Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Mar. 30, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | AMERICAN REALTY INVESTORS INC | |
Entity Central Index Key | 1,102,238 | |
Document Type | 10-K | |
Trading Symbol | ARL | |
Document Period End Date | Dec. 31, 2017 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity a Well-known Seasoned Issuer | No | |
Entity a Voluntary Filer | No | |
Entity's Reporting Status Current | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Public Float | $ 9,793,299 | |
Entity Common Stock, Shares Outstanding | 15,997,076 | |
Entity Common Stock, Shares held by Nonaffiliates | 2,019,327 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,017 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Real estate, at cost | $ 1,117,429 | $ 1,017,684 |
Real estate subject to sales contracts at cost, net of depreciation | 48,234 | 48,919 |
Less accumulated depreciation | (177,546) | (165,597) |
Total real estate | 988,117 | 901,006 |
Notes and interest receivable | ||
Performing (including $69,320 in 2017 and $125,799 in 2016 from related parties) | 97,775 | 143,601 |
Non-Performing (including $30,090 in 2017 from related parties) | 30,090 | |
Less allowance for estimated losses (including $14,269 in 2017 and $15,537 in 2016 from related parties) | (15,770) | (17,037) |
Total notes and interest receivable | 112,095 | 126,564 |
Cash and cash equivalents | 42,920 | 17,522 |
Restricted cash | 45,618 | 38,399 |
Investments in unconsolidated subsidiaries and investees | 6,396 | 6,087 |
Receivable from related party | 38,311 | 24,672 |
Other assets | 63,263 | 60,659 |
Total assets | 1,296,720 | 1,174,909 |
Liabilities: | ||
Notes and interest payable | 898,750 | 845,107 |
Notes related to assets held for sale | 376 | 376 |
Notes related to assets subject to sales contracts | 1,957 | 5,612 |
Bonds and interest payable | 113,049 | |
Deferred revenue (including $56,887 in 2017 and $70,935 in 2016 from sales to related parties) | 77,332 | 91,380 |
Accounts payable and other liabilities (including $11,893 in 2017 and $10,854 in 2016 to related parties) | 39,373 | 56,303 |
Total Liabilities | 1,130,837 | 998,778 |
Shareholders' equity: | ||
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 shares in 2017 and 2016 (liquidation preference $10 per share), including 900,000 shares in 2017 and 2016 held by ARL | 2,205 | 2,205 |
Common stock, $0.01 par value, authorized 100,000,000 shares; issued 15,930,145 shares and outstanding 15,514,360 shares in 2017 and 2016, including 140,000 shares held by TCI (consolidated) in 2017 and 2016 | 159 | 159 |
Treasury stock at cost; 415,785 shares in 2017 and 2016, and 140,000 shares held by TCI (consolidated) as of 2017 and 2016 | (6,395) | (6,395) |
Paid-in capital | 110,138 | 111,510 |
Retained earnings | 5,967 | 14,398 |
Total American Realty Investors, Inc. shareholders' equity | 112,074 | 121,877 |
Non-controlling interest | 53,809 | 54,254 |
Total equity | 165,883 | 176,131 |
Total liabilities and equity | $ 1,296,720 | $ 1,174,909 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Performing | $ 97,775 | $ 143,601 |
Non-Performing | 30,090 | |
Allowance for doubtful accounts | 15,770 | 17,037 |
Deferred revenue from sales to related parties | 77,332 | 91,380 |
Accounts payable and other liabilities to related parties | $ 39,373 | $ 56,303 |
Series A Preferred stock, par value (in dollars per share) | $ 2 | $ 2 |
Series A Preferred stock, authorized (in shares) | 15,000,000 | 15,000,000 |
Series A Preferred stock, issued (in shares) | 2,000,614 | 2,000,614 |
Series A Preferred stock, outstanding (in shares) | 2,000,614 | 2,000,614 |
Series A Preferred stock, liquidation preference (in dollars per share) | $ 10 | $ 10 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, issued (in shares) | 15,930,145 | 15,930,145 |
Common stock, outstanding (in shares) | 15,514,360 | 15,514,360 |
Shares held by subsidiaries (in shares) | 2,000,614 | |
Treasury stock (in shares) | 415,785 | 415,785 |
Southern Properties Capital LTD [Member] | Common Stock [Member] | ||
Shares held by subsidiaries (in shares) | 140,000 | 140,000 |
Treasury stock (in shares) | 140,000 | 140,000 |
Series A Cumulative Convertible Preferred Stock [Member] | ||
Shares held by subsidiaries (in shares) | 900,000 | 900,000 |
Related Party [Member] | ||
Performing | $ 69,320 | $ 125,799 |
Non-Performing | 30,090 | |
Allowance for doubtful accounts | 14,269 | 15,537 |
Deferred revenue from sales to related parties | 56,887 | 70,935 |
Accounts payable and other liabilities to related parties | $ 11,893 | $ 10,854 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental and other property revenues (including $839, $708 and $726 for the year ended 2017, 2016 and 2015, respectively, from related parties) | $ 126,221 | $ 119,663 | $ 104,188 |
Expenses: | |||
Property operating expenses (including $959, $900 and $770 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 64,091 | 62,950 | 54,002 |
Depreciation | 25,679 | 23,785 | 21,418 |
General and administrative (including $3,225, $4,053 and $3,855 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 7,691 | 7,119 | 6,893 |
Provision on impairment of real estate assets | 5,300 | ||
Net income fee to related party | 250 | 257 | 492 |
Advisory fee to related party | 11,082 | 10,918 | 9,775 |
Total operating expenses | 108,793 | 105,029 | 97,880 |
Operating income (loss) | 17,428 | 14,634 | 6,308 |
Other income (expense): | |||
Interest income (including $16,298, $18,864 and $15,859 for the year ended 2017, 2016 and 2015, respectively, from related parties) | 18,941 | 20,453 | 16,674 |
Other income | 4,082 | 2,091 | 4,106 |
Mortgage and loan interest (including $6,695, $5,300 and $3,774 for the year ended 2017, 2016 and 2015, respectively, from related parties) | (66,171) | (59,362) | (52,477) |
Loss on the sale of investments | (331) | (1) | |
Earnings from unconsolidated subsidiaries and investees | 309 | 493 | 428 |
Foreign currency translation loss | (4,536) | ||
Litigation settlement | (352) | ||
Total other expenses | (47,706) | (36,325) | (31,622) |
Loss before gain on sales, non-controlling interest and taxes | (30,278) | (21,691) | (25,314) |
Gain on sale of income-producing properties (including recognition of $14,048, $0 and $0 previously deferred gains in 2017, 2016 and 2015, respectively) | 16,698 | 16,207 | |
Gain on land sales | 4,884 | 3,121 | 21,648 |
Loss from continuing operations before tax | (8,696) | (2,363) | (3,666) |
Income tax benefit (expense) | (180) | (46) | (517) |
Net income (loss) from continuing operations | (8,876) | (2,409) | (4,183) |
Discontinued operations: | |||
Income (loss) from discontinued operations | (2) | 644 | |
Gain on sale of real estate from discontinued operations | 735 | ||
Income tax expense from discontinued operations | 1 | (483) | |
Net income (loss) from discontinued operations | (1) | 896 | |
Net income (loss) | (8,876) | (2,410) | (3,287) |
Net (income) loss attributable to non-controlling interests | 445 | (322) | 1,327 |
Net income (loss) attributable to American Realty Investors, Inc. | (8,431) | (2,732) | (1,960) |
Preferred dividend requirement | (1,105) | (1,101) | (1,216) |
Net income (loss) applicable to common shares | $ (9,536) | $ (3,833) | $ (3,176) |
Earnings per share - basic | |||
Loss from continuing operations | $ (0.61) | $ (0.25) | $ (0.27) |
Income from discontinued operations | 0.06 | ||
Net income (loss) applicable to common shares | (0.61) | (0.25) | (0.21) |
Earnings per share - diluted | |||
Loss from continuing operations | (0.61) | (0.25) | (0.27) |
Income from discontinued operations | 0.06 | ||
Net income (loss) applicable to common shares | $ (0.61) | $ (0.25) | $ (0.21) |
Weighted average common shares used in computing earnings per share (in shares) | 15,514,360 | 15,514,360 | 15,111,107 |
Weighted average common shares used in computing diluted earnings per share (in shares) | 15,514,360 | 15,514,360 | 15,111,107 |
Amounts attributable to American Realty Investors, Inc. | |||
Loss from continuing operations | $ (8,431) | $ (2,731) | $ (2,856) |
Income from discontinued operations | (1) | 896 | |
Net income (loss) | $ (8,431) | $ (2,732) | $ (1,960) |
CONSOLIDATED STATEMENTS OF OPE5
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Rental and other property revenues | $ 126,221 | $ 119,663 | $ 104,188 |
Property operating expenses | 64,091 | 62,950 | 54,002 |
General and administrative | 7,691 | 7,119 | 6,893 |
Mortgage and loan interest | 66,171 | 59,362 | 52,477 |
Recognition of deferred gains | 14,048 | 0 | 0 |
Related Party [Member] | |||
Rental and other property revenues | 839 | 708 | 726 |
Property operating expenses | 959 | 900 | 770 |
General and administrative | 3,225 | 4,053 | 3,855 |
Interest income | 16,298 | 18,864 | 15,859 |
Mortgage and loan interest | $ 6,695 | $ 5,300 | $ 3,774 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Comprehensive Loss [Member] | Preferred Stock [Member] | Common Stock [Member] | Treasury Stock [Member] | Paid-in Capital [Member] | Retained Earnings [Member] | Non-controlling Interest [Member] |
Balance, at beginning at Dec. 31, 2014 | $ 179,588 | $ (53,040) | $ 3,126 | $ 141 | $ (6,395) | $ 108,378 | $ 19,090 | $ 55,248 |
Balance, at beginning (in shares) at Dec. 31, 2014 | 14,443,404 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (3,287) | (3,287) | (1,960) | (1,327) | ||||
Contributions from non-controlling interest | 11 | 11 | ||||||
Assumption of non-controlling interests | (470) | (470) | ||||||
Conversion of preferred stock into common stock | 2,263 | (921) | $ 15 | 3,169 | ||||
Conversion of preferred stock into common stock (in shares) | 1,486,741 | |||||||
Series A preferred stock dividend ($1.00 per share) | (1,216) | (1,216) | ||||||
Balance, at the end at Dec. 31, 2015 | 176,889 | (56,327) | 2,205 | $ 156 | (6,395) | 109,861 | 17,130 | 53,932 |
Balance, at the end (in shares) at Dec. 31, 2015 | 15,930,145 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (2,410) | (2,410) | (2,732) | 322 | ||||
Assumption of non-controlling interests | (268) | (268) | ||||||
Sale of non-controlling interests | 3,021 | $ 3 | 3,018 | |||||
Series A preferred stock dividend ($1.00 per share) | (1,101) | (1,101) | ||||||
Balance, at the end at Dec. 31, 2016 | 176,131 | (58,737) | 2,205 | $ 159 | (6,395) | 111,510 | 14,398 | 54,254 |
Balance, at the end (in shares) at Dec. 31, 2016 | 15,930,145 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net loss | (8,876) | (8,876) | (8,431) | (445) | ||||
Assumption of non-controlling interests | (267) | (267) | ||||||
Series A preferred stock dividend ($1.00 per share) | (1,105) | (1,105) | ||||||
Balance, at the end at Dec. 31, 2017 | $ 165,883 | $ (67,613) | $ 2,205 | $ 159 | $ (6,395) | $ 110,138 | $ 5,967 | $ 53,809 |
Balance, at the end (in shares) at Dec. 31, 2017 | 15,930,145 |
CONSOLIDATED STATEMENT OF SHAR7
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Stockholders' Equity [Abstract] | |||
Series A preferred stock dividend (in dollars per share) | $ 1 | $ 1 | $ 1 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flow From Operating Activities: | |||
Net (loss) | $ (8,876) | $ (2,410) | $ (3,287) |
Adjustments to reconcile net income (loss) applicable to common shares to net cash provided by (used in) operating activities: | |||
Gain on land sales | (4,884) | (3,121) | (21,648) |
Gain on sale of income-producing properties | (16,698) | (16,207) | (735) |
Depreciation and amortization | 25,679 | 23,785 | 21,418 |
Provision on impairment of notes receivable and real estate assets | 558 | 5,300 | |
Amortization of deferred borrowing costs | 3,591 | 4,357 | 2,842 |
Amortization of Series A bonds issuance costs | 971 | ||
Losses from unconsolidated subsidiaries and investees | (309) | 493 | 1,327 |
(Increase) decrease in assets: | |||
Accrued interest receivable | (581) | (1,151) | (1,242) |
Other assets | 11,751 | (2,343) | 2,683 |
Prepaid expense | (15,192) | (9,222) | (13,851) |
Escrow | (8,584) | 7,584 | (1,261) |
Earnest money | 856 | (571) | (1,193) |
Rent receivables | (425) | 2,844 | (2,168) |
Increase (decrease) in liabilities: | |||
Accrued interest payable | 4,599 | 3,475 | (255) |
Related party payables | (12,871) | (706) | (11,027) |
Other liabilities | (16,930) | 10,639 | (11,412) |
Net cash provided by (used in) operating activities | (37,345) | 17,446 | (34,509) |
Cash Flow From Investing Activities: | |||
Proceeds from notes receivables | 30,233 | 6,532 | 14,744 |
Origination of notes receivables | (15,741) | (11,703) | (18,055) |
Acquisition of land held for development | (12,508) | ||
Acquisition of income producing properties | (37,044) | (79,736) | (207,313) |
Proceeds from sale of income producing properties | 4,623 | 21,850 | |
Proceeds from sale of land | 6,301 | 29,128 | 108,356 |
Investment in unconsolidated real estate entities | (267) | 2,278 | 4,086 |
Improvement of land held for development | (1,986) | (3,023) | (6,158) |
Improvement of income producing properties | (5,998) | (8,955) | |
Sale of non-controlling interest | (336) | ||
Sale of controlling interest | 3,021 | ||
Construction and development of new properties | (76,147) | (10,941) | (16,717) |
Net cash provided by (used in) investing activities | (90,028) | (61,100) | (130,348) |
Cash Flow From Financing Activities: | |||
Proceeds from Series A bonds payable | 115,337 | ||
Proceeds from notes payable | 135,116 | 242,215 | 412,326 |
Recurring amortization of principal on notes payable | (86,091) | (22,851) | (26,668) |
Payments on maturing notes payable | (173,160) | (195,549) | |
Debt assumption by buyer | (16,688) | ||
Deferred financing costs | (3,599) | 841 | (6,734) |
Distributions to non-controlling interests | 11 | ||
Bond issuance costs | (6,887) | ||
Preferred stock dividends - Series A | (1,105) | (1,101) | (1,216) |
Conversion of preferred stock into common stock | 2,308 | ||
Net cash provided by (used in) financing activities | 152,771 | 45,944 | 167,790 |
Net increase (decrease) in cash and cash equivalents | 25,398 | 2,290 | 2,933 |
Cash and cash equivalents, beginning of period | 17,522 | 15,232 | 12,299 |
Cash and cash equivalents, end of period | 42,920 | 17,522 | 15,232 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | $ 55,976 | $ 50,945 | $ 44,672 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Consolidated Statements Of Comprehensive Income Loss | |||
Net (loss) | $ (8,876) | $ (2,410) | $ (3,287) |
Comprehensive (loss) attributable to non-controlling interest | 445 | (322) | 1,327 |
Comprehensive (loss) attributable to American Realty Investors, Inc. | $ (8,431) | $ (2,732) | $ (1,960) |
ORGANIZATION AND SUMMARY OF SIG
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Organization and business. The Company, a Nevada corporation that was formed in 1999, is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (“NYSE American”) under the symbol “ARL”. Over 80% of ARL’s stock is owned by related party entities. ARL and a subsidiary own approximately 77.68% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. “TCI”, a Nevada corporation, whose common stock is traded on the NYSE American under the symbol “TCI”. TCI, a subsidiary of ARL, owns approximately 81.25% of the common stock of Income Opportunity Realty Investors, Inc. “IOR”. Effective July 17, 2009, IOR’s financial results were consolidated with those of ARL and TCI and their subsidiaries. IOR’s common stock is traded on the New York Stock Exchange (“NYSE American”) under the symbol “IOR”. ARL’s Board of Directors are responsible for directing the overall affairs of ARL and for setting the strategic policies that guide the Company. As of April 30, 2011, the Board of Directors delegated the day-to-day management of the Company to Pillar Income Asset Management, Inc. (“Pillar”), a Nevada corporation, under a written Advisory Agreement that is reviewed annually by ARL’s Board of Directors. The directors of ARL are also directors of TCI and IOR. The Chairman of the Board of Directors of ARL also serves as the Chairman of the Board of Directors of TCI and IOR. The officers of ARL also serve as officers of TCI, IOR and Pillar. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is Realty Advisors, Inc. “RAI”, a Nevada corporation, the sole shareholder of which is May Realty Holdings, Inc. (“MRHI”, formerly known as Realty Advisors Management, Inc. “RAMI”, effective August 7, 2014), a Nevada corporation, the sole shareholder of which is a trust known as the May Trust, became the Company’s external Advisor and Cash Manager. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges, for the Company’s benefit, debt and equity financing with third party lenders and investors. Pillar also serves as an Advisor and Cash Manager to TCI and IOR. As the contractual advisor, Pillar is compensated by ARL under an Advisory Agreement that is more fully described in Part III, Item 10. “Directors, Executive Officers and Corporate Governance – The Advisor”. ARL has no employees. Employees of Pillar render services to ARL in accordance with the terms of the Advisory Agreement. Regis Realty Prime, LLC, dba Regis Property Management, LLC (“ Regis”), the sole member of which is Realty Advisors, LLC, manages our commercial and provides brokerage services. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage”. ARL engages third-party companies to lease and manage its apartment properties. On January 1, 2012, the Company’s subsidiary, TCI, entered into a development agreement with Unified Housing Foundation, Inc. “UHF” a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. Southern Properties Capital Ltd. a British Virgin Island corporation (“Southern”), is a wholly owned subsidiary of TCI that was incorporated on August 16, 2016 for the purpose of raising funds by issuing debentures that cannot be converted into shares on the Tel-Aviv Stock Exchange(“TASE”) . Southern operates in the United States and is primarily involved in investing in, developing, constructing and operating income-producing properties of multi-family residential real estate assets. Southern is included in the consolidated financial statements of TCI. Our primary business is the acquisition, development and ownership of income-producing residential and commercial real estate properties. In addition, we opportunistically acquire land for future development in in-fill or high-growth suburban markets. From time to time and when we believe it appropriate to do so, we will also sell land and income-producing properties. We generate revenues by leasing apartment units to residents, and leasing office and retail space to various for-profit businesses as well as certain local, state and federal agencies. We also generate revenues from gains on sales of income-producing properties and land. At December 31, 2017, we owned fifty-one residential apartment communities comprising of 8,427 units, seven commercial properties comprising an aggregate of approximately 1.7 million rentable square feet, and an investment in 3,666 acres of undeveloped and partially developed land, and a golf course comprising approximately 96.1 acres. Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates fifty-one and fifty multifamily residential properties located throughout the United States at December 31, 2017 and 2016, respectively, with total units of 8,427 and 8,226, respectively. Assets totaling approximately $483.7 Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. Real estate held for sale Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in Item 1 “Significant Real Estate Acquisitions/Dispositions and Financing.” Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets.” Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term. Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Related parties Recognition of revenue. Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. For hotel properties, revenues for room sales and guest services are recognized as rooms occupied and services rendered. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. Foreign currency translation . Non-performing notes receivable. Interest recognition on notes receivable. Allowance for estimated losses . Cash equivalents . Restricted cash. Concentration of credit risk . Earnings per share . Use of estimates. Income taxes. Recent accounting pronouncements . In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this guidance has on its financial position and results of operations, if any. In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases” was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations. |
REAL ESTATE
REAL ESTATE | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
REAL ESTATE | NOTE 2. REAL ESTATE A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2017 2016 Apartments $ 733,620 $ 694,351 Apartments under construction 105,451 25,288 Commercial properties 200,797 218,857 Land held for development 77,560 79,188 Real estate held for sale — — Real estate subject to sales contract 48,234 48,919 Total real estate, at cost, less impairment 1,165,663 1,066,603 Less accumulated deprecation (177,546 ) (165,597 ) Total real estate, net of depreciation $ 988,117 $ 901,006 Expenditures for repairs and maintenance are charged to operations as incurred. Significant betterments are capitalized. When assets are sold or retired, their costs and related accumulated depreciation are removed from the accounts with the resulting gains or losses reflected in net income or loss for the period. Depreciation is computed on a straight line basis over the estimated useful lives of the assets as follows: Land improvements 25 to 40 years Buildings and improvements 10 to 40 years Tenant improvements Shorter of useful life or terms of related lease Furniture, fixtures and equipment 3 to 7 years Fair Value Measurement The Company applies the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures,” to the valuation of real estate assets. The Company is required to assess the fair value of its consolidated real estate assets with indicators of impairment. The value of impaired real estate assets is determined using widely accepted valuation techniques, including discounted cash flow analyses on the expected cash flow of each asset, as well as the income capitalization approach, which considers prevailing market capitalization rates, analyses of recent comparable sales transactions, information from actual sales negotiations and bona fide purchase offers received from third parties. The methods used to measure fair value may produce an amount that may not be indicative of net realizable value or reflective of future values. Furthermore, although the Company believes its valuation methods are appropriate and consistent with other market participants, the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in a different fair value measurement at the reporting date. The fair value measurements used in these evaluations are considered to be Level 2 and 3 valuations within the fair value hierarchy in the accounting rules, as there are significant observable (Level 2) and unobservable inputs (Level 3). Examples of Level 2 inputs the Company utilizes in its fair value calculations are appraisals and bona fide purchase offers from third parties. Examples of Level 3 inputs the Company utilizes in its fair value calculations are discount rates, market capitalization rates, expected lease rental rates, timing of new leases, an estimate of future sales prices and comparable sales prices of similar assets, if available. Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ — $ 3,000 The highlights of our significant real estate transactions for the year ended December 31, 2017, are discussed below. Purchases During the year ended December 31, 2017, the Company acquired one income-producing apartment properties from a third party in the state of North Carolina increasing the total number of units by 201, for a combined purchase price of $79.7 million. In addition, we acquired one land parcel for future development for a total purchase price of $5.4 million, adding 36.3 acres to the development portfolio. Sales As of December 31, 2017, subsidiaries hold approximately 91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions, we deferred the recording of the sales in accordance with ASC 360-20. We continue to invest in the development of apartment projects. During the year ended December 31, 2017, we have expended $69.8 million related to the construction or predevelopment of various apartment complexes and capitalized $2.4 million of interest costs. |
NOTES AND INTEREST RECEIVABLE
NOTES AND INTEREST RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
NOTES AND INTEREST RECEIVABLE | NOTE 3. NOTES AND INTEREST RECEIVABLE A portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and personal guarantees of the borrower and, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01 /20 12.00 % $ 5,907 Secured Leman Development, Ltd (2) N/A 0.00 % 1,500 Unsecured Oulan-Chikh Family Trust 03 /21 8.00 % 174 Secured Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12 /32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Inwood on the Park) (1) 12 /32 12.00 % 3,639 Secured Unified Housing Foundation, Inc. (Kensington Park) (1) 12 /32 12.00 % 3,933 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12 /32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12 /32 12.00 % 9,101 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12 /32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12 /32 12.00 % 6,000 Secured Unified Housing Foundation, Inc. (Parkside Crossing) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) 12 /32 12.00 % 2,485 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) 12 /32 12.00 % 2,555 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12 /32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12 /32 12.00 % 7,965 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 12 /32 12.00 % 3,815 Secured Unified Housing Foundation, Inc. (1) 12 /17 12.00 % — Unsecured Unified Housing Foundation, Inc. (1) 12 /18 12.00 % 3,994 Unsecured Unified Housing Foundation, Inc. (1) 12 /18 12.00 % 6,407 Unsecured Unified Housing Foundation, Inc. (1) 06 /20 12.00 % 5,760 Unsecured Unified Housing Foundation, Inc. (1) 12 /16 12.00 % — Unsecured Unified Housing Foundation, Inc. (1) 06 /19 12.00 % — Unsecured Other related party notes Various Various 1,349 Various secured interests Other related party notes Various Various 465 Various unsecured interests Other non-related party notes Various Various 3,466 Various secured interests Other non-related party notes Various Various 15,252 Various unsecured interests Accrued interest 7,249 Total Performing $ 97,775 Non- Performing One Realco Corporation (1,2) 01/17 3.00% 7,000 Unsecured Realty Advisors Management, Inc. (1) 12/16 2.28% 20,387 Unsecured Accrued Interest 2,703 Total Non-Performing $ 30,090 Unsecured Allowance for estimated losses (15,770 ) Total $ 112,095 (1) Related party notes (2) An allowance was taken for estimated losses at full value of note. As of December 31, 2017, the obligors on $118.4 million or 88.2% of the mortgage notes receivable portfolio were due from related parties. The Company recognized $12.4 million of interest income from these related party notes receivables. As of December 31, 2017 none of the mortgage notes receivable portfolio were non-performing. The Company has various notes receivable from Unified Housing Foundation, Inc. “UHF”. UHF is determined to be a related party due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired. |
INVESTMENTS IN UNCONSOLIDATED S
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES | NOTE 4. INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES Investments in unconsolidated subsidiaries, jointly owned companies and other investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost, adjusted for the Company’s proportionate share of their undistributed earnings or losses, via the equity method of accounting. Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2017 2016 2015 Gruppa Florentina, LLC (1) 20.00 % 20.00 % 20.00 % (1) The market values, other than unconsolidated subsidiaries, as of the year ended December 31, 2017, 2016 and 2015 were not determinable as there were no readily traded markets for these entities. The following is a summary of the financial position and results of operations from our investees (dollars in thousands): For the Twelve Months Ended December 31, 2017 2016 2015 Other Investees Real estate, net of accumulated depreciation $ 12,587 $ 13,641 $ 13,899 Notes receivable 2,724 9,561 8,457 Other assets 32,176 31,135 30,834 Notes payable (17,845 ) (9,834 ) (10,883 ) Other liabilities (5,991 ) (8,284 ) (7,967 ) Shareholders' equity/partners capital (23,651 ) (36,219 ) (34,340 ) Revenue $ 38,747 $ 54,264 $ 51,650 Depreciation (1,279 ) (1,150 ) (1,150 ) Operating expenses (35,410 ) (49,856 ) (47,143 ) Interest expense (1,065 ) (793 ) (805 ) Income (loss) from continuing operations $ 993 $ 2,465 $ 2,552 Income (loss) from discontinued operations — — — Net income (loss) $ 993 $ 2,465 $ 2,552 Company's proportionate share of earnings (1) $ 199 $ 493 $ 510 (1) Earnings represent continued and discontinued operations |
NOTES AND INTEREST PAYABLE
NOTES AND INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
NOTES AND INTEREST PAYABLE | NOTE 5. NOTES AND INTEREST PAYABLE Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 566,576 $ 1,585 $ 568,161 Apartments under Construction $ 78,683 $ 113 $ 78,796 Commercial $ 126,955 $ 622 $ 127,577 Land $ 22,888 $ 203 $ 23,091 Real estate subject to sales contract $ 1,449 $ 508 $ 1,957 Mezzanine financing $ 110,172 $ 453 $ 110,625 Other $ 10,013 $ 101 $ 10,114 Total $ 916,736 $ 3,585 $ 920,321 Unamortized deferred borrowing costs (19,237 ) — (19,237 ) $ 897,499 $ 3,585 $ 901,084 The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands): Year Amount 2018 $ 86,323 2019 101,134 2020 64,255 2021 48,806 2022 11,204 Thereafter 605,013 Total $ 916,736 Interest payable at December 31, 2017, was $2.6 million. Interest accrues at rates ranging from 2.5% to 12.0% per annum, and mature between 2018 and 2055. The mortgages were collateralized by deeds of trust on real estate having a net carrying value of $901 million. During the year, the Company refinanced or modified five loans with a total principal balance of $78.9 million. The refinancing resulted in lower interest rates and the extension of the term of the loan. The modifications resulted in lower interest rates. The transactions provide for lower monthly payments over the term of the loans. There are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification. In conjunction with the development of various apartment projects and other developments, we drew down $13 million in construction loans during the year ended December 31, 2017. |
BONDS PAYABLE AND INTEREST PAYA
BONDS PAYABLE AND INTEREST PAYABLE | 12 Months Ended |
Dec. 31, 2017 | |
Bonds Payable And Interest Payable | |
BONDS PAYABLE AND INTEREST PAYABLE | NOTE 6. BONDS AND BONDS INTEREST PAYABLE In August 2016 Southern Properties Capital LTD (“Southern”), a British Virgin Islands corporation was incorporated for the purpose of raising funds by issuing Bonds to be traded on the Tel Aviv Stock Exchange (“TASE”). The Company transferred certain residential and commercial properties located in the United States to Southern, its wholly owned subsidiary. On February 13, 2017, Southern filed a final prospectus with the TASE for an offering and sale of nonconvertible Series A Bonds to be issued by Southern. The bonds are unsecured obligations of Southern. During 2017 on three separate occasions Southern issued nonconvertible Series A Bonds which in total amounted to approximately NIS400 million New Israeli Shekels (“NIS”) which converted to approximately $115 million dollars. The Series A Bonds have a stated interest rate of 7.3%. At December 31, 2017 the effective interest rate is 9.17%. The bonds require semi-annual equal installments on January 31 and July 31 of each year from 2019 to 2023 (inclusive). The interest will be repaid on January 31 and July 31 of each of the years 2018 to 2023 (inclusive), first payment commenced on July 31, 2017. a. Consisting of the following: December 31, 2017 2016 Bonds (Series A) $ 115,336 $ — Less; deferred issuance expense, net (5,916 ) — Accrued Interest 3,629 — $ 113,049 $ — b. Aggregate maturities are as follows: December 31, 2017 2016 2018 $ — — 2019 23,067 — 2020 23,067 — 2021 23,067 — 2022 23,067 — Thereafter 23,067 — $ 115,335 — The funds were used principally for the acquisition and development of additional real estate operations in the United States. The funds were raised and will be repaid in NIS however the funds raised have been converted to US dollars. The Company records unrealized gains or losses each quarter based upon the relative exchange values of the US dollar and the NIS; however, no gain or loss will be realized until a conversion from US dollars to NIS actually occurs in the future. The recorded unrealized gain or loss is reflected as a separate line item to highlight the fact that it is a non-cash transaction until such time as actual payment of principal and interest on the bonds is made. For 2017 the Company reflected an unrealized foreign currency loss of $4.5 million related to debenture transactions. |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND FEES | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND FEES | NOTE 7. RELATED PARTY TRANSACTIONS AND FEES We apply ASC Topic 805, “Business Combinations,” to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity. The Company has historically engaged in and may continue to engage in certain business transactions with related parties, including but not limited to asset acquisition and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in our best interest. Since April 30, 2011, Pillar, the sole shareholder of which is Realty Advisors, LLC, a Nevada limited liability company, the sole member of which is RAI, a Nevada corporation, the sole shareholder of which is MRHI, a Nevada corporation, the sole shareholder of which is a trust known as the May Trust, became the Company’s external Advisor and Cash Manager. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities. Pillar also arranges, for the Company’s benefit, debt and equity financing with third party lenders and investors. Pillar also serves as an Advisor and Cash Manager to TCI and IOR. As the contractual advisor, Pillar is compensated by ARL under an Advisory Agreement that is more fully described in Part III, Item 10. “Directors, Executive Officers and Corporate Governance – The Advisor.” ARL has no employees. Employees of Pillar render services to ARL in accordance with the terms of the Advisory Agreement. Regis Realty Prime, LLC, dba Regis Property Management, LLC (“Regis”), the sole member of which is Realty Advisors, LLC, manages our commercial properties and provides brokerage services. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. Regis is also entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. See Part III, Item 10. “Directors, Executive Officers and Corporate Governance – Property Management and Real Estate Brokerage.” ARL engages third-party companies to lease and manage its apartment properties. Below is a description of the related party transactions and fees between Pillar and Regis: Fees, expenses, and revenue paid to and/or received from our advisor: 2017 2016 2015 (dollars in thousands) Fees: Advisory $ 11,082 $ 10,918 $ 9,775 Mortgage brokerage and equity refinancing 1,712 775 1,612 Net income 250 257 492 Property acquisition and sales — — 921 $ 13,044 $ 11,950 $ 12,800 Other Expense: Cost reimbursements $ 3,240 $ 3,826 $ 3,675 Interest paid (received) (1,195 ) (1,144 ) (1,234 ) $ 2,045 $ 2,682 $ 2,441 Revenue: Rental $ 783 $ 708 $ 726 Fees paid to Regis and related parties: 2017 2016 2015 (dollars in thousands) Fees: Property acquisition $ 9,128 $ 10,775 $ 1,932 Property management, construction management and leasing commissions 963 888 717 Real estate brokerage 1,369 787 1,105 $ 11,460 $ 12,450 $ 3,754 The Company received rental revenue of $0.7 million in each of the three years ended December 31, 2017 from Pillar and its related parties for properties owned by the Company. As of December 31, 2017, the Company had notes and interest receivables, net of allowances, of $62.4 million and $4.3 million, respectively, due from UHF, a related party. See Part 2, Item 8. Note 3. “Notes and Interest Receivable.” During the current period, the Company recognized interest income of $9.0 million, originated $5.7 million, received principal payments of $30.4 million and received interest payments of $10.2 million from these related party notes receivables. On January 1, 2012, the Company’s subsidiary, TCI, entered into a development agreement with UHF, a non-profit corporation that provides management services for the development of residential apartment projects in the future. This development agreement was terminated December 31, 2013. The Company has also invested in surplus cash notes receivables from UHF and has sold several residential apartment properties to UHF in prior years. Due to this ongoing relationship and the significant investment in the performance of the collateral secured under the notes receivable, UHF has been determined to be a related party. The Company is the primary guarantor, on a $39.1 million mezzanine loan between UHF and a lender. In addition, ARL, and an officer of the Company are limited recourse guarantors of the loan. As of December 31, 2017, UHF was in compliance with the covenants to the loan agreement. The Company is part of a tax sharing and compensating agreement with respect to federal income taxes between ARL, TCI and IOR and their subsidiaries that was entered into in July of 2009. The expense (benefit) in each year was calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory tax rate of 35%. The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2017 (dollars in thousands): Pillar Related party receivable, December 31, 2016 $ 24,672 Cash transfers 56,635 Advisory fees (11,082 ) Net income fee (250 ) Cost reimbursements (3,240 ) Interest income 1,196 Notes receivable purchased (447 ) Fees and commissions (3,082 ) Expenses paid by Advisor (579 ) Financing (mortgage payments) (17,313 ) Sales/purchases transactions (9,818 ) Tax sharing 1,619 Related party receivable, December 31, 2017 $ 38,311 As of December 31, 2017, subsidiaries hold approximately 66.7 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated as “subject to sales contract” on the Consolidated Balance Sheets. Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20. |
DIVIDENDS
DIVIDENDS | 12 Months Ended |
Dec. 31, 2017 | |
Dividends [Abstract] | |
DIVIDENDS | NOTE 8. DIVIDENDS ARL’s Board of Directors established a policy that dividend declarations on common stock would be determined on an annual basis following the end of each year. In accordance with that policy, no dividends on ARL’s common stock were declared for 2017, 2016, or 2015. Future distributions to common stockholders will be determined by the Board of Directors in light of conditions then existing, including the Company’s financial condition and requirements, future prospects, restrictions in financing agreements, business conditions and other factors deemed relevant by the Board. On January 12, 2018 Realty Advisors converted 200,000 preferred shares plus accrued dividends into 482,716 shares of common stock. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | NOTE 9. INCOME TAXES We account for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. We recognize deferred tax assets to the extent that we believe these assets are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If we determine that we would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. We record uncertain tax positions in accordance with ASC 740 on the basis of a two-step process whereby (1) we determine whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, we recognize the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. For financial reporting purposes, income before income taxes were: Years Ended December 31 2017 2016 2015 (in thousands) TOTAL ($8,696) ($2,365) ($2,287) The expense (benefit) for income taxes consists of: Years Ended December 31 2017 2016 2015 (in thousands) Current: Federal $ (3,044 ) $ — $ — State 10 — — Deferred and other: Federal 3,044 (45 ) (1,000 ) State 170 — — Total Tax Expense $ 180 $ (45 ) $ (1,000 ) The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31 2017 2016 2015 (in thousands) Income tax expense (benefit) at federal statutory rate $ (3,044 ) $ (827 ) $ (1,283 ) State and local income taxes net of federal tax benefit 180 — — Repricing of deferred assets due to change in future rates (28,663 ) — — — — Change in valuation allowance 31,707 $ 873 $ 1,800 Reported income tax (benefit) expense 180 $ 46 $ 517 Effective Tax Rate 0.7 % N/A N/A The company is subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2017, the Company’s tax years for 2016, 2015, and 2014 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2017, the Company is no longer subject to U.S federal, state, local, or foreign examinations by tax authorities for the years before 2014. The 2017 effective tax rate is driven primarily by the passing of the Tax Cuts and Jobs Act by congress. This act has reduced the statutory tax rate for corporations from 35% to 21% starting in 2018. As a result, the tax assets of ARI had to be re-priced to reflect the new rate for future years with the impact impacting the 2017 provision for income taxes. Components of the Net Deferred Tax Asset or Liability Years Ended December 31 2017 2016 (in thousands) Allowance for losses on notes $ 3,591 5,963 Installment note on land sale 2,875 4,793 Deferred gain 11,040 21,798 Net operating loss carryforward 50,931 73,021 Subtotal 68,437 105,575 Less: valuation allowance (42,995 ) (70,849 ) Total net deferred tax assets 25,442 34,726 Basis differences for fixed assets 25,442 34,726 Total deferred tax liability 25,442 34,726 Net deferred tax asset — — Current net deferred tax asset 25,442 34,726 Long-term net deferred tax liability 25,442 34,726 Net deferred tax asset — — Operating Loss and Tax Credit Carryforwards We have federal income tax NOL carryforwards related to our domestic operations of approximately $209 million on a standalone basis, which have an indefinite life. We also have state NOLs in many of the various states in which we operate. Valuation Allowance Reversal Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets. At December 31, 2017, 2016 and 2015 ARL had a net deferred tax asset due to tax deductions available to it in future years. However, as management could not determine that it was more likely than not that ARL would realize the benefit of the deferred tax asset, a valuation allowance was established. |
FUTURE MINIMUM RENTAL INCOME UN
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES | NOTE 10. FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES ARL’s operations include the leasing of commercial properties (office buildings, industrial warehouses and retail centers). The leases, thereon, expire at various dates through 2025. The following is a schedule of minimum future rents due to ARL under non-cancelable operating leases as of December 31, 2017 (dollars in thousands): Year Amount 2018 25,042 2019 19,828 2020 15,869 2021 13,643 2022 10,634 Thereafter 16,686 Total $ 101,702 |
OPERATING SEGMENTS
OPERATING SEGMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
OPERATING SEGMENTS | NOTE 11. OPERATING SEGMENTS Our segments are based on management’s method of internal reporting which classifies its operations by property type. The segments are commercial, apartments, land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative 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, equity in partnerships and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt. Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2017, 2016 and 2015 (dollars in thousands): For the Twelve Months Ended December 31, 2017 Commercial Properties Apartments Land Other Total Operating revenue $ 33,286 $ 92,807 $ 111 $ 16 $ 126,220 Operating expenses (18,549 ) (43,677 ) (875 ) (987 ) (64,088 ) Depreciation and amortization (9,358 ) (16,354 ) — 33 (25,679 ) Mortgage and loan interest (7,527 ) (22,347 ) (1,945 ) (34,354 ) (66,173 ) Interest income — — — 18,941 18,941 Gain on sale of income producing properties 2,391 12,760 1,547 — 16,698 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ 243 $ 23,189 $ 3,722 $ (16,351 ) $ 10,803 Capital expenditures $ (5,817 ) $ 1,402 $ 609 $ — $ (3,806 ) Assets $ 137,157 $ 727,508 $ 127,554 $ — $ 992,219 Property Sales Sales price $ 5,050 $ — $ 29,969 $ — $ 35,019 Cost of sale (2,659 ) — (23,538 ) — (26,197 ) Recognized prior deferred gain — 12,760 — — 12,760 Gain on sale $ 2,391 $ 12,760 $ 6,431 $ — $ 21,582 For the Twelve Months Ended December 31, 2016 Commercial Properties Apartments Land Other Total Operating revenue $ 33,026 $ 86,603 $ 30 $ 4 $ 119,663 Operating expenses (20,398 ) (40,786 ) (1,745 ) (21 ) (62,950 ) Depreciation and amortization (9,099 ) (14,759 ) — 73 (23,785 ) Mortgage and loan interest (7,191 ) (25,381 ) (2,232 ) (24,558 ) (59,362 ) Interest income — — — 20,453 20,453 Gain on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,900 ) $ 22,122 $ (826 ) $ (4,049 ) $ 13,347 Capital expenditures $ 5,008 $ 864 $ 268 $ — $ 6,140 Assets $ 150,838 $ 622,061 $ 128,107 $ — $ 901,006 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 For the Twelve Months Ended December 31, 2015 Commercial Properties Apartments Land Other Total Operating revenue $ 30,540 $ 73,543 $ — $ 105 $ 104,188 Operating expenses (17,761 ) (34,955 ) (1,029 ) (257 ) (54,002 ) Depreciation and amortization (8,993 ) (12,498 ) — 73 (21,418 ) Mortgage and loan interest (6,919 ) (23,699 ) (4,694 ) (17,165 ) (52,477 ) Interest income — — — 16,674 16,674 Gain on land sales — — 21,648 — 21,648 Segment operating income (loss) $ (3,133 ) $ 2,391 $ 15,925 $ (570 ) $ 14,613 Capital expenditures $ 8,133 $ 506 $ 2,621 $ — $ 11,260 Assets $ 155,147 $ 551,415 $ 146,945 $ — $ 853,507 Property Sales Sales price $ — $ 11,129 $ 107,298 $ — $ 118,427 Cost of sale — (10,394 ) (88,387 ) — (98,781 ) Recognized prior deferred gain — — 2,737 — 2,737 Gain on sale $ — $ 735 $ 21,648 $ — $ 22,383 The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Segment operating income (loss) $ 10,803 $ 13,347 $ 14,613 Other non-segment items of income (expense) General and administrative (7,691 ) (7,119 ) (6,893 ) Provision on impairment of notes receivable and real estate assets — — (5,300 ) Net income fee to related party (250 ) (257 ) (492 ) Advisory fee to related party (11,082 ) (10,918 ) (9,775 ) Other income (454 ) 2,091 4,106 Loss on sale of investments (331 ) — (1 ) Earnings from unconsolidated joint ventures and investees 309 493 428 Litigation settlement — — (352 ) Income tax benefit (expense) (67 ) (46 ) (517 ) Gain (loss) from continuing operations $ (8,763 ) $ (2,409 ) $ (4,183 ) The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Segment assets $ 988,117 $ 901,006 $ 853,507 Investments in unconsolidated subsidiaries and investees 6,396 6,087 8,365 Notes and interest receivable 112,095 126,564 120,243 Other assets and receivables 190,112 141,252 135,253 Total assets $ 1,296,720 $ 1,174,909 $ 1,117,368 |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | NOTE 12. DISCONTINUED OPERATIONS Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. There were no sales of income-producing properties during 2017 or 2016 that met the criteria for discontinued operations. Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following table summarizes revenue and expense information for the properties sold that qualified as discontinued operations (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Revenues: Rental and other property revenues $ — $ — $ 355 — — 355 Expenses: Property operating expenses — 2 (345) Depreciation — — — General and administrative — — 99 Total operating expenses — 2 (246) Other income (expense): Other income (expense) — — 45 Mortgage and loan interest — — (2 ) Loan charges and prepayment penalties — — — Litigation settlement — — — Total other expenses — — 43 Loss from discontinued operations before gain on sale of real estate and taxes — (2) 644 Gain on sale of real estate from discontinued operations — — 735 Income tax benefit (expense) — 1 (483) Income (loss) from discontinued operations $ — $ (1) $ 896 |
QUARTERLY RESULTS OF OPERATIONS
QUARTERLY RESULTS OF OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY RESULTS OF OPERATIONS | NOTE 13. QUARTERLY RESULTS OF OPERATIONS The following is a tabulation of quarterly results of operations for the years 2017, 2016 and 2015. Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2017 Total operating revenues $ 31,822 $ 31,587 $ 31,807 $ 31,005 Total operating expenses 27,345 26,759 26,397 28,292 Operating income 4,477 4,828 5,410 2,713 Other expense (10,829 ) (15,676 ) (9,348 ) (11,853 ) Loss before gain on sales, non-contolling interest, and taxes (6,352 ) (10,848 ) (3,938 ) (9,140 ) Gain (loss) on sale of income producing properties — — 12,760 3,938 Gain (loss) on land sales 445 (476 ) 1,062 3,853 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,907 ) (11,324 ) 9,884 (1,529 ) Net loss from discontinued operations — — — — Net income (loss) (5,907 ) (11,324 ) 9,884 (1,529 ) Less: net (income) loss attributable to non-controlling interest 193 435 (522 ) 339 Preferred dividend requirement (275 ) (275 ) (275 ) (280 ) Net income (loss) applicable to common shares $ (5,989 ) $ (11,164 ) $ 9,087 $ (1,470) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2016 Total operating revenues $ 29,205 $ 30,834 $ 30,067 $ 29,557 Total operating expenses 25,881 26,212 26,272 26,664 Operating income 3,324 4,622 3,795 2,893 Other expense (8,470 ) (8,156 ) (9,252 ) (10,447 ) Loss before gain on sales, non-contolling interest, and taxes (5,146 ) (3,534 ) (5,457 ) (7,554 ) Gain (loss) on sale of income producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit (expense) — — (46 ) — Net income (loss) from continued operations (3,738 ) 3,353 (4,948 ) 2,924 Net loss from discontinued operations 2 — — (3 ) Net income (loss) (3,736 ) 3,353 (4,948 ) 2,921 Less: net (income) loss attributable to non-controlling interest 530 (864 ) 1,194 (1,182 ) Preferred dividend requirement (497 ) (53 ) (275 ) (276 ) Net income (loss) applicable to common shares $ (3,703 ) $ 2,436 $ (4,029 ) $ 1,463 PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2015 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2015 Total operating revenues $ 23,156 $ 24,241 $ 27,826 $ 28,965 Total operating expenses 21,155 20,388 25,741 30,596 Operating income 2,001 3,853 2,085 (1,631 ) Other expense (2,338 ) (5,139 ) (11,152 ) (12,993 ) Loss before gain on land sales, non-contolling interest, and taxes (337 ) (1,286 ) (9,067 ) (14,624 ) Gain (loss) on land sales 2,876 3,027 1,958 13,787 Income tax benefit 103 (12 ) 274 (882 ) Net income (loss) from continued operations 2,642 1,729 (6,835 ) (1,719 ) Net income from discontinued operations 190 (22 ) 508 220 Net income (loss) 2,832 1,707 (6,327 ) (1,499 ) Less: net (income) loss attributable to non-controlling interest 508 (540 ) 1,164 195 Preferred dividend requirement (390 ) (275 ) (275 ) (276 ) Net income (loss) applicable to common shares $ 2,950 $ 892 $ (5,438 ) $ (1,580 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ 0.20 $ 0.06 $ (0.38 ) $ (0.24 ) Income from discontinued operations 0.01 — 0.03 0.01 Net income (loss) applicable to common shares $ 0.21 $ 0.06 $ (0.35 ) $ (0.23 ) Weighted average common shares used in computing earnings per share 14,027,619 15,367,320 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ 0.16 $ 0.05 $ (0.38 ) $ (0.24 ) Income from discontinued operations 0.01 — 0.03 0.01 Net income (loss) applicable to common shares $ 0.17 $ 0.05 $ (0.35 ) $ (0.23 ) Weighted average common shares used in computing diluted earnings per share 17,426,707 17,844,339 15,514,360 15,514,360 |
COMMITMENTS, CONTINGENCIES, AND
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY | NOTE 14. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY Liquidity. Guarantees. Partnership Buyouts ART and ART Midwest, Inc While the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the “Clapper Parties”). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust, Inc. “ART” and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the case back to the trial court to recalculate the damage award, as well as pre- and post-judgment interest thereon. Subsequently, the trial court recalculated the damage award, reducing it to approximately $59 million, inclusive of actual damages and then current interest. ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter. The Clapper Parties subsequently filed a new lawsuit against ARI, its subsidiary EQK Holdings, Inc. “EQK”, and ART. The Clapper Parties seek damages from ARL for payment by ART to ARL of ART’s stock in EQK in exchange for a release of the Antecedent Debt owed by ART to ARI. In 2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the principal case with the Clapper Parties was pending, but the abatement was recently lifted. The trial court subsequently dismissed the case on procedural grounds, but ART has filed a notice of appeal. The appeal was heard in February 2018 and we are awaiting a ruling by the appeals court. In January 2012, the Company sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million. At December 31, 2012, the Company fully reserved and valued such note at zero. Dynex Capital, Inc. On July 20, 2015, the 68 th An original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of Basic for “lost opportunity,” as well as damages in favor of ART and in favor of TCI and its subsidiaries for “increased costs” and “lost opportunity.” The original Trial Court judge ignored the jury’s findings, however, and entered a “Judgment Notwithstanding the Verdict” (“JNOV”) in favor of the Dynex entities (the judge held the Plaintiffs were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex Capital, Inc. was ultimately dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial Court for a new judgment consistent with the jury’s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20, 2015. The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic was $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 million. The Judgment awarded ART was $14.2 million in damages, plus pre-judgment interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI was $11.1 million, plus pre-judgment interest of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the rate of 5% per annum from April 25, 2014 until the date their respective damages were paid. Lastly, the Judgement awarded Basic, ART, and TCI was $1.6 million collectively in attorneys’ fees from Dynex Commercial, Inc. The Company is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | NOTE 15. EARNINGS PER SHARE Earnings per share (“EPS”) has been computed pursuant to the provisions of ASC Topic 260 “ Earnings Per Share.” As of December 31, 2017, we have 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding. These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20 trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted method is dilutive. Of the outstanding 2,000,614 shares, 900,000 are held by ARL. Dividends are not paid on the shares owned by ARL. Prior to July 17, 2014, RAI owned 2,451,435 shares of the outstanding Series A 10.0.0% convertible preferred stock and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797 shares, including $6.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance of 2,502,230 new shares of ARL common stock. On April 9, 2015, RAI converted 460,638 shares including $2.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance of 1,486,741 new shares of ARL common stock. As of December 31, 2017, RAI owns 1,100,000 shares of the outstanding Series A convertible preferred stock and has accrued dividends unpaid of $9.7 million. The Company had 135,000 shares of Series K convertible preferred stock, which were held by TCI and used as collateral on a note. The note has been paid in full and the Series K preferred stock was cancelled May 7, 2014. Prior to January 1, 2015, the Company had 1,000 shares of stock options outstanding. These options expired unexercised January 1, 2015. The options are no longer included in the dilutive earnings per share calculation for the current period, but are considered in the computation for the prior periods if applying the “treasury stock” method is dilutive. As of December 31, 2017, the Series A convertible preferred stock and the stock options were anti-dilutive and therefore not included in the EPS calculation. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 16. SUBSEQUENT EVENTS The date to which events occurring after December 31, 2017, the date of the most recent balance sheet, have been evaluated for possible adjustments to the financial statements or disclosure is March 30, 2017, which is the date of which the financial statements were available to be issued. There are no subsequent events that would require an adjustment to the financial statements. On February 15, 2018, Southern issued Series B bonds in the amount of NIS 137.7 million par value (approximately $39.4 million as of February 15, 2018). The Series B bonds are registered on the TASE. The bonds are reported in NIS and bear stated annual interest rate of 6.8%. Interest shall be repaid January 31 and July 31 of each of the years 2019 to 2023 (inclusive), first payment commencing on July 31, 2018. The principal shall be repaid in ten equal installments on January 31 and July 31 of each of the years from 2015 to 2025 (inclusive). The total bond issuance cost incurred is 41.4 million. In March 2018, the Company and a substantial financial institution (“Macquarie”) entered into an agreement to form a special purpose entity (“Joint Venture”) that would principally own and operate the existing TCI Class A multifamily residential portfolio that is currently owned 100% by Company’s subsidiaries. The Joint Venture would also actively participate in the development and/or acquisitions of additional Class A assets. It is anticipated that the Southern and Macquarie would each have a 49% ownership interest and a 50% voting interest in the Joint Venture. The remaining 2% ownership interest would be allotted to Daniel J. Moos, the current President and Chief Executive Officer of TCI and Abode Properties The completion of agreement is subject to the approval of certain regulators. |
Schedule III REAL ESTATE AND AC
Schedule III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | Schedule III AMERICAN REALTY INVESTORS, INC. REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Properties Held for Investment Apartments Anderson Estates, Oxford, MS 769 378 2,683 313 — 378 2,996 3,374 799 2003 01 /06 40 years Blue Lake Villas I, Waxahachie, TX 10,448 438 10,252 19 — 438 10,271 10,709 3,801 2003 01 /02 40 years Blue Lake Villas II, Waxahachie, TX 3,769 287 4,496 — — 287 4,496 4,783 1,139 2004 01 /04 40 years Breakwater Bay, Beaumont, TX 9,112 740 10,498 — — 740 10,498 11,238 3,390 2004 05 /03 40 years Bridgewood Ranch, Kaufman, TX 6,233 762 6,913 — — 762 6,913 7,675 1,730 2007 04 /08 40 years Capitol Hill, Little Rock, AR 8,740 1,860 8,002 — — 1,860 8,002 9,862 2,713 2003 03 /03 40 years Centennial, Oak Ridge, TN 20,518 2,570 22,589 — — 2,570 22,589 25,159 1,365 2011 07 /14 40 years Crossing at Opelika, Opelika, AL 1,399 1,606 14,451 — — 1,606 14,451 16,057 628 2015 12 /15 40 years Curtis Moore Estates, Greenwood, MS 14,498 186 5,976 702 — 186 6,678 6,864 1,939 2003 01 /06 40 years Dakota Arms, Lubbock, TX 12,194 921 12,834 168 — 921 13,002 13,923 4,195 2004 01 /04 40 years David Jordan Phase II, Greenwood, MS 551 51 1,591 225 — 51 1,816 1,867 506 1999 01 /06 40 years David Jordan Phase III, Greenwood, MS 556 83 2,179 356 — 83 2,535 2,618 649 2003 01 /06 40 years Desoto Ranch, DeSoto, TX 14,877 1,349 16,838 11 — 1,349 16,849 18,198 5,843 2002 05 /02 40 years Falcon Lakes, Arlington, TX 13,352 1,318 14,461 27 — 1,318 14,488 15,806 5,570 2001 10 /01 40 years Heather Creek, Mesquite, TX 10,976 1,326 12,157 18 — 1,326 12,175 13,501 3,934 2003 03 /03 40 years Holland Lake, Weatherford, TX 11,510 1,450 14,955 — — 1,450 14,955 16,405 976 2004 05 /14 40 years Lake Forest, Houston, TX 11,808 335 14,221 — — 335 14,221 14,556 4,282 2004 01 /04 40 years Legacy at Pleasant Grove, Texarkana, TX 14,495 2,005 18,109 — — 2,005 18,109 20,114 1,384 2006 12 /14 40 years Lofts at Reynolds Village, Asheville, NC 28,230 3,704 33,340 — — 3,704 33,340 37,044 208 2012 10 /17 40 years Lodge at Pecan Creek, Denton, TX 15,959 1,349 16,180 — — 1,349 16,180 17,529 2,494 2011 10 /05 40 years Mansions of Mansfield, Mansfield, TX 15,084 977 17,843 31 — 977 17,874 18,851 3,916 2009 09 /05 40 years Metropolitan Apartments, North Little Rock, AR 25,233 3,323 29,857 — — 3,323 29,857 33,180 1,109 2010 06 /16 40 years Mission Oaks, San Antonio, TX 14,433 1,266 16,717 122 — 1,266 16,839 18,105 4,495 2005 05 /05 40 years Monticello Estate, Monticello, AR 431 36 1,493 264 — 36 1,757 1,793 460 2001 01 /06 40 years Northside on Travis, Sherman, TX 12,873 1,300 14,586 — — 1,300 14,586 15,886 3,038 2009 10 /07 40 years Oak Hollow, Sequin, TX 11,680 1,435 12,403 — — 1,435 12,403 13,838 775 2011 07 /14 40 years Oceanaire Apartments, Biloxi, MS 10,791 1,384 12,575 — — 1,384 12,575 13,959 318 2009 12 /16 40 years Overlook at Allensville, Sevierville, TN 12,079 1,228 12,297 — — 1,228 12,297 13,525 881 2012 10 /15 40 years Parc at Clarksville, Clarksville, TN 12,441 571 14,360 59 — 571 14,419 14,990 3,385 2007 06 /02 40 years Parc at Denham Springs, Denham Springs, LA 18,249 1,022 20,188 100 — 1,022 20,288 21,310 3,517 2011 07 /07 40 years Parc at Maumelle, Little Rock, AR 15,438 1,048 18,464 — — 1,048 18,464 19,512 5,248 2006 12 /04 40 years Parc at Metro Center, Nashville, TN 10,148 947 12,601 182 — 947 12,783 13,730 3,672 2006 05 /05 40 years Parc at Rogers, Rogers, AR 20,004 1,482 23,176 266 (3,180 ) 1,482 20,262 21,744 4,836 2007 04 /04 40 years Preserve at Pecan Creek, Denton, TX 14,006 885 16,668 17 — 885 16,685 17,570 3,893 2008 10 /05 40 years Preserve at Prairie Pointe, Lubbock, TX 9,928 1,074 10,782 — — 1,074 10,782 11,856 748 2005 04 /15 40 years Riverwalk Phase I, Greenville, MS 272 23 1,543 175 — 23 1,718 1,741 504 2003 01 /06 40 years Riverwalk Phase II, Greenville, MS 1,053 52 4,051 364 — 52 4,415 4,467 1,572 2003 01 /06 40 years Sawgrass Creek, New Port Richey, FL — 784 7,056 — — 784 7,056 7,840 249 2008 08 /16 40 years Sonoma Court, Rockwall, TX 10,456 941 11,136 — — 941 11,136 12,077 1,779 2011 07 /10 40 years Sugar Mill, Baton Rouge, LA 11,031 1,437 13,437 135 — 1,437 13,572 15,009 2,838 2009 08 /08 40 years Tattersall Village, Hinesville, GA 20,025 2,670 23,767 — — 2,670 23,767 26,437 594 2010 12 /16 40 years Toulon, Gautier, MS 20,104 1,621 20,107 372 — 1,621 20,479 22,100 3,267 2011 09 /09 40 years Tradewinds, Midland, TX 13,882 3,313 20,073 — — 3,313 20,073 23,386 1,250 2015 06 /15 40 years Villager, Ft. Walton, FL 713 141 1,267 — — 141 1,267 1,408 84 1972 06 /15 40 years Villas at Park West I, Pueblo, CO 10,250 1,171 10,453 — — 1,171 10,453 11,624 806 2005 12 /14 40 years Villas at Park West II, Pueblo, CO 9,278 1,463 13,060 — — 1,463 13,060 14,523 1,007 2010 12 /14 40 years Vista Ridge, Tupelo, MS 10,530 1,339 13,398 — — 1,339 13,398 14,737 1,197 2009 10 /15 40 years Vistas of Vance Jackson, San Antonio, TX 14,834 1,265 16,760 121 — 1,265 16,881 18,146 5,159 2004 01 /04 40 years Waterford, Roseberg, TX 16,940 2,341 20,926 — — 2,341 20,926 23,267 1,305 2013 06 /14 40 years Westwood, Mary Ester, FL 3,938 693 6,650 — — 693 6,650 7,343 430 1972 06 /15 40 years Windsong, Fort Worth, TX 10,459 790 11,595 — — 790 11,595 12,385 4,019 2002 07 /03 40 years Total Apartments Held for Investment $ 566,577 $ 60,740 $ 672,014 $ 4,047 $ (3,180 ) $ 60,740 $ 672,881 $ 733,621 $ 113,896 Apartments Under Construction Abode Red Rock 22,945 6,038 — 28,095 — 6,038 28,095 34,133 — — 01 /17 — Apalache Point — — — 149 — — 149 149 — — — Eagle Crossing — — — 81 — — 81 81 — — — Forest Pines — 5,040 — 269 — 5,040 269 5,309 — — 06 /17 — Lakeside Lofts, Farmers Branch, TX 1 — — 5,079 — — 5,079 5,079 — — 08 /17 — McKinney Point — — — 137 — — 137 137 — — 10 /17 — Parc at Bentonville — — — 85 — — 85 85 — — 08 /17 — Parc at Garland — — — 81 — — 81 81 — — 08 /17 — Parc at Wylie — — — 195 — — 195 195 — — 08 /17 — Oak Hollow II 5,475 1,046 — 4,622 — 1,046 4,622 5,668 — — 04 /17 — Overlook at Allensville Square II, Sevierville, TN — 1,843 — 530 — 1,843 530 2,373 — — 11 /15 — Sawgrass II 1,007 — — 3,772 — — 3,772 3,772 — — 06 /17 — Sugar Mill II 4 4 4 — — — Terra Lago, Rowlett, TX 39,042 5,588 — 42,137 — 5,588 42,137 47,725 — — 11 /15 — Total Apartments Under Construction $ 68,470 $ 19,555 $ — $ 85,236 $ — $ 19,555 $ 85,236 $ 104,791 $ — Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Commercial 600 Las Colinas, Las Colinas, TX 38,600 5,751 53,972 16,360 — 5,751 70,332 76,083 26,899 1984 08 /05 40 years 770 South Post Oak, Houston, TX 12,600 1,763 15,839 264 1,763 16,103 17,866 1,122 1970 07 /15 40 years Bridgeview Plaza, LaCrosse, WI 4,906 — 658 476 — — 1,134 1,134 617 1979 03 /03 40 years Browning Place (Park West I), Farmers Branch, TX 42,473 5,096 47,711 13,728 — 5,096 61,439 66,535 23,746 1984 04 /05 40 years Mahogany Run Golf Course, US Virgin Islands — 418 6,037 147 (5,300 ) 418 884 1,302 502 1981 11 /14 40 years Fruitland Plaza, Fruitland Park, FL — 17 16 67 — 17 83 100 54 — 05 /92 40 years Senlac VHP, Farmers Branch, TX — 622 58 85 — 622 143 765 139 — 08 /05 40 years Stanford Center, Dallas, TX 28,000 3,878 35,476 7,257 (9,600 ) 3,878 33,133 37,011 10,567 — 06 /08 40 years Total Commercial Held for Investment $ 126,579 $ 17,545 $ 159,767 $ 38,384 $ (14,900 ) $ 17,545 $ 183,251 $ 200,796 $ 63,646 Land Audubon, Adams County, MS — 519 — 296 — 519 296 815 — — 03 /07 — Bonneau Land, Farmers Branch, TX — 1,309 — — — 1,309 — 1,309 — — 12 /14 — Cooks Lane, Fort Worth, TX 157 1,094 — — — 1,094 — 1,094 — — 06 /04 — Dedeaux, Gulfport, MS — 1,612 — 46 (38 ) 1,612 8 1,620 — — 10 /06 — Denham Springs, Denham Springs, LA 61 714 — — — 714 — 714 — — 08 /08 — Gautier Land, Gautier, MS — 202 — — — 202 — 202 — — 07 /98 — Lake Shore Villas, Humble, TX — 81 — 3 — 81 3 84 — — 03 /02 — Lubbock Land, Lubbock, TX — 234 — — — 234 — 234 — — 01 /04 — Nakash, Malden, MO — 103 — — — 103 — 103 — — 01 /93 — Nashville, Nashville, TN — 278 — 59 — 278 59 337 — — 06 /02 — Ocean Estates, Gulfport, MS — 1,418 — 390 — 1,418 390 1,808 — — 10 /07 — Texas Plaza Land, Irving, TX — 1,738 — — (238 ) 1,738 (238 ) 1,500 — — 12 /06 — Union Pacific Railroad Land, Dallas, TX — 130 — — — 130 — 130 — — 03 /04 — Willowick Land, Pensacola, FL — 137 — — — 137 — 137 — — 01 /95 — Windmill Farms Land, Kaufman County, TX 14,922 48,927 — 14,210 (20,376 ) 48,927 (6,166 ) 42,761 — — 11 /11 — 2427 Valley View Ln, Farmers Branch, TX — 76 — — — 76 — 76 — — 07 /12 — GNB Land ARI 8/06 L2870 — 1,010 — — — 1,010 — 1,010 — — — GNB Land Edina 6/07 L2875 — 7,955 — — (6,023 ) 7,955 (6,023 ) 1,932 — — — GNB Land Edina B1530 — 5,135 — 32 (3,692 ) 5,135 (3,660 ) 1,475 — — — Hollywood Casino Land Tract II, Farmers Branch, TX — 3,192 — 1,346 — 3,192 1,346 4,538 — — 03 /08 — Lacy Longhorn Land, Farmers Branch, TX — 1,169 — — (760 ) 1,169 (760 ) 409 — — 06 /04 — Manhattan Land — (344 ) 611 611 267 — — — Minivest Land, Dallas, TX — 7 — — — 7 — 7 — — 04 /13 — Mira Lago, Farmers Branch, TX — 53 — 15 — 53 15 68 — — 05 /01 — Nicholson Croslin, Dallas, TX — 184 — — (118 ) 184 (118 ) 66 — — 10 /98 — Nicholson Mendoza, Dallas, TX — 80 — — (51 ) 80 (51 ) 29 — — 10 /98 — Senlac Land Tract II, Farmers Branch, TX — 656 — — — 656 — 656 — — 08 /05 — Valley View 34 (Mercer Crossing), Farmers Branch, TX — 1,173 — — (945 ) 1,173 (945 ) 228 — — 08 /08 — Dominion Mercer, Farmers Branch, TX 11,125 4,040 — 2,998 — 4,040 2,998 7,038 — — 10 /16 — Mandahl Bay Land — 667 — — — 667 — 667 — — 01 /05 — Meloy/Portage Land — 5,119 (1,069 ) 5,119 (1,069 ) 4,050 — — — McKinney 36, Collin County, TX 1,211 456 — 161 (19 ) 456 142 598 — — 01 /98 — Travis Ranch Land, Kaufman County, TX 307 80 — — — 80 — 80 — — 08 /08 — Travis Ranch Retail, Kaufman City, TX — 1,517 — — — 1,517 — 1,517 — — 08 /08 — Total Land Held for Investment $ 27,783 $ 90,721 $ — $ 20,167 $ (33,329 ) $ 91,065 $ (13,162 ) $ 77,559 $ — Cost Capitalized Subsequent to Asset Gross Amounts of Which Life on Which Initial Cost Acquisition Impairment Carried at End of Year Depreciation In Latest Statement Asset Building & Accumulated Date of Date of Operation Property/Location Encumbrances Land Buildings Improvements Impairment Land Improvements Total Depreciation Construction Acquired is Computed (dollars in thousands) Corporate Departments/Investments/Misc. TCI - Corporate 119,786 — 660 — — — 660 660 4 — — — Total Corporate Departments/Investments/Misc. $ 119,786 $ — $ 660 $ — $ — $ — $ 660 $ 660 $ 4 Total Properties Held for Investment $ 909,195 $ 188,561 $ 832,441 $ 147,834 $ (51,409 ) $ 188,905 $ 928,866 $ 1,117,427 $ 177,546 Properties Held for Sale Commercial Total Commercial Held for Sale $ — $ — $ — $ — $ — $ — $ — $ — $ — Total Properties Held for Sale $ — $ — $ — $ — $ — $ — $ — $ — $ — Properties Subject to Sales Contract Apartments — — — Total Aparments Subject to Sales Contract $ — $ — $ — $ — $ — $ — $ — $ — $ — Commercial — — Total Commercial Subject to Sales Contract $ — $ — $ — $ — $ — $ — $ — $ — $ — Land Dominion Tract, Dallas, TX $ 1,079 $ 2,083 $ — $ 53 (133 ) 2,003 $ — 2,003 $ — — 03 /99 — Hollywood Casino Tract I, Farmers Branch, TX 420 1,608 — 125 (110 ) 1,623 $ — 1,623 — — 06 /02 — LaDue Land, Farmers Branch, TX — 1,845 — — — 1,845 $ — 1,845 — — 07 /98 — Three Hickory Land, Farmers Branch, TX — 1,202 — — — 1,202 $ — 1,202 — — 03 /14 — Travelers Land, Farmers Branch, TX — 21,511 — 4 — 21,515 $ — 21,515 — — 11 /06 — Travelers Land, Farmers Branch, TX — 6,891 — — (4,978 ) 1,913 $ — 1,913 — — 11 /06 — Valwood Land — 3,332 — — — 3,332 $ — 3,332 — Walker Land, Dallas County, TX — 19,167 — 70 (6,062 ) 13,175 $ — 13,175 — — 09 /06 — Whorton Land, Bentonville, AR — 3,510 — 568 (2,451 ) 1,627 $ — 1,627 — — 06 /05 — Total Land Subject to Sales Contract $ 1,499 $ 61,149 $ — $ 820 $ (13,734 ) $ 48,235 $ — $ 48,235 $ — Total Properties Subject to Sales Contract $ 1,499 $ 61,149 $ — $ 820 $ (13,734 ) $ 48,235 $ — $ 48,235 $ — Land Sold $ — $ — $ — $ — — $ — $ — $ — $ — — — — Total Land Sold $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — $ — TOTAL: Real Estate $ 910,694 $ 249,710 $ 832,441 $ 148,654 $ (65,143 ) $ 237,140 $ 928,866 $ 1,165,662 $ 177,546 2017 2016 2015 (dollars in thousansds) Reconciliation of Real Estate Balance at January 1, $ 1,066,603 $ 1,003,545 $ 831,540 Additions Acquisitions, improvements and construction 129,483 112,762 216,090 Deductions Sale of real estate (30,424 ) (49,704 ) (38,785 ) Asset impairments — — (5,300 ) Balance at December 31, $ 1,165,662 $ 1,066,603 $ 1,003,545 Reconciliation of Accumulated Depreciation Balance at January 1, $ 165,597 $ 150,038 $ 131,777 Additions Depreciation 24,417 23,277 20,386 Deductions Sale of real estate (12,468 ) (7,718 ) (2,125 ) Balance at December 31, $ 177,546 $ 165,597 $ 150,038 |
SCHEDULE IV MORTGAGE LOANS
SCHEDULE IV MORTGAGE LOANS | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
MORTGAGE LOANS | AMERICAN REALTY INVESTORS, INC. MORTGAGE LOANS December 31, 2017 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage Principal or Loans Subject to Delinquent Principal or Interest (dollars in thousands) Christine Tunney 10.00% 09/17 Interest only paid quarterly. — 49 48 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Compton Partners 10.00% 09/17 Interest only paid quarterly. — 289 289 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. David Monier 10.00% 09/17 Interest only paid quarterly. — 97 97 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Earl Samson III 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Edward Samson III 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. H198, LLC 12.00% 01/20 — 5,907 5,907 — Las Vegas Land Hammon Operating Corporation 10.00% 09/17 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Harold Wolfe 10.00% 09/17 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Herrick Partners 10.00% 09/17 Interest only paid quarterly. — 91 91 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Mary Anna MacLean 10.00% 09/17 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Michael Monier 10.00% 09/17 Interest only paid quarterly. — 304 304 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Michale Witte 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Palmer Brown Madden 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Richard Schmaltz 10.00% 09/17 Interest only paid quarterly. — 203 203 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Robert Baylis 10.00% 09/17 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Sherman Bull 10.00% 09/17 Interest only paid quarterly. — 193 193 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Unified Housing Foundation, Inc. (Echo Station) 12.00% 12/32 Excess cash flow 9,719 1,809 1,481 — 100% Interest in UH of Temple, LLC SCHEDULE IV (Continued) AMERICAN REALTY INVESTORS, INC. MORTGAGE LOANS December 31, 2017 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage Principal or Loans Subject to Delinquent Principal or Interest (dollars in thousands) Unified Housing Foundation, Inc. (Inwood on the Park/UH of Inwood, LLC) 12.00% 12/32 Excess cash flow 22,227 5,462 3,639 — 100% Interest in UH of Inwood, LLC Unified Housing Foundation, Inc. (Kensington Park/UH of Kensington, LLC) 12.00% 12/32 Excess cash flow 18,723 4,310 3,933 — 100% Interest in UH of Kensington, LLC Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (31.5% of cash flow) 12.00% 12/32 Excess cash flow 15,756 8,836 6,369 — Interest in Unified Housing Foundation Inc. Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) 12.00% 12/32 Excess cash flow 15,965 2,959 2,732 — 100% Interest in HFS of Humble, LLC Unified Housing Foundation, Inc. (Limestone Ranch) 12.00% 12/32 Excess cash flow 18,641 12,335 7,953 — 100% Interest in UH of Vista Ridge, LLC Unified Housing Foundation, Inc. (Reserve at White Rock I) 12.00% 12/32 Excess cash flow 15,640 2,794 2,485 — 100% Interest in UH of Harvest Hill I, LLC Unified Housing Foundation, Inc. (Reserve at White Rock II) 12.00% 12/32 Excess cash flow 14,026 2,843 2,555 — 100% Interest in UH of Harvest Hill, LLC Unified Housing Foundation, Inc. (Timbers of Terrell) 12.00% 12/32 Excess cash flow 7,294 1,702 1,323 — 100% Interest in UH of Terrell, LLC Unified Housing Foundation, Inc. (Tivoli) 12.00% 12/32 Excess cash flow 10,398 12,761 7,966 — 100% Interest in UH of Tivoli, LLC Unified Housing Foundation, Inc. (Trails at White Rock) 12.00% 12/32 Excess cash flow 21,712 4,245 3,815 — 100% Interest in UH of Harvest Hill III, LLC William H. Ingram 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. William S. Urkiel 10.00% 09/17 Interest only paid quarterly. — 97 97 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. — Willingham Revocable Trust 10.00% 09/17 Interest only paid quarterly. — 96 96 — Class A limited partnership interests in Edina Park Plaza Associates, L.P. Various related party notes various various Excess cash flow — 1,349 1,349 — Various non-related party notes various various — 496 796 — SCHEDULE IV (Continued) AMERICAN REALTY INVESTORS, INC. MORTGAGE LOANS December 31, 2017 Description Interest Rate Final Maturity Date Periodic Payment Terms Prior Liens Face Amount of Mortgage Carrying Amount of Mortgage Principal or Loans Subject to Delinquent Principal or Interest (dollars in thousands) — Leman Development, Ltd. (1) 0.00% N/A — 1,500 1,500 — One Realco Corporation (1) 3.00% 01/17 Interest and principal due at maturity. — 10,000 7,000 — Oulan-Chikh Family Trust 8.00% 03/21 — 174 174 — Realty Advisors Management, Inc. 2.28% 12/16 Interest only paid quarterly. — 20,387 20,387 — Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble, LLC) (68.5% of cash flow) 12.00% 12/32 Excess cash flow 15,965 2,189 2,000 — Unified Housing Foundation, Inc. 12.00% 12/18 Excess cash flow — 3,994 3,994 — Unified Housing Foundation, Inc. 12.00% 12/18 Excess cash flow — 6,407 6,407 — Unified Housing Foundation, Inc. 12.00% 06/20 Excess cash flow 5,760 5,760 Various related party notes various various Excess cash flow — 1,814 465 — Various non-related party notes various various — 16,048 15,252 — $ 117,913 Accrued interest 9,952 Allowance for estimated losses (15,770 ) $ 112,095 (1) Fully reserved SCHEDULE IV AMERICAN REALTY INVESTORS, INC. 2017 2016 2015 (dollars in thousands) Balance at January 1, $ 143,601 $ 137,280 $ 152,645 Additions New mortgage loans 15,741 11,703 18,055 Increase (decrease) of interest receivable on mortgage loans 581 13,835 11,130 Deductions Amounts received (32,058 ) (19,217 ) (16,486 ) Non-cash reductions — — (28,064 ) Balance at December 31, $ 127,865 $ 143,601 $ 137,280 |
ORGANIZATION AND SUMMARY OF S28
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of presentation . In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. For entities in which we have less than a controlling financial interest or entities where it is not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method. The Company in accordance with the VIE guidance in ASC 810 “Consolidations” consolidates fifty-one and fifty multifamily residential properties located throughout the United States at December 31, 2017 and 2016, respectively, with total units of 8,427 and 8,226, respectively. Assets totaling approximately $483.7 |
Real estate, depreciation, and impairment | Real estate, depreciation, and impairment Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in each sale transaction under Item 1 Significant Real Estate Acquisitions/Dispositions and Financing. Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets”. |
Real estate held for sale | Real estate held for sale Effective as of January 1, 2015, we adopted the revised guidance in Accounting Standards Update No. 2014-08 regarding discontinued operations. For sales of real estate or assets classified as held for sale after January 1, 2015, we will evaluate whether a disposal transaction meets the criteria of a strategic shift and will have a major effect on our operations and financial results to determine if the results of operations and gains on sale of real estate will be presented as part of our continuing operations or as discontinued operations in our consolidated statements of operations. If the disposal represents a strategic shift, it will be classified as discontinued operations for all periods presented; if not, it will be presented in continuing operations. Any properties that are treated as “subject to sales contract” on the Consolidated Balance Sheets and are listed in detail in Schedule III, “Real Estate and Accumulated Depreciation” are those in which we have not recognized the legal sale according to the guidance in ASC 360-20 due to various factors, disclosed in Item 1 “Significant Real Estate Acquisitions/Dispositions and Financing.” Any sale transaction where the guidance reflects that a sale had not occurred, the asset involved in the transaction, including the debt, if appropriate, and property operations, remained on the books of the Company. We continue to charge depreciation to expense as a period costs for the property until such time as the property has been classified as held for sale in accordance with guidance reflected in ASC 360-10-45 “Impairment or Disposal of Long-Lived Assets.” |
Cost capitalization | Cost capitalization A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate - General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We consider a construction project as substantially completed and held available for occupancy upon the receipt of certificates of occupancy, but no later than one year from cessation of major construction activity. We cease capitalization on the portion (1) substantially completed and (2) occupied or held available for occupancy, and we capitalize only those costs associated with the portion under construction. We capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term. |
Fair value measurement | Fair value measurement . The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows: Level 1 Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets. Level 2 Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3 Unobservable inputs that are significant to the fair value measurement. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. |
Related parties | Related parties |
Recognition of revenue | Recognition of revenue. Reimbursements of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable expenses are incurred. We record these reimbursements on a “gross” basis, since we generally are the primary obligor with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have the credit risk with respect to paying the supplier. Rental income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially different than on a straight-line basis as lease terms are generally for periods of one year or less. For hotel properties, revenues for room sales and guest services are recognized as rooms occupied and services rendered. An allowance for doubtful accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible. Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, the Company defers some or all of the gain recognition and accounts for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met. |
Foreign currency translation | Foreign currency translation . |
Non-performing notes receivable | Non-performing notes receivable. |
Interest recognition on notes receivable | Interest recognition on notes receivable. |
Allowance for estimated losses | Allowance for estimated losses . |
Cash equivalents | Cash equivalents . |
Restricted cash | Restricted cash. |
Concentration of credit risk | Concentration of credit risk . |
Earnings per share | Earnings per share . |
Use of estimates | Use of estimates. |
Income taxes | Income taxes. |
Recent accounting pronouncements | Recent accounting pronouncements . In May 2014, Accounting Standards Update (“ASU”) No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers,” was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact the adoption of this guidance has on its financial position and results of operations, if any. In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), “Leases” was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations. |
REAL ESTATE (Tables)
REAL ESTATE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of real estate owned | A summary of our real estate owned as of the end of the year is listed below (dollars in thousands): 2017 2016 Apartments $ 733,620 $ 694,351 Apartments under construction 105,451 25,288 Commercial properties 200,797 218,857 Land held for development 77,560 79,188 Real estate held for sale — — Real estate subject to sales contract 48,234 48,919 Total real estate, at cost, less impairment 1,165,663 1,066,603 Less accumulated deprecation (177,546 ) (165,597 ) Total real estate, net of depreciation $ 988,117 $ 901,006 |
Schedule of assets measures in recurring and non recurring basis | Fair Value Measurements Using (dollars in thousands): December 31, 2015 Fair Value Level 1 Level 2 Level 3 Commercial $ 3,000 $ — $ — $ 3,000 |
NOTES AND INTEREST RECEIVABLE (
NOTES AND INTEREST RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Schedule of notes receivable | A majority of the notes receivable provide for principal to be paid at maturity (dollars in thousands). Borrower Maturity Date Interest Rate Amount Security Performing loans: H198, LLC (Las Vegas Land) 01 /20 12.00 % $ 5,907 Secured Leman Development, Ltd (2) N/A 0.00 % 1,500 Unsecured Oulan-Chikh Family Trust 03 /21 8.00 % 174 Secured Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Echo Station) (1) 12 /32 12.00 % 1,481 Secured Unified Housing Foundation, Inc. (Inwood on the Park) (1) 12 /32 12.00 % 3,639 Secured Unified Housing Foundation, Inc. (Kensington Park) (1) 12 /32 12.00 % 3,933 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12 /32 12.00 % 2,000 Secured Unified Housing Foundation, Inc. (Lakeshore Villas) (1) 12 /32 12.00 % 9,101 Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Limestone Canyon) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12 /32 12.00 % 1,953 Secured Unified Housing Foundation, Inc. (Limestone Ranch) (1) 12 /32 12.00 % 6,000 Secured Unified Housing Foundation, Inc. (Parkside Crossing) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) 12 /32 12.00 % 2,485 Secured Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) 12 /32 12.00 % 2,555 Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Sendero Ridge) (1) 12 /32 12.00 % — Secured Unified Housing Foundation, Inc. (Timbers of Terrell) (1) 12 /32 12.00 % 1,323 Secured Unified Housing Foundation, Inc. (Tivoli) (1) 12 /32 12.00 % 7,965 Secured Unified Housing Foundation, Inc. (Trails at White Rock) (1) 12 /32 12.00 % 3,815 Secured Unified Housing Foundation, Inc. (1) 12 /17 12.00 % — Unsecured Unified Housing Foundation, Inc. (1) 12 /18 12.00 % 3,994 Unsecured Unified Housing Foundation, Inc. (1) 12 /18 12.00 % 6,407 Unsecured Unified Housing Foundation, Inc. (1) 06 /20 12.00 % 5,760 Unsecured Unified Housing Foundation, Inc. (1) 12 /16 12.00 % — Unsecured Unified Housing Foundation, Inc. (1) 06 /19 12.00 % — Unsecured Other related party notes Various Various 1,349 Various secured interests Other related party notes Various Various 465 Various unsecured interests Other non-related party notes Various Various 3,466 Various secured interests Other non-related party notes Various Various 15,252 Various unsecured interests Accrued interest 7,249 Total Performing $ 97,775 Non- Performing One Realco Corporation (1,2) 01/17 3.00% 7,000 Unsecured Realty Advisors Management, Inc. (1) 12/16 2.28% 20,387 Unsecured Accrued Interest 2,703 Total Non-Performing $ 30,090 Unsecured Allowance for estimated losses (15,770 ) Total $ 112,095 (1) Related party notes (2) An allowance was taken for estimated losses at full value of note. |
INVESTMENTS IN UNCONSOLIDATED31
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of investments accounted for via the equity method | Investments accounted for via the equity method consists of the following: Percentage ownership as of December 31, 2017 2016 2015 Gruppa Florentina, LLC (1) 20.00 % 20.00 % 20.00 % (1) |
Schedule of financial position and results of operations from our investees | The following is a summary of the financial position and results of operations from our investees (dollars in thousands): For the Twelve Months Ended December 31, 2017 2016 2015 Other Investees Real estate, net of accumulated depreciation $ 12,587 $ 13,641 $ 13,899 Notes receivable 2,724 9,561 8,457 Other assets 32,176 31,135 30,834 Notes payable (17,845 ) (9,834 ) (10,883 ) Other liabilities (5,991 ) (8,284 ) (7,967 ) Shareholders' equity/partners capital (23,651 ) (36,219 ) (34,340 ) Revenue $ 38,747 $ 54,264 $ 51,650 Depreciation (1,279 ) (1,150 ) (1,150 ) Operating expenses (35,410 ) (49,856 ) (47,143 ) Interest expense (1,065 ) (793 ) (805 ) Income (loss) from continuing operations $ 993 $ 2,465 $ 2,552 Income (loss) from discontinued operations — — — Net income (loss) $ 993 $ 2,465 $ 2,552 Company's proportionate share of earnings (1) $ 199 $ 493 $ 510 (1) Earnings represent continued and discontinued operations |
NOTES AND INTEREST PAYABLE (Tab
NOTES AND INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Notes and Interest Payable | Below is a summary of our notes and interest payable as of December 31, 2017 (dollars in thousands): Notes Payable Accrued Interest Total Debt Apartments $ 566,576 $ 1,585 $ 568,161 Apartments under Construction $ 78,683 $ 113 $ 78,796 Commercial $ 126,955 $ 622 $ 127,577 Land $ 22,888 $ 203 $ 23,091 Real estate subject to sales contract $ 1,449 $ 508 $ 1,957 Mezzanine financing $ 110,172 $ 453 $ 110,625 Other $ 10,013 $ 101 $ 10,114 Total $ 916,736 $ 3,585 $ 920,321 Unamortized deferred borrowing costs (19,237 ) — (19,237 ) $ 897,499 $ 3,585 $ 901,084 |
Schedule of the principal payments on the notes payable | The following table summarizes our contractual obligations for principal payments as of December 31, 2017 (dollars in thousands): Year Amount 2018 $ 86,323 2019 101,134 2020 64,255 2021 48,806 2022 11,204 Thereafter 605,013 Total $ 916,736 |
BONDS AND INTEREST PAYABLE (Tab
BONDS AND INTEREST PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Bonds And Interest Payable Tables | |
Schedule of bonds and interest payable | a. Consisting of the following: December 31, 2017 2016 Bonds (Series A) $ 115,336 $ — Less; deferred issuance expense, net (5,916 ) — Accrued Interest 3,629 — $ 113,049 $ — |
Schedule of principal payments on the bonds payable | b. Aggregate maturities are as follows: December 31, 2017 2016 2018 $ — — 2019 23,067 — 2020 23,067 — 2021 23,067 — 2022 23,067 — Thereafter 23,067 — $ 115,335 — |
RELATED PARTY TRANSACTIONS AN34
RELATED PARTY TRANSACTIONS AND FEES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of description of the related party transactions and fees | Fees, expenses, and revenue paid to and/or received from our advisor: 2017 2016 2015 (dollars in thousands) Fees: Advisory $ 11,082 $ 10,918 $ 9,775 Mortgage brokerage and equity refinancing 1,712 775 1,612 Net income 250 257 492 Property acquisition and sales — — 921 $ 13,044 $ 11,950 $ 12,800 Other Expense: Cost reimbursements $ 3,240 $ 3,826 $ 3,675 Interest paid (received) (1,195 ) (1,144 ) (1,234 ) $ 2,045 $ 2,682 $ 2,441 Revenue: Rental $ 783 $ 708 $ 726 Fees paid to Regis and related parties: 2017 2016 2015 (dollars in thousands) Fees: Property acquisition $ 9,128 $ 10,775 $ 1,932 Property management, construction management and leasing commissions 963 888 717 Real estate brokerage 1,369 787 1,105 $ 11,460 $ 12,450 $ 3,754 |
Schedule reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties | The following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties as of December 31, 2017 (dollars in thousands): Pillar Related party receivable, December 31, 2016 $ 24,672 Cash transfers 56,635 Advisory fees (11,082 ) Net income fee (250 ) Cost reimbursements (3,240 ) Interest income 1,196 Notes receivable purchased (447 ) Fees and commissions (3,082 ) Expenses paid by Advisor (579 ) Financing (mortgage payments) (17,313 ) Sales/purchases transactions (9,818 ) Tax sharing 1,619 Related party receivable, December 31, 2017 $ 38,311 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of income tax expense benefit | For financial reporting purposes, income before income taxes were: Years Ended December 31 2017 2016 2015 (in thousands) TOTAL ($8,696) ($2,365) ($2,287) The expense (benefit) for income taxes consists of: Years Ended December 31 2017 2016 2015 (in thousands) Current: Federal $ (3,044 ) $ — $ — State 10 — — Deferred and other: Federal 3,044 (45 ) (1,000 ) State 170 — — Total Tax Expense $ 180 $ (45 ) $ (1,000 ) |
Schedule of reconciliation effective tax rate on income from continuing operations and the statutory rate | The reconciliation between the Company’s effective tax rate on income from continuing operations and the statutory rate is as follows: Years Ended December 31 2017 2016 2015 (in thousands) Income tax expense (benefit) at federal statutory rate $ (3,044 ) $ (827 ) $ (1,283 ) State and local income taxes net of federal tax benefit 180 — — Repricing of deferred assets due to change in future rates (28,663 ) — — — — Change in valuation allowance 31,707 $ 873 $ 1,800 Reported income tax (benefit) expense 180 $ 46 $ 517 Effective Tax Rate 0.7 % N/A N/A |
Schedule of components of the Net Deferred Tax Asset or Liability | Components of the Net Deferred Tax Asset or Liability Years Ended December 31 2017 2016 (in thousands) Allowance for losses on notes $ 3,591 5,963 Installment note on land sale 2,875 4,793 Deferred gain 11,040 21,798 Net operating loss carryforward 50,931 73,021 Subtotal 68,437 105,575 Less: valuation allowance (42,995 ) (70,849 ) Total net deferred tax assets 25,442 34,726 Basis differences for fixed assets 25,442 34,726 Total deferred tax liability 25,442 34,726 Net deferred tax asset — — Current net deferred tax asset 25,442 34,726 Long-term net deferred tax liability 25,442 34,726 Net deferred tax asset — — |
FUTURE MINIMUM RENTAL INCOME 36
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of minimum future rents under non-cancelable operating leases | The following is a schedule of minimum future rents due to ARL under non-cancelable operating leases as of December 31, 2017 (dollars in thousands): Year Amount 2018 25,042 2019 19,828 2020 15,869 2021 13,643 2022 10,634 Thereafter 16,686 Total $ 101,702 |
OPERATING SEGMENTS (Tables)
OPERATING SEGMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment operating income including segment assets and expenditures | Presented below is the Company’s reportable segments’ operating income including segment assets and expenditures for the years 2017, 2016 and 2015 (dollars in thousands): For the Twelve Months Ended December 31, 2017 Commercial Properties Apartments Land Other Total Operating revenue $ 33,286 $ 92,807 $ 111 $ 16 $ 126,220 Operating expenses (18,549 ) (43,677 ) (875 ) (987 ) (64,088 ) Depreciation and amortization (9,358 ) (16,354 ) — 33 (25,679 ) Mortgage and loan interest (7,527 ) (22,347 ) (1,945 ) (34,354 ) (66,173 ) Interest income — — — 18,941 18,941 Gain on sale of income producing properties 2,391 12,760 1,547 — 16,698 Gain on land sales — — 4,884 — 4,884 Segment operating income (loss) $ 243 $ 23,189 $ 3,722 $ (16,351 ) $ 10,803 Capital expenditures $ (5,817 ) $ 1,402 $ 609 $ — $ (3,806 ) Assets $ 137,157 $ 727,508 $ 127,554 $ — $ 992,219 Property Sales Sales price $ 5,050 $ — $ 29,969 $ — $ 35,019 Cost of sale (2,659 ) — (23,538 ) — (26,197 ) Recognized prior deferred gain — 12,760 — — 12,760 Gain on sale $ 2,391 $ 12,760 $ 6,431 $ — $ 21,582 For the Twelve Months Ended December 31, 2016 Commercial Properties Apartments Land Other Total Operating revenue $ 33,026 $ 86,603 $ 30 $ 4 $ 119,663 Operating expenses (20,398 ) (40,786 ) (1,745 ) (21 ) (62,950 ) Depreciation and amortization (9,099 ) (14,759 ) — 73 (23,785 ) Mortgage and loan interest (7,191 ) (25,381 ) (2,232 ) (24,558 ) (59,362 ) Interest income — — — 20,453 20,453 Gain on sale of income producing properties (238 ) 16,445 — — 16,207 Gain on land sales — — 3,121 — 3,121 Segment operating income (loss) $ (3,900 ) $ 22,122 $ (826 ) $ (4,049 ) $ 13,347 Capital expenditures $ 5,008 $ 864 $ 268 $ — $ 6,140 Assets $ 150,838 $ 622,061 $ 128,107 $ — $ 901,006 Property Sales Sales price $ 1,500 $ 20,350 $ 29,128 $ — $ 50,978 Cost of sale (1,738 ) (3,905 ) (26,007 ) — (31,650 ) Gain on sale $ (238 ) $ 16,445 $ 3,121 $ — $ 19,328 For the Twelve Months Ended December 31, 2015 Commercial Properties Apartments Land Other Total Operating revenue $ 30,540 $ 73,543 $ — $ 105 $ 104,188 Operating expenses (17,761 ) (34,955 ) (1,029 ) (257 ) (54,002 ) Depreciation and amortization (8,993 ) (12,498 ) — 73 (21,418 ) Mortgage and loan interest (6,919 ) (23,699 ) (4,694 ) (17,165 ) (52,477 ) Interest income — — — 16,674 16,674 Gain on land sales — — 21,648 — 21,648 Segment operating income (loss) $ (3,133 ) $ 2,391 $ 15,925 $ (570 ) $ 14,613 Capital expenditures $ 8,133 $ 506 $ 2,621 $ — $ 11,260 Assets $ 155,147 $ 551,415 $ 146,945 $ — $ 853,507 Property Sales Sales price $ — $ 11,129 $ 107,298 $ — $ 118,427 Cost of sale — (10,394 ) (88,387 ) — (98,781 ) Recognized prior deferred gain — — 2,737 — 2,737 Gain on sale $ — $ 735 $ 21,648 $ — $ 22,383 |
Schedule of reconciliation of segment information to Consolidated Statements of Operations | The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Segment operating income (loss) $ 10,803 $ 13,347 $ 14,613 Other non-segment items of income (expense) General and administrative (7,691 ) (7,119 ) (6,893 ) Provision on impairment of notes receivable and real estate assets — — (5,300 ) Net income fee to related party (250 ) (257 ) (492 ) Advisory fee to related party (11,082 ) (10,918 ) (9,775 ) Other income (454 ) 2,091 4,106 Loss on sale of investments (331 ) — (1 ) Earnings from unconsolidated joint ventures and investees 309 493 428 Litigation settlement — — (352 ) Income tax benefit (expense) (67 ) (46 ) (517 ) Gain (loss) from continuing operations $ (8,763 ) $ (2,409 ) $ (4,183 ) |
Schedule of reconciliation of segment information to Consolidated Balance Sheets | The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Segment assets $ 988,117 $ 901,006 $ 853,507 Investments in unconsolidated subsidiaries and investees 6,396 6,087 8,365 Notes and interest receivable 112,095 126,564 120,243 Other assets and receivables 190,112 141,252 135,253 Total assets $ 1,296,720 $ 1,174,909 $ 1,117,368 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of revenue and expense information for the properties sold and held for sale | The following table summarizes revenue and expense information for the properties sold that qualified as discontinued operations (dollars in thousands): For the Years Ended December 31, 2017 2016 2015 Revenues: Rental and other property revenues $ — $ — $ 355 — — 355 Expenses: Property operating expenses — 2 (345) Depreciation — — — General and administrative — — 99 Total operating expenses — 2 (246) Other income (expense): Other income (expense) — — 45 Mortgage and loan interest — — (2 ) Loan charges and prepayment penalties — — — Litigation settlement — — — Total other expenses — — 43 Loss from discontinued operations before gain on sale of real estate and taxes — (2) 644 Gain on sale of real estate from discontinued operations — — 735 Income tax benefit (expense) — 1 (483) Income (loss) from discontinued operations $ — $ (1) $ 896 |
QUARTERLY RESULTS OF OPERATIO39
QUARTERLY RESULTS OF OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of quarterly results of operations | The following is a tabulation of quarterly results of operations for the years 2017, 2016 and 2015. Quarterly results presented differ from those previously reported in ARL’s Form 10-Q due to the reclassification of the operations of properties sold or held for sale to discontinued operations in accordance with ASC topic 360: Three Months Ended 2017 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2017 Total operating revenues $ 31,822 $ 31,587 $ 31,807 $ 31,005 Total operating expenses 27,345 26,759 26,397 28,292 Operating income 4,477 4,828 5,410 2,713 Other expense (10,829 ) (15,676 ) (9,348 ) (11,853 ) Loss before gain on sales, non-contolling interest, and taxes (6,352 ) (10,848 ) (3,938 ) (9,140 ) Gain (loss) on sale of income producing properties — — 12,760 3,938 Gain (loss) on land sales 445 (476 ) 1,062 3,853 Income tax benefit (expense) — — — (180 ) Net income (loss) from continued operations (5,907 ) (11,324 ) 9,884 (1,529 ) Net loss from discontinued operations — — — — Net income (loss) (5,907 ) (11,324 ) 9,884 (1,529 ) Less: net (income) loss attributable to non-controlling interest 193 435 (522 ) 339 Preferred dividend requirement (275 ) (275 ) (275 ) (280 ) Net income (loss) applicable to common shares $ (5,989 ) $ (11,164 ) $ 9,087 $ (1,470) PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.39 ) $ (0.72 ) $ 0.59 $ (0.09 ) Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2016 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2016 Total operating revenues $ 29,205 $ 30,834 $ 30,067 $ 29,557 Total operating expenses 25,881 26,212 26,272 26,664 Operating income 3,324 4,622 3,795 2,893 Other expense (8,470 ) (8,156 ) (9,252 ) (10,447 ) Loss before gain on sales, non-contolling interest, and taxes (5,146 ) (3,534 ) (5,457 ) (7,554 ) Gain (loss) on sale of income producing properties (244 ) 5,168 — 11,283 Gain (loss) on land sales 1,652 1,719 555 (805 ) Income tax benefit (expense) — — (46 ) — Net income (loss) from continued operations (3,738 ) 3,353 (4,948 ) 2,924 Net loss from discontinued operations 2 — — (3 ) Net income (loss) (3,736 ) 3,353 (4,948 ) 2,921 Less: net (income) loss attributable to non-controlling interest 530 (864 ) 1,194 (1,182 ) Preferred dividend requirement (497 ) (53 ) (275 ) (276 ) Net income (loss) applicable to common shares $ (3,703 ) $ 2,436 $ (4,029 ) $ 1,463 PER SHARE DATA Earnings per share - basic Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Income from discontinued operations — — — — Net income (loss) applicable to common shares $ (0.24 ) $ 0.16 $ (0.26 ) $ 0.09 Weighted average common shares used in computing diluted earnings per share 15,514,360 15,514,360 15,514,360 15,514,360 Three Months Ended 2015 March 31, June 30, September 30, December 31, (dollars in thousands, except share and per share amounts) 2015 Total operating revenues $ 23,156 $ 24,241 $ 27,826 $ 28,965 Total operating expenses 21,155 20,388 25,741 30,596 Operating income 2,001 3,853 2,085 (1,631 ) Other expense (2,338 ) (5,139 ) (11,152 ) (12,993 ) Loss before gain on land sales, non-contolling interest, and taxes (337 ) (1,286 ) (9,067 ) (14,624 ) Gain (loss) on land sales 2,876 3,027 1,958 13,787 Income tax benefit 103 (12 ) 274 (882 ) Net income (loss) from continued operations 2,642 1,729 (6,835 ) (1,719 ) Net income from discontinued operations 190 (22 ) 508 220 Net income (loss) 2,832 1,707 (6,327 ) (1,499 ) Less: net (income) loss attributable to non-controlling interest 508 (540 ) 1,164 195 Preferred dividend requirement (390 ) (275 ) (275 ) (276 ) Net income (loss) applicable to common shares $ 2,950 $ 892 $ (5,438 ) $ (1,580 ) PER SHARE DATA Earnings per share - basic Loss from continued operations $ 0.20 $ 0.06 $ (0.38 ) $ (0.24 ) Income from discontinued operations 0.01 — 0.03 0.01 Net income (loss) applicable to common shares $ 0.21 $ 0.06 $ (0.35 ) $ (0.23 ) Weighted average common shares used in computing earnings per share 14,027,619 15,367,320 15,514,360 15,514,360 Earnings per share - diluted Loss from continued operations $ 0.16 $ 0.05 $ (0.38 ) $ (0.24 ) Income from discontinued operations 0.01 — 0.03 0.01 Net income (loss) applicable to common shares $ 0.17 $ 0.05 $ (0.35 ) $ (0.23 ) Weighted average common shares used in computing diluted earnings per share 17,426,707 17,844,339 15,514,360 15,514,360 |
ORGANIZATION AND SUMMARY OF S40
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017USD ($)aft²Number | Dec. 31, 2016USD ($) | |
Percentage of ownership | 20.00% | |
Number of income-producing properties | 59 | |
Rentable square feet | ft² | 1,700,000 | |
Area of land comprising golf course | a | 96.1 | |
Number of apartment units | 8,427 | |
Acres of land | a | 3,601 | |
Consolidated assets of VIE's | $ | $ 483,700 | $ 442,000 |
Related Party [Member] | ||
Percentage of ownership | 80.00% | |
Acres of land | a | 66.7 | |
Minimum [Member] | ||
Percentage of ownership | 20.00% | |
Remaining amortization period for deferred financing costs | 6 months | |
Maximum [Member] | ||
Percentage of ownership | 50.00% | |
Remaining amortization period for deferred financing costs | 40 years | |
Buildings And Improvements [Member] | Minimum [Member] | ||
Useful life of fixed assets | 10 years | |
Buildings And Improvements [Member] | Maximum [Member] | ||
Useful life of fixed assets | 40 years | |
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | ||
Useful life of fixed assets | 5 years | |
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | ||
Useful life of fixed assets | 10 years | |
Commercial Real Estate [Member] | ||
Number of income-producing properties | 7 | |
Office Buildings [Member] | ||
Number of income-producing properties | 5 | |
Retail Centers [Member] | ||
Number of income-producing properties | 3 | |
Apartment Buildings [Member] | ||
Number of income-producing properties | 53 | |
Projects in development | 7 | |
Transcontinential Realty Investors [Member] | ||
Ownership interest | 77.68% | |
Transcontinential Realty Investors [Member] | Income Opportunity Realty Investors, Inc. [Member] | ||
Ownership interest | 81.25% |
REAL ESTATE (Details)
REAL ESTATE (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate [Abstract] | ||||
Apartments | $ 733,620 | $ 694,351 | ||
Apartments under construction | 105,451 | 25,288 | ||
Commercial properties | 200,797 | 218,857 | ||
Land held for development | 77,560 | 79,188 | ||
Real estate subject to sales contract | 48,234 | 48,919 | ||
Total real estate, at cost, less impairment | 1,165,663 | 1,066,603 | ||
Less accumulated depreciation | (177,546) | (165,597) | $ (150,038) | $ (131,777) |
Total real estate | $ 988,117 | $ 901,006 | $ 853,507 |
REAL ESTATE (Details 1)
REAL ESTATE (Details 1) - Commercial [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Fair value | $ 3,000 |
Level 3 [Member] | |
Fair value | $ 3,000 |
REAL ESTATE (Details Narrative)
REAL ESTATE (Details Narrative) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($)aNumber | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Number of income-producing properties | Number | 59 | |||
Area of land | a | 3,601 | |||
Payment for construction or predevelopment of various apartment complexes | $ 69,800 | |||
Capitalized interest costs | $ 2,400 | |||
Number of apartment units | Number | 8,427 | |||
Provision on impairment of real estate assets | $ 5,300 | |||
Real estate carrying value | $ 1,165,662 | $ 1,066,603 | $ 1,003,545 | $ 831,540 |
Related Party [Member] | ||||
Area of land | a | 66.7 | |||
Buildings And Improvements [Member] | Minimum [Member] | ||||
Useful life | 10 years | |||
Buildings And Improvements [Member] | Maximum [Member] | ||||
Useful life | 40 years | |||
Furniture, Fixtures And Equipment [Member] | Minimum [Member] | ||||
Useful life | 5 years | |||
Furniture, Fixtures And Equipment [Member] | Maximum [Member] | ||||
Useful life | 10 years | |||
Land Improvements [Member] | Minimum [Member] | ||||
Useful life | 25 years | |||
Land Improvements [Member] | Maximum [Member] | ||||
Useful life | 40 years | |||
Southern Properties Capital LTD [Member] | Apartment Community Acquired [Member] | ||||
Number of income-producing properties | Number | 1 | |||
Payment to acquire properties | $ 79,700 | |||
Number of apartment units | Number | 422 | |||
Southern Properties Capital LTD [Member] | Land Parcel Acquired [Member] | ||||
Number of income-producing properties | Number | 1 | |||
Payment to acquire properties | $ 5,400 | |||
Area of land | a | 36.3 |
NOTES AND INTEREST RECEIVABLE44
NOTES AND INTEREST RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Performing loans, total | $ 97,775 | ||||
Non-Performing | 30,090 | ||||
Accrued interest | 7,249 | ||||
Allowance for estimated losses | (15,770) | ||||
Total notes receivable | 112,095 | $ 126,564 | $ 120,243 | $ 152,645 | |
Performing Loans [Member] | |||||
Performing loans, total | 127,865 | ||||
Accrued interest | $ 9,952 | ||||
Performing Loans [Member] | H198, LLC (Las Vegas Land) [Member] | |||||
Maturity Date | Jan. 31, 2020 | ||||
Description of property | Las Vegas Land | ||||
Interest Rate | 12.00% | ||||
Performing loans, total | $ 5,907 | ||||
Description of Security | Secured | ||||
Performing Loans [Member] | Leman Development, Ltd [Member] | |||||
Interest Rate | [1] | 0.00% | |||
Performing loans, total | [1] | $ 1,500 | |||
Description of Security | [1] | Unsecured | |||
Performing Loans [Member] | Oulan-Chikh Family Trust [Member] | |||||
Maturity Date | [2] | Mar. 31, 2021 | |||
Interest Rate | [2] | 8.00% | |||
Performing loans, total | [2] | $ 174 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Cliffs of El Dorado) | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Cliffs of El Dorado | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Echo Station | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 1,481 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Inwood on the Park) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Inwood Park | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 3,639 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Kensington Park) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Kensington Park | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 3,933 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas #1) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Lakeshore Villas | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 2,000 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas #2) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Lakeshore Villas | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 9,101 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon #1) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Limestone Canyon | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Canyon #2) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Limestone Canyon | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch #1) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Limestone Ranch | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 1,953 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch #2) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Limestone Ranch | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 6,000 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Parkside Crossing) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Parkside Crossing | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Reserve at White Rock Phase I | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 2,485 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Reserve at White Rock Phase II | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 2,555 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge #1) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Sendero Ridge | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Sendero Ridge #2) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Sendero Ridge | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Timbers of Terrell | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 1,323 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Tivoli | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 7,966 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. (Trails at White Rock) [Member] | |||||
Maturity Date | [2] | Dec. 31, 2032 | |||
Description of property | [2] | Trails at White Rock | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 3,815 | |||
Description of Security | [2] | Secured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member] | |||||
Maturity Date | [2] | Dec. 31, 2017 | |||
Description of property | Unified Housing Foundation, Inc. #1 | ||||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member] | |||||
Maturity Date | [2] | Dec. 31, 2018 | |||
Description of property | Unified Housing Foundation, Inc. #2 | ||||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 3,994 | |||
Description of Security | [2] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member] | |||||
Maturity Date | [2] | Dec. 31, 2018 | |||
Description of property | [2] | Unified Housing Foundation, Inc. #3 | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 6,407 | |||
Description of Security | [2] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member] | |||||
Maturity Date | [2] | Jun. 30, 2020 | |||
Description of property | [2] | Unified Housing Foundation, Inc. #4 | |||
Interest Rate | [2] | 12.00% | |||
Performing loans, total | [2] | $ 5,760 | |||
Description of Security | [2] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #5 [Member] | |||||
Maturity Date | [2] | Dec. 31, 2016 | |||
Description of property | [2] | Unified Housing Foundation, Inc. #5 | |||
Interest Rate | [2] | 12.00% | |||
Description of Security | [2] | Unsecured | |||
Performing Loans [Member] | Unified Housing Foundation, Inc. #6 [Member] | |||||
Maturity Date | Jun. 30, 2019 | ||||
Description of property | Unified Housing Foundation, Inc. #6 | ||||
Interest Rate | 12.00% | ||||
Description of Security | Unsecured | ||||
Performing Loans [Member] | Other Related Party Notes #1 [Member] | |||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 1,349 | ||||
Description of Security | Various secured interests | ||||
Performing Loans [Member] | Other Related Party Notes #2 [Member] | |||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 465 | ||||
Description of Security | Various unsecured interests | ||||
Performing Loans [Member] | Other Non-Related Party Notes #1 [Member] | |||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 3,466 | ||||
Description of Security | Various secured interests | ||||
Performing Loans [Member] | Other Non-Related Party Notes #2 [Member] | |||||
Description of Interest Rate | Various | ||||
Performing loans, total | $ 15,252 | ||||
Description of Security | Various unsecured interests | ||||
Nonperforming Loans [Member] | |||||
Non-Performing | $ 30,090 | ||||
Accrued interest | $ 2,703 | ||||
Nonperforming Loans [Member] | One Realco Corp [Member] | |||||
Maturity Date | Jan. 31, 2017 | ||||
Interest Rate | 3.00% | ||||
Non-Performing | [1],[2] | $ 7,000 | |||
Description of Security | Unsecured | ||||
Nonperforming Loans [Member] | Realty Advisors Mgmt [Member] | |||||
Maturity Date | Dec. 31, 2016 | ||||
Interest Rate | 2.28% | ||||
Non-Performing | [2] | $ 20,387 | |||
Description of Security | Unsecured | ||||
[1] | An allowance was taken for estimated losses at full value of note. | ||||
[2] | Related party notes |
NOTES AND INTEREST RECEIVABLE45
NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total notes and interest receivable | $ 112,095 | $ 126,564 | $ 120,243 | $ 152,645 |
Junior Mortgage Loans [Member] | ||||
Interest income | $ 12,400 | |||
Percentage on mortgage notes receivable | 88.20% | |||
Junior Mortgage Loans [Member] | Related Party [Member] | ||||
Total notes and interest receivable | $ 118,400 |
INVESTMENTS IN UNCONSOLIDATED46
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership | 20.00% | |||
Gruppa Florentina LLC [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Percentage of ownership | [1] | 20.00% | 20.00% | |
[1] | Other investees. |
INVESTMENTS IN UNCONSOLIDATED47
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Real estate, net of accumulated depreciation | $ 988,117 | $ 901,006 | $ 853,507 | $ 988,117 | $ 901,006 | $ 853,507 | ||||||||||
Other assets | 63,263 | 60,659 | 63,263 | 60,659 | ||||||||||||
Shareholders' equity/partners capital | 112,074 | 121,877 | 112,074 | 121,877 | ||||||||||||
Total operating revenues | 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | 28,965 | $ 27,826 | $ 24,241 | $ 23,156 | 126,221 | 119,663 | 104,188 | |
Operating expenses | 28,292 | 26,397 | 26,759 | 27,345 | 26,664 | 26,272 | 26,212 | 25,881 | 30,596 | 25,741 | 20,388 | 21,155 | 108,793 | 105,029 | 97,880 | |
Income (loss) from continuing operations | (30,278) | (21,691) | (25,314) | |||||||||||||
Income (loss) from discontinued operations | (3) | 2 | 220 | 508 | (22) | 190 | (1) | 896 | ||||||||
Net income (loss) | (1,529) | $ 9,884 | $ (11,324) | $ (5,907) | 2,921 | $ (4,948) | $ 3,353 | $ (3,736) | (1,499) | $ (6,327) | $ 1,707 | $ 2,832 | (8,876) | (2,410) | (3,287) | |
Company's proportionate share of earnings | 309 | 493 | 428 | |||||||||||||
Gruppa Florentina LLC [Member] | ||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||||||||
Real estate, net of accumulated depreciation | 12,587 | 13,641 | 13,899 | 12,587 | 13,641 | 13,899 | ||||||||||
Notes receivable | 2,724 | 9,561 | 8,457 | 2,724 | 9,561 | 8,457 | ||||||||||
Other assets | 32,176 | 31,135 | 30,834 | 32,176 | 31,135 | 30,834 | ||||||||||
Notes payable | (17,845) | (9,734) | (10,883) | (17,845) | (9,734) | (10,883) | ||||||||||
Other liabilities | (5,991) | (8,384) | (7,967) | (5,991) | (8,384) | (7,967) | ||||||||||
Shareholders' equity/partners capital | $ (23,651) | $ (36,219) | $ (34,340) | (23,651) | (36,219) | (34,340) | ||||||||||
Total operating revenues | 38,747 | 54,264 | 51,650 | |||||||||||||
Depreciation | (1,279) | (1,150) | (1,150) | |||||||||||||
Operating expenses | (35,410) | (49,856) | (47,143) | |||||||||||||
Interest expense | (1,065) | (793) | (805) | |||||||||||||
Income (loss) from continuing operations | 993 | 2,465 | 2,552 | |||||||||||||
Net income (loss) | 993 | 2,465 | 2,552 | |||||||||||||
Company's proportionate share of earnings | [1] | $ 199 | $ 493 | $ 510 | ||||||||||||
[1] | Earnings represent continued and discontinued operations. |
INVESTMENTS IN UNCONSOLIDATED48
INVESTMENTS IN UNCONSOLIDATED SUBSIDIARIES AND INVESTEES (Details Narrative) | Dec. 31, 2017 | Dec. 31, 2016 |
Percentage of ownership | 20.00% | |
Maximum [Member] | ||
Percentage of ownership | 50.00% | |
Minimum [Member] | ||
Percentage of ownership | 20.00% |
NOTES AND INTEREST PAYABLE (Det
NOTES AND INTEREST PAYABLE (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Short-term Debt [Line Items] | |
Notes Payable | $ 897,499 |
Accrued Interest | 3,585 |
Total Debt | 901,084 |
Unamortized deferred borrowing costs | (19,237) |
Apartments [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 566,576 |
Accrued Interest | 1,585 |
Total Debt | 568,161 |
Apartments Under Construction [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 78,683 |
Total Debt | 78,683 |
Commercial [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 126,955 |
Accrued Interest | 622 |
Total Debt | 127,577 |
Land [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 22,888 |
Accrued Interest | 203 |
Total Debt | 23,091 |
Real Estate Subject To Sales Contract [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 1,449 |
Accrued Interest | 508 |
Total Debt | 1,957 |
Mezzanine Financing [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 110,172 |
Accrued Interest | 453 |
Total Debt | 110,625 |
Other [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 10,013 |
Accrued Interest | 101 |
Total Debt | 10,114 |
Unamortized deferred borrowing costs | (19,237) |
Total Notes Payable [Member] | |
Short-term Debt [Line Items] | |
Notes Payable | 916,736 |
Accrued Interest | 3,585 |
Total Debt | $ 920,321 |
NOTES AND INTEREST PAYABLE (D50
NOTES AND INTEREST PAYABLE (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Total | $ 897,499 |
Total Notes Payable [Member] | |
2,018 | 86,323 |
2,019 | 101,134 |
2,020 | 64,255 |
2,021 | 48,806 |
2,022 | 11,204 |
Thereafter | 605,013 |
Total | $ 916,736 |
NOTES AND INTEREST PAYABLE (D51
NOTES AND INTEREST PAYABLE (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Increase in construction loans | $ 13,000 |
Interest payable | $ 3,585 |
Interest rate | 7.38% |
Description of maturity date | Mature between 2018 and 2055. |
Notes payable | $ 78,900 |
Minimum [Member] | |
Interest rate | 2.50% |
Maximum [Member] | |
Interest rate | 12.00% |
BONDS AND INTEREST PAYABLE (Det
BONDS AND INTEREST PAYABLE (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Less; deferred issue expense, net | $ (19,237) |
Accrued Interest | 3,585 |
Nonconvertible Series A Bonds [Member] | |
Notes Payable | 115,336 |
Less; deferred issue expense, net | (5,916) |
Accrued Interest | 3,629 |
Bond and bond interest payable | $ 113,049 |
BONDS AND INTEREST PAYABLE (D53
BONDS AND INTEREST PAYABLE (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Year ended December 31, | |
Total | $ 897,499 |
Nonconvertible Series A Bonds [Member] | |
Year ended December 31, | |
2,019 | 23,067 |
2,020 | 23,067 |
2,021 | 23,067 |
2,022 | 23,067 |
Thereafter | 23,068 |
Total | $ 115,336 |
BONDS PAYABLE AND INTEREST PA54
BONDS PAYABLE AND INTEREST PAYABLE (Details Narrative) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Feb. 14, 2017USD ($) | Feb. 14, 2017ILS (₪) | |
Debentures offering amount | $ 78,900 | ||
Interest rate | 7.38% | ||
Foreign currency loss - debenture transactions | $ (4,500) | ||
Nonconvertible Series A Bonds [Member] | |||
Effective interest rate | 9.17% | ||
Southern Properties Capital LTD [Member] | Nonconvertible Series A Bonds [Member] | |||
Debentures offering amount | $ 115,000 | ||
Interest rate | 7.30% | 7.30% | |
Southern Properties Capital LTD [Member] | Nonconvertible Series A Bonds [Member] | Israel Shekel [Member] | |||
Debentures offering amount | ₪ | ₪ 400,000 |
RELATED PARTY TRANSACTIONS AN55
RELATED PARTY TRANSACTIONS AND FEES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Pillar Income Asset Management, Inc [Member] | |||
Fees: | |||
Advisory | $ 11,082 | $ 10,918 | $ 9,775 |
Mortgage brokerage and equity refinancing | 1,712 | 775 | 1,612 |
Net income | 250 | 257 | 492 |
Property acquisition and sales | 921 | ||
Total fees | 13,044 | 11,950 | 12,800 |
Other Expense: | |||
Cost reimbursements | 3,240 | 3,826 | 3,675 |
Interest paid (received) | (1,195) | (1,144) | (1,234) |
Total other expense | 2,045 | 2,682 | 2,441 |
Revenue: | |||
Rental | 783 | 708 | 726 |
Regis Realty Prime, LLC [Member] | |||
Fees: | |||
Property acquisition | 9,128 | 10,775 | 1,932 |
Property management, construction management and leasing commissions | 963 | 888 | 717 |
Real estate brokerage | 1,369 | 787 | 1,105 |
Total fees | $ 11,460 | $ 12,450 | $ 3,754 |
RELATED PARTY TRANSACTIONS AN56
RELATED PARTY TRANSACTIONS AND FEES (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related party receivables [Roll Forward] | |||
Related party receivable at beginning | $ 24,672 | ||
Advisory fees | (11,082) | $ (10,918) | $ (9,775) |
Net income fee | (250) | (257) | (492) |
Related party receivable at end | 38,311 | 24,672 | |
Pillar Income Asset Management, Inc [Member] | |||
Related party receivables [Roll Forward] | |||
Related party receivable at beginning | 24,672 | ||
Cash transfers | 56,635 | ||
Advisory fees | (11,082) | ||
Net income fee | (250) | ||
Cost reimbursements | (3,240) | (3,826) | $ (3,675) |
Interest income | 1,196 | ||
Notes receivable purchased | (447) | ||
Fees and commissions | (3,082) | ||
Expenses paid by Advisor | (579) | ||
Financing (mortgage payments) | (17,313) | ||
Sales/purchases transactions | (9,818) | ||
Tax sharing | 1,619 | ||
Related party receivable at end | $ 38,311 | $ 24,672 |
RELATED PARTY TRANSACTIONS AN57
RELATED PARTY TRANSACTIONS AND FEES (Details Narrative) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Mar. 30, 2018shares | Dec. 31, 2017USD ($)a | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Interest receivable | $ 7,249 | |||||
Total notes receivable | 112,095 | $ 126,564 | $ 120,243 | $ 152,645 | ||
Notes payable | $ 897,499 | |||||
Statutory tax rate | 35.00% | |||||
Area of land | a | 3,601 | |||||
Subsequent Event [Member] | ||||||
Statutory tax rate | 21.00% | |||||
Maximum [Member] | ||||||
Statutory tax rate | 35.00% | |||||
Mezzanine Financing [Member] | ||||||
Notes payable | $ 110,172 | |||||
UnifiedHousingFoundationIncMember | ||||||
Interest receivable | 7,800 | |||||
Total notes receivable | 102,900 | |||||
Recognized interest income | 9,000 | |||||
Originated interest income | 45,700 | |||||
Interest income | 10,200 | |||||
Proceeds from notes receivables | 30,000 | |||||
Pillar Income Asset Management, Inc [Member] | ||||||
Rent received | 700 | $ 700 | $ 700 | |||
Interest income | $ 1,196 | |||||
Related Party [Member] | ||||||
Area of land | a | 66.7 | |||||
Related Party [Member] | Mezzanine Financing [Member] | ||||||
Notes payable | $ 60,400 | |||||
RAI [Member] | Subsequent Event [Member] | ||||||
Number of shares of preferred stock converted | shares | 200,000 | |||||
Number of common stock issued for conversion | shares | 482,716 |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Loss from continuing operations before tax | $ (8,696) | $ (2,363) | $ (2,287) |
Current: | |||
Federal | (3,044) | ||
State | 10 | ||
Deferred and Other: | |||
Federal | 3,044 | (45) | (1,000) |
State | 170 | ||
Income tax benefit (expense) | $ (180) | $ (45) | $ (1,000) |
INCOME TAXES (Details 1)
INCOME TAXES (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||||||||||||||
Income Tax Expense (Benefit) at Federal Statutory Rate | $ (3,044) | $ (827) | $ (1,283) | ||||||||||||
State and Local Income Taxes Net of Federal Tax Benefit | 180 | ||||||||||||||
Repricing of Deferred Assets Due to Change in Future Rates | (28,663) | ||||||||||||||
Change in valuation allowance | 31,707 | 873 | 1,800 | ||||||||||||
Reported income tax (benefit) expense | $ 180 | $ 46 | $ 882 | $ (274) | $ 12 | $ (103) | $ (180) | $ (46) | $ (517) | ||||||
Effective Tax Rate | 0.70% |
INCOME TAXES (Details 2)
INCOME TAXES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Allowance for losses on Notes | $ 3,591 | $ 5,963 |
Installment Note on Land Sale | 2,875 | 4,793 |
Deferred Gain | 11,040 | 21,798 |
Net Operating Loss Carryforward | 50,931 | 73,021 |
Subtotal | 68,437 | 105,575 |
Less: Valuation Allowance | (42,995) | (70,849) |
Total Net Deferred Tax Assets | 25,442 | 34,726 |
Basis Differences for Fixed Assets | 25,442 | 34,726 |
Total Deferred Tax Liability | 25,442 | 34,726 |
Net deferred tax asset | ||
Current Net Deferred Tax Asset | 25,442 | 34,726 |
Long-Term Net Deferred Tax Liability | $ 25,442 | $ 34,726 |
INCOME TAXES (Details Narrative
INCOME TAXES (Details Narrative) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Net operating losses carryforwards | $ 209,000 | |
Statutory tax rate | 35.00% | |
Subsequent Event [Member] | ||
Statutory tax rate | 21.00% |
FUTURE MINIMUM RENTAL INCOME 62
FUTURE MINIMUM RENTAL INCOME UNDER OPERATING LEASES (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Leases [Abstract] | |
2,018 | $ 25,042 |
2,019 | 19,828 |
2,020 | 15,869 |
2,021 | 13,643 |
2,022 | 10,634 |
Thereafter | 16,686 |
Total | $ 101,702 |
OPERATING SEGMENTS (Details)
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | $ 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | $ 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | $ 28,965 | $ 27,826 | $ 24,241 | $ 23,156 | $ 126,221 | $ 119,663 | $ 104,188 |
Operating expenses | (64,091) | (62,950) | (54,002) | ||||||||||||
Interest income | 18,941 | 20,453 | 16,674 | ||||||||||||
Gain on sale of income producing properties | (3,938) | (12,760) | (11,283) | (5,168) | 244 | ||||||||||
Gain on land sales | 3,853 | 1,062 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 13,787 | 1,958 | 3,027 | 2,876 | 4,884 | 3,121 | 21,648 |
Operating income (loss) | 2,713 | $ 5,410 | $ 4,828 | $ 4,477 | 2,893 | $ 3,795 | $ 4,622 | $ 3,324 | (1,631) | $ 2,085 | $ 3,853 | $ 2,001 | 17,428 | 14,634 | 6,308 |
Assets | 988,117 | 901,006 | 853,507 | 988,117 | 901,006 | 853,507 | |||||||||
Property Sales | |||||||||||||||
Gain on sale | 16,698 | 16,207 | 735 | ||||||||||||
Commercial Properties [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | 33,286 | 33,026 | 30,540 | ||||||||||||
Operating expenses | (18,549) | (20,398) | (17,761) | ||||||||||||
Depreciation and amortization | (9,358) | (9,099) | (8,993) | ||||||||||||
Mortgage and loan interest | (7,527) | (7,191) | (6,919) | ||||||||||||
Gain on sale of income producing properties | 2,391 | (238) | |||||||||||||
Operating income (loss) | 243 | (3,900) | (3,133) | ||||||||||||
Capital expenditures | (5,817) | 5,008 | 8,133 | ||||||||||||
Assets | 137,157 | 150,838 | 155,147 | 137,157 | 150,838 | 155,147 | |||||||||
Property Sales | |||||||||||||||
Sales price | 5,050 | 1,500 | |||||||||||||
Cost of sale | (2,659) | (1,738) | |||||||||||||
Gain on sale | 2,391 | (238) | |||||||||||||
Apartments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | 92,807 | 86,603 | 73,543 | ||||||||||||
Operating expenses | (43,677) | (40,786) | (34,955) | ||||||||||||
Depreciation and amortization | (16,354) | (14,759) | (12,498) | ||||||||||||
Mortgage and loan interest | (22,347) | (25,381) | (23,699) | ||||||||||||
Gain on sale of income producing properties | 12,760 | 16,445 | |||||||||||||
Operating income (loss) | 23,189 | 22,122 | 2,391 | ||||||||||||
Capital expenditures | 1,402 | 864 | 506 | ||||||||||||
Assets | 727,508 | 622,061 | 551,415 | 727,508 | 622,061 | 551,415 | |||||||||
Property Sales | |||||||||||||||
Sales price | 20,350 | 11,129 | |||||||||||||
Cost of sale | (3,905) | (10,394) | |||||||||||||
Recognized prior deferred gain | 12,760 | ||||||||||||||
Gain on sale | 12,760 | 16,445 | 735 | ||||||||||||
Land [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | 111 | 30 | |||||||||||||
Operating expenses | (875) | (1,745) | (1,029) | ||||||||||||
Mortgage and loan interest | (1,945) | (2,232) | (4,694) | ||||||||||||
Gain on sale of income producing properties | 1,547 | ||||||||||||||
Gain on land sales | 4,884 | 3,121 | 21,648 | ||||||||||||
Operating income (loss) | 3,722 | (826) | 15,925 | ||||||||||||
Capital expenditures | 609 | 268 | 2,621 | ||||||||||||
Assets | 127,554 | 128,107 | 146,945 | 127,554 | 128,107 | 146,945 | |||||||||
Property Sales | |||||||||||||||
Sales price | 29,969 | 29,128 | 107,298 | ||||||||||||
Cost of sale | (23,538) | (26,007) | (88,387) | ||||||||||||
Recognized prior deferred gain | 2,737 | ||||||||||||||
Gain on sale | 6,431 | 3,121 | 21,648 | ||||||||||||
Other [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | 16 | 4 | 105 | ||||||||||||
Operating expenses | (987) | (21) | (257) | ||||||||||||
Depreciation and amortization | 33 | 73 | 73 | ||||||||||||
Mortgage and loan interest | (34,354) | (24,558) | (17,165) | ||||||||||||
Interest income | 18,941 | 20,453 | 16,674 | ||||||||||||
Operating income (loss) | (16,351) | (4,049) | (570) | ||||||||||||
Property Sales | |||||||||||||||
Gain on sale | |||||||||||||||
Total Segments [Member] | |||||||||||||||
Segment Reporting Information [Line Items] | |||||||||||||||
Total operating revenues | 126,220 | 119,663 | 104,188 | ||||||||||||
Operating expenses | (64,088) | (62,950) | (54,002) | ||||||||||||
Depreciation and amortization | (25,679) | (23,785) | (21,418) | ||||||||||||
Mortgage and loan interest | (66,173) | (59,362) | (52,477) | ||||||||||||
Interest income | 18,941 | 20,453 | 16,674 | ||||||||||||
Gain on sale of income producing properties | 16,698 | 16,207 | |||||||||||||
Gain on land sales | 4,884 | 3,121 | 21,648 | ||||||||||||
Operating income (loss) | 10,803 | 13,347 | 14,613 | ||||||||||||
Capital expenditures | (3,806) | 6,140 | 11,260 | ||||||||||||
Assets | $ 992,219 | $ 901,006 | $ 853,507 | 992,219 | 901,006 | 853,507 | |||||||||
Property Sales | |||||||||||||||
Sales price | 35,019 | 50,978 | 118,427 | ||||||||||||
Cost of sale | (26,197) | (31,650) | (98,781) | ||||||||||||
Recognized prior deferred gain | 12,760 | 2,737 | |||||||||||||
Gain on sale | $ 21,582 | $ 19,328 | $ 22,383 |
OPERATING SEGMENTS (Details 1)
OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment operating income (loss) | $ 2,713 | $ 5,410 | $ 4,828 | $ 4,477 | $ 2,893 | $ 3,795 | $ 4,622 | $ 3,324 | $ (1,631) | $ 2,085 | $ 3,853 | $ 2,001 | $ 17,428 | $ 14,634 | $ 6,308 |
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (7,691) | (7,119) | (6,893) | ||||||||||||
Provision on impairment of notes receivable and real estate assets | (558) | (5,300) | |||||||||||||
Net income fee to related party | (250) | (257) | (492) | ||||||||||||
Advisory fee to related party | (11,082) | (10,918) | (9,775) | ||||||||||||
Other income | 4,082 | 2,091 | 4,106 | ||||||||||||
Earnings from unconsolidated joint ventures and investees | 309 | 493 | 428 | ||||||||||||
Litigation settlement | 352 | ||||||||||||||
Income tax benefit (expense) | 180 | 46 | 882 | (274) | 12 | (103) | (180) | (46) | (517) | ||||||
Gain (loss) from continuing operations | $ (1,529) | $ 9,884 | $ (11,324) | $ (5,907) | $ 2,924 | $ (4,948) | $ 3,353 | $ (3,738) | $ (1,719) | $ (6,835) | $ 1,729 | $ 2,642 | (8,876) | (2,409) | (4,183) |
Total Segments [Member] | |||||||||||||||
Segment operating income (loss) | 10,803 | 13,347 | 14,613 | ||||||||||||
Other non-segment items of income (expense) | |||||||||||||||
General and administrative | (7,691) | (7,119) | (6,893) | ||||||||||||
Provision on impairment of notes receivable and real estate assets | (5,300) | ||||||||||||||
Net income fee to related party | (250) | (257) | (492) | ||||||||||||
Advisory fee to related party | (11,082) | (10,918) | (9,775) | ||||||||||||
Other income | (454) | 2,091 | 4,106 | ||||||||||||
Loss on sale of investments | (331) | (1) | |||||||||||||
Earnings from unconsolidated joint ventures and investees | 309 | 493 | 428 | ||||||||||||
Litigation settlement | (352) | ||||||||||||||
Income tax benefit (expense) | (67) | (46) | (517) | ||||||||||||
Gain (loss) from continuing operations | $ (8,763) | $ (2,409) | $ (4,183) |
OPERATING SEGMENTS (Details 2)
OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Segment Reporting [Abstract] | ||||
Segment assets | $ 988,117 | $ 901,006 | $ 853,507 | |
Investments in unconsolidated subsidiaries and investees | 6,396 | 6,087 | 8,365 | |
Notes and interest receivable | 112,095 | 126,564 | 120,243 | $ 152,645 |
Other assets and receivables | 190,112 | 141,252 | 135,253 | |
Total assets | $ 1,296,720 | $ 1,174,909 | $ 1,117,368 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | ||
Rental and other property revenues | $ 355 | |
Revenues | 355 | |
Expenses: | ||
Property operating expenses | $ 2 | (345) |
General and administrative | 99 | |
Total operating expenses | 2 | (246) |
Other income (expense): | ||
Other income (expense) | 45 | |
Mortgage and loan interest | (2) | |
Total other expenses | 43 | |
Loss from discontinued operations before gain on sale of real estate and taxes | (2) | 644 |
Gain on sale of real estate from discontinued operations | 735 | |
Income tax benefit (expense) | 1 | (483) |
Income (loss) from discontinued operations | $ (1) | $ 896 |
QUARTERLY RESULTS OF OPERATIO67
QUARTERLY RESULTS OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total operating revenues | $ 31,005 | $ 31,807 | $ 31,587 | $ 31,822 | $ 29,557 | $ 30,067 | $ 30,834 | $ 29,205 | $ 28,965 | $ 27,826 | $ 24,241 | $ 23,156 | $ 126,221 | $ 119,663 | $ 104,188 |
Total operating expenses | 28,292 | 26,397 | 26,759 | 27,345 | 26,664 | 26,272 | 26,212 | 25,881 | 30,596 | 25,741 | 20,388 | 21,155 | 108,793 | 105,029 | 97,880 |
Operating income | 2,713 | 5,410 | 4,828 | 4,477 | 2,893 | 3,795 | 4,622 | 3,324 | (1,631) | 2,085 | 3,853 | 2,001 | 17,428 | 14,634 | 6,308 |
Other expense | (11,853) | (9,348) | (15,676) | (10,829) | (10,447) | (9,252) | (8,156) | (8,470) | (12,993) | (11,152) | (5,139) | (2,338) | (47,706) | (36,325) | (31,622) |
Loss before gain on sales, non-contolling interest, and taxes | (9,140) | (3,938) | (10,848) | (6,352) | (7,554) | (5,457) | (3,534) | (5,146) | (14,624) | (9,067) | (1,286) | (337) | (8,696) | (2,363) | (3,666) |
Gain (loss) on sale of income producing properties | 3,938 | 12,760 | 11,283 | 5,168 | (244) | ||||||||||
Gain (loss) on land sales | 3,853 | 1,062 | (476) | 445 | (805) | 555 | 1,719 | 1,652 | 13,787 | 1,958 | 3,027 | 2,876 | 4,884 | 3,121 | 21,648 |
Income tax benefit (expense) | (180) | (46) | (882) | 274 | (12) | 103 | 180 | 46 | 517 | ||||||
Net income (loss) from continued operations | (1,529) | 9,884 | (11,324) | (5,907) | 2,924 | (4,948) | 3,353 | (3,738) | (1,719) | (6,835) | 1,729 | 2,642 | (8,876) | (2,409) | (4,183) |
Net loss from discontinued operations | (3) | 2 | 220 | 508 | (22) | 190 | (1) | 896 | |||||||
Net income (loss) | (1,529) | 9,884 | (11,324) | (5,907) | 2,921 | (4,948) | 3,353 | (3,736) | (1,499) | (6,327) | 1,707 | 2,832 | (8,876) | (2,410) | (3,287) |
Less: net (income) loss attributable to non-controlling interest | 339 | (522) | 435 | 193 | (1,182) | 1,194 | (864) | 530 | 195 | 1,164 | (540) | 508 | (445) | 322 | (1,327) |
Preferred dividend requirement | (280) | (275) | (275) | (275) | (276) | (275) | (53) | (497) | (276) | (275) | (275) | (390) | (1,105) | (1,101) | (1,216) |
Net income (loss) applicable to common shares | $ (1,470) | $ 9,087 | $ (11,164) | $ (5,989) | $ 1,463 | $ (4,029) | $ 2,436 | $ (3,703) | $ (1,580) | $ (5,438) | $ 892 | $ 2,950 | $ (9,536) | $ (3,833) | $ (3,176) |
Earnings per share - basic | |||||||||||||||
Loss from continued operations | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ (0.12) | $ (0.38) | $ 0.06 | $ 0.2 | $ (0.61) | $ (0.25) | $ (0.27) |
Income from discontinued operations | 0.01 | 0.03 | 0.01 | $ 0.06 | |||||||||||
Net income (loss) applicable to common shares | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ (0.11) | $ (0.35) | $ 0.06 | $ 0.21 | |||
Weighted average common shares used in computing earnings per share | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,367,320 | 14,027,619 | 15,514,360 | 15,514,360 | 15,111,107 |
Earnings per share - diluted | |||||||||||||||
Loss from continued operations | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ (0.12) | $ (0.38) | $ 0.05 | $ 0.16 | $ (0.61) | $ (0.25) | $ (0.27) |
Income from discontinued operations | 0.01 | 0.03 | 0.01 | 0.06 | |||||||||||
Net income (loss) applicable to common shares | $ (0.09) | $ 0.59 | $ (0.72) | $ (0.39) | $ 0.09 | $ (0.26) | $ 0.16 | $ (0.24) | $ (0.11) | $ (0.35) | $ 0.05 | $ 0.17 | $ (0.61) | $ (0.25) | $ (0.21) |
Weighted average common shares used in computing diluted earnings per share | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 15,514,360 | 17,844,339 | 17,426,707 | 15,514,360 | 15,514,360 | 15,111,107 |
COMMITMENTS, CONTINGENCIES, A68
COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative) - USD ($) $ in Thousands | Jul. 20, 2015 | Oct. 31, 2011 | Dec. 31, 2017 | Jan. 31, 2012 |
Dynex Capital, Inc.Litigation [Member] | ||||
Damages sought value | $ 160,000 | |||
Description of plaintiff | Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras Corp., Continental Common, Inc. and Continental Baronne, Inc. | |||
Description of defendant | Dynex Commercial, Inc. | |||
Domicile of litigation | 68th Judicial District Court in Dallas County, Texas | |||
Description of action taken by court | The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 million. The Judgment awarded ART $14.2 million in damages, plus pre-judgment interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI $11.1 million, plus pre-judgment interest of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the rate of 5% per annum from April 25, 2014 until the date their respective damages are paid. Lastly, the Judgement awarded Basic, ART, and TCI $1.6 million collectively in attorneys’ fees from Dynex Commercial, Inc. | |||
Unfunded loan commitment | $ 160,000 | |||
Awarded attorney fees | $ 1,600 | |||
Post-judgment interest rate | 5.00% | |||
Dynex Capital, Inc.Litigation [Member] | Southern Properties Capital LTD [Member] | ||||
Damages - awarded amount | $ 11,100 | |||
Damages - pre-judgement interest | 8,400 | |||
Damages - total | 19,500 | |||
Dynex Capital, Inc.Litigation [Member] | American Reality Trust, Inc. [Member] | ||||
Damages - awarded amount | 14,200 | |||
Damages - pre-judgement interest | 10,600 | |||
Damages - total | 24,800 | |||
Dynex Capital, Inc.Litigation [Member] | Basic Capital Management, Inc. [Member] | ||||
Damages - awarded amount | 256 | |||
Damages - pre-judgement interest | 192 | |||
Damages - total | $ 448 | |||
ART and ART Midwest, Inc. Litigation [Member] | ||||
Damages sought value | $ 74,000 | |||
Actual damages sought value | 26,000 | |||
Interest damages sought value | $ 48,000 | |||
Description of plaintiff | Mr. David Clapper and entities related to Mr. Clapper (collectively, the “Clapper Parties”) | |||
Description of defendant | A formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) | |||
Description of allegation | The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential apartment complexes from the Clapper Parties. | |||
Notes receivable from the sale of ART | $ 10,000 | |||
UHF Debt Guarantee [Member] | ||||
Loan guarantee amount | $ 39,100 |
EARNINGS PER SHARE (Details Nar
EARNINGS PER SHARE (Details Narrative) - USD ($) $ in Thousands | Apr. 09, 2015 | Jul. 17, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Shares held by subsidiaries | 2,000,614 | ||||
Stock options outstanding | 1,000 | ||||
Series A Cumulative Convertible Preferred Stock [Member] | |||||
Shares held by subsidiaries | 900,000 | 900,000 | |||
Percentage of the average daily closing price of common stock | 90.00% | ||||
Preferred stock, dividend rate | 10.00% | ||||
Number of trading days | 20 days | ||||
Series A Cumulative Convertible Preferred Stock [Member] | RAI [Member] | |||||
Shares held by subsidiaries | 2,451,435 | 1,100,000 | |||
Accrued dividends unpaid | $ 15,100 | $ 9,700 | |||
Number of preferred stock converted | 460,638 | 890,797 | |||
Accumulated dividends unpaid upon conversion | $ 2,300 | $ 6,300 | |||
Number of common stock issued for conversion | 1,486,741 | 2,502,230 | |||
Series K Cumulative Preferred Stock [Member] | Southern Properties Capital LTD [Member] | |||||
Preferred stock held by subsidiary | 135,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ in Thousands | Mar. 31, 2018 | Feb. 15, 2018 | Dec. 31, 2017 |
Debentures offering amount | $ 78,900 | ||
Interest rate | 7.38% | ||
Ownership interest | 20.00% | ||
Subsequent Event [Member] | Joint Venture [Member] | Chief Executive Officer [Member] | |||
Ownership interest | 2.00% | ||
Subsequent Event [Member] | Joint Venture [Member] | Macquire [Member] | |||
Ownership interest | 49.00% | ||
Voting interest in joint venture | 50.00% | ||
Subsequent Event [Member] | Joint Venture [Member] | Southern Properties Capital LTD [Member] | |||
Ownership interest | 49.00% | ||
Voting interest in joint venture | 50.00% | ||
Subsequent Event [Member] | Nonconvertible Series A Bonds [Member] | |||
Debentures offering amount | $ 39,400 | ||
Bond issuance cost | $ 41,400 | ||
Interest rate | 6.80% | ||
Subsequent Event [Member] | Series B Bonds [Member] | Israel Shekel [Member] | |||
Debentures offering amount | $ 137,700 |
SCHEDULE III REAL ESTATE AND 71
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Gross Amounts of Which Carried at End of Year Total | $ 1,165,662 | $ 1,066,603 | $ 1,003,545 | $ 831,540 |
Accumulated Depreciation | 177,546 | $ 165,597 | $ 150,038 | $ 131,777 |
Properties Held for Investment/Corporate Debt [Member] | ||||
Encumbrances | 909,195 | |||
Initial Cost Land | 188,561 | |||
Initial Cost Building &Improvements | 832,441 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 147,834 | |||
Asset Impairment | (51,409) | |||
Gross Amounts of Which Carried at End of Year Land | 188,905 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 928,866 | |||
Gross Amounts of Which Carried at End of Year Total | 1,117,427 | |||
Accumulated Depreciation | 177,546 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | ||||
Encumbrances | 566,577 | |||
Initial Cost Land | 60,740 | |||
Initial Cost Building &Improvements | 672,014 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,047 | |||
Asset Impairment | (3,180) | |||
Gross Amounts of Which Carried at End of Year Land | 60,740 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 672,881 | |||
Gross Amounts of Which Carried at End of Year Total | 733,621 | |||
Accumulated Depreciation | 113,896 | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Anderson Estates, Oxford [Member] | MONTSERRAT | ||||
Encumbrances | 796 | |||
Initial Cost Land | 378 | |||
Initial Cost Building &Improvements | 2,683 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 313 | |||
Gross Amounts of Which Carried at End of Year Land | 378 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 2,996 | |||
Gross Amounts of Which Carried at End of Year Total | 3,374 | |||
Accumulated Depreciation | $ 799 | |||
Date of Construction | 2,003 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Blue Lake Villas I, Waxahachie [Member] | TEXAS | ||||
Encumbrances | $ 10,448 | |||
Initial Cost Land | 438 | |||
Initial Cost Building &Improvements | 10,525 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 19 | |||
Gross Amounts of Which Carried at End of Year Land | 438 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 10,271 | |||
Gross Amounts of Which Carried at End of Year Total | 10,709 | |||
Accumulated Depreciation | $ 3,801 | |||
Date of Construction | 2,003 | |||
Date Acquired | 2-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Blue Lake Villas II, Waxahachie [Member] | TEXAS | ||||
Encumbrances | $ 3,769 | |||
Initial Cost Land | 287 | |||
Initial Cost Building &Improvements | 4,496 | |||
Gross Amounts of Which Carried at End of Year Land | 287 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 4,496 | |||
Gross Amounts of Which Carried at End of Year Total | 4,783 | |||
Accumulated Depreciation | $ 1,139 | |||
Date of Construction | 2,004 | |||
Date Acquired | 4-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Breakwater Bay, Beaumont [Member] | TEXAS | ||||
Encumbrances | $ 9,112 | |||
Initial Cost Land | 740 | |||
Initial Cost Building &Improvements | 10,498 | |||
Gross Amounts of Which Carried at End of Year Land | 740 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 10,498 | |||
Gross Amounts of Which Carried at End of Year Total | 11,238 | |||
Accumulated Depreciation | $ 3,390 | |||
Date of Construction | 2,004 | |||
Date Acquired | 3-May | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Bridgewood Ranch, Kaufman [Member] | TEXAS | ||||
Encumbrances | $ 6,233 | |||
Initial Cost Land | 762 | |||
Initial Cost Building &Improvements | 6,913 | |||
Gross Amounts of Which Carried at End of Year Land | 762 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 6,913 | |||
Gross Amounts of Which Carried at End of Year Total | 7,675 | |||
Accumulated Depreciation | $ 1,730 | |||
Date of Construction | 2,007 | |||
Date Acquired | 8-Apr | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Capitol Hill, Little Rock [Member] | ARGENTINA | ||||
Encumbrances | $ 8,740 | |||
Initial Cost Land | 1,860 | |||
Initial Cost Building &Improvements | 8,002 | |||
Gross Amounts of Which Carried at End of Year Land | 1,860 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 8,002 | |||
Gross Amounts of Which Carried at End of Year Total | 9,862 | |||
Accumulated Depreciation | $ 2,713 | |||
Date of Construction | 2,003 | |||
Date Acquired | 3-Mar | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Centennial, Oak Ridge [Member] | TUNISIA | ||||
Encumbrances | $ 20,518 | |||
Initial Cost Land | 2,570 | |||
Initial Cost Building &Improvements | 22,589 | |||
Gross Amounts of Which Carried at End of Year Land | 2,570 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 22,589 | |||
Gross Amounts of Which Carried at End of Year Total | 25,159 | |||
Accumulated Depreciation | $ 1,365 | |||
Date of Construction | 2,011 | |||
Date Acquired | 14-July | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Crossing at Opelika, Opelika, AL [Member] | ALBANIA | ||||
Encumbrances | $ 1,399 | |||
Initial Cost Land | 1,606 | |||
Initial Cost Building &Improvements | 14,451 | |||
Gross Amounts of Which Carried at End of Year Land | 1,606 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,451 | |||
Gross Amounts of Which Carried at End of Year Total | 16,057 | |||
Accumulated Depreciation | $ 628 | |||
Date of Construction | 2,015 | |||
Date Acquired | 15-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Curtis Moore Estates, Greenwood [Member] | MONTSERRAT | ||||
Encumbrances | $ 14,498 | |||
Initial Cost Land | 186 | |||
Initial Cost Building &Improvements | 5,796 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 702 | |||
Gross Amounts of Which Carried at End of Year Land | 186 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 6,678 | |||
Gross Amounts of Which Carried at End of Year Total | 6,864 | |||
Accumulated Depreciation | $ 1,939 | |||
Date of Construction | 2,003 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Dakota Arms, Lubbock [Member] | TEXAS | ||||
Encumbrances | $ 12,194 | |||
Initial Cost Land | 921 | |||
Initial Cost Building &Improvements | 12,834 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 168 | |||
Gross Amounts of Which Carried at End of Year Land | 921 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,002 | |||
Gross Amounts of Which Carried at End of Year Total | 13,923 | |||
Accumulated Depreciation | $ 4,195 | |||
Date of Construction | 2,004 | |||
Date Acquired | 4-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | David Jordan Phase II, Greenwood [Member] | MONTSERRAT | ||||
Encumbrances | $ 551 | |||
Initial Cost Land | 51 | |||
Initial Cost Building &Improvements | 1,591 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 225 | |||
Gross Amounts of Which Carried at End of Year Land | 51 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,816 | |||
Gross Amounts of Which Carried at End of Year Total | 1,867 | |||
Accumulated Depreciation | $ 506 | |||
Date of Construction | 1,999 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | David Jordan Phase III, Greenwood [Member] | MONTSERRAT | ||||
Encumbrances | $ 556 | |||
Initial Cost Land | 83 | |||
Initial Cost Building &Improvements | 2,179 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 356 | |||
Gross Amounts of Which Carried at End of Year Land | 83 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 2,535 | |||
Gross Amounts of Which Carried at End of Year Total | 2,618 | |||
Accumulated Depreciation | $ 649 | |||
Date of Construction | 2,003 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Desoto Ranch, DeSoto [Member] | TEXAS | ||||
Encumbrances | $ 14,877 | |||
Initial Cost Land | 1,349 | |||
Initial Cost Building &Improvements | 16,838 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 11 | |||
Gross Amounts of Which Carried at End of Year Land | 1,349 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,849 | |||
Gross Amounts of Which Carried at End of Year Total | 18,198 | |||
Accumulated Depreciation | $ 5,843 | |||
Date of Construction | 2,002 | |||
Date Acquired | 2-May | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Falcon Lakeslington [Member] | TEXAS | ||||
Encumbrances | $ 13,352 | |||
Initial Cost Land | 1,318 | |||
Initial Cost Building &Improvements | 14,461 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 27 | |||
Gross Amounts of Which Carried at End of Year Land | 1,318 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,488 | |||
Gross Amounts of Which Carried at End of Year Total | 15,806 | |||
Accumulated Depreciation | $ 5,570 | |||
Date of Construction | 2,001 | |||
Date Acquired | 1-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Heather Creek, Mesquite [Member] | TEXAS | ||||
Encumbrances | $ 10,976 | |||
Initial Cost Land | 1,326 | |||
Initial Cost Building &Improvements | 12,157 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 18 | |||
Gross Amounts of Which Carried at End of Year Land | 1,326 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,157 | |||
Gross Amounts of Which Carried at End of Year Total | 13,501 | |||
Accumulated Depreciation | $ 3,934 | |||
Date of Construction | 2,003 | |||
Date Acquired | 3-Mar | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Holland Lake, Weatherford [Member] | TEXAS | ||||
Encumbrances | $ 11,510 | |||
Initial Cost Land | 1,450 | |||
Initial Cost Building &Improvements | 14,955 | |||
Gross Amounts of Which Carried at End of Year Land | 1,450 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,955 | |||
Gross Amounts of Which Carried at End of Year Total | 16,405 | |||
Accumulated Depreciation | $ 976 | |||
Date of Construction | 2,004 | |||
Date Acquired | 14-May | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Lake Forest, Houston [Member] | TEXAS | ||||
Encumbrances | $ 11,808 | |||
Initial Cost Land | 335 | |||
Initial Cost Building &Improvements | 14,221 | |||
Gross Amounts of Which Carried at End of Year Land | 335 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,221 | |||
Gross Amounts of Which Carried at End of Year Total | 14,556 | |||
Accumulated Depreciation | $ 4,282 | |||
Date of Construction | 2,004 | |||
Date Acquired | 4-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Legacy at Pleasant Grove, Texarkana [Member] | TEXAS | ||||
Encumbrances | $ 14,495 | |||
Initial Cost Land | 2,005 | |||
Initial Cost Building &Improvements | 18,109 | |||
Gross Amounts of Which Carried at End of Year Land | 2,005 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 18,109 | |||
Gross Amounts of Which Carried at End of Year Total | 20,114 | |||
Accumulated Depreciation | $ 1,384 | |||
Date of Construction | 2,006 | |||
Date Acquired | 14-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Lofts at Reynolds Village, Asheville, NC [Member] | NORTH CAROLINA | ||||
Encumbrances | $ 28,230 | |||
Initial Cost Land | 3,704 | |||
Initial Cost Building &Improvements | 33,340 | |||
Gross Amounts of Which Carried at End of Year Land | 3,704 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 33,340 | |||
Gross Amounts of Which Carried at End of Year Total | 37,044 | |||
Accumulated Depreciation | $ 208 | |||
Date of Construction | 2,012 | |||
Date Acquired | 17-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Lodge at Pecan Creek, Denton [Member] | TEXAS | ||||
Encumbrances | $ 15,959 | |||
Initial Cost Land | 1,349 | |||
Initial Cost Building &Improvements | 16,180 | |||
Gross Amounts of Which Carried at End of Year Land | 1,349 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,180 | |||
Gross Amounts of Which Carried at End of Year Total | 17,529 | |||
Accumulated Depreciation | $ 2,494 | |||
Date of Construction | 2,011 | |||
Date Acquired | 5-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Mansions of Mansfield, Mansfield [Member] | TEXAS | ||||
Encumbrances | $ 15,084 | |||
Initial Cost Land | 977 | |||
Initial Cost Building &Improvements | 17,843 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 31 | |||
Gross Amounts of Which Carried at End of Year Land | 977 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 17,847 | |||
Gross Amounts of Which Carried at End of Year Total | 18,851 | |||
Accumulated Depreciation | $ 3,916 | |||
Date of Construction | 2,009 | |||
Date Acquired | 5-Sep | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Metropolitan Apartments, North Little Rock, AR [Member] | ARGENTINA | ||||
Encumbrances | $ 25,233 | |||
Initial Cost Land | 3,323 | |||
Initial Cost Building &Improvements | 29,857 | |||
Gross Amounts of Which Carried at End of Year Land | 3,323 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 29,857 | |||
Gross Amounts of Which Carried at End of Year Total | 33,180 | |||
Accumulated Depreciation | $ 1,109 | |||
Date of Construction | 2,010 | |||
Date Acquired | 16-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Mission Oaks, San Antonio [Member] | TEXAS | ||||
Encumbrances | $ 14,433 | |||
Initial Cost Land | 1,266 | |||
Initial Cost Building &Improvements | 16,717 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 122 | |||
Gross Amounts of Which Carried at End of Year Land | 1,266 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,839 | |||
Gross Amounts of Which Carried at End of Year Total | 18,105 | |||
Accumulated Depreciation | $ 4,495 | |||
Date of Construction | 2,005 | |||
Date Acquired | 5-May | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Monticello Estate, Monticello [Member] | ARGENTINA | ||||
Encumbrances | $ 431 | |||
Initial Cost Land | 36 | |||
Initial Cost Building &Improvements | 1,493 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 264 | |||
Gross Amounts of Which Carried at End of Year Land | 36 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,757 | |||
Gross Amounts of Which Carried at End of Year Total | 1,793 | |||
Accumulated Depreciation | $ 460 | |||
Date of Construction | 2,001 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Northside on Travis, Sherman [Member] | TEXAS | ||||
Encumbrances | $ 12,873 | |||
Initial Cost Land | 1,300 | |||
Initial Cost Building &Improvements | 14,586 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 26 | |||
Gross Amounts of Which Carried at End of Year Land | 1,300 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,586 | |||
Gross Amounts of Which Carried at End of Year Total | 15,886 | |||
Accumulated Depreciation | $ 3,038 | |||
Date of Construction | 2,009 | |||
Date Acquired | 7-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Oak Hollow, Sequin [Member] | TEXAS | ||||
Encumbrances | $ 11,680 | |||
Initial Cost Land | 1,435 | |||
Initial Cost Building &Improvements | 12,403 | |||
Gross Amounts of Which Carried at End of Year Land | 1,435 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,403 | |||
Gross Amounts of Which Carried at End of Year Total | 13,838 | |||
Accumulated Depreciation | $ 775 | |||
Date of Construction | 2,011 | |||
Date Acquired | 14-July | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Oceanaire Apartments, Biloxi, MS [Member] | MONTSERRAT | ||||
Encumbrances | $ 10,791 | |||
Initial Cost Land | 1,384 | |||
Initial Cost Building &Improvements | 12,575 | |||
Gross Amounts of Which Carried at End of Year Land | 1,384 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,575 | |||
Gross Amounts of Which Carried at End of Year Total | 13,959 | |||
Accumulated Depreciation | $ 318 | |||
Date of Construction | 2,009 | |||
Date Acquired | 16-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Overlook at Allensville, Sevierville [Member] | TUNISIA | ||||
Encumbrances | $ 12,079 | |||
Initial Cost Land | 1,228 | |||
Initial Cost Building &Improvements | 12,297 | |||
Gross Amounts of Which Carried at End of Year Land | 1,228 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,297 | |||
Gross Amounts of Which Carried at End of Year Total | 13,525 | |||
Accumulated Depreciation | $ 881 | |||
Date of Construction | 2,012 | |||
Date Acquired | 15-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Clarksville, Clarksville [Member] | TUNISIA | ||||
Encumbrances | $ 12,441 | |||
Initial Cost Land | 571 | |||
Initial Cost Building &Improvements | 14,360 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Land | 571 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 14,419 | |||
Gross Amounts of Which Carried at End of Year Total | 14,990 | |||
Accumulated Depreciation | $ 3,385 | |||
Date of Construction | 2,007 | |||
Date Acquired | 2-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Denham Springs, Denham Springs [Member] | LOUISIANA | ||||
Encumbrances | $ 18,249 | |||
Initial Cost Land | 1,022 | |||
Initial Cost Building &Improvements | 20,188 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 100 | |||
Gross Amounts of Which Carried at End of Year Land | 1,022 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 20,288 | |||
Gross Amounts of Which Carried at End of Year Total | 21,310 | |||
Accumulated Depreciation | $ 3,517 | |||
Date of Construction | 2,011 | |||
Date Acquired | 7-Jul | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Maumelle, Little Rock [Member] | ARGENTINA | ||||
Encumbrances | $ 15,438 | |||
Initial Cost Land | 1,048 | |||
Initial Cost Building &Improvements | 18,464 | |||
Gross Amounts of Which Carried at End of Year Land | 1,048 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 18,464 | |||
Gross Amounts of Which Carried at End of Year Total | 19,512 | |||
Accumulated Depreciation | $ 5,248 | |||
Date of Construction | 2,006 | |||
Date Acquired | 4-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Metro Center, Nashville [Member] | TUNISIA | ||||
Encumbrances | $ 10,148 | |||
Initial Cost Land | 947 | |||
Initial Cost Building &Improvements | 12,601 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 182 | |||
Gross Amounts of Which Carried at End of Year Land | 947 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 12,783 | |||
Gross Amounts of Which Carried at End of Year Total | 13,730 | |||
Accumulated Depreciation | $ 3,672 | |||
Date of Construction | 2,006 | |||
Date Acquired | 5-May | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Parc at Rogers, Rogers [Member] | ARGENTINA | ||||
Encumbrances | $ 20,004 | |||
Initial Cost Land | 1,482 | |||
Initial Cost Building &Improvements | 13,176 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 266 | |||
Asset Impairment | (3,180) | |||
Gross Amounts of Which Carried at End of Year Land | 1,482 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 20,262 | |||
Gross Amounts of Which Carried at End of Year Total | 21,744 | |||
Accumulated Depreciation | $ 4,836 | |||
Date of Construction | 2,007 | |||
Date Acquired | 4-Apr | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Preserve at Pecan Creek, Denton [Member] | TEXAS | ||||
Encumbrances | $ 14,006 | |||
Initial Cost Land | 885 | |||
Initial Cost Building &Improvements | 16,668 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 17 | |||
Gross Amounts of Which Carried at End of Year Land | 885 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,685 | |||
Gross Amounts of Which Carried at End of Year Total | 17,570 | |||
Accumulated Depreciation | $ 3,893 | |||
Date of Construction | 2,008 | |||
Date Acquired | 5-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Preserve at Prairie Pointe, Lubbock [Member] | TEXAS | ||||
Encumbrances | $ 9,928 | |||
Initial Cost Land | 1,074 | |||
Initial Cost Building &Improvements | 10,782 | |||
Gross Amounts of Which Carried at End of Year Land | 1,074 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 10,782 | |||
Gross Amounts of Which Carried at End of Year Total | 11,856 | |||
Accumulated Depreciation | $ 748 | |||
Date of Construction | 2,005 | |||
Date Acquired | 15-Apr | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Riverwalk Phase I, Greenville [Member] | MONTSERRAT | ||||
Encumbrances | $ 272 | |||
Initial Cost Land | 23 | |||
Initial Cost Building &Improvements | 1,543 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 175 | |||
Gross Amounts of Which Carried at End of Year Land | 23 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,718 | |||
Gross Amounts of Which Carried at End of Year Total | 1,741 | |||
Accumulated Depreciation | $ 504 | |||
Date of Construction | 2,003 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Riverwalk Phase II, Greenville [Member] | MONTSERRAT | ||||
Encumbrances | $ 1,053 | |||
Initial Cost Land | 52 | |||
Initial Cost Building &Improvements | 4,051 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 364 | |||
Gross Amounts of Which Carried at End of Year Land | 52 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 4,415 | |||
Gross Amounts of Which Carried at End of Year Total | 4,467 | |||
Accumulated Depreciation | $ 1,572 | |||
Date of Construction | 2,003 | |||
Date Acquired | 6-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Sawgrass Creek [Member] | FLORIDA | ||||
Initial Cost Land | $ 784 | |||
Initial Cost Building &Improvements | 7,056 | |||
Gross Amounts of Which Carried at End of Year Land | 784 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 7,056 | |||
Gross Amounts of Which Carried at End of Year Total | 7,840 | |||
Accumulated Depreciation | $ 249 | |||
Date of Construction | 2,008 | |||
Date Acquired | 16- Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Sonoma Court, Rockwall [Member] | TEXAS | ||||
Encumbrances | $ 10,456 | |||
Initial Cost Land | 941 | |||
Initial Cost Building &Improvements | 11,136 | |||
Gross Amounts of Which Carried at End of Year Land | 941 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 11,136 | |||
Gross Amounts of Which Carried at End of Year Total | 12,077 | |||
Accumulated Depreciation | $ 1,799 | |||
Date of Construction | 2,011 | |||
Date Acquired | 10-July | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Sugar Mill, Baton Rouge [Member] | LOUISIANA | ||||
Encumbrances | $ 11,031 | |||
Initial Cost Land | 1,437 | |||
Initial Cost Building &Improvements | 13,437 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 135 | |||
Gross Amounts of Which Carried at End of Year Land | 1,437 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,572 | |||
Gross Amounts of Which Carried at End of Year Total | 15,009 | |||
Accumulated Depreciation | $ 2,838 | |||
Date of Construction | 2,009 | |||
Date Acquired | 8-Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Tattersall Village, Hinesville, GA [Member] | GABON | ||||
Encumbrances | $ 20,025 | |||
Initial Cost Land | 2,670 | |||
Initial Cost Building &Improvements | 23,767 | |||
Gross Amounts of Which Carried at End of Year Land | 2,670 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 23,767 | |||
Gross Amounts of Which Carried at End of Year Total | 26,437 | |||
Accumulated Depreciation | $ 594 | |||
Date of Construction | 2,010 | |||
Date Acquired | 16-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Toulon, Gautier [Member] | MONTSERRAT | ||||
Encumbrances | $ 20,104 | |||
Initial Cost Land | 1,621 | |||
Initial Cost Building &Improvements | 20,107 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 372 | |||
Gross Amounts of Which Carried at End of Year Land | 1,621 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 20,479 | |||
Gross Amounts of Which Carried at End of Year Total | 22,100 | |||
Accumulated Depreciation | $ 3,267 | |||
Date of Construction | 2,011 | |||
Date Acquired | 9-Sep | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Tradewinds, Midland [Member] | TEXAS | ||||
Encumbrances | $ 13,882 | |||
Initial Cost Land | 3,313 | |||
Initial Cost Building &Improvements | 20,073 | |||
Gross Amounts of Which Carried at End of Year Land | 3,313 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 20,073 | |||
Gross Amounts of Which Carried at End of Year Total | 23,386 | |||
Accumulated Depreciation | $ 1,250 | |||
Date of Construction | 2,015 | |||
Date Acquired | 15-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villager, Ft. Walton [Member] | FLORIDA | ||||
Encumbrances | $ 713 | |||
Initial Cost Land | 141 | |||
Initial Cost Building &Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Land | 141 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,267 | |||
Gross Amounts of Which Carried at End of Year Total | 1,408 | |||
Accumulated Depreciation | $ 84 | |||
Date of Construction | 1,972 | |||
Date Acquired | 15-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villas at Park West I, Pueblo [Member] | COLOMBIA | ||||
Encumbrances | $ 10,250 | |||
Initial Cost Land | 1,171 | |||
Initial Cost Building &Improvements | 10,453 | |||
Gross Amounts of Which Carried at End of Year Land | 1,171 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 10,453 | |||
Gross Amounts of Which Carried at End of Year Total | 11,624 | |||
Accumulated Depreciation | $ 806 | |||
Date of Construction | 2,005 | |||
Date Acquired | 14-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Villas at Park West II, Pueblo [Member] | COLOMBIA | ||||
Encumbrances | $ 9,278 | |||
Initial Cost Land | 1,463 | |||
Initial Cost Building &Improvements | 13,060 | |||
Gross Amounts of Which Carried at End of Year Land | 1,463 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,060 | |||
Gross Amounts of Which Carried at End of Year Total | 14,523 | |||
Accumulated Depreciation | $ 1,007 | |||
Date of Construction | 2,010 | |||
Date Acquired | 14-Dec | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Vista Ridge, Tupelo [Member] | MONTSERRAT | ||||
Encumbrances | $ 10,530 | |||
Initial Cost Land | 1,339 | |||
Initial Cost Building &Improvements | 13,398 | |||
Gross Amounts of Which Carried at End of Year Land | 1,339 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 13,398 | |||
Gross Amounts of Which Carried at End of Year Total | 14,737 | |||
Accumulated Depreciation | $ 1,197 | |||
Date of Construction | 2,009 | |||
Date Acquired | 15-Oct | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Vistas of Vance Jackson, San Antonio [Member] | TEXAS | ||||
Encumbrances | $ 14,834 | |||
Initial Cost Land | 1,265 | |||
Initial Cost Building &Improvements | 16,760 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 121 | |||
Gross Amounts of Which Carried at End of Year Land | 1,265 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,881 | |||
Gross Amounts of Which Carried at End of Year Total | 18,146 | |||
Accumulated Depreciation | $ 5,159 | |||
Date of Construction | 2,004 | |||
Date Acquired | 4-Jan | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Waterford, Roseberg [Member] | TEXAS | ||||
Encumbrances | $ 16,940 | |||
Initial Cost Land | 2,341 | |||
Initial Cost Building &Improvements | 20,926 | |||
Gross Amounts of Which Carried at End of Year Land | 2,341 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 20,926 | |||
Gross Amounts of Which Carried at End of Year Total | 23,267 | |||
Accumulated Depreciation | $ 1,305 | |||
Date of Construction | 2,013 | |||
Date Acquired | 14-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Westwood, Mary Ester [Member] | FLORIDA | ||||
Encumbrances | $ 3,938 | |||
Initial Cost Land | 693 | |||
Initial Cost Building &Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Land | 693 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 6,650 | |||
Gross Amounts of Which Carried at End of Year Total | 7,343 | |||
Accumulated Depreciation | $ 430 | |||
Date of Construction | 1,972 | |||
Date Acquired | 15-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Properties Held for Investment Apartments [Member] | Windsong, Fort Worth [Member] | TEXAS | ||||
Encumbrances | $ 10,459 | |||
Initial Cost Land | 790 | |||
Initial Cost Building &Improvements | 11,595 | |||
Gross Amounts of Which Carried at End of Year Land | 790 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 11,595 | |||
Gross Amounts of Which Carried at End of Year Total | 12,385 | |||
Accumulated Depreciation | $ 4,019 | |||
Date of Construction | 2,002 | |||
Date Acquired | 3-Jul | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | ||||
Encumbrances | $ 68,470 | |||
Initial Cost Land | 19,555 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 85,236 | |||
Gross Amounts of Which Carried at End of Year Land | 19,555 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 85,236 | |||
Gross Amounts of Which Carried at End of Year Total | 104,791 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Abode Red Rock [Member] | ||||
Encumbrances | 22,945 | |||
Initial Cost Land | 6,038 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 28,095 | |||
Gross Amounts of Which Carried at End of Year Land | 6,038 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 28,095 | |||
Gross Amounts of Which Carried at End of Year Total | $ 34,133 | |||
Date Acquired | 17-Jan | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Forest Pines [Member] | ||||
Initial Cost Land | $ 5,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 269 | |||
Gross Amounts of Which Carried at End of Year Land | 5,040 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 269 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,309 | |||
Date Acquired | 17-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Lakeside Lofts, Farmers Branch [Member] | TEXAS | ||||
Encumbrances | $ 1 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 5,079 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 5,079 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,079 | |||
Date Acquired | 17-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | McKinney Point [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 137 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 137 | |||
Gross Amounts of Which Carried at End of Year Total | $ 137 | |||
Date Acquired | 17-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Bentonville [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 85 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 85 | |||
Gross Amounts of Which Carried at End of Year Total | $ 85 | |||
Date Acquired | 17-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Garland [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 81 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Total | $ 81 | |||
Date Acquired | 17-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Parc at Wylie [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 195 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 195 | |||
Gross Amounts of Which Carried at End of Year Total | $ 195 | |||
Date Acquired | 17-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Oak Hollow II [Member] | ||||
Encumbrances | $ 5,475 | |||
Initial Cost Land | 1,046 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4,622 | |||
Gross Amounts of Which Carried at End of Year Land | 1,046 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 4,622 | |||
Gross Amounts of Which Carried at End of Year Total | $ 5,668 | |||
Date Acquired | 7-Apr | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Overlook at Allensville Square II, Seigerville [Member] | TUNISIA | ||||
Initial Cost Land | $ 1,843 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 530 | |||
Gross Amounts of Which Carried at End of Year Land | 1,843 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 530 | |||
Gross Amounts of Which Carried at End of Year Total | $ 2,373 | |||
Date Acquired | 15-Nov | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Sawgrass II [Member] | ||||
Encumbrances | $ 1,007 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3,772 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 3,772 | |||
Gross Amounts of Which Carried at End of Year Total | $ 3,772 | |||
Date Acquired | 17-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Terra Lago, Rowlett [Member] | TEXAS | ||||
Encumbrances | $ 39,042 | |||
Initial Cost Land | 5,588 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 42,137 | |||
Gross Amounts of Which Carried at End of Year Land | 5,588 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 42,137 | |||
Gross Amounts of Which Carried at End of Year Total | $ 47,725 | |||
Date Acquired | 15-Nov | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Apalache Point [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | $ 149 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 149 | |||
Gross Amounts of Which Carried at End of Year Total | 149 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Eagle Crossing [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 81 | |||
Gross Amounts of Which Carried at End of Year Total | 81 | |||
Properties Held for Investment/Corporate Debt [Member] | Apartments Under Construction [Member] | Sugar Mill II [Member] | ||||
Cost Capitalized Subsequent to Acquisition Improvements | 4 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 4 | |||
Gross Amounts of Which Carried at End of Year Total | 4 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | ||||
Encumbrances | 126,579 | |||
Initial Cost Land | 17,545 | |||
Initial Cost Building &Improvements | 159,767 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 38,384 | |||
Asset Impairment | (14,900) | |||
Gross Amounts of Which Carried at End of Year Land | 17,545 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 183,251 | |||
Gross Amounts of Which Carried at End of Year Total | 200,796 | |||
Accumulated Depreciation | 63,646 | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 600 Las Colinass Colinas [Member] | TEXAS | ||||
Encumbrances | 38,600 | |||
Initial Cost Land | 5,751 | |||
Initial Cost Building &Improvements | 53,972 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 16,360 | |||
Gross Amounts of Which Carried at End of Year Land | 5,751 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 70,332 | |||
Gross Amounts of Which Carried at End of Year Total | 76,083 | |||
Accumulated Depreciation | $ 26,899 | |||
Date of Construction | 1,984 | |||
Date Acquired | 5-Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | 770 South Post Oak, Houston [Member] | TEXAS | ||||
Encumbrances | $ 12,600 | |||
Initial Cost Land | 1,763 | |||
Initial Cost Building &Improvements | 15,839 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 264 | |||
Gross Amounts of Which Carried at End of Year Land | 1,763 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 16,103 | |||
Gross Amounts of Which Carried at End of Year Total | 17,866 | |||
Accumulated Depreciation | $ 1,122 | |||
Date of Construction | 1,970 | |||
Date Acquired | 15-July | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Bridgeview Plaza, LaCrosse [Member] | WISCONSIN | ||||
Encumbrances | $ 4,906 | |||
Initial Cost Building &Improvements | 658 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 476 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,134 | |||
Gross Amounts of Which Carried at End of Year Total | 1,134 | |||
Accumulated Depreciation | $ 617 | |||
Date of Construction | 1,979 | |||
Date Acquired | 3-Mar | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Browning Place (Park West I), Farmers Branch [Member] | TEXAS | ||||
Encumbrances | $ 42,473 | |||
Initial Cost Land | 5,096 | |||
Initial Cost Building &Improvements | 47,711 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 13,728 | |||
Gross Amounts of Which Carried at End of Year Land | 5,096 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 61,439 | |||
Gross Amounts of Which Carried at End of Year Total | 66,535 | |||
Accumulated Depreciation | $ 23,746 | |||
Date of Construction | 1,984 | |||
Date Acquired | 5-Apr | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Mahogany Run Golf Course [Member] | VIRGIN ISLANDS, US | ||||
Initial Cost Land | $ 418 | |||
Initial Cost Building &Improvements | 6,037 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 147 | |||
Asset Impairment | (5,300) | |||
Gross Amounts of Which Carried at End of Year Land | 418 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 884 | |||
Gross Amounts of Which Carried at End of Year Total | 1,302 | |||
Accumulated Depreciation | $ 502 | |||
Date of Construction | 1,981 | |||
Date Acquired | 14-Nov | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Fruitland Plaza, Fruitland Park [Member] | FLORIDA | ||||
Initial Cost Land | $ 17 | |||
Initial Cost Building &Improvements | 16 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 67 | |||
Gross Amounts of Which Carried at End of Year Land | 17 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 83 | |||
Gross Amounts of Which Carried at End of Year Total | 100 | |||
Accumulated Depreciation | $ 54 | |||
Date Acquired | May92 | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Senlac VHP, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 622 | |||
Initial Cost Building &Improvements | 58 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 85 | |||
Gross Amounts of Which Carried at End of Year Land | 622 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 143 | |||
Gross Amounts of Which Carried at End of Year Total | 765 | |||
Accumulated Depreciation | $ 139 | |||
Date Acquired | 5-Aug | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Commercial Held for Investment [Member] | Stanford Center, Dallas [Member] | TEXAS | ||||
Encumbrances | $ 28,000 | |||
Initial Cost Land | 3,878 | |||
Initial Cost Building &Improvements | 35,476 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 7,257 | |||
Asset Impairment | (9,600) | |||
Gross Amounts of Which Carried at End of Year Land | 3,878 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 33,133 | |||
Gross Amounts of Which Carried at End of Year Total | 37,011 | |||
Accumulated Depreciation | $ 10,567 | |||
Date Acquired | 8-Jun | |||
Life on Which Depreciation In Latest Statement of Operation is Computed | 40 years | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | ||||
Encumbrances | $ 27,783 | |||
Initial Cost Land | 90,721 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 20,167 | |||
Asset Impairment | (33,329) | |||
Gross Amounts of Which Carried at End of Year Land | 91,065 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (13,162) | |||
Gross Amounts of Which Carried at End of Year Total | 77,559 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Audubon, Adams County [Member] | MONTSERRAT | ||||
Initial Cost Land | 519 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 296 | |||
Gross Amounts of Which Carried at End of Year Land | 519 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 296 | |||
Gross Amounts of Which Carried at End of Year Total | $ 815 | |||
Date Acquired | 7-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Bonneau Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,309 | |||
Gross Amounts of Which Carried at End of Year Land | 1,309 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,309 | |||
Date Acquired | 14-Dec | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Cooks Lane, Fort Worth [Member] | TEXAS | ||||
Encumbrances | $ 157 | |||
Initial Cost Land | 1,094 | |||
Gross Amounts of Which Carried at End of Year Land | 1,094 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,094 | |||
Date Acquired | 4-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dedeaux, Gulfport [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 1,612 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 46 | |||
Asset Impairment | (38) | |||
Gross Amounts of Which Carried at End of Year Land | 1,612 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 8 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,620 | |||
Date Acquired | 6-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Denham Springs, Denham Springs [Member] | LOUISIANA | ||||
Encumbrances | $ 61 | |||
Initial Cost Land | 714 | |||
Gross Amounts of Which Carried at End of Year Land | 714 | |||
Gross Amounts of Which Carried at End of Year Total | $ 714 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Gautier Land, Gautier [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 202 | |||
Gross Amounts of Which Carried at End of Year Land | 202 | |||
Gross Amounts of Which Carried at End of Year Total | $ 202 | |||
Date Acquired | Jul98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lake Shore Villas, Humble [Member] | TEXAS | ||||
Initial Cost Land | $ 81 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 3 | |||
Gross Amounts of Which Carried at End of Year Land | 81 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 3 | |||
Gross Amounts of Which Carried at End of Year Total | $ 84 | |||
Date Acquired | 2-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lubbock Land, Lubbock [Member] | TEXAS | ||||
Initial Cost Land | $ 234 | |||
Gross Amounts of Which Carried at End of Year Land | 234 | |||
Gross Amounts of Which Carried at End of Year Total | $ 234 | |||
Date Acquired | 4-Jan | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nakash, Malden [Member] | MACAU | ||||
Initial Cost Land | $ 103 | |||
Gross Amounts of Which Carried at End of Year Land | 103 | |||
Gross Amounts of Which Carried at End of Year Total | $ 103 | |||
Date Acquired | Jan93 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nashville, Nashville [Member] | TUNISIA | ||||
Initial Cost Land | $ 278 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Land | 278 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 59 | |||
Gross Amounts of Which Carried at End of Year Total | $ 337 | |||
Date Acquired | 2-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Ocean Estates, Gulfport [Member] | MONTSERRAT | ||||
Initial Cost Land | $ 1,418 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 390 | |||
Gross Amounts of Which Carried at End of Year Land | 1,418 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 390 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,808 | |||
Date Acquired | 7-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Texas Plaza Land, Irving [Member] | TEXAS | ||||
Initial Cost Land | $ 1,738 | |||
Asset Impairment | (238) | |||
Gross Amounts of Which Carried at End of Year Land | 1,738 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (238) | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,500 | |||
Date Acquired | 6-Dec | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Union Pacific Railroad Land, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 130 | |||
Gross Amounts of Which Carried at End of Year Land | 130 | |||
Gross Amounts of Which Carried at End of Year Total | $ 130 | |||
Date Acquired | 4-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Willowick Land, Pensacola [Member] | FLORIDA | ||||
Initial Cost Land | $ 137 | |||
Gross Amounts of Which Carried at End of Year Land | 137 | |||
Gross Amounts of Which Carried at End of Year Total | $ 137 | |||
Date Acquired | Jan95 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Windmill Farms Land, Kaufman County [Member] | TEXAS | ||||
Encumbrances | $ 14,922 | |||
Initial Cost Land | 48,927 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 14,210 | |||
Asset Impairment | (20,376) | |||
Gross Amounts of Which Carried at End of Year Land | 48,927 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (6,166) | |||
Gross Amounts of Which Carried at End of Year Total | $ 42,761 | |||
Date Acquired | 11-Nov | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | 2427 Valley View Ln, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 76 | |||
Gross Amounts of Which Carried at End of Year Land | 76 | |||
Gross Amounts of Which Carried at End of Year Total | $ 76 | |||
Date Acquired | 12-July | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Hollywood Casino Land Tract II, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 3,192 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 1,346 | |||
Gross Amounts of Which Carried at End of Year Land | 3,192 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 1,346 | |||
Gross Amounts of Which Carried at End of Year Total | $ 4,538 | |||
Date Acquired | 8-Mar | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Lacy Longhorn Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,169 | |||
Asset Impairment | (760) | |||
Gross Amounts of Which Carried at End of Year Land | 1,169 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (760) | |||
Gross Amounts of Which Carried at End of Year Total | $ 409 | |||
Date Acquired | 4-Jun | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Minivest Land, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 7 | |||
Gross Amounts of Which Carried at End of Year Land | 7 | |||
Gross Amounts of Which Carried at End of Year Total | $ 7 | |||
Date Acquired | 13-Apr | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mira Lago, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 53 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 15 | |||
Gross Amounts of Which Carried at End of Year Land | 53 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 15 | |||
Gross Amounts of Which Carried at End of Year Total | $ 68 | |||
Date Acquired | 1-May | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Croslin, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 184 | |||
Asset Impairment | (118) | |||
Gross Amounts of Which Carried at End of Year Land | 184 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (118) | |||
Gross Amounts of Which Carried at End of Year Total | $ 66 | |||
Date Acquired | Oct98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Nicholson Mendoza, Dallas [Member] | TEXAS | ||||
Initial Cost Land | $ 80 | |||
Asset Impairment | (51) | |||
Gross Amounts of Which Carried at End of Year Land | 80 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (51) | |||
Gross Amounts of Which Carried at End of Year Total | $ 29 | |||
Date Acquired | Oct98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Senlac Land Tract II, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 656 | |||
Gross Amounts of Which Carried at End of Year Land | 656 | |||
Gross Amounts of Which Carried at End of Year Total | $ 656 | |||
Date Acquired | 5-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Valley View 34 (Mercer Crossing), Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,173 | |||
Asset Impairment | (945) | |||
Gross Amounts of Which Carried at End of Year Land | 1,173 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (945) | |||
Gross Amounts of Which Carried at End of Year Total | $ 228 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Dominion Mercer, Farmers Branch, TX [Member] | TEXAS | ||||
Encumbrances | $ 11,125 | |||
Initial Cost Land | 4,040 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 2,998 | |||
Gross Amounts of Which Carried at End of Year Land | 4,040 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 2,998 | |||
Gross Amounts of Which Carried at End of Year Total | $ 7,038 | |||
Date Acquired | 16-Oct | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Mandahl Bay Land [Member] | ||||
Initial Cost Land | $ 667 | |||
Gross Amounts of Which Carried at End of Year Land | 667 | |||
Gross Amounts of Which Carried at End of Year Total | $ 667 | |||
Date Acquired | 5-Jan | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | McKinney 36, Collin County [Member] | TEXAS | ||||
Encumbrances | $ 1,211 | |||
Initial Cost Land | 456 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 161 | |||
Asset Impairment | (19) | |||
Gross Amounts of Which Carried at End of Year Land | 456 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 142 | |||
Gross Amounts of Which Carried at End of Year Total | $ 598 | |||
Date Acquired | Jan98 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Land, Kaufman County [Member] | TEXAS | ||||
Encumbrances | $ 307 | |||
Initial Cost Land | 80 | |||
Gross Amounts of Which Carried at End of Year Land | 80 | |||
Gross Amounts of Which Carried at End of Year Total | $ 80 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Travis Ranch Retail, Kaufman City [Member] | TEXAS | ||||
Initial Cost Land | $ 1,517 | |||
Gross Amounts of Which Carried at End of Year Land | 1,517 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,517 | |||
Date Acquired | 8-Aug | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | GNB Land ARI 8/06 L2870 [Member] | ||||
Initial Cost Land | $ 1,010 | |||
Gross Amounts of Which Carried at End of Year Land | 1,010 | |||
Gross Amounts of Which Carried at End of Year Total | 1,010 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | GNB Land Edina 6/07 L2875 [Member] | ||||
Initial Cost Land | 7,955 | |||
Asset Impairment | (6,023) | |||
Gross Amounts of Which Carried at End of Year Land | 7,955 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (6,023) | |||
Gross Amounts of Which Carried at End of Year Total | 1,932 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | GNB Land Edina B1530 [Member] | ||||
Initial Cost Land | 5,135 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 32 | |||
Asset Impairment | (3,692) | |||
Gross Amounts of Which Carried at End of Year Land | 5,135 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (3,660) | |||
Gross Amounts of Which Carried at End of Year Total | 1,475 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Manhattan Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | 344 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 611 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 611 | |||
Gross Amounts of Which Carried at End of Year Total | 267 | |||
Properties Held for Investment/Corporate Debt [Member] | Land Held for Investment [Member] | Meloy/Portage Land, Kent OH [Member] | ||||
Initial Cost Land | 5,119 | |||
Asset Impairment | (1,069) | |||
Gross Amounts of Which Carried at End of Year Land | 5,119 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | (1,069) | |||
Gross Amounts of Which Carried at End of Year Total | 4,050 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | ||||
Encumbrances | 119,786 | |||
Initial Cost Building &Improvements | 660 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 660 | |||
Gross Amounts of Which Carried at End of Year Total | 660 | |||
Accumulated Depreciation | 4 | |||
Properties Held for Investment/Corporate Debt [Member] | Corporate Departments/Investments/Misc [Member] | TCI - Corporate [Member] | ||||
Encumbrances | 119,786 | |||
Initial Cost Building &Improvements | 660 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 660 | |||
Gross Amounts of Which Carried at End of Year Total | 660 | |||
Accumulated Depreciation | 4 | |||
Properties Subject to Sales Contract [Member] | ||||
Encumbrances | 1,499 | |||
Initial Cost Land | 61,149 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 820 | |||
Asset Impairment | (13,734) | |||
Gross Amounts of Which Carried at End of Year Land | 48,235 | |||
Gross Amounts of Which Carried at End of Year Total | 48,235 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | ||||
Encumbrances | 1,499 | |||
Initial Cost Land | 61,149 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 820 | |||
Asset Impairment | (13,734) | |||
Gross Amounts of Which Carried at End of Year Land | 48,235 | |||
Gross Amounts of Which Carried at End of Year Total | 48,235 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Dominion Tract, Dallas [Member] | TEXAS | ||||
Encumbrances | 1,079 | |||
Initial Cost Land | 2,083 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 53 | |||
Asset Impairment | (133) | |||
Gross Amounts of Which Carried at End of Year Land | 2,003 | |||
Gross Amounts of Which Carried at End of Year Total | $ 2,003 | |||
Date Acquired | Mar99 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Hollywood Casino Tract I, Farmers Branch [Member] | TEXAS | ||||
Encumbrances | $ 420 | |||
Initial Cost Land | 1,608 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 125 | |||
Asset Impairment | (110) | |||
Gross Amounts of Which Carried at End of Year Land | 1,623 | |||
Gross Amounts of Which Carried at End of Year Total | 1,623 | |||
Accumulated Depreciation | $ 2,327 | |||
Date Acquired | 2-Jun | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | LaDue Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,845 | |||
Gross Amounts of Which Carried at End of Year Land | 1,845 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,845 | |||
Date Acquired | Jul98 | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Three Hickory Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 1,202 | |||
Gross Amounts of Which Carried at End of Year Land | 1,202 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,202 | |||
Date Acquired | 14-Mar | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Travelers Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 21,511 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 4 | |||
Gross Amounts of Which Carried at End of Year Land | 21,515 | |||
Gross Amounts of Which Carried at End of Year Total | $ 21,515 | |||
Date Acquired | 6-Nov | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Travelers Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 6,891 | |||
Asset Impairment | (4,978) | |||
Gross Amounts of Which Carried at End of Year Land | 1,913 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,913 | |||
Date Acquired | 6-Nov | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Valwood Land, Farmers Branch [Member] | TEXAS | ||||
Initial Cost Land | $ 3,332 | |||
Gross Amounts of Which Carried at End of Year Land | 3,332 | |||
Gross Amounts of Which Carried at End of Year Total | $ 3,332 | |||
Date Acquired | 14-Mar | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Walker Land, Dallas County [Member] | TEXAS | ||||
Initial Cost Land | $ 19,167 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 70 | |||
Asset Impairment | (6,062) | |||
Gross Amounts of Which Carried at End of Year Land | 13,175 | |||
Gross Amounts of Which Carried at End of Year Total | $ 13,175 | |||
Date Acquired | 6-Sep | |||
Properties Subject to Sales Contract [Member] | Land Subject to Sales Contract [Member] | Whorton Land Bentonville [Member] | ARGENTINA | ||||
Initial Cost Land | $ 3,510 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 568 | |||
Asset Impairment | (2,451) | |||
Gross Amounts of Which Carried at End of Year Land | 1,627 | |||
Gross Amounts of Which Carried at End of Year Total | $ 1,627 | |||
Date Acquired | 5-Jun | |||
Land Sold [Member] | ||||
Encumbrances | $ 910,694 | |||
Initial Cost Land | 249,710 | |||
Initial Cost Building &Improvements | 832,441 | |||
Cost Capitalized Subsequent to Acquisition Improvements | 148,654 | |||
Asset Impairment | (65,143) | |||
Gross Amounts of Which Carried at End of Year Land | 237,140 | |||
Gross Amounts of Which Carried at End of Year Building &Improvements | 928,866 | |||
Gross Amounts of Which Carried at End of Year Total | 1,165,662 | |||
Accumulated Depreciation | $ 177,546 |
SCHEDULE III REAL ESTATE AND 72
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Real Estate | |||
Balance at at beginning | $ 1,066,603 | $ 1,003,545 | $ 831,540 |
Additions | |||
Acquisitions, improvements and construction | 129,483 | 112,762 | 216,090 |
Deductions | |||
Sale of real estate | (30,424) | (49,704) | (38,785) |
Asset impairments | (5,300) | ||
Balance at ending | 1,165,662 | 1,066,603 | 1,003,545 |
Reconciliation of Accumulated Depreciation | |||
Balance at at beginning | 165,597 | 150,038 | 131,777 |
Additions | |||
Depreciation | 24,417 | 23,277 | 20,386 |
Deductions | |||
Sale of real estate | (12,468) | (7,718) | (2,125) |
Balance at ending | $ 177,546 | $ 165,597 | $ 150,038 |
SCHEDULE IV MORTGAGE LOANS (Det
SCHEDULE IV MORTGAGE LOANS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Carrying Amount of Mortgage | $ 97,775 | ||||
Accrued interest | 7,249 | ||||
Allowance for estimated losses | (15,770) | ||||
Total notes and interest receivable | $ 112,095 | $ 126,564 | $ 120,243 | $ 152,645 | |
Mortgage Loans [Member] | Christine Tunney [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 49 | ||||
Carrying Amount of Mortgage | $ 48 | ||||
Mortgage Loans [Member] | Compton Partners [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 289 | ||||
Carrying Amount of Mortgage | $ 289 | ||||
Mortgage Loans [Member] | David Monier [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 97 | ||||
Carrying Amount of Mortgage | $ 97 | ||||
Mortgage Loans [Member] | Earl Samson III [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | Edward Samson III [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | H198, LLC [Member] | Las Vegas Land [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2020-01 | ||||
Face Amount of Mortgage | $ 5,907 | ||||
Carrying Amount of Mortgage | $ 5,907 | ||||
Mortgage Loans [Member] | Hammon Operating Corporation [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 193 | ||||
Carrying Amount of Mortgage | $ 193 | ||||
Mortgage Loans [Member] | Harold Wolfe [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 193 | ||||
Carrying Amount of Mortgage | $ 193 | ||||
Mortgage Loans [Member] | Herrick Partners [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 91 | ||||
Carrying Amount of Mortgage | $ 91 | ||||
Mortgage Loans [Member] | Mary Anna MacLean [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 193 | ||||
Carrying Amount of Mortgage | $ 193 | ||||
Mortgage Loans [Member] | Michael Monier [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 304 | ||||
Carrying Amount of Mortgage | $ 304 | ||||
Mortgage Loans [Member] | Michale Witte [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | Palmer Brown Madden [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | Richard Schmaltz [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 203 | ||||
Carrying Amount of Mortgage | $ 203 | ||||
Mortgage Loans [Member] | Robert Baylis [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 193 | ||||
Carrying Amount of Mortgage | $ 193 | ||||
Mortgage Loans [Member] | Sherman Bull [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 193 | ||||
Carrying Amount of Mortgage | $ 193 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Echo Station) [Member] | 100% Interest in UH of Temple, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 9,719 | ||||
Face Amount of Mortgage | 1,809 | ||||
Carrying Amount of Mortgage | $ 1,481 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Inwood on the Park/UH of Inwood,LLC) [Member] | 100% Interest in UH of Inwood, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 22,227 | ||||
Face Amount of Mortgage | 5,462 | ||||
Carrying Amount of Mortgage | $ 5,059 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Kensington Park/UH of Kensington,LLC) [Member] | 100% Interest in UH of Kensington, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 18,723 | ||||
Face Amount of Mortgage | 4,310 | ||||
Carrying Amount of Mortgage | $ 3,933 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% of cash flow) [Member] | Interest in Unified Housing Foundation Inc. [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 15,756 | ||||
Face Amount of Mortgage | 8,836 | ||||
Carrying Amount of Mortgage | $ 6,369 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (31.5% of cash flow) [Member] | 100% Interest in HFS of Humble, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 15,965 | ||||
Face Amount of Mortgage | 2,959 | ||||
Carrying Amount of Mortgage | $ 2,732 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Limestone Ranch) [Member] | 100% Interest in UH of Vista Ridge, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 18,641 | ||||
Face Amount of Mortgage | 12,335 | ||||
Carrying Amount of Mortgage | $ 7,953 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock I) [Member] | 100% Interest in UH of Harvest Hill I, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 15,640 | ||||
Face Amount of Mortgage | 2,794 | ||||
Carrying Amount of Mortgage | $ 2,485 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Reserve at White Rock II) [Member] | 100% Interest in UH of Harvest Hill, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 14,026 | ||||
Face Amount of Mortgage | 2,843 | ||||
Carrying Amount of Mortgage | $ 2,555 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Timbers of Terrell) [Member] | 100% Interest in UH of Terrell, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 7,294 | ||||
Face Amount of Mortgage | 1,702 | ||||
Carrying Amount of Mortgage | $ 1,323 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Tivoli) [Member] | 100% Interest in UH of Tivoli, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 10,398 | ||||
Face Amount of Mortgage | 12,761 | ||||
Carrying Amount of Mortgage | $ 7,966 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Trails at White Rock) [Member] | 100% Interest in UH of Harvest Hill III, LLC [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 21,712 | ||||
Face Amount of Mortgage | 4,245 | ||||
Carrying Amount of Mortgage | $ 3,815 | ||||
Mortgage Loans [Member] | William H. Ingram [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | William S. Urkiel [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 97 | ||||
Carrying Amount of Mortgage | $ 97 | ||||
Mortgage Loans [Member] | Willingham Revocable Trust [Member] | Class A limited partnership interests in Edina Park Plaza Associates, L.P. [Member] | |||||
Interest Rate | 10.00% | ||||
Final Maturity Date | 2017-09 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 96 | ||||
Carrying Amount of Mortgage | $ 96 | ||||
Mortgage Loans [Member] | Various Related Party Notes [Member] | |||||
Periodic Payment Terms | Excess cash flow | ||||
Face Amount of Mortgage | $ 1,349 | ||||
Carrying Amount of Mortgage | 1,349 | ||||
Mortgage Loans [Member] | Various Non-Related Party Notes [Member] | |||||
Face Amount of Mortgage | 496 | ||||
Carrying Amount of Mortgage | $ 796 | ||||
Mortgage Loans [Member] | Leman Development, Ltd. [Member] | |||||
Interest Rate | [1] | 0.00% | |||
Face Amount of Mortgage | [1] | $ 1,500 | |||
Carrying Amount of Mortgage | [1] | $ 1,500 | |||
Mortgage Loans [Member] | One Realco Corporation [Member] | |||||
Interest Rate | [1] | 3.00% | |||
Final Maturity Date | [1] | 2017-01 | |||
Periodic Payment Terms | [1] | Interest and principal due at maturity. | |||
Face Amount of Mortgage | [1] | $ 10,000 | |||
Carrying Amount of Mortgage | [1] | $ 7,000 | |||
Mortgage Loans [Member] | Oulan-Chikh Family Trust [Member] | |||||
Interest Rate | 8.00% | ||||
Final Maturity Date | 2021-03 | ||||
Face Amount of Mortgage | $ 174 | ||||
Carrying Amount of Mortgage | $ 174 | ||||
Mortgage Loans [Member] | Realty Advisors Management, Inc. [Member] | |||||
Interest Rate | 2.28% | ||||
Final Maturity Date | 2016-12 | ||||
Periodic Payment Terms | Interest only paid quarterly. | ||||
Face Amount of Mortgage | $ 20,387 | ||||
Carrying Amount of Mortgage | $ 20,387 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. (Lakeshore Villas/HFS of Humble,LLC) (68.5% of cash flow) [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2032-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Prior Liens | $ 15,965 | ||||
Face Amount of Mortgage | 2,189 | ||||
Carrying Amount of Mortgage | $ 2,000 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2018-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Face Amount of Mortgage | $ 3,994 | ||||
Carrying Amount of Mortgage | $ 3,994 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2018-12 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Face Amount of Mortgage | $ 6,407 | ||||
Carrying Amount of Mortgage | $ 6,407 | ||||
Mortgage Loans [Member] | Unified Housing Foundation, Inc. [Member] | |||||
Interest Rate | 12.00% | ||||
Final Maturity Date | 2020-06 | ||||
Periodic Payment Terms | Excess cash flow | ||||
Face Amount of Mortgage | $ 5,760 | ||||
Carrying Amount of Mortgage | $ 5,760 | ||||
Mortgage Loans [Member] | Various Related Party Notes [Member] | |||||
Periodic Payment Terms | Excess cash flow | ||||
Face Amount of Mortgage | $ 1,814 | ||||
Carrying Amount of Mortgage | 465 | ||||
Mortgage Loans [Member] | Various Non-Related Party Notes [Member] | |||||
Face Amount of Mortgage | 16,048 | ||||
Carrying Amount of Mortgage | $ 15,252 | ||||
[1] | Fully reserved |
SCHEDULE IV MORTGAGE LOANS (D74
SCHEDULE IV MORTGAGE LOANS (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Movement in Mortgage Loans on Real Estate [Roll Forward] | |||
Balance at at beginning | $ 126,564 | $ 120,243 | $ 152,645 |
Additions | |||
New mortgage loans | 15,741 | 11,703 | 18,055 |
Increase (decrease) of interest receivable on mortgage loans | 581 | 13,835 | 11,130 |
Deductions | |||
Amounts received | (32,058) | (19,217) | (16,486) |
Non-cash reductions | (28,064) | ||
Balance at ending | $ 112,095 | $ 126,564 | $ 120,243 |