CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2011	Jun. 30, 2010	Jun. 30, 2011	Jun. 30, 2010
Revenues:
Rental and other property revenues (including $358 and $908 for the three months and $730 and $1,766 for the six months ended 2011 and 2010 respectively from affiliates and related parties)	$ 31,785	$ 30,589	$ 61,439	$ 61,287
Expenses:
Property operating expenses (including $403 and $429 for the three months and $675 and $884 for the six months ended 2011 and 2010 respectively from affiliates and related parties)	16,200	18,129	32,675	35,338
Depreciation and amortization	4,371	6,353	10,433	12,214
General and administrative (including $906 and $786 for the three months and $1,748 and $1,677 for the six months ended 2011 and 2010 respectively from affiliates and related parties)	2,588	1,793	4,730	3,619
Provision on impairment of notes receivable and real estate assets	444	0	6,503	0
Advisory fee to affiliate	2,626	2,962	5,246	6,058
Total operating expenses	26,229	29,237	59,587	57,229
Operating income (loss)	5,556	1,352	1,852	4,058
Other income (expense):
Interest income (including $700 and $567 for the three months and $1,051 and $1,220 for the six months ended 2011 and 2010 respectively from affiliates and related parties)	704	832	1,130	1,691
Other income	100	249	1,314	914
Mortgage and loan interest (including $1,269 and $883 for the three months and $1,567 and $1,721 for the six months ended 2011 and 2010 respectively from affiliates and related parties)	(14,611)	(15,663)	(28,035)	(30,377)
Earnings from unconsolidated subsidiaries and investees	117	(50)	57	(112)
Total other expenses	(13,690)	(14,632)	(25,534)	(27,884)
Loss before gain on land sales, non-controlling interest, and tax	(8,134)	(13,280)	(23,682)	(23,826)
Gain (loss) on land sales	1,285	(5,640)	2,081	(5,634)
Loss from continuing operations before tax	(6,849)	(18,920)	(21,601)	(29,460)
Income tax benefit	2,584	554	1,637	431
Net loss from continuing operations	(4,265)	(18,366)	(19,964)	(29,029)
Discontinued operations:
Loss from discontinued operations.	(469)	(1,444)	(1,440)	(956)
Loss on sale of real estate from discontinued operations	(6,914)	(139)	(3,238)	(139)
Income tax expense from discontinued operations	(2,584)	(554)	(1,637)	(383)
Net loss from discontinued operations	(9,967)	(2,137)	(6,315)	(1,478)
Net loss.	(14,232)	(20,503)	(26,279)	(30,507)
Net (income) loss attributable to non-controlling interest	46	113	130	(160)
Net loss attributable to Transcontinental Realty Investors, Inc.	(14,186)	(20,390)	(26,149)	(30,667)
Preferred dividend requirement	(277)	(264)	(551)	(527)
Net loss applicable to common shares	(14,463)	(20,654)	(26,700)	(31,194)
Earnings per share - basic
Loss from continuing operations	$ (0.53)	$ (2.28)	$ (2.45)	$ (3.66)
Loss from discontinued operations..	$ (1.18)	$ (0.26)	$ (0.76)	$ (0.18)
Net loss applicable to common shares.	$ (1.71)	$ (2.54)	$ (3.21)	$ (3.84)
Earnings per share - diluted
Loss from continuing operations.	$ (0.53)	$ (2.28)	$ (2.45)	$ (3.66)
Loss from discontinued operations	$ (1.18)	$ (0.26)	$ (0.76)	$ (0.18)
Net loss applicable to common shares..	$ (1.71)	$ (2.54)	$ (3.21)	$ (3.84)
Weighted average common share used in computing earnings per share	8,413,469	8,113,669	8,327,281	8,113,669
Weighted average common share used in computing diluted earnings per share	8,413,469	8,113,669	8,327,281	8,113,669
Amounts attributable to Transcontinental Realty Investors, Inc.
Loss from continuing operations..	0	(18,253)	(19,834)	(29,189)
Loss from discontinued operations.,	0	(2,137)	(6,315)	(1,478)
Net loss	$ 0	$ (20,390)	$ (26,149)	$ (30,667)