CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets
Real estate, at cost	$ 482,834	$ 469,997
Real estate subject to sales contracts at cost	6,887	7,966
Less accumulated depreciation	(93,144)	(90,173)
Total real estate	396,577	387,790
Notes and interest receivable (including $62,130 in 2020 and $57,260 in 2019 from related parties)	126,870	120,986
Cash and cash equivalents	39,922	51,179
Restricted cash	28,158	32,082
Investment in VAA	53,508	59,148
Investment in other unconsolidated investees	22,631	22,632
Receivable from related parties	130,909	141,541
Other assets	52,214	50,560
Total assets	850,789	865,918
Liabilities:
Notes and interest payable	252,697	246,546
Bonds and bond interest payable	207,832	229,722
Deferred revenue (including $9,468 in 2020 and 2019 to related parties)	9,468	9,468
Accounts payable and other liabilities (including $961 in 2020 and $935 in 2019 to related parties)	21,954	26,115
Total liabilities	491,951	511,851
Shareholders' equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 8,717,967 shares in 2020 and 2019; outstanding 8,717,767 shares in 2020 and 2019	87	87
Treasury stock at cost, 200 shares in 2020 and 2019	(2)	(2)
Paid-in capital	257,853	257,853
Retained earnings	79,278	74,665
Total Transcontinental Realty Investors, Inc. shareholders' equity	337,216	332,603
Non-controlling interest	21,622	21,464
Total shareholders' equity	358,838	354,067
Total liabilities and shareholders' equity	$ 850,789	$ 865,918