CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Assets
Real estate, at cost	$ 452,761	$ 461,718
Real estate subject to sales contracts at cost	4,325	2,014
Real estate held for sale at cost, net of depreciation	14,737
Less accumulated depreciation	(81,885)	(79,228)
Total real estate	389,938	384,504
Notes and interest receivable (including $48,646 in 2019 and $51,945 in 2018 from related parties)	82,469	83,541
Cash and cash equivalents	28,156	36,358
Restricted cash	51,983	70,207
Investment in VAA	67,229	68,399
Investment in other unconsolidated investees	22,164	22,172
Receivable from related party	143,437	133,642
Other assets	67,238	63,557
Total assets	852,614	862,380
Liabilities:
Notes and interest payable	283,934	277,237
Bonds and bond interest payable	151,465	158,574
Deferred revenue (including $16,301 in 2019 and $21,034 in 2018 to related parties)	13,977	17,522
Deferred tax liability	2,000	2,000
Accounts payable and other liabilities (including $6 in 2019 and $3 in 2018 to related parties)	26,330	26,646
Total liabilities	477,706	481,979
Shareholders' equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2019 and 2018; outstanding 8,717,767 shares in 2019 and 2018	87	87
Treasury stock at cost, 200 shares in 2019 and 2018	(2)	(2)
Paid-in capital	257,983	258,050
Retained earnings	95,976	101,585
Total Transcontinental Realty Investors, Inc. shareholders' equity	354,044	359,720
Non-controlling interest	20,864	20,681
Total shareholders' equity	374,908	380,401
Total liabilities and shareholders' equity	$ 852,614	$ 862,380