Seniors of Humble, LLC
		Unified Housing Foundation, Inc. (Limestone Canyon)	Dec-32	12.00%	3,057	100% Membership Interest in Unified Housing of Austin, LLC
		Unified Housing Foundation, Inc. (Limestone Ranch)	Dec-32	12.00%	2,250	100% Membership Interest in Unified Housing of Vista Ridge, LLC
		Unified Housing Foundation, Inc. (Parkside Crossing)	Dec-32	12.00%	1,936	100% Membership Interest in Unified Housing of Parkside Crossing, LLC
		Unified Housing Foundation, Inc. (Sendero Ridge)	Dec-32	12.00%	5,174	100% Membership Interest in Unified Housing of Sendero Ridge, LLC
		Unified Housing Foundation, Inc. (Timbers of Terrell)	Dec-32	12.00%	1,323	100% Membership Interest in Unified Housing of Terrell, LLC
		Unified Housing Foundation, Inc. (Tivoli)	Dec-32	12.00%	1,826	100% Membership Interest in Unified Housing of Tivoli, LLC
		Accrued interest			732
	Total Performing				$        26,142
		Allowance for doubtful accounts			(1,826)
	Total				$        24,316

NOTES_AND_INTEREST_PAYABLE_Tab

NOTES AND INTEREST PAYABLE (Tables)	3 Months Ended
	Mar. 31, 2015
NOTES AND INTEREST PAYABLE (Tables)
NOTES AND INTEREST PAYABLE	The following table lists the mortgage notes payable as of March 31, 2015 (dollars in thousands):
	Lender	Maturity	Principal Balance
	Realty Advisors, Inc - related party *	12/30/16	$	10,021
	Propel Financial Services	6/1/20		4
			$	10,025

RECEIVABLE_FROM_AND_PAYABLE_TO1

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Tables)	3 Months Ended
	Mar. 31, 2015
Receivable From And Payable To Affiliates
RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES	The agreement provides for excess cash to be invested in and managed by our Advisor, Pillar, a related party.  The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):
		TCI		Pillar			Total
	Balance, December 31, 2014	$	40,460	$	-		$	40,460
	Cash transfers		-		1,997			1,997
	Advisory fees		-		(175	)		(175	)
	Net income fee		-		(45	)		(45	)
	Cost reimbursements		-		(68	)		(68	)
	Expenses paid by advisor		-		(2	)		(2	)
	Financing (mortgage payments)		-		(367	)		(367	)
	Interest income		393		-			393
	Purchase of obligation		1,340		(1,340	)		-
	Balance, March 31, 2015	$	42,193	$	-		$	42,193

OPERATING_SEGMENTS_Tables

OPERATING SEGMENTS (Tables)	3 Months Ended
	Mar. 31, 2015
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS - Operating segment information for the three months ended March 31, 2015 and 2014	Presented below is the operating segment information for the three months ended March 31, 2015 and 2014 (dollars in thousands):
	For the Three Months Ended March 31, 2015	Land			Other			Total
	Rental and other property revenues	$	-		$	-		$	-
	Property operating expenses		(7	)		-			(7	)
	Mortgage and loan interest		(165	)		-			(165	)
	Interest income from related parties		-			1,120			1,120
	Segment operating income (loss)	$	(172	)	$	1,120		$	948
	Real estate assets		25,717			-			25,717
	For the Three Months Ended March 31, 2014	Land			Other			Total
	Rental and other property revenues	$	-		$	-		$	-
	Property operating expenses		(18	)		-			(18	)
	Mortgage and loan interest		(184	)		-			(184	)
	Interest income from related parties		-			1,133			1,133
	Segment operating income (loss)	$	(202	)	$	1,133		$	931
	Real estate assets		24,511			-			24,511
OPERATING SEGMENTS - Reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations and Balance Sheets:	The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):
		For the Three Months Ended
		March 31,
		2015			2014
	Segment operating income	$	948		$	931
	Other non-segment items of income (expense)
	General and administrative		(174	)		(162	)
	Net income fee to related party		(45	)		(45	)
	Advisory fee to related party		(175	)		(165	)
	Net income from continuing operations	$	554		$	559
	The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):
		March 31,
		2015			2014
	Real estate assets	$	25,717		$	24,511
	Notes and interest receivable		24,316			24,794
	Other assets		43,441			44,984
	Total assets	$	93,474		$	94,289

Recovered_Sheet2

Organization and Basis Of Presentation (Details) (USD $)	Mar. 31, 2015
Organization and Basis Of Presentation
Percentage of Transcontinental Realty Investors, Inc on common stock	81.10%
Land in acres	184.7
Note Receivables due from related parties(million)	$25,400,000

Real_Estate_Activity_Details

Real Estate Activity (Details)	Mar. 31, 2015
Land and Location details in Acres
Mercer Crossing/Travelers Land Farmers Branch, TX	178.1
Three Hickory Land Farmers Branch, TX	6.6
Total Land/Development	184.7

Recovered_Sheet3

Notes And Interest Receivable From Related Parties Narrative (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Performing loans:
Unified Housing Foundation, Inc. (Echo Station) at 12%	$1,481
Unified Housing Foundation, Inc. (Lakeshore Villas) at 12%	2,000
Unified Housing Foundation, Inc. (Lakeshore Villas)-at 12%.,	6,363
Unified Housing Foundation, Inc. (Limestone Canyon) at 12%	3,057
Unified Housing Foundation, Inc. (Limestone Ranch) at 12%	2,250
Unified Housing Foundation, Inc. (Parkside Crossing) at 12%	1,936
Unified Housing Foundation, Inc. (Sendero Ridge) at 12%	5,174
Unified Housing Foundation, Inc. (Timbers of Terrell) at 12%	1,323
Unified Housing Foundation, Inc. (Tivoli) at 12%	1,826
Accrued interest	732
Total Performing	26,142
Allowance for estimated losses	-1,826
Total notes and Interest receivables	$24,316

Recovered_Sheet4

Notes And Interest Receivable From Unified Housing Foundation Inc (Details) (USD $)	Mar. 31, 2015
Notes And Interest Receivable From UHF
Interest receivable from related parties, net allowances ,totaled	$24,300,000
Recognized Interest income	$700,000

Investments_Investees_summary_

Investments Investees summary and results of operations Parentheticals (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Financial position and results of operations from our investees Parentheticals
Property operating expenses	($7)
Mortgage and loan interest	($165)

Notes_And_Interest_Payable_Mor

Notes And Interest Payable - Mortgage notes payable (Details) (USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Mortage notes payable at
Realty Advisors, Inc. principal balance	$10,021
Propel Financial Services principal balance	4
Total mortgage notes	$10,025

Realty_Advisors_Inc_Details

Realty Advisors Inc (Details) (USD $)	28-May-14	Dec. 31, 2013
Realty Advisors Inc Details
RAI ,A related party obtained mortgage to lender on the company's behalf (million)		$20
Mercer/Travelers land owned by the Company ( acres)		100.05
Variable interest rate of prime plus		1.50%
Interest rate floor		6.00%
Principal payment was made and two additional land parcels (million)	1.5	0
Acres of Ladue land owned by TCI	8
Acres of Valwood land owned by ARL,	16.75
Note in exchange for a release of Deposit account (million)	4
Property tax loan in the amount	$3,550
Accured interest on loan	12.50%

Recovered_Sheet5

Receivable From And Payable To Related Parties (Details) (USD $)	TCI	Pillar	Total
In Thousands
Balance at Dec. 31, 2014	$40,460	$0	$40,460
Cash transfers	0	1,997	1,997
Advisory fees	0	-175	-175
Net income fee	0	-45	-45
Cost reimbursements	0	-68	-68
Expenses paid by advisor	0	-2	-2
Financing (mortgage payments)	0	-367	-367
Interest income	393	0	393
Purchase of obligation	1,340	-1,340	0
Balance at Mar. 31, 2015	$42,193	$0	$42,193

DISCONTINUED_OPERATIONS_CONSIS

DISCONTINUED OPERATIONS CONSISTS OF THE FOLLOWING (DETAILS) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
DISCONTINUED OPERATIONS CONSISTS OF THE FOLLOWING:
Rental and other property revenues	$0	$0

Operating_segments_information

Operating segments information to corresponding Statement of operations (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating segments information to corresponding Statement of operations
Segment operating income	$948	$931
segment General and administrative	-174	-162
segment Net income fee to related party	-45	-45
segment Advisory fee to related party	-175	-165
segment Income from continuing operations	$554	$559

Operating_segments_reconciles_

Operating segments reconciles segment assets to total assets for the year ended(Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014
In Thousands, unless otherwise specified
Operating segments reconciles segment assets to total assets for the year ended
Total assets segment.	$93,474	$94,289

Operating_segment_informationM

Operating segment information-March-2015 (Details) (USD $)	Land	Other1member1	TotalMember1
In Thousands
Opening Balanace at Dec. 31, 2014	$0	$0	$0
Rental and other property revenues	0		0
Property operating expenses	-7	0	-7
Mortgage and loan interest	-165		-165
Interest income from related parties		1,120	1,120
Segment operating income (loss)	-172	1,120	948
Real estate assets	25,717	0	25,717
Closing Balance at Mar. 31, 2015	$0	$0	$0

Operating_segments_reconciles_1

Operating segments reconciles segment assets (Details) (USD $)	Mar. 31, 2015	Mar. 31, 2014
In Thousands, unless otherwise specified
Operating segments reconciles segment assets (Details)
Segment Real estate assets	$25,717	$24,511
Segment notes and interest receivables	24,316	24,794
Segment Other assets	43,441	44,984
Total assets segment.	$93,474	$94,289

COMMITMENTS_CONTINGENCIES_Deta

COMMITMENTS, CONTINGENCIES (Details) (USD $)	Sep. 09, 2014	Oct. 31, 2011	Dec. 31, 2005
CoMMITMENTS, CONTINGENCIES Details
Iot purchased acres of land in Dallas country ,Texas from TCI			$10.08
ABCLD subsequently paid amount to get back the property	7,000,000
Outstanding loan balance, the potential loss is significantly reduced,	7,000,000
The potential loss should be no more than	2,000,000
Clapper Parties were awarded an initial judgment for approximately		74,000,000
Acutal damages		26,000,000
Interest amount of CCL		$48,000,000

Operating_segment_informationM1

Operating segment information-March 31, 2014 (Details) (USD $)	Land;	Other1Member2	Total
In Thousands
Opening Balanace. at Dec. 31, 2013	$0	$0	$0
Rental and other property revenues.	0		0
Property operating expenses.	-18	0	-18
Mortgage and loan interest.	-184		-184
Interest income from related parties.		1,133	1,133
Segment operating income (loss).	-202	1,133	931
Real estate assets.	24,511	0	24,511
Closing Balance. at Mar. 31, 2014	$0	$0	$0