CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:
Rental and other property revenues (including $175 and $165 for the three $497 for the nine months ended 2014 and 2013, respectively, from related parties)months and $526 and	$ 18,466	$ 18,663	$ 55,281	$ 55,257
Expenses:
Property operating expenses (including $161 and $169 for the three months and $454 and $522 for the nine months ended 2014 and 2013, respectively, from related parties)	10,077	9,543	28,640	27,041
Depreciation and amortization	4,415	4,024	12,967	11,737
General and administrative (including $714 and $665 for the three months and $2,114 and $2,105 for the nine months ended 2014 and 2013, respectively, from related parties)	1,131	1,468	5,417	4,696
Provision on impairment of notes receivable and real estate assets		214		214
Net income fee to related party	(186)	55	514	159
Advisory fee to related party	1,826	2,168	5,490	6,377
Total operating expenses	17,263	17,472	53,028	50,224
Net operating income	1,203	1,191	2,253	5,033
Other income (expense):
Interest income (including $2,718 and $2,168 for the three months and $8,835 and $6,456 for the nine months ended 2014 and 2013, respectively, from related parties)	3,064	2,131	9,181	6,427
Other income	344	72	741	242
Mortgage and loan interest (including $0 and $397 for the three months and $31 and $1,323 for the nine months ended 2014 and 2013, respectively, from related parties)	(7,214)	(7,280)	(21,286)	(22,380)
Deferred borrowing costs amortization	(829)	(72)	(2,043)	(2,440)
Loan charges and prepayment penalties	(1,044)		(2,626)	(3,963)
Loss on the sale of investments		(275)		(283)
Earnings (losses) from unconsolidated joint ventures and investees	10	(30)	(5)	(28)
Litigation settlement	(86)	(2,739)	3,666	(2,727)
Total other expenses	(5,755)	(8,193)	(12,372)	(25,152)
Loss before gain on land sales, non-controlling interest, and taxes	(4,552)	(7,002)	(10,119)	(20,119)
Gain (loss) on land sales	40		634	(48)
Net loss from continuing operations before taxes	(4,512)	(7,002)	(9,485)	(20,167)
Income tax benefit	786	402	5,030	8,210
Net loss from continuing operations	(3,726)	(6,600)	(4,455)	(11,957)
Discontinued operations:
Net gain (loss) from discontinued operations	477	1,021	(454)	(935)
Gain on sale of real estate from discontinued operations	1,770	127	14,826	24,392
Income tax (expense) discontinued operations	(786)	(402)	(5,030)	(8,210)
Net income from discontinued operations (1)	1,461	746	9,342	15,247
Net income (loss)	(2,265)	(5,854)	4,887	3,290
Net income attributable to non-controlling interest	(81)	(97)	(292)	(323)
Net income (loss) attributable to Transcontinental Realty Investors, Inc.	(2,346)	(5,951)	4,595	2,967
Preferred dividend requirement	(227)	(279)	(778)	(830)
Net income (loss) applicable to common shares (1)	(2,573)	(6,230)	3,817	2,137
Earnings per share - basic
Net loss from continuing operations	$ (0.46)	$ (0.83)	$ (0.65)	$ (1.56)
Net income from discontinued operations	$ 0.17	$ 0.09	$ 1.10	$ 1.81
Net income (loss) applicable to common shares	$ (0.29)	$ (0.74)	$ 0.45	$ 0.25
Earnings per share - diluted
Net loss from continuing operations.	$ (0.46)	$ (0.83)	$ (0.65)	$ (1.56)
Net income from discontinued operations.	$ 0.17	$ 0.09	$ 1.10	$ 1.81
Net income (loss) applicable to common shares.	$ (0.29)	$ (0.74)	$ 0.45	$ 0.25
Weighted average common shares used in computing earnings per share	8,688,018	8,413,469	8,505,991	8,413,469
Weighted average common shares used in computing diluted earnings per share	8,688,018	8,413,469	8,505,991	8,413,469
Amounts attributable to Transcontinental Realty Investors, Inc.
Net loss from continuing operations,	(3,807)	(6,697)	(4,747)	(12,280)
Net income from discontinued operations,	1,461	746	9,342	15,247
Net income (loss).	$ (2,346)	$ (5,951)	$ 4,595	$ 2,967