CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2011	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2010
Revenues:
Rental and other property revenues (including $17 and $450 for the three months and $50 and $1,363 for the nine months ended 2011 and 2010 respectively from affiliates and related parties)	$ 31,302	$ 28,124	$ 89,796	$ 85,441
Expenses:
Property operating expenses (including $245 and $331 for the three months and $882 and $970 for the nine months ended 2011 and 2010 respectively from affiliates and related parties)	17,206	16,098	48,253	49,062
Depreciation and amortization	5,812	5,817	15,470	17,284
General and administrative (including $720 and $471 for the three months and $2,467 and $2,148 for the nine months ended 2011 and 2010 respectively from affiliates and related parties)	2,798	1,338	7,452	4,955
Provision on impairment of notes receivable and real estate assets	0	0	5,622	0
Advisory fee to affiliate	2,441	3,054	7,688	9,112
Total operating expenses	28,257	26,307	84,485	80,413
Operating income (loss)	3,045	1,817	5,311	5,028
Other income (expense):
Interest income (including $483 and $458 for the three months and $1,534 and $1,679 for the nine months ended 2011 and 2010 respectively from affiliates and related parties)	497	669	1,627	2,360
Other income	113	640	1,878	1,554
Mortgage and loan interest (including $47 and $698 for the three months and $1,614 and $2,419 for the nine months ended 2011 and 2010 respectively from affiliates and related parties)	(12,525)	(13,267)	(39,553)	(42,307)
Loss on the sale of investments	(32)	0	(483)	0
Earnings from unconsolidated subsidiaries and investees	250	(10)	378	(122)
Total other expenses	(11,697)	(11,968)	(36,153)	(38,515)
Loss before gain on land sales, non-controlling interest, and tax	(8,652)	(10,151)	(30,842)	(33,487)
Gain (loss) on land sales	6,285	(371)	8,366	(6,005)
Loss from continuing operations before tax	(2,367)	(10,522)	(22,476)	(39,492)
Income tax benefit (expense)	(1,007)	(486)	1,152	117
Net loss from continuing operations	(3,374)	(11,008)	(21,324)	(39,375)
Discontinued operations:
Income (loss) from discontinued operations.	6	(2,504)	(2,927)	(3,950)
Gain (loss) on sale of real estate from discontinued operations	2,872	3,893	(365)	3,754
Income tax benefit (expense) from discontinued operations	1,007	486	(1,152)	(69)
Net income (loss) from discontinued operations	3,885	1,875	(4,444)	(265)
Net loss.	511	(9,133)	(25,768)	(39,640)
Net loss attributable to non-controlling interest	384	178	515	18
Net loss attributable to Transcontinental Realty Investors, Inc.	895	(8,955)	(25,253)	(39,622)
Preferred dividend requirement	(279)	(269)	(831)	(797)
Net loss applicable to common shares	616	(9,224)	(26,084)	(40,419)
Earnings per share - basic
Loss from continuing operations	$ (0.39)	$ (1.37)	$ (2.59)	$ (4.95)
Income (loss) from discontinued operations..	$ 0.46	$ 0.23	$ (0.53)	$ (0.03)
Net loss applicable to common shares.	$ 0.07	$ (1.14)	$ (3.12)	$ (4.98)
Earnings per share - diluted
Loss from continuing operations.	$ (0.39)	$ (1.37)	$ (2.59)	$ (4.95)
Income (loss) from discontinued operations	$ 0.46	$ 0.23	$ (0.53)	$ (0.03)
Net loss applicable to common shares..	$ 0.07	$ (1.14)	$ (3.12)	$ (4.98)
Weighted average common share used in computing earnings per share	8,413,469	8,113,495	8,356,326	8,113,610
Weighted average common share used in computing diluted earnings per share	8,413,469	8,113,495	8,356,326	8,113,610
Amounts attributable to Transcontinental Realty Investors, Inc.
Loss from continuing operations..	(2,990)	(10,830)	(20,809)	(39,357)
Income (loss) from discontinued operations.,	3,885	1,875	(4,444)	(265)
Net loss	$ 895	$ (8,955)	$ (25,253)	$ (39,622)