Transcontinental Realty Investors (TCI) 10-Q10 Aug 232023 Q2 Quarterly reportFinancial data

Company Profile

Cover

Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2023	Aug. 10, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-09240
Entity Registrant Name	TRANSCONTINENTAL REALTY INVESTORS, INC.
Entity Incorporation, State or Country Code	NV
Entity Tax Identification Number	94-6565852
Entity Address, Address Line One	1603 Lyndon B. Johnson Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Dallas
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75234
City Area Code	469
Local Phone Number	522-4200
Title of 12(b) Security	Common Stock
Trading Symbol	TCI
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,639,316
Entity Central Index Key	0000733590
Amendment Flag	false
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets
Real estate	$ 501,262	$ 493,821
Cash and cash equivalents	58,868	113,424
Restricted cash	10,938	108,883
Short-term investments	136,972	119,787
Notes receivable (including $66,630 at June 30, 2023 and December 31, 2022 from related parties)	135,556	129,304
Investment in unconsolidated joint venture	701	20,904
Receivables from related parties, net	146,148	147,142
Other assets (including $3,985 at June 30, 2023 and $4,040 at December 31, 2022 from related parties)	91,083	84,900
Total assets	1,081,528	1,218,165
Liabilities:
Mortgages and other notes payable	180,830	184,462
Bonds payable	0	129,218
Accounts payable and other liabilities (including $1,201 at June 30, 2023 and $599 at December 31, 2022 to related parties)	52,622	58,094
Accrued interest	2,292	5,198
Deferred revenue	581	581
Total liabilities	236,325	377,553
Equity
Common stock, $0.01 par value, 10,000,000 shares authorized; 8,639,316 shares issued and outstanding	86	86
Additional paid-in capital	260,387	260,387
Retained earnings	563,041	558,994
Total shareholders' equity	823,514	819,467
Noncontrolling interest	21,689	21,145
Total equity	845,203	840,612
Total liabilities and equity	$ 1,081,528	$ 1,218,165

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Notes receivable	$ 135,556	$ 129,304
Other assets	91,083	84,900
Accounts payable and other liabilities	$ 52,622	$ 58,094
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	10,000,000	10,000,000
Common stock, issued (in shares)	8,639,316	8,639,316
Common stock, outstanding (in shares)	8,639,316	8,639,316
Related Party
Notes receivable	$ 66,630	$ 66,630
Other assets	3,985	4,040
Accounts payable and other liabilities	$ 1,201	$ 599

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
Rental revenues (including $231 and $223 for the three months ended June 30, 2023 and 2022, respectively, and $499 and $479 for the six months ended June 30, 2023 and 2022, respectively, from related parties)	$ 11,389	$ 7,259	$ 22,398	$ 14,740
Other income	850	511	1,529	817
Total revenue	12,239	7,770	23,927	15,557
Expenses:
Property operating expenses (including $99 and $110 for the three months ended June 30, 2023 and 2022, respectively, and $199 and $227 for the six months ended June 30, 2023 and 2022, respectively, from related parties)	7,031	3,812	13,137	7,840
Depreciation and amortization	3,200	2,298	6,302	4,647
General and administrative (including $627 and $642 for the three months ended June 30, 2023 and 2022, respectively, and $2,058 and $1,934 for the six months ended June 30, 2023 and 2022, respectively, from related parties)	3,521	2,061	6,404	4,592
Advisory fee to related party	2,000	2,446	4,170	5,451
Total operating expenses	15,752	10,617	30,013	22,530
Net operating loss	(3,513)	(2,847)	(6,086)	(6,973)
Interest income (including $5,303 and $3,753 for the three months ended June 30, 2023 and 2022, respectively, and $10,440 and $7,298 for the six months ended June 30, 2023 and 2022, respectively, from related parties)	8,494	4,387	17,322	9,783
Interest expense	(2,426)	(4,541)	(5,513)	(9,150)
Gain on foreign currency transactions			993	17,904
Loss on early extinguishment of debt	(1,710)	0	(1,710)	(1,639)
Equity in income from unconsolidated joint venture	25	1,637	713	6,343
Gain on sale or write-down of assets, net	188	3,893	188	15,041
Income tax provision	(204)	(40)	(1,316)	(68)
Net income	876	16,621	4,591	31,241
Net income attributable to noncontrolling interest	(346)	(160)	(544)	(278)
Net income attributable to the Company	$ 530	$ 16,461	$ 4,047	$ 30,963
Earnings per share - basic and diluted
Basic (in dollars per share)	$ 0.06	$ 1.91	$ 0.47	$ 3.58
Diluted (in dollars per share)	$ 0.06	$ 1.91	$ 0.47	$ 3.58
Weighted average common shares used in computing earnings per share - basic and diluted
Basic (in shares)	8,639,316	8,639,316	8,639,316	8,639,316
Diluted (in shares)	8,639,316	8,639,316	8,639,316	8,639,316

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Rental revenue	$ 11,389	$ 7,259	$ 22,398	$ 14,740
Property operating expenses	7,031	3,812	13,137	7,840
General and administrative	3,521	2,061	6,404	4,592
Interest income	8,494	4,387	17,322	9,783
Related Party
Rental revenue	231	223	499	479
Property operating expenses	99	110	199	227
General and administrative	627	642	2,058	1,934
Interest income	$ 5,303	$ 3,753	$ 10,440	$ 7,298

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Total Shareholders' Equity	Common Stock	Additional Paid-in Capital	Retained Earnings	Noncontrolling Interest
Balance at beginning at Dec. 31, 2021	$ 371,608	$ 351,205	$ 86	$ 260,387	$ 90,732	$ 20,403
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	31,241	30,963			30,963	278
Balance at ending at Jun. 30, 2022	402,849	382,168	86	260,387	121,695	20,681
Balance at beginning at Mar. 31, 2022	386,228	365,707	86	260,387	105,234	20,521
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,621	16,461			16,461	160
Balance at ending at Jun. 30, 2022	402,849	382,168	86	260,387	121,695	20,681
Balance at beginning at Dec. 31, 2022	840,612	819,467	86	260,387	558,994	21,145
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	4,591	4,047			4,047	544
Balance at ending at Jun. 30, 2023	845,203	823,514	86	260,387	563,041	21,689
Balance at beginning at Mar. 31, 2023	844,327	822,984	86	260,387	562,511	21,343
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	876	530			530	346
Balance at ending at Jun. 30, 2023	$ 845,203	$ 823,514	$ 86	$ 260,387	$ 563,041	$ 21,689

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash Flow From Operating Activities:
Net income	$ 4,591	$ 31,241
Adjustments to reconcile net income to net cash used in operating activities:
Gain on sale or write down of assets	(188)	(15,041)
Gain on foreign currency transactions	(993)	(17,904)
Loss on early extinguishment of debt	1,710	1,639
Depreciation and amortization	7,180	6,363
Provision for bad debts	945	21
Equity in income from unconsolidated joint venture	(713)	(6,343)
Changes in assets and liabilities, net of dispositions:
Other assets	(8,366)	2,816
Related party receivables	(5,070)	(3,425)
Interest payable	(2,060)	(4,574)
Accounts payable and other liabilities	(5,472)	(2,310)
Net cash used in operating activities	(8,436)	(7,517)
Cash Flow From Investing Activities:
Collection of notes receivable	397	1,295
Originations and advances on notes receivable	(6,649)	(989)
Purchase of short-term investment	(82,324)	(31,500)
Redemption of short-term investments	65,139	39,750
Development and renovation of real estate	(6,244)	(8,215)
Deferred leasing costs	(197)	(922)
Proceeds from sale of assets	188	32,875
Distributions from unconsolidated joint venture	20,916	0
Net cash (used in) provided by investing activities	(8,774)	32,294
Cash Flow From Financing Activities:
Payments on mortgages, other notes and bonds payable	(134,840)	(39,249)
Debt extinguishment costs	(435)	(590)
Deferred financing costs	(16)	0
Net cash used in financing activities	(135,291)	(39,839)
Net decrease in cash, cash equivalents and restricted cash	(152,501)	(15,062)
Cash, cash equivalents and restricted cash, beginning of period	222,307	72,721
Cash, cash equivalents and restricted cash, end of period	$ 69,806	$ 57,659

Organization

Organization	6 Months Ended
Organization	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization As used herein, the terms “the Company”, “we”, “our”, or “us” refer to Transcontinental Realty Investors, Inc., a Nevada corporation, which was formed in 1984. Our common stock is listed on the New York Stock Exchange (“NYSE”) under the symbol “TCI”. We are owned approximately 78% by American Realty Investors, Inc. (“ARL”), whose common stock is listed on the NYSE under the symbol “ARL”, and 7% by the controlling shareholder of ARL. 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, industrial and retail space to various for-profit businesses as well as certain local, state and federal agencies. We also generate income from the sales of income-producing properties and land. Substantially all of our assets are held by our wholly-owned subsidiary, Southern Properties Capital Ltd. (“SPC”), which was formed for the purpose of raising funds by issuing non-convertible bonds that were listed on the Tel Aviv Stock Exchange ("TASE"). At June 30, 2023, our portfolio of properties consisted of: ● Four office buildings comprising in aggregate of approximately 1,056,793 square feet; ● Fourteen multifamily properties, owned directly by us, comprising of 2,328 units; and ● Approx imately 1,858 acres of devel oped and undeveloped land. Our day to day operations are managed by Pillar Income Asset Management, Inc. (“Pillar”). Pillar's duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing with third party lenders and investors. We have no employees; all of our services are performed by Pillar employees. Three of our commercial properties are managed by Regis Realty Prime, LLC (“Regis”). Regis provides leasing, construction management and brokerage services. Our multifamily properties and one of our commercial properties are managed by outside management companies. Pillar and Regis are considered to be related parties (See Note 14 – Related Party Transactions).

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
Summary of Significant Accounting Policies	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operation. An adjustment has been made to reclassify $519 and $937 interest expense to related parties for the three and six months ended June 30, 2022, respectively, from interest expense to interest income on the consolidated statements of operations. The consolidated balance sheet at December 31, 2022 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain 2022 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights.

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2023
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Earnings per share (“EPS”) is computed by dividing net income attributable to the Company by the weighted-average number of common shares outstanding during the period. The following table details our basic and diluted earnings per common share calculation: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 876 $ 16,621 $ 4,591 $ 31,241 Net income attributable to noncontrolling interest (346) (160) (544) (278) Net income attributable to the Company $ 530 $ 16,461 $ 4,047 $ 30,963 Weighted-average common shares outstanding — basic and diluted 8,639,316 8,639,316 8,639,316 8,639,316 EPS - attributable to common shares — basic and diluted $ 0.06 $ 1.91 $ 0.47 $ 3.58

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
Supplemental Cash Flow Information	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following presents the schedule of interest paid and other supplemental cash flow information: Six Months Ended June 30, 2023 2022 Cash paid for interest $ 7,836 $ 9,839 Cash - beginning of period Cash and cash equivalents $ 113,424 $ 50,735 Restricted cash 108,883 21,986 $ 222,307 $ 72,721 Cash - end of period Cash and cash equivalents $ 58,868 $ 38,199 Restricted cash 10,938 19,460 $ 69,806 $ 57,659 Payments on mortgages, other notes and bonds payable Payments on mortgages and other notes payable $ 3,664 $ 16,327 Payments on bond payable 131,176 22,922 $ 134,840 $ 39,249 The following is a schedule of noncash investing and financing activities: Six Months Ended June 30, 2023 2022 Property acquired in exchange for reduction of related party receivable $ 5,487 $ — Distribution from joint venture applied to Earn Out Obligation $ — $ 7,012

Operating Segments

Operating Segments	6 Months Ended
Operating Segments	Jun. 30, 2023
Segment Reporting [Abstract]
Operating Segments	Operating Segments Our segments are based on the internal reporting that we review for operational decision-making purposes. We operate in two reportable segments: (i) the acquisition, development, ownership and management of multifamily properties and (ii) the acquisition, ownership and management of commercial properties. The services for our multifamily segment include rental of apartments and other tenant services, including parking and storage space rental. Asset information by segment is not reported because we do not use this measure to assess performance or make decisions to allocate resources. Therefore, depreciation and amortization expense is not allocated among segments. General and administrative expenses, advisory fees, interest income and interest expense are not included in segment profit as our internal reporting addresses these items on a corporate level. The following table presents our reportable segments for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Multifamily Segment Revenues $ 7,658 $ 2,945 $ 15,031 $ 6,174 Operating expenses (4,478) (1,708) (8,186) (3,429) Profit from segment 3,180 1,237 6,845 2,745 Commercial Segment Revenues 3,731 4,314 7,367 8,566 Operating expenses (2,553) (2,104) (4,951) (4,411) Profit from segment 1,178 2,210 2,416 4,155 Total profit from segments $ 4,358 $ 3,447 $ 9,261 $ 6,900 The table below reflects the reconciliation of total profit from segments to net income for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total profit from segments $ 4,358 $ 3,447 $ 9,261 $ 6,900 Other non-segment items of income (expense) Depreciation and amortization (3,200) (2,298) (6,302) (4,647) General and administrative (3,521) (2,061) (6,404) (4,592) Advisory fee to related party (2,000) (2,446) (4,170) (5,451) Other income 850 511 1,529 817 Interest income 8,494 4,387 17,322 9,783 Interest expense (2,426) (4,541) (5,513) (9,150) Gain on foreign currency transactions 22 14,132 993 17,904 Loss on early extinguishment of debt (1,710) — (1,710) (1,639) Income from unconsolidated joint venture 25 1,637 713 6,343 Gain on sales or write-down of assets 188 3,893 188 15,041 Income tax provision (204) (40) (1,316) (68) Net income $ 876 $ 16,621 $ 4,591 $ 31,241

Lease Revenue

Lease Revenue	6 Months Ended
Lease Revenue	Jun. 30, 2023
Leases [Abstract]
Lease Revenue	Lease Revenue We lease our multifamily properties and commercial properties under agreements that are classified as operating leases. Our multifamily property leases generally include minimum rents and charges for ancillary services. Our commercial property leases generally included minimum rents and recoveries for property taxes and common area maintenance. Minimum rental revenues are recognized on a straight-line basis over the terms of the related leases. The following table summarizes the components of our rental revenue for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed component $ 10,922 $ 6,881 $ 21,630 $ 13,877 Variable component 467 378 768 863 $ 11,389 $ 7,259 $ 22,398 $ 14,740 The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less: 2023 $ 10,303 2024 8,795 2025 8,376 2026 8,024 2027 7,776 Thereafter 17,387 $ 60,661

Real Estate Activity

Real Estate Activity	6 Months Ended
Real Estate Activity	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Activity	Real Estate Activity Below is a summary of our real estate as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Land $ 108,993 $ 108,933 Building and improvements 370,854 359,904 Tenant improvements 26,435 25,611 Construction in progress 66,999 65,427 Total cost 573,281 559,875 Less accumulated depreciation (72,019) (66,054) Total real estate $ 501,262 $ 493,821 On March 15, 2023, we entered into a development agreement with Pillar to build a 240 unit multifamily property in Lake Wales, Florida that is expected to be completed in 2025 for a total cost of approximately $55,330. The cost of construction will be funded in part by a $33,000 construction loan ( See Note 12 - Mortgages and Other Notes Payable ) . The development agreement provides for a $1,637 fee that will be paid to Pillar over the construction period. As of June 30, 2023, we have incurred a total of $10,823 in development costs. Gain on sale or write-down of assets, net for the three and six months ended June 30, 2023 and 2022 consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Land(1) $ 188 $ 2,763 $ 188 $ 4,752 Multifamily Properties(2) — — — 9,603 Commercial Properties — 890 — 890 Other — 240 — (204) Total $ 188 $ 3,893 $ 188 $ 15,041 (1) Includes the gain on the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.

Short-term Investments

Short-term Investments	6 Months Ended
Short-term Investments	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Short-term Investments	Short-term Investments We have an investment in variable denominated floating rate notes and short-term commercial paper with maturities of less than nine months. The interest rate on the notes was 5.08% and 4.67% at June 30, 2023 and December 31, 2022, respectively.

Notes Receivable

Notes Receivable	6 Months Ended
Notes Receivable	Jun. 30, 2023
Receivables [Abstract]
Notes Receivable	Notes Receivable The following table summarizes our notes receivable as of June 30, 2023 and December 31, 2022: Carrying value Property/Borrower June 30, 2023 December 31, 2022 Interest Rate Maturity Date ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/26 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/26 Autumn Breeze(1) 2,157 2,326 5.00 % 7/1/25 Bellwether Ridge(1) 3,798 3,798 5.00 % 11/1/26 Dominion at Mercer Crossing(2) 6,500 — 9.25 % 6/7/28 Forest Pines(1) 6,472 6,472 5.00 % 5/1/24 Legacy Pleasant Grove 496 496 12.00 % 10/23/24 McKinney Ranch 3,926 3,926 6.00 % 9/15/24 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/26 Parc at Ingleside(1) 3,759 3,759 5.00 % 11/1/26 Parc at Opelika Phase II(1)(3) 3,190 3,190 10.00 % 1/13/23 Parc at Windmill Farms(1)(3) 7,886 7,886 5.00 % 11/1/22 Phillips Foundation for Better Living, Inc.(4) 182 182 12.00 % 3/31/24 Plum Tree(1) 1,767 1,767 5.00 % 4/26/26 Polk County Land 3,000 3,000 9.50 % 6/30/26 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/26 Spartan Land 5,907 5,907 12.00 % 1/16/25 Spyglass of Ennis(1)(3) 5,179 5,258 5.00 % 11/1/22 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/26 Unified Housing Foundation(4)(5) 20,325 20,325 12.00 % 6/30/28 Unified Housing Foundation(4)(5) 10,096 10,096 12.00 % 3/31/24 Unified Housing Foundation(4)(5) 6,990 6,990 12.00 % 3/31/25 Unified Housing Foundation(4)(5) 3,615 3,615 12.00 % 5/31/28 Unified Housing Foundation(4)(5) 17,172 17,172 12.00 % 12/31/32 Unified Housing Foundation(4)(5) 6,521 6,521 12.00 % 3/31/24 Unified Housing Foundation(4)(5) 1,549 1,549 12.00 % 4/30/24 Unified Housing Foundation(4)(5) 180 180 12.00 % 6/30/24 $ 135,556 $ 129,304 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property. (2) The note has an interest rate of prime plus 1.00%. (3) We are working with the borrower to extend the maturity and/or exercise our conversion option. (4) The borrower is deemed to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated Jo

Investment in Unconsolidated Joint Ventures	6 Months Ended
Investment in Unconsolidated Joint Ventures	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated Joint Ventures	Investment in Unconsolidated Joint Ventures On November 16, 2018 , our SPC subsidiary formed the Victory Abode Apartments, LLC ("VAA"), a joint venture with the Macquarie Group (“Macquarie”). VAA was formed as a result of a sale of the 50% ownership interest in a portfolio of multifamily properties owned by us in exchange for a 50% voting interest / 49% profit participation interest ("Class A interest") in VAA a nd a note payable. Concurrent with the Contributi on, VAA issued Class B interests with a 2% profits participation interest and no voting rights to the manager of VAA (“Class B Member”). In connection with the formation of VAA, ten of the initial properties were subject to an earn-out provision ("Earn Out") that provided for a remeasurement of value after a two-year period following the completion of construction. Upon the formation of VAA, we recorded an initial liability ("Earn Out Obligation") of $10,000 for the advance on the Earn Out that we received from Macquarie. Upon remeasurement, the Earn Out Obligation was determined to be approximately $39,600. In accordance with the joint venture operating agreement, the Earn Out Obligation was paid from our share of distributions from VAA in 2022. On September 16, 2022, VAA sold 45 of its properties (“VAA Sale Portfolio”) for $1,810,700, resulting in a gain on sale of $738,444 to the joint venture. In connection with the sale, we received an initial distribution of $182,848 from VAA, which included the payment of the remaining balance of the Earn Out Obligation. On November 1, 2022, we received an additional distribution from VAA, which included the full operational control of the remaining seven properties of VAA (“VAA Holdback Portfolio”) (See Note 11 - Acquisitions) and a cash payment of $204,036. We are in the process of negotiating the assumption of the mortgage notes payable on the VAA Holdback Portfolio with the lenders. On March 23, 2023, we received $17,976 from VAA, which represented the remaining distribution of the proceeds from the sale of the VAA Sale Portfolio. We used our share of the proceeds from the sale of the VAA Sale Portfolio to invest in short-term investments and real estate, pay down our debt and for general corporate purposes. The following is a summary of our investment in VAA: June 30, 2023 December 31, 2022 Assets Cash, cash equivalents and restricted cash $ 1,208 $ 50,058 Other assets — 2,346 $ 1,208 $ 52,404 Liabilities and partners' capital Liabilities from discontinued operations $ — $ 8,824 Other liabilities 22 1,988 Our share of partners' capital 701 20,904 Outside partner's capital 485 20,688 $ 1,208 $ 52,404 The following is a summary of income from VAA: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue Rental revenue $ — $ 4,032 $ — $ 7,963 Other revenue — 236 — 378 Total revenue — 4,268 — 8,341 Expenses Operating expenses 36 10,521 (295) 13,142 Depreciation and amortization — 845 — 1,689 Interest (19) 6,120 (310) 11,834 Total expenses 17 17,486 (605) 26,665 (Loss) income from continuing operations (17) (13,218) 605 (18,324) Income from discontinued operations 67 4,512 821 7,948 Net income (loss) $ 50 $ (8,706) $ 1,426 $ (10,376) Equity in income from unconsolidated joint venture $ 25 $ 1,637 $ 713 $ 6,343

Acquisitions

Acquisitions	6 Months Ended
Acquisitions	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Acquisitions	Acquisitions On November 1, 2022, we acquired the remaining 50% ownership interest in the VAA Holdback Portfolio that we did not previously own through a distribution from VAA (See Note 10 – Investment in Unconsolidated Joint Ventures). Prior to the acquisition, we had accounted for the VAA Holdback Portfolio under the equity method of accounting as part of our investment in VAA. The acquisition was completed in order to obtain 100% ownership and control over this well positioned portfolio of multifamily residential properties in southern United States. The VAA Holdback Portfolio consisted of the following properties: Property Location Units Blue Lake Villas Waxahachie, TX 186 Blue Lake Villas Phase II Waxahachie, TX 70 Northside on Travis Sherman, TX 200 Parc at Denham Springs Denham Spring, LA 224 Residences at Holland Lake Weatherford, TX 208 Villas of Park West I Pueblo, CO 148 Villas of Park West II Pueblo, CO 112 1,148 The following is a summary of the preliminary allocation of the fair value of the VAA Holdback Portfolio: Real estate $ 219,500 Other assets 4,843 Total assets acquired 224,343 Mortgage notes payable 70,330 Accounts payable and other liabilities 1,624 Accrued interest 190 Total liabilities assumed 72,144 Fair value of acquired net assets (100% ownership) $ 152,199 We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 219,500 Carrying value of investment 146,313 Gain on remeasurement of assets $ 73,187 From November 1, 2022 , we have included the VAA Holdback Portfolio in our consolidated financial statements.

Mortgages and Other Notes Payab

Mortgages and Other Notes Payable	6 Months Ended
Mortgages and Other Notes Payable	Jun. 30, 2023
Debt Disclosure [Abstract]
Mortgages and Other Notes Payable	Mortgages and Other Notes Payable The following table summarizes our mortgages and other notes payable as of June 30, 2023 and December 31, 2022: Carrying Value Interest Maturity Property/ Entity June 30, 2023 December 31, 2022 770 South Post Oak $ 11,285 $ 11,406 4.40 % 6/1/2025 Athens 1,155 1,155 4.00 % 8/28/2023 Blue Lake Villas(1) 9,588 9,673 3.15 % 11/1/2055 Blue Lake Villas Phase II(1) 3,386 3,424 2.85 % 6/1/2052 Chelsea 7,792 7,875 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 7,058 7,128 3.75 % 5/5/2024 Landing Bayou 14,036 14,161 3.50 % 9/1/2053 Legacy at Pleasant Grove 12,879 13,039 3.60 % 4/1/2048 Northside on Travis(1) 11,525 11,656 2.50 % 2/1/2053 Parc at Denham Springs(1) 16,569 16,737 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,699 15,789 4.05 % 2/1/2060 RCM HC Enterprises 5,086 5,086 5.00 % 12/31/2024 Residences at Holland Lake(1) 10,524 10,622 3.60 % 3/1/2053 Villas at Bon Secour 19,216 19,410 3.08 % 9/1/2031 Villas of Park West I(1) 9,278 9,373 3.04 % 3/1/2053 Villas of Park West II(1) 8,419 8,504 3.18 % 3/1/2053 Vista Ridge 9,594 9,674 4.00 % 8/1/2053 Windmill Farms(2) 4,391 6,400 7.75 % 2/28/2024 $ 180,830 $ 184,462 (1) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and are in the process of obtaining lender approval of the assumption. (2) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 and an interest rate of 7.75%. Interest payable at June 30, 2023 and December 31, 2022 , was $2,292 and $2,004, respectively. We capitalized interest of $0 and $800 for the three months ended June 30, 2023 and 2022, respectively, and $642 and $1,603 during the six months ended June 30, 2023 and 2022, respectively. On March 15, 2023 , we entered into a $33,000 construction loan to finance the development of Lake Wales (See Note 7 - Real Estate Activity) that bears interest at the Secured Overnight Financing Rate ("SOFR") plus 3% and matures on March 15, 2026 , with two one-year extension options. As of June 30, 2023 , we were in compliance with all of our loan covenants except for the minimum debt service coverage ratio (“DSCR”) for the loan on 770 South Post Oak. As a result, the lender requires us to lock the surplus cash flow of the property into a designated deposit account controlled by them, until we are in compliance with the DSCR for a period of two consecutive quarters. All of the above mortgages and other notes payable are collateralized by the underlying property. In addition, we have guaranteed the loans on Athens, Forest Grove, Lake Wales and Villas at Bon Secour.

Bonds Payable

Bonds Payable	6 Months Ended
Bonds Payable	Jun. 30, 2023
Debt Disclosure [Abstract]
Bonds Payable	Bonds Payable We issued nonconvertible bonds ("Bonds") through SPC, which were traded on the TASE. The Bonds were denominated in New Israeli Shekels ("NIS") and provided semiannual principal and interest payments through maturity. T he Bonds were subject to a number of covenants, which included restrictions on the distribution of cash from SPC. In connection with the Bonds, we incurred a gain on foreign currency transactions of $22 and $14,132 for the three months ended June 30, 2023 and 2022, respectively, and $993 and $17,904 for the six months ended June 30, 2023 and 2022, respectively. The outstanding balance of our Bonds at December 31, 2022 was as follows: Bond Issuance December 31, 2022 Interest Rate Maturity Series A Bonds(1) $ 28,971 7.30 % 7/31/23 Series B Bonds(1) 35,806 6.80 % 7/31/25 Series C Bonds(2) 66,546 4.65 % 1/31/23 131,323 Less unamortized deferred issuance costs (2,105) $ 129,218 (1) The bonds were collateralized by the assets of SPC. (2) The bonds were collateralized by a trust deed on Browning Place, a 625,297 square foot office building in Dallas, Texas. On January 31, 2023, we completed our scheduled bond payment, which included the full repayment of the Series C bonds. On May 4, 2023, we paid off the remaining balances of the Series A and Series B Bonds and withdrew from the TASE.

Related Party Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions We engage in certain business transactions with related parties, including but not limited to asset acquisition and dispositions of real estate. 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. Pillar and Regis are wholly owned by a subsidiary of May Realty Holdings, Inc., which also owns appro ximately 90.8% of ARL. Pillar is compensated for advisory services in accordance with an agreement. Regis receives property management fees and leasing commissions in accordance with the terms of its property-level management agreement. In addition, Regis is entitled to receive real estate brokerage commissions in accordance with the terms of a non-exclusive brokerage agreement. Rental income includes $231 and $223 for the three months ended June 30, 2023 and 2022, respectively, and $499 and $479 for the six months ended June 30, 2023 and 2022 , respectively, for office space leased to Pillar and Regis. Property operating expense includes $99 and $110 for the three months ended June 30, 2023 and 2022, respectively, and $199 and $227 for the six months ended June 30, 2023 and 2022 , respectively, for management fees on commercial properties payable to Regis. General and administrative expense includes $627 and $642 for the three months ended June 30, 2023 and 2022, respectively, and $2,058 and $1,934 for the six months ended June 30, 2023 and 2022 , respectively, for employee compensation and other reimbursable costs payable to Pillar. Advisory fees paid to Pillar were $2,000 and $2,446 for the three months ended June 30, 2023 and 2022, respectively, and $4,170 and $5,451 for the six months ended June 30, 2023 and 2022 , respectively. Notes receivable include amounts held by UHF (See Note 9 – Notes Receivable). UHF is deemed to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable. In addition, we have receivables from Pillar and other related parties. Related party receivables, net represents the net amounts outstanding from Pillar for loans and advances, net of unreimbursed fees, expenses and costs as provided above. Interest income on these notes and related party receivables was $5,303 and $3,753 for the three months ended June 30, 2023 and 2022, respectively, and

Noncontrolling Interests

Noncontrolling Interests	6 Months Ended
Noncontrolling Interests	Jun. 30, 2023
Noncontrolling Interest [Abstract]
Noncontrolling Interests	Noncontrolling Interests The noncontrolling interest represents the third party ownership interest in Income Opportunity Realty Investors, Inc. ("IOR"). Shares of IOR are listed on the NYSE American stock exchange under the symbol of IOR. We owned 81.1% in IOR during the three and six months ended June 30, 2023 and 2022

Deferred Income

Deferred Income	6 Months Ended
Deferred Income	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Deferred Income	Deferred Income In previous years, we sold properties to related parties at a gain, and therefore the sales criteria for the full accrual method was not met, and as such, we deferred the gain recognition and accounted for the sales by applying the finance, deposit, installment or cost recovery methods, as appropriate. The gain on these transactions is deferred until the properties are sold to a non-related third party. As of June 30, 2023 and December 31, 2022, we had deferred gain of $581.

Income Taxes

Income Taxes	6 Months Ended
Income Taxes	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We are part of a tax sharing and compensating agreement with respect to federal income taxes with ARL. In accordance with the agreement, o ur expense (benefit) in each year is calculated based on the amount of losses absorbed by taxable income multiplied by the maximum statutory tax rate of 21%. The following table summarizes our income tax provision: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current $ 204 $ 40 $ 1,316 $ 68 Deferred — — — — $ 204 $ 40 $ 1,316 $ 68

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and ContingenciesWe believe that we will generate excess cash from property operations in the next twelve months; such excess, however, might not be sufficient to discharge all of our obligations as they become due. We intend to sell income-producing assets, refinance real estate and obtain additional borrowings primarily secured by real estate to meet our liquidity requirements.

Subsequent Events

Subsequent Events	6 Months Ended
Subsequent Events	Jun. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	Subsequent EventsThe date to which events occurring after June 30, 2023, the date of the most recent balance sheet, have been evaluated for possible adjustment to the consolidated financial statements or disclosure is August 10, 2023, which is the date on which the consolidated financial statements were available to be issued.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. Certain prior year amounts have been reclassified to conform with the current year presentation. These reclassifications had no effect on the reported results of operation. An adjustment has been made to reclassify $519 and $937 interest expense to related parties for the three and six months ended June 30, 2022, respectively, from interest expense to interest income on the consolidated statements of operations. The consolidated balance sheet at December 31, 2022 was derived from the audited consolidated financial statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2022. Certain 2022 consolidated financial statement amounts have been reclassified to conform to the current presentation. We consolidate entities in which we are considered to be the primary beneficiary of a variable interest entity (“VIE”) or have a majority of the voting interest of the entity. We have determined that we are a primary beneficiary of the VIE when we have (i) the power to direct the activities of a VIE that most significantly impacts its economic performance, and (ii) the obligations to absorb losses or the right to receive benefits that could potentially be significant to the VIE. In determining whether we are the primary beneficiary, we consider qualitative and quantitative factors, including ownership interest, management representation, ability to control decision and other contractual rights. We account for entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary under the equity method of accounting. Accordingly, we include our share of the net earnings or losses of these entities in our results of operations.

Earnings per Share (Tables)

Earnings per Share (Tables)	6 Months Ended
Earnings per Share (Tables)	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share	The following table details our basic and diluted earnings per common share calculation: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Net income $ 876 $ 16,621 $ 4,591 $ 31,241 Net income attributable to noncontrolling interest (346) (160) (544) (278) Net income attributable to the Company $ 530 $ 16,461 $ 4,047 $ 30,963 Weighted-average common shares outstanding — basic and diluted 8,639,316 8,639,316 8,639,316 8,639,316 EPS - attributable to common shares — basic and diluted $ 0.06 $ 1.91 $ 0.47 $ 3.58

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
Supplemental Cash Flow Information (Tables)	Jun. 30, 2023
Supplemental Cash Flow Elements [Abstract]
Schedule of Interest Paid and Other Supplemental Cash Flow Information	The following presents the schedule of interest paid and other supplemental cash flow information: Six Months Ended June 30, 2023 2022 Cash paid for interest $ 7,836 $ 9,839 Cash - beginning of period Cash and cash equivalents $ 113,424 $ 50,735 Restricted cash 108,883 21,986 $ 222,307 $ 72,721 Cash - end of period Cash and cash equivalents $ 58,868 $ 38,199 Restricted cash 10,938 19,460 $ 69,806 $ 57,659 Payments on mortgages, other notes and bonds payable Payments on mortgages and other notes payable $ 3,664 $ 16,327 Payments on bond payable 131,176 22,922 $ 134,840 $ 39,249 The following is a schedule of noncash investing and financing activities: Six Months Ended June 30, 2023 2022 Property acquired in exchange for reduction of related party receivable $ 5,487 $ — Distribution from joint venture applied to Earn Out Obligation $ — $ 7,012

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
Operating Segments (Tables)	Jun. 30, 2023
Segment Reporting [Abstract]
Schedule of Profit by Reportable Segment	The following table presents our reportable segments for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Multifamily Segment Revenues $ 7,658 $ 2,945 $ 15,031 $ 6,174 Operating expenses (4,478) (1,708) (8,186) (3,429) Profit from segment 3,180 1,237 6,845 2,745 Commercial Segment Revenues 3,731 4,314 7,367 8,566 Operating expenses (2,553) (2,104) (4,951) (4,411) Profit from segment 1,178 2,210 2,416 4,155 Total profit from segments $ 4,358 $ 3,447 $ 9,261 $ 6,900
Schedule of Reconciliation of Revenue from Segments to Consolidated	The table below reflects the reconciliation of total profit from segments to net income for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Total profit from segments $ 4,358 $ 3,447 $ 9,261 $ 6,900 Other non-segment items of income (expense) Depreciation and amortization (3,200) (2,298) (6,302) (4,647) General and administrative (3,521) (2,061) (6,404) (4,592) Advisory fee to related party (2,000) (2,446) (4,170) (5,451) Other income 850 511 1,529 817 Interest income 8,494 4,387 17,322 9,783 Interest expense (2,426) (4,541) (5,513) (9,150) Gain on foreign currency transactions 22 14,132 993 17,904 Loss on early extinguishment of debt (1,710) — (1,710) (1,639) Income from unconsolidated joint venture 25 1,637 713 6,343 Gain on sales or write-down of assets 188 3,893 188 15,041 Income tax provision (204) (40) (1,316) (68) Net income $ 876 $ 16,621 $ 4,591 $ 31,241

Lease Revenue (Tables)

Lease Revenue (Tables)	6 Months Ended
Lease Revenue (Tables)	Jun. 30, 2023
Leases [Abstract]
Schedule of Rental Revenue	The following table summarizes the components of our rental revenue for the three and six months ended June 30, 2023 and 2022: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Fixed component $ 10,922 $ 6,881 $ 21,630 $ 13,877 Variable component 467 378 768 863 $ 11,389 $ 7,259 $ 22,398 $ 14,740
Schedule of Future Rental Payments	The following table summarizes the future rental payments that are payable to us from non-cancelable leases. The table excludes multifamily leases, which typically have a term of one-year or less: 2023 $ 10,303 2024 8,795 2025 8,376 2026 8,024 2027 7,776 Thereafter 17,387 $ 60,661

Real Estate Activity (Tables)

Real Estate Activity (Tables)	6 Months Ended
Real Estate Activity (Tables)	Jun. 30, 2023
Real Estate [Abstract]
Schedule of the Real Estate Owned	Below is a summary of our real estate as of June 30, 2023 and December 31, 2022: June 30, 2023 December 31, 2022 Land $ 108,993 $ 108,933 Building and improvements 370,854 359,904 Tenant improvements 26,435 25,611 Construction in progress 66,999 65,427 Total cost 573,281 559,875 Less accumulated depreciation (72,019) (66,054) Total real estate $ 501,262 $ 493,821
Schedule of Gain on Sale or Write-down of Assets, net	Gain on sale or write-down of assets, net for the three and six months ended June 30, 2023 and 2022 consists of the following: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Land(1) $ 188 $ 2,763 $ 188 $ 4,752 Multifamily Properties(2) — — — 9,603 Commercial Properties — 890 — 890 Other — 240 — (204) Total $ 188 $ 3,893 $ 188 $ 15,041 (1) Includes the gain on the sale of lots related to our investment in Windmill Farms, Mercer Crossing and other land holdings.

Notes Receivable (Tables)

Notes Receivable (Tables)	6 Months Ended
Notes Receivable (Tables)	Jun. 30, 2023
Receivables [Abstract]
Schedule of Notes Receivable	The following table summarizes our notes receivable as of June 30, 2023 and December 31, 2022: Carrying value Property/Borrower June 30, 2023 December 31, 2022 Interest Rate Maturity Date ABC Land and Development, Inc. $ 4,408 $ 4,408 9.50 % 6/30/26 ABC Paradise, LLC 1,210 1,210 9.50 % 6/30/26 Autumn Breeze(1) 2,157 2,326 5.00 % 7/1/25 Bellwether Ridge(1) 3,798 3,798 5.00 % 11/1/26 Dominion at Mercer Crossing(2) 6,500 — 9.25 % 6/7/28 Forest Pines(1) 6,472 6,472 5.00 % 5/1/24 Legacy Pleasant Grove 496 496 12.00 % 10/23/24 McKinney Ranch 3,926 3,926 6.00 % 9/15/24 One Realco Land Holding, Inc. 1,728 1,728 9.50 % 6/30/26 Parc at Ingleside(1) 3,759 3,759 5.00 % 11/1/26 Parc at Opelika Phase II(1)(3) 3,190 3,190 10.00 % 1/13/23 Parc at Windmill Farms(1)(3) 7,886 7,886 5.00 % 11/1/22 Phillips Foundation for Better Living, Inc.(4) 182 182 12.00 % 3/31/24 Plum Tree(1) 1,767 1,767 5.00 % 4/26/26 Polk County Land 3,000 3,000 9.50 % 6/30/26 Riverview on the Park Land, LLC 1,045 1,045 9.50 % 6/30/26 Spartan Land 5,907 5,907 12.00 % 1/16/25 Spyglass of Ennis(1)(3) 5,179 5,258 5.00 % 11/1/22 Steeple Crest(1) 6,498 6,498 5.00 % 8/1/26 Unified Housing Foundation(4)(5) 20,325 20,325 12.00 % 6/30/28 Unified Housing Foundation(4)(5) 10,096 10,096 12.00 % 3/31/24 Unified Housing Foundation(4)(5) 6,990 6,990 12.00 % 3/31/25 Unified Housing Foundation(4)(5) 3,615 3,615 12.00 % 5/31/28 Unified Housing Foundation(4)(5) 17,172 17,172 12.00 % 12/31/32 Unified Housing Foundation(4)(5) 6,521 6,521 12.00 % 3/31/24 Unified Housing Foundation(4)(5) 1,549 1,549 12.00 % 4/30/24 Unified Housing Foundation(4)(5) 180 180 12.00 % 6/30/24 $ 135,556 $ 129,304 (1) The note is convertible, at our option, into a 100% ownership interest in the underlying development property, and is collateralized by the underlying development property. (2) The note has an interest rate of prime plus 1.00%. (3) We are working with the borrower to extend the maturity and/or exercise our conversion option. (4) The borrower is deemed to be a related party due to our significant investment in the performance of the collateral secured by the notes receivable.

Investment in Unconsolidated _2

Investment in Unconsolidated Joint Ventures (Tables)	6 Months Ended
Investment in Unconsolidated Joint Ventures (Tables)	Jun. 30, 2023
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Investments in Unconsolidated Joint Ventures	The following is a summary of our investment in VAA: June 30, 2023 December 31, 2022 Assets Cash, cash equivalents and restricted cash $ 1,208 $ 50,058 Other assets — 2,346 $ 1,208 $ 52,404 Liabilities and partners' capital Liabilities from discontinued operations $ — $ 8,824 Other liabilities 22 1,988 Our share of partners' capital 701 20,904 Outside partner's capital 485 20,688 $ 1,208 $ 52,404 The following is a summary of income from VAA: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Revenue Rental revenue $ — $ 4,032 $ — $ 7,963 Other revenue — 236 — 378 Total revenue — 4,268 — 8,341 Expenses Operating expenses 36 10,521 (295) 13,142 Depreciation and amortization — 845 — 1,689 Interest (19) 6,120 (310) 11,834 Total expenses 17 17,486 (605) 26,665 (Loss) income from continuing operations (17) (13,218) 605 (18,324) Income from discontinued operations 67 4,512 821 7,948 Net income (loss) $ 50 $ (8,706) $ 1,426 $ (10,376) Equity in income from unconsolidated joint venture $ 25 $ 1,637 $ 713 $ 6,343

Acquisitions (Tables)

Acquisitions (Tables)	6 Months Ended
Acquisitions (Tables)	Jun. 30, 2023
Business Combination and Asset Acquisition [Abstract]
Schedule of Acquisitions	The VAA Holdback Portfolio consisted of the following properties: Property Location Units Blue Lake Villas Waxahachie, TX 186 Blue Lake Villas Phase II Waxahachie, TX 70 Northside on Travis Sherman, TX 200 Parc at Denham Springs Denham Spring, LA 224 Residences at Holland Lake Weatherford, TX 208 Villas of Park West I Pueblo, CO 148 Villas of Park West II Pueblo, CO 112 1,148 We have determined that the purchase price represented the fair value of the additional ownership interest in the VAA Holdback Portfolio that was acquired. Fair value of existing ownership interest (at 50% ownership) $ 219,500 Carrying value of investment 146,313 Gain on remeasurement of assets $ 73,187
Summary of Preliminary Allocation of Fair Value in Acquisition	The following is a summary of the preliminary allocation of the fair value of the VAA Holdback Portfolio: Real estate $ 219,500 Other assets 4,843 Total assets acquired 224,343 Mortgage notes payable 70,330 Accounts payable and other liabilities 1,624 Accrued interest 190 Total liabilities assumed 72,144 Fair value of acquired net assets (100% ownership) $ 152,199

Mortgages and Other Notes Pay_2

Mortgages and Other Notes Payable (Tables)	6 Months Ended
Mortgages and Other Notes Payable (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes our mortgages and other notes payable as of June 30, 2023 and December 31, 2022: Carrying Value Interest Maturity Property/ Entity June 30, 2023 December 31, 2022 770 South Post Oak $ 11,285 $ 11,406 4.40 % 6/1/2025 Athens 1,155 1,155 4.00 % 8/28/2023 Blue Lake Villas(1) 9,588 9,673 3.15 % 11/1/2055 Blue Lake Villas Phase II(1) 3,386 3,424 2.85 % 6/1/2052 Chelsea 7,792 7,875 3.40 % 12/1/2050 EQK Portage 3,350 3,350 10.00 % 11/13/2024 Forest Grove 7,058 7,128 3.75 % 5/5/2024 Landing Bayou 14,036 14,161 3.50 % 9/1/2053 Legacy at Pleasant Grove 12,879 13,039 3.60 % 4/1/2048 Northside on Travis(1) 11,525 11,656 2.50 % 2/1/2053 Parc at Denham Springs(1) 16,569 16,737 3.75 % 4/1/2051 Parc at Denham Springs Phase II 15,699 15,789 4.05 % 2/1/2060 RCM HC Enterprises 5,086 5,086 5.00 % 12/31/2024 Residences at Holland Lake(1) 10,524 10,622 3.60 % 3/1/2053 Villas at Bon Secour 19,216 19,410 3.08 % 9/1/2031 Villas of Park West I(1) 9,278 9,373 3.04 % 3/1/2053 Villas of Park West II(1) 8,419 8,504 3.18 % 3/1/2053 Vista Ridge 9,594 9,674 4.00 % 8/1/2053 Windmill Farms(2) 4,391 6,400 7.75 % 2/28/2024 $ 180,830 $ 184,462 (1) On November 1, 2022, we agreed to assume the mortgage note payable from our joint venture in connection with the acquisition of the underlying property (See Note 11 - Acquisitions) and are in the process of obtaining lender approval of the assumption. (2) On February 28, 2023, we extended the maturity of the loan to February 28, 2024 and an interest rate of 7.75%.

Bonds Payable (Tables)

Bonds Payable (Tables)	6 Months Ended
Bonds Payable (Tables)	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Bonds Payable	The outstanding balance of our Bonds at December 31, 2022 was as follows: Bond Issuance December 31, 2022 Interest Rate Maturity Series A Bonds(1) $ 28,971 7.30 % 7/31/23 Series B Bonds(1) 35,806 6.80 % 7/31/25 Series C Bonds(2) 66,546 4.65 % 1/31/23 131,323 Less unamortized deferred issuance costs (2,105) $ 129,218 (1) The bonds were collateralized by the assets of SPC. (2) The bonds were collateralized by a trust deed on Browning Place, a 625,297 square foot office building in Dallas, Texas.

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
Income Taxes (Tables)	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Provision	The following table summarizes our income tax provision: Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Current $ 204 $ 40 $ 1,316 $ 68 Deferred — — — — $ 204 $ 40 $ 1,316 $ 68

Organization (Details)

Organization (Details)	Jun. 30, 2023 ft² a property apartment
Office Building
Real Estate Properties [Line Items]
Number of real estate properties	4
Area of property \| ft²	1,056,793
Multifamily properties
Real Estate Properties [Line Items]
Number of real estate properties	14
Number of units in real estate property \| apartment	2,328
Developed and undeveloped land
Real Estate Properties [Line Items]
Area of land \| a	1,858
Regis Realty Prime, LLC \| Commercial properties
Real Estate Properties [Line Items]
Number of real estate properties	3
ARL \| Related Party Entities
Real Estate Properties [Line Items]
Ownership interest	7%
ARL \| Related Party Entities \| Majority Shareholder
Real Estate Properties [Line Items]
Ownership interest	78%

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Interest expense	$ 2,426	$ 4,541	$ 5,513	$ 9,150
Related Party
Related Party Transaction [Line Items]
Interest expense		$ 519		$ 937

Earnings per Share (Details)

Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Earnings Per Share [Abstract]
Net income	$ 876	$ 16,621	$ 4,591	$ 31,241
Net income attributable to noncontrolling interest	(346)	(160)	(544)	(278)
Net income attributable to the Company	$ 530	$ 16,461	$ 4,047	$ 30,963
Weighted-average common shares outstanding - basic (in shares)	8,639,316	8,639,316	8,639,316	8,639,316
Weighted-average common shares outstanding - diluted (in shares)	8,639,316	8,639,316	8,639,316	8,639,316
EPS - attributable to common shares - basic (in dollars per share)	$ 0.06	$ 1.91	$ 0.47	$ 3.58
EPS - attributable to common shares - diluted (in dollars per share)	$ 0.06	$ 1.91	$ 0.47	$ 3.58

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Roll Forward]
Cash paid for interest	$ 7,836	$ 9,839
Cash and cash equivalents, beginning balance	113,424	50,735
Restricted cash and cash equivalents, beginning balance	108,883	21,986
Cash, cash equivalents and restricted cash, beginning of period	222,307	72,721
Cash and cash equivalents, ending balance	58,868	38,199
Restricted Cash and cash equivalents, ending balance	10,938	19,460
Cash, cash equivalents and restricted cash, end of period	69,806	57,659
Payments on mortgages, other notes and bonds payable
Payments on mortgages and other notes payable	3,664	16,327
Payments on bond payable		22,922
Payments on mortgages, other notes and bonds payable	$ 134,840	$ 39,249

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Noncash Investing and Financing Activities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Cash Flow Elements [Abstract]
Property acquired in exchange for reduction of related party receivable	$ 5,487	$ 0
Distribution from joint venture applied to Earn Out Obligation	$ 0	$ 7,012

Operating Segments - Narrative

Operating Segments - Narrative (Details)	6 Months Ended
Operating Segments - Narrative (Details)	Jun. 30, 2023 segment
Segment Reporting [Abstract]
Number of reportable segments	2

Operating Segments - Profit by

Operating Segments - Profit by Reportable Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenues	$ 12,239	$ 7,770	$ 23,927	$ 15,557
Total profit from segments	(3,513)	(2,847)	(6,086)	(6,973)
Operating segments
Segment Reporting Information [Line Items]
Total profit from segments	4,358	3,447	9,261	6,900
Operating segments \| Multifamily Segment
Segment Reporting Information [Line Items]
Revenues	7,658	2,945	15,031	6,174
Operating expenses	(4,478)	(1,708)	(8,186)	(3,429)
Profit from segment	3,180	1,237	6,845	2,745
Operating segments \| Commercial Segment
Segment Reporting Information [Line Items]
Revenues	3,731	4,314	7,367	8,566
Operating expenses	(2,553)	(2,104)	(4,951)	(4,411)
Profit from segment	$ 1,178	$ 2,210	$ 2,416	$ 4,155

Operating Segments - Profit b_2

Operating Segments - Profit by Reportable Segment to Net Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Total profit from segments	$ (3,513)	$ (2,847)	$ (6,086)	$ (6,973)
Depreciation and amortization	(3,200)	(2,298)	(6,302)	(4,647)
General and administrative	(3,521)	(2,061)	(6,404)	(4,592)
Advisory fee to related party	(2,000)	(2,446)	(4,170)	(5,451)
Other income	850	511	1,529	817
Interest income	8,494	4,387	17,322	9,783
Interest expense	(2,426)	(4,541)	(5,513)	(9,150)
Gain on foreign currency transactions			993	17,904
Loss on early extinguishment of debt	(1,710)	0	(1,710)	(1,639)
Equity in income from unconsolidated joint venture	25	1,637	713	6,343
Gain on sales or write-down of assets	188	3,893	188	15,041
Income tax provision	(204)	(40)	(1,316)	(68)
Net income	876	16,621	4,591	31,241
Operating segments
Segment Reporting Information [Line Items]
Total profit from segments	4,358	3,447	9,261	6,900
Other non-segment items of income (expense)
Segment Reporting Information [Line Items]
Depreciation and amortization	(3,200)	(2,298)	(6,302)	(4,647)
General and administrative	(3,521)	(2,061)	(6,404)	(4,592)
Advisory fee to related party	(2,000)	(2,446)	(4,170)	(5,451)
Other income	850	511	1,529	817
Interest income	8,494	4,387	17,322	9,783
Interest expense	(2,426)	(4,541)	(5,513)	(9,150)
Gain on foreign currency transactions	22	14,132	993	17,904
Loss on early extinguishment of debt	(1,710)	0	(1,710)	(1,639)
Equity in income from unconsolidated joint venture	25	1,637	713	6,343
Gain on sales or write-down of assets	188	3,893	188	15,041
Income tax provision	$ (204)	$ (40)	$ (1,316)	$ (68)

Lease Revenue - Schedule of Ren

Lease Revenue - Schedule of Rental Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases [Abstract]
Fixed component	$ 10,922	$ 6,881	$ 21,630	$ 13,877
Variable component	467	378	768	863
Total rental revenue	$ 11,389	$ 7,259	$ 22,398	$ 14,740

Lease Revenue - Schedule of Fut

Lease Revenue - Schedule of Future Rental Payments (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases [Abstract]
2023	$ 10,303
2024	8,795
2025	8,376
2026	8,024
2027	7,776
Thereafter	17,387
Total	$ 60,661

Real Estate Activity - Real Est

Real Estate Activity - Real Estate Investment Components (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Real Estate [Abstract]
Land	$ 108,993	$ 108,933
Building and improvements	370,854	359,904
Tenant improvements	26,435	25,611
Construction in progress	66,999	65,427
Total cost	573,281	559,875
Less accumulated depreciation	(72,019)	(66,054)
Total real estate	$ 501,262	$ 493,821

Real Estate Activity - Narrativ

Real Estate Activity - Narrative (Details) - Lake Wales $ in Thousands		6 Months Ended
	Mar. 15, 2023 USD ($) apartment	Jun. 30, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of units in real estate property \| apartment	240
Real estate investment property, at cost	$ 55,330
Proceeds from construction loans payable	33,000
Fees related to construction	$ 1,637
Development costs		$ 10,823

Real Estate Activity - Schedule

Real Estate Activity - Schedule of Gain (Loss) on Sale or Write-down of Assets (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Jan. 14, 2022 USD ($) apartment	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net		$ 188	$ 3,893	$ 188	$ 15,041
Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Assumed value of the mortgage note payable	$ 14,740
Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net		188	2,763	188	4,752
Multifamily Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net		0	0	0	9,603
Commercial Properties
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net		0	890	0	890
Other
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Gain on sale or write-down of assets, net		$ 0	$ 240	$ 0	$ (204)
Toulon \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Number of units in real estate property \| apartment	240
Proceeds from sale	$ 26,750
Gain on sale	$ 9,364

Short-term Investments (Details

Short-term Investments (Details)	Jun. 30, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Interest rate	5.08%	4.67%

Notes Receivable - Schedule of

Notes Receivable - Schedule of Notes Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 135,556	$ 129,304
Notes Receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	135,556	129,304
Notes Receivable \| ABC Land and Development, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 4,408	4,408
Interest Rate	9.50%
Notes Receivable \| ABC Paradise, LLC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,210	1,210
Interest Rate	9.50%
Notes Receivable \| Autumn Breeze
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 2,157	2,326
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Bellwether Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,798	3,798
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Dominion at Mercer Crossing
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,500	0
Interest Rate	9.25%
Notes Receivable \| Dominion at Mercer Crossing \| Prime Rate
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Interest Rate	1%
Notes Receivable \| Forest Pines
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,472	6,472
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Legacy Pleasant Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 496	496
Interest Rate	12%
Notes Receivable \| McKinney Ranch
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,926	3,926
Interest Rate	6%
Notes Receivable \| One Realco Land Holding, Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,728	1,728
Interest Rate	9.50%
Notes Receivable \| Parc at Ingleside
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,759	3,759
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Parc at Opelika Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,190	3,190
Interest Rate	10%
Ownership interest if note converted	100%
Notes Receivable \| Parc at Windmill Farms
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 7,886	7,886
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Phillips Foundation For Better Living Inc.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 182	182
Interest Rate	12%
Notes Receivable \| Plum Tree
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,767	1,767
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Polk County Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,000	3,000
Interest Rate	9.50%
Notes Receivable \| Riverview on the Park Land, LLC
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,045	1,045
Interest Rate	9.50%
Notes Receivable \| Spartan Land
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 5,907	5,907
Interest Rate	12%
Notes Receivable \| Spyglass of Ennis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 5,179	5,258
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Steeple Crest
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,498	6,498
Interest Rate	5%
Ownership interest if note converted	100%
Notes Receivable \| Unified Housing Foundation Inc., Maturing June 30, 2023 A
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 20,325	20,325
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing March 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 10,096	10,096
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing March 31, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,990	6,990
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing May 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 3,615	3,615
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing December 31, 2032
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 17,172	17,172
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing March 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 6,521	6,521
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., Maturing April 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 1,549	1,549
Interest Rate	12%
Notes Receivable \| Unified Housing Foundation Inc., June 30, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Carrying value	$ 180	$ 180
Interest Rate	12%

Investment in Unconsolidated _3

Investment in Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands					6 Months Ended
	Mar. 23, 2023 USD ($)	Nov. 01, 2022 USD ($) property	Sep. 16, 2022 USD ($) property	Nov. 16, 2018 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)
Schedule of Equity Method Investments [Line Items]
Distributions from unconsolidated joint venture					$ 20,916	$ 0
VAA Sale Portfolio \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Proceeds from sale			$ 1,810,700
Gain on sale			738,444
Distributions from unconsolidated joint venture		$ 204,036	$ 182,848
Macquarie
Schedule of Equity Method Investments [Line Items]
Earn Out liability				$ 39,600
Unconsolidated joint venture
Schedule of Equity Method Investments [Line Items]
Contributed properties with earn-out provisions \| property				10
Earn-out provision period				2 years
Earn Out liability				$ 10,000
Unconsolidated joint venture \| VAA \| Class A interest
Schedule of Equity Method Investments [Line Items]
Equity method investment profit participation percentage				0.49
Unconsolidated joint venture \| VAA \| Class B interest
Schedule of Equity Method Investments [Line Items]
Equity method investment profit participation percentage				0.02
VAA \| Unconsolidated joint venture
Schedule of Equity Method Investments [Line Items]
Percentage ownership in VAA				50%
VAA \| Unconsolidated joint venture \| Disposal Group, Held-for-sale or Disposed of by Sale, Not Discontinued Operations
Schedule of Equity Method Investments [Line Items]
Number of real estate properties \| property		7	45
VAA \| Unconsolidated joint venture \| VAA Sale Portfolio
Schedule of Equity Method Investments [Line Items]
Distribution of income from unconsolidated joint venture	$ 17,976
VAA \| Unconsolidated joint venture \| VAA
Schedule of Equity Method Investments [Line Items]
Percentage ownership in VAA				50%

Investment in Unconsolidated _4

Investment in Unconsolidated Joint Ventures - Financial Position And Results of Operations From Our Investees (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash, cash equivalents and restricted cash	$ 69,806	$ 57,659	$ 69,806	$ 57,659	$ 222,307	$ 72,721
Other assets	91,083		91,083		84,900
Total assets	1,081,528		1,081,528		1,218,165
Liabilities and partners' capital
Total liabilities and equity	1,081,528		1,081,528		1,218,165
Revenue
Rental revenue	11,389	7,259	22,398	14,740
Other revenue	850	511	1,529	817
Total revenue	12,239	7,770	23,927	15,557
Expenses:
Depreciation and amortization			7,180	6,363
Net income	876	16,621	4,591	31,241
Equity in income from unconsolidated joint venture	25	1,637	713	6,343
Unconsolidated joint venture
Revenue
Rental revenue	0	4,032	0	7,963
Other revenue	0	236	0	378
Total revenue	0	4,268	0	8,341
Expenses:
Operating expenses	36	10,521	(295)	13,142
Depreciation and amortization	0	845	0	1,689
Interest	(19)	6,120	(310)	11,834
Total expenses	17	17,486	(605)	26,665
(Loss) income from continuing operations	(17)	(13,218)	605	(18,324)
Income from discontinued operations	67	4,512	821	7,948
Net income	50	(8,706)	1,426	(10,376)
Equity in income from unconsolidated joint venture	25	$ 1,637	713	$ 6,343
Unconsolidated joint venture \| VAA
Assets
Cash, cash equivalents and restricted cash	1,208		1,208		50,058
Other assets	0		0		2,346
Total assets	1,208		1,208		52,404
Liabilities and partners' capital
Liabilities from discontinued operations	0		0		8,824
Other liabilities	22		22		1,988
Our share of partners' capital	701		701		20,904
Outside partner's capital	485		485		20,688
Total liabilities and equity	$ 1,208		$ 1,208		$ 52,404

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) - VAA Holdback Portfolio	Nov. 01, 2022
Business Acquisition [Line Items]
Ownership interest acquired	50%
Ownership interest after interest acquired	100%

Acquisitions - Asset Acquisitio

Acquisitions - Asset Acquisition Of Properties (Details) - VAA Holdback Portfolio	Nov. 01, 2022 property
Business Acquisition [Line Items]
Number of units in real estate property	1,148
Blue Lake Villas
Business Acquisition [Line Items]
Number of units in real estate property	186
Blue Lake Villas Phase II
Business Acquisition [Line Items]
Number of units in real estate property	70
Northside on Travis
Business Acquisition [Line Items]
Number of units in real estate property	200
Parc at Denham Springs
Business Acquisition [Line Items]
Number of units in real estate property	224
Residences at Holland Lake
Business Acquisition [Line Items]
Number of units in real estate property	208
Villas of Park West I
Business Acquisition [Line Items]
Number of units in real estate property	148
Villas of Park West II
Business Acquisition [Line Items]
Number of units in real estate property	112

Acquisitions - Summary of Preli

Acquisitions - Summary of Preliminary Allocation of The Fair Value (Details) - VAA Holdback Portfolio $ in Thousands	Nov. 01, 2022 USD ($)
Business Acquisition [Line Items]
Real estate	$ 219,500
Other assets	4,843
Total assets acquired	224,343
Mortgage notes payable	70,330
Accounts payable and other liabilities	1,624
Accrued interest	190
Total liabilities assumed	$ 72,144
Ownership interest after interest acquired	100%
Fair value of acquired net assets (100% ownership)	$ 152,199

Acquisitions - Purchase Price O

Acquisitions - Purchase Price Of Additional Ownership Interest (Details) - VAA Holdback Portfolio - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Nov. 01, 2022
Business Acquisition [Line Items]
Ownership interest acquired		50%
Fair value of existing ownership interest (at 50% ownership)	$ 219,500
Carrying value of investment	146,313
Gain on remeasurement of assets	$ 73,187

Mortgages and Other Notes Pay_3

Mortgages and Other Notes Payable - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Feb. 28, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 180,830		$ 184,462
Mortgages and other notes payable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	180,830		184,462
Mortgages and other notes payable \| 770 South Post Oak
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 11,285		11,406
Interest rate	4.40%
Mortgages and other notes payable \| Athens
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 1,155		1,155
Interest rate	4%
Mortgages and other notes payable \| Blue Lake Villas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 9,588		9,673
Interest rate	3.15%
Mortgages and other notes payable \| Blue Lake Villas Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 3,386		3,424
Interest rate	2.85%
Mortgages and other notes payable \| Chelsea
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 7,792		7,875
Interest rate	3.40%
Mortgages and other notes payable \| EQK Portage
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 3,350		3,350
Interest rate	10%
Mortgages and other notes payable \| Forest Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 7,058		7,128
Interest rate	3.75%
Mortgages and other notes payable \| Landing Bayou
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 14,036		14,161
Interest rate	3.50%
Mortgages and other notes payable \| Legacy at Pleasant Grove
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 12,879		13,039
Interest rate	3.60%
Mortgages and other notes payable \| Northside on Travis
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 11,525		11,656
Interest rate	2.50%
Mortgages and other notes payable \| Parc at Denham Springs
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 16,569		16,737
Interest rate	3.75%
Mortgages and other notes payable \| Parc at Denham Springs Phase II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 15,699		15,789
Interest rate	4.05%
Mortgages and other notes payable \| RCM HC Enterprises
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 5,086		5,086
Interest rate	5%
Mortgages and other notes payable \| Residences at Holland Lake
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 10,524		10,622
Interest rate	3.60%
Mortgages and other notes payable \| Villas at Bon Secour
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 19,216		19,410
Interest rate	3.08%
Mortgages and other notes payable \| Villas of Park West I
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 9,278		9,373
Interest rate	3.04%
Mortgages and other notes payable \| Villas of Park West II
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 8,419		8,504
Interest rate	3.18%
Mortgages and other notes payable \| Vista Ridge
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 9,594		9,674
Interest rate	4%
Mortgages and other notes payable \| Windmill Farms
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Mortgages and other notes payable	$ 4,391		$ 6,400
Interest rate	7.75%	7.75%

Mortgages and Other Notes Pay_4

Mortgages and Other Notes Payable - Narrative (Details) $ in Thousands		3 Months Ended		6 Months Ended
	Mar. 15, 2023 USD ($) extension_option	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Interest payable		$ 2,292		$ 2,292		$ 5,198
Interest costs capitalized		0	$ 800	642	$ 1,603
Lake Wales
Debt Instrument [Line Items]
Proceeds from construction loans payable	$ 33,000
Number of extension options \| extension_option	2
Extension term	1 year
SOFR \| Lake Wales
Debt Instrument [Line Items]
Variable interest rate	3%
Mortgages and other notes payable
Debt Instrument [Line Items]
Interest payable		$ 2,292		$ 2,292		$ 2,004

Bonds Payable - Narrative (Deta

Bonds Payable - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Debt Instrument [Line Items]
Gain on foreign currency transactions			$ 993	$ 17,904
Payments on bond payable				22,922
Bonds
Debt Instrument [Line Items]
Gain on foreign currency transactions	$ 22	$ 14,132	993	$ 17,904
Series C Bonds
Debt Instrument [Line Items]
Payments on bond payable			$ 131,176

Bonds Payable - Schedule of Lon

Bonds Payable - Schedule of Long-term Debt Instruments (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) ft²	Jun. 30, 2023 USD ($)
Debt Instrument [Line Items]
Bonds	$ 131,323
Less unamortized deferred issuance costs	(2,105)
Bonds payable	129,218	$ 0
Series A Bonds
Debt Instrument [Line Items]
Bonds	$ 28,971
Interest Rate	7.30%
Series B Bonds
Debt Instrument [Line Items]
Bonds	$ 35,806
Interest Rate	6.80%
Series C Bonds
Debt Instrument [Line Items]
Bonds	$ 66,546
Interest Rate	4.65%
Series C Bonds \| Browning Place
Debt Instrument [Line Items]
Land collateral \| ft²	625,297

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Rental revenue	$ 11,389	$ 7,259	$ 22,398	$ 14,740
Property operating expenses	7,031	3,812	13,137	7,840
General and administrative	3,521	2,061	6,404	4,592
Advisory fee to related party	2,000	2,446	4,170	5,451
Interest income	8,494	4,387	17,322	9,783
Interest expense	2,426	4,541	5,513	9,150
Related Party \| Pillar and Regis
Related Party Transaction [Line Items]
Rental revenue	231	223	499	479
Related Party \| Regis
Related Party Transaction [Line Items]
Property operating expenses	99	110	199	227
Related Party \| Pillar
Related Party Transaction [Line Items]
General and administrative	627	642	2,058	1,934
Advisory fee to related party	2,000	2,446	4,170	5,451
Related Party \| UHF and Pillar
Related Party Transaction [Line Items]
Interest income	$ 5,303	$ 3,753	$ 10,440	$ 7,298
Related Party \| MRHI \| ARL
Related Party Transaction [Line Items]
Ownership interest	90.80%		90.80%

Noncontrolling Interests (Detai

Noncontrolling Interests (Details)	Jun. 30, 2023	Jun. 30, 2022
IOR
Noncontrolling Interest [Line Items]
Ownership interest	81.10%	81.10%

Deferred Income (Details)

Deferred Income (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Deferred revenue	$ 581	$ 581

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Current	$ 204	$ 40	$ 1,316	$ 68
Deferred	0	0	0	0
Income tax provision	$ 204	$ 40	$ 1,316	$ 68