CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Assets
Real estate, at cost	$ 469,997	$ 461,718
Real estate subject to sales contracts at cost	7,966	2,014
Less accumulated depreciation	(90,173)	(79,228)
Total real estate	387,790	384,504
Notes and interest receivable (including $57,260 in 2019 and $51,945 in 2018 from related parties)	120,986	83,541
Cash and cash equivalents	51,179	36,358
Restricted cash	32,082	70,207
Investment in VAA	59,148	68,399
Investment in other unconsolidated investees	22,632	22,172
Receivable from related parties	141,541	133,642
Other assets	50,560	63,557
Total assets	865,918	862,380
Liabilities:
Notes and interest payable	246,546	277,237
Bonds and bond interest payable	229,722	158,574
Deferred revenue (including $9,468 in 2019 and $17,522 in 2018 to related parties)	9,468	17,522
Deferred tax liability		2,000
Accounts payable and other liabilities (including $935 in 2019 and $3 in 2018 to related parties)	26,115	26,646
Total liabilities	511,851	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	257,853	258,050
Retained earnings	74,665	101,585
Total Transcontinental Realty Investors, Inc. shareholders' equity	332,603	359,720
Non-controlling interest	21,464	20,681
Total shareholders' equity	354,067	380,401
Total liabilities and shareholders' equity	$ 865,918	$ 862,380