CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental and other property revenues (including $173 and $175 for the three months and $343 and $350 for the six months ended 2015 and 2014, respectively, from related parties)	$ 23,756	$ 18,511	$ 46,060	$ 36,814
Expenses:
Property operating expenses (including $178 and $148 for the three months and $331 and $293 for the six months ended 2015 and 2014, respectively, from related parties)	10,929	9,359	21,793	18,562
Depreciation and amortization	5,107	4,271	9,751	8,552
General and administrative (including $727 and $656 for the three months and $1,547 and $1,400 for the six months ended 2015 and 2014, respectively, from related parties)	1,278	2,738	3,045	4,287
Net income fee to related party	45	210	90	700
Advisory fee to related party	1,951	1,811	3,894	3,664
Total operating expenses	19,310	18,389	38,573	35,765
Net operating income	4,446	122	7,487	1,049
Other income (expense):
Interest income (including $2,748 and $4,004 for the three months and $6,167 and $6,117 for the six months ended 2015 and 2014, respectively, from related parties)	2,994	4,005	6,755	6,118
Other income	14	244	81	396
Mortgage and loan interest (including $0 and $0 for the three months and $31 and $31 for the six months ended 2015 and 2014, respectively, from related parties)	(8,216)	(7,869)	(18,401)	(16,868)
Earnings (losses) from unconsolidated joint ventures and investees	10	(11)	43	(16)
Litigation settlement (expense)	(45)	(86)	(118)	3,753
Total other expenses	(5,243)	(3,717)	(11,640)	(6,617)
Loss before gain on land sales, non-controlling interest, and taxes	(797)	(3,595)	(4,153)	(5,568)
Gain (loss) on land sales	1,250	(159)	4,126	594
Net loss from continuing operations before taxes	453	(3,754)	(27)	(4,974)
Income tax benefit (expense)	(12)	2,195	90	4,244
Net income (loss) from continuing operations	441	(1,559)	63	(730)
Discontinued operations:
Net income (loss) from discontinued operations	$ (34)	(732)	$ 258	(931)
Gain on sale of real estate from discontinued operations		7,003		13,057
Income tax benefit (expense) from discontinued operations	$ 12	(2,195)	$ (90)	(4,244)
Net income from discontinued operations	(22)	4,076	168	7,882
Net income (loss)	419	2,517	231	7,152
Net (income) loss attributable to non-controlling interest	(281)	(127)	12	(211)
Net income attributable to Transcontinental Realty Investors, Inc.	138	2,390	243	6,941
Preferred dividend requirement	(224)	(277)	(446)	(551)
Net income (loss) applicable to common shares	$ (86)	$ 2,113	$ (203)	$ 6,390
Earnings per share - basic
Net income (loss) from continuing operations (in dollars per share)	$ (0.01)	$ (0.23)	$ (0.04)	$ (0.18)
Net income from discontinued operations (in dollars per share)		0.48	0.02	.93
Net income (loss) applicable to common shares (in dollars per share)	$ (0.01)	0.25	(0.02)	.75
Earnings per share - diluted
Net income (loss) from continuing operations (in dollars per share)	$ (0.01)	(0.23)	(0.04)	(0.18)
Net income from discontinued operations (in dollars per share)		0.48	0.02	.93
Net income (loss) applicable to common shares (in dollars per share)	$ (0.01)	$ 0.25	$ (0.02)	$ .75
Weighted average common shares used in computing earnings per share (in shares)	8,717,767	8,413,469	8,717,767	8,413,469
Weighted average common shares used in computing diluted earnings per share (in shares)	8,717,767	8,413,469	8,717,767	8,413,469
Amounts attributable to Transcontinental Realty Investors, Inc.
Net income (loss) from continuing operations	$ 160	$ (1,686)	$ 75	$ (941)
Net income from discontinued operations	(22)	4,076	168	7,882
Net income	$ (138)	$ (2,390)	$ (243)	$ (6,941)