0001387131-16-006593.txt : 20160815 0001387131-16-006593.hdr.sgml : 20160815 20160815162006 ACCESSION NUMBER: 0001387131-16-006593 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 44 CONFORMED PERIOD OF REPORT: 20160630 FILED AS OF DATE: 20160815 DATE AS OF CHANGE: 20160815 FILER: COMPANY DATA: COMPANY CONFORMED NAME: INCOME OPPORTUNITY REALTY INVESTORS INC /TX/ CENTRAL INDEX KEY: 0000949961 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 752615944 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14784 FILM NUMBER: 161833010 BUSINESS ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 800 CITY: DALLAS STATE: TX ZIP: 75234 BUSINESS PHONE: 4685224200 MAIL ADDRESS: STREET 1: 1603 LBJ FREEWAY STREET 2: SUITE 800 CITY: DALLAS STATE: TX ZIP: 75234 10-Q 1 iot10q_063016.htm QUARTERLY REPORT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2016

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from________ to________

Commission File Number 001-14784

INCOME OPPORTUNITY REALTY INVESTORS, INC.

(Exact Name of Registrant as Specified in Its Charter)

Nevada	75-2615944
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

1603 Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234

(Address of principal executive offices)

(Zip Code)

(469) 522-4200

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer	☐

Non-accelerated filer ☐ (Do not check if smaller reporting company)	Smaller reporting company	☒

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, $.01 par value	4,168,214
(Class)	(Outstanding at August 5, 2016)

INCOME OPPORTUNITY REALTY INVESTORS, INC.

FORM 10-Q

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION
		PAGE
Item 1.	Financial Statements

	Consolidated Balance Sheets at June 30, 2016 (unaudited) and December 31, 2015	3

	Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015 (unaudited)	4

	Consolidated Statement of Shareholders’ Equity for the six months ended June 30, 2016 (unaudited)	5

	Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited)	6

	Notes to Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	15

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	21

Item 4.	Controls and Procedures	21

PART II. OTHER INFORMATION

Item 5.	Unregistered Sales of Equity Securities and Use of Proceeds	21

Item 6.	Exhibits	22

SIGNATURES		23

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED BALANCE SHEETS

	June 30, 2016			December 31, 2015
	(unaudited)

	(dollars in thousands, except par value amount)
Assets
Real estate land holdings subject to sales contract, at cost	$	22,717		$	22,717
Total real estate		22,717			22,717

Notes and interest receivable from related parties		25,589			26,708
Less allowance for doubtful accounts		(1,826	)		(1,826	)
Total notes and interest receivable		23,763			24,882

Cash and cash equivalents		1			2
Receivable and accrued interest from related parties		37,219			34,313
Other assets		2,257			2,390
Total assets	$	85,957		$	84,304
Liabilities and Shareholders’ Equity
Liabilities:
Accounts payable and other liabilities		23			6
Total liabilities		23			6

Shareholders’ equity:
Common stock, $0.01 par value, authorized 10,000,000; issued 4,173,675 and outstanding 4,168,214 shares in 2016 and 2015		42			42
Treasury stock at cost, 5,461 shares in 2016 and 2015		(39	)		(39	)
Paid-in capital		61,955			61,955
Retained earnings		23,976			22,340
Total shareholders’ equity		85,934			84,298
Total liabilities and shareholders’ equity	$	85,957		$	84,304

The accompanying notes are an integral part of these consolidated financial statements.

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2016			2015			2016			2015
	(dollars in thousands, except per share amounts)
Revenues:
Rental and other property revenues	$	—		$	—		$	—		$	—

Expenses:
Property operating expenses (including $0 and $8 for the three months and $0 and $15 for the six months ended 2016 and 2015, respectively, from related parties)		—			8			—			16
General and administrative (including $47 and $59 for the three months and $90 and $127 for the six months ended 2016 and 2015, respectively, from related parties)		128			122			221			297
Net income fee to related party		54			46			126			90
Advisory fee to related party		160			176			313			350
Total operating expenses		342			352			660			753
Net operating loss		(342	)		(352	)		(660	)		(753	)

Other income (expenses):
Interest income from related parties		1,085			1,120			2,293			2,239
Other income		—			—			3			—
Mortgage and loan interest		—			(165	)		—			(329	)
Total other income		1,085			955			2,296			1,910
Net income	$	743		$	603		$	1,636		$	1,157

Earnings per share - basic
Net income from continuing operations	$	0.18		$	0.14		$	0.39		$	0.28
Net income applicable to common shares	$	0.18		$	0.14		$	0.39		$	0.28

Earnings per share - diluted
Net income from continuing operations	$	0.18		$	0.14		$	0.39		$	0.28
Net income applicable to common shares	$	0.18		$	0.14		$	0.39		$	0.28

Weighted average common shares used in computing earnings per share		4,168,214			4,168,214			4,168,214			4,168,214
Weighted average common shares used in computing diluted earnings per share		4,168,214			4,168,214			4,168,214			4,168,214

The accompanying notes are an integral part of these consolidated financial statements.

INCOME OPPORTUNITY REALTY INVESTORS, INC.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

For the Six Months Ended June 30, 2016
(unaudited, dollars in thousands)

			Common Stock
	Total		Shares		Amount		Treasury Stock			Paid-in Capital		Retained Earnings

Balance, December 31, 2015	$	84,298		4,173,675	$	42	$	(39	)	$	61,955	$	22,340

Net income		1,636		—		—		—			—		1,636

Balance, June 30, 2016	$	85,934		4,173,675	$	42	$	(39	)	$	61,955	$	23,976

The accompanying notes are an integral part of these consolidated financial statements.

INCOME OPPORTUNITY REALTY INVESTORS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)

	For the Six Months Ended June 30,
	2016			2015
	(dollars in thousands)
Cash Flow From Operating Activities:
Net income	$	1,636		$	1,157
Adjustments to reconcile net income applicable to common shares to net cash flows from operating activities:
Decrease in assets:
Accrued interest receivable from related parties		1,119			598
Other assets		133			191
Increase (decrease) in liabilities:
Other liabilities		17			(20	)
Net cash provided by operating activities		2,905			1,926

Cash Flow From Investing Activities:
Receivable from related parties		(2,906	)		(1,408	)
Net cash used in investing activities		(2,906	)		(1,408	)

Cash Flow From Financing Activities:
Payments on notes payable to related parties		—			(523	)
Net cash used in financing activities		—			(523	)

Net decrease in cash and cash equivalents		(1	)		(5	)
Cash and cash equivalents, beginning of period		2			7
Cash and cash equivalents, end of period	$	1		$	2

Supplemental disclosures of cash flow information:
Cash paid for interest	$	—		$	329

The accompanying notes are an integral part of these consolidated financial statements.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

As used herein, the terms “IOT”, “the Company”, “we”, “our”, “us” refer to Income Opportunity Realty Investors, Inc., a Nevada corporation, individually or together with its subsidiaries. Income Opportunity Realty Investors, Inc. is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 10, 1985. The Company is headquartered in Dallas, Texas, and its common stock trades on the NYSE MKT under the symbol (“IOT”).

Transcontinental Realty Investors, Inc. (“TCI”) owns approximately 81.1% of the Company’s common stock. Effective July 17, 2009, IOT’s financial results were consolidated with those of American Realty Investors, Inc. (“ARL”) and TCI and their subsidiaries. IOT is a “C” corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with ARL and its ultimate parent, May Realty Holdings, Inc. (“MRHI”). We have no employees.

IOT invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar Income Asset Management, Inc. (“Pillar”) is the Company’s external Advisor and Cash Manager. Although the Board of Directors is directly responsible for managing the affairs of IOT, and for setting the policies which guide it, the day-to-day operations of IOT are performed by Pillar, as the contractual Advisor, under the supervision of the Board. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing for the Company with third party lenders and investors. Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOT’s business plan and investment policy. Pillar also serves as an Advisor and Cash Manager to TCI and ARL.

Our primary business is investing in real estate and mortgage receivables. Land held for development or sale is our sole operating segment. At June 30, 2016, our land consisted of 131.1 acres of developable land held subject to a sales contract. All of our land holdings are located in Farmers Branch, Texas. The principal source of revenue for the Company is interest income on approximately $24.0 million of notes receivable due from related parties.

Basis of Presentation

The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The results of operations for the six months ended June 30, 2016, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.

The year-end Consolidated Balance Sheet at December 31, 2015, was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.

Principles of Consolidation

The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810 “Consolidation”, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“EITF 04-5”). VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests. The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entity’s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.

In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors’ ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. As of June 30, 2016, IOT was not the primary beneficiary of a VIE.

Real Estate, Depreciation and Impairment

Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements – 10-40 years; furniture, fixtures and equipment – 5-10 years). The Company continually evaluates the recoverability of the carrying value of our real estate assets using the methodology prescribed in ASC Topic 360, “Property, Plant and Equipment”. Factors considered by management in evaluating impairment of our existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the asset’s net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.

Real Estate Held For Sale

We periodically classify real estate assets as “held for sale”. An asset is classified as held for sale after the approval of our Board of Directors, after an active program to sell the asset has commenced and if the sale is probable. One of the deciding factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying Consolidated Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation expense is reinstated.

Prior to January 1, 2015, the operating results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Since the Company adopted ASU 2014-08, effective January 1, 2015, we have had no dispositions that met the discontinued operations criteria.

Cost Capitalization

Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets. We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest rate of non-project specific debt.

We capitalize interest, real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation of major construction activity.

We capitalize leasing costs, which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.

Fair Value Measurement

We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures”, to the valuation of real estate assets. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entity’s own data.

The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:

	Level 1 -	Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.
	Level 2 -	Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 -	Unobservable inputs that are significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Related Parties

We apply ASC Topic 805, “Business Combinations”, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.

Newly Issued Accounting Pronouncements

In April 2014, the Financial Accounting Standards Board (“FASB”) issued ASU 2014-08, ”Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changed the criteria for determining which disposals qualify as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major equity investment, that have a major effect on a Company’s operations and financial results will be presented as discontinued operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the disposed component. The classification of operating results as discontinued operations is applied retroactively for all periods presented. The Company has had no dispositions that met the criteria for discontinued operations since adoption of ASU 2014-08, effective January 1, 2015. In addition, we believe future sales of our individual operating properties will no longer qualify as discontinued operations. See Note 7 below.

In May 2014, Accounting Standards Update No. 2014-09 (“ASU 2014-09”), “Revenue from Contracts with Customers”, was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new guidance, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new guidance does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its financial position and results of operations, if any.

In April 2015, the FASB issued ASU 2015-03, ”Simplifying the Presentation of Debt Issuance Costs” (“ASU 2015-03”). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.

In February 2016, Accounting Standards Update No. 2016-02 (“ASU 2016-02”), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial position and results of operations, if any.

NOTE 2. REAL ESTATE ACTIVITY

As of June 30, 2016, our real estate land holdings consisted of 131.1 acres of developable land, located in Farmers Branch, Texas, held subject to a sales contract. In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for all of the developable land owned by the Company. In addition, TCI, ARL and Realty Advisors, Inc. (“RAI”) also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of the proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the noted is collected. The agreement among the parties to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million.

At the closing, the note payable to related parties for $9.6 million was paid off. Due to the inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition are met.

NOTE 3. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower.

All of the Company’s notes receivable are with Unified Housing Foundation, Inc. (“UHF”). UHF is determined to be a related party to the Company due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.

At June 30, 2016, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $23.8 million. As of June 30, 2016, we recognized interest income of $1.8 million related to these notes receivable. Below is a summary of notes and interest receivable from related parties (dollars in thousands):

Borrower	Maturity Date		Interest Rate			Amount			Collateral
Performing loans:
Unified Housing Foundation, Inc. (Echo Station)		12/32		12.00	%	$	1,481			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		2,000			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		6,368			Secured
Unified Housing Foundation, Inc. (Limestone Canyon)		12/32		12.00	%		2,653			Secured
Unified Housing Foundation, Inc. (Limestone Ranch)		12/32		12.00	%		1,953			Secured
Unified Housing Foundation, Inc. (Parkside Crossing)		12/32		12.00	%		1,936			Secured
Unified Housing Foundation, Inc. (Sendero Ridge)		12/32		12.00	%		4,491			Secured
Unified Housing Foundation, Inc. (Timbers of Terrell)		12/32		12.00	%		1,323			Secured
Unified Housing Foundation, Inc. (Tivoli)		12/32		12.00	%		1,826			Secured
Accrued interest							1,558
Total Performing						$	25,589

Allowance for doubtful accounts							(1,826	)
Total						$	23,763

All are related party notes.

NOTE 4. NOTES AND INTEREST PAYABLE

In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for all of the developable land owned by the Company. In addition, TCI, ARL and RAI also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of the proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the noted is collected. The agreement among the parties to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties for $9.6 million was paid off. Due to the inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition are met.

NOTE 5. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

From time to time, IOT and its related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property. In addition, we have a cash management agreement with our Advisor. The agreement provides for excess cash to be invested in and managed by our Advisor, Pillar, a related party. The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):

	TCI		Pillar			Total
Related party receivable, December 31, 2015	$	34,313	$	—		$	34,313
Cash transfers		—		2,704			2,704
Advisory fees		—		(313	)		(313	)
Net income fee		—		(127	)		(127	)
Cost reimbursements		—		(90	)		(90	)
Expenses paid by advisor		—		(3	)		(3	)
Financing (mortgage payments)		—		—			—
Significant transaction		—		—			—
Interest income		735		—			735
Tax Sharing Expense		—		—			—
Purchase of obligation		2,171		(2,171	)		—
Related party receivable, June 30, 2016	$	37,219	$	—		$	37,219

We have historically engaged in and will continue to engage in certain business transactions with related parties, including but not limited to asset acquisitions and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in the best interest of the Company.

NOTE 6. OPERATING SEGMENTS

The Company’s segments are based on management’s method of internal reporting, which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their operating income and cash flow.

Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt.

Presented below is the operating segment information for the three months ended June 30, 2016 and 2015 (dollars in thousands):

For the Three Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			1,086		1,086
Segment operating income (loss)	$	—		$	1,086	$	1,086

Real estate assets	$	22,717		$	—	$	22,717

For the Three Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(8	)		—	$	(8	)
Mortgage and loan interest		(165	)		—	$	(165	)
Interest income from related parties		—			1,120	$	1,120
Segment operating income (loss)	$	(173	)	$	1,120	$	947

Real estate assets	$	25,717		$	—	$	25,717

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):

	For the Three Months Ended June 30,
	2016			2015
Segment operating income	$	1,086		$	947
Other non-segment items of income (expense)
General and administrative		(128	)		(122	)
Net income fee to related party		(54	)		(46	)
Advisory fee to related party		(161	)		(176	)
Net income from continuing operations	$	743		$	603

Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):

For the Six Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			2,293		2,293
Segment operating income (loss)	$	—		$	2,293	$	2,293

Real estate assets	$	22,717		$	—	$	22,717

For the Six Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(16	)		—	$	(16	)
Mortgage and loan interest		(329	)		—	$	(329	)
Interest income from related parties		—			2,239	$	2,239
Segment operating income (loss)	$	(345	)	$	2,239	$	1,894

Real estate assets	$	25,717		$	—	$	25,717

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):

	For the Six Months Ended June 30,
	2016			2015
Segment operating income	$	2,293		$	1,894
Other non-segment items of income (expense)
General and administrative		(221	)		(297	)
Net income fee to related party		(126	)		(90	)
Advisory fee to related party		(313	)		(350	)
Other income		3			—
Net income from continuing operations	$	1,636		$	1,157

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

	June 30,
	2016		2015
Real estate assets	$	22,717	$	25,717
Notes and interest receivable		23,763		25,037
Other assets		39,477		42,936
Total assets	$	85,957	$	93,690

NOTE 7. DISCONTINUED OPERATIONS

Prior to January 1, 2015, we applied the provisions of ASC 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.

Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. The Company has had no dispositions that met the criteria for discontinued operations since adoption of ASU 2014-08, effective January 1, 2015.

NOTE 8. COMMITMENTS AND CONTINGENCIES

Litigation. The Company and its subsidiaries, from time to time, have been involved in various items of litigation incidental to and in the ordinary course of its business and, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon the Company’s financial condition, results of operations or liquidity.

NOTE 9. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through August 12, 2016, the date the Consolidated Financial Statements were available to be issued, and has determined that there are none to be reported.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion should be read in conjunction with the financial statements and notes thereto appearing elsewhere in this report.

This Report on Form 10-Q may contain forward-looking statements within the meaning of the federal securities laws, principally, but not only, under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. We caution investors that any forward-looking statements in this report, or which management may make orally or in writing from time to time, are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate”, “believe”, “expect”, “intend”, “may”, “might”, “plan”, “estimate”, “project”, “should”, “will”, “result” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties and factors that are beyond our control. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We caution you that, while forward-looking statements reflect our good faith beliefs when we make them, they are not guarantees of future performance and are impacted by actual events when they occur after we make such statements. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events or otherwise. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements include, among others, the following:

	●	general risks affecting the real estate industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants’ financial condition, and competition from other developers, owners and operators of real estate);

	●	risks associated with the availability and terms of construction and mortgage financing and the use of debt to fund acquisitions and developments;

	●	demand for apartments and commercial properties in the Company’s markets and the effect on occupancy and rental rates;

	●	the Company’s ability to obtain financing, enter into joint venture arrangements in relation to or self-fund the development or acquisition of properties;

	●	risks associated with the timing and amount of property sales and the resulting gains/losses associated with such sales;

	●	failure to manage effectively our growth and expansion into new markets or to integrate acquisitions successfully;

	●	risks and uncertainties affecting property development and construction (including, without limitation, construction delays, cost overruns, inability to obtain necessary permits and public opposition to such activities);

	●	risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets;

	●	costs of compliance with the Americans with Disabilities Act and other similar laws and regulations;

	●	potential liability for uninsured losses and environmental contamination; and

	●	risks associated with our dependence on key personnel whose continued service is not guaranteed.

The risks included here are not exhaustive. Some of the risks and uncertainties that may cause our actual results, performance, or achievements to differ materially from those expressed or implied by forward-looking statements, include among others, the factors listed and described in Part I, Item 1A. “Risk Factors” in the Company’s Annual Report on Form 10-K, which investors should review. There have been no changes from the risk factors previously described in the Company’s Form 10-K for the fiscal year ended December 31, 2015.

Other sections of this report may also include suggested factors that could adversely affect our business and financial performance. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time and it is not possible for management to predict all such matters; nor can we assess the impact of all such matters on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Investors should also refer to our quarterly reports on Form 10-Q for future periods and to other materials we may furnish to the public from time to time through Forms 8-K or otherwise as we file them with the SEC.

Overview

We are an externally advised and managed real estate investment company that currently owns land held for development or sale. As of June 30, 2016, we owned 131.1 developable acres of land held subject to a sales contract, located in Texas. We have no employees.

Our primary source of revenue is from the interest income on approximately $24.0 million of notes receivable due from related parties.

We have historically engaged in, and may continue to engage in, certain business transactions with related parties, including but not limited to asset acquisition and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arm’s length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in our best interest.

Pillar is the Company’s external Advisor and Cash Manager. Although the Board of Directors is directly responsible for managing the affairs of IOT, and for setting the policies which guide it, the day-to-day operations of IOT are performed by Pillar, as the contractual Advisor, under the supervision of the Board. Pillar’s duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing for the Company with third party lenders and investors. Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOT’s business plan and investment policy. Pillar also serves as an Advisor and Cash Manager to TCI and ARL.

Critical Accounting Policies

We present our Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) is the single source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with U.S. GAAP.

The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (“VIE”), in accordance with the provisions and guidance of ASC Topic 810 “Consolidation”, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (“EITF”) Issue 04-5, Investor’s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (“EITF 04-5”). VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders, as a group, lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests. The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entity’s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.

For entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary, the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities are included in net income.

Real Estate

Upon acquisitions of real estate, we assess the fair value of acquired tangible and intangible assets, including land, buildings, tenant improvements, “above-market” and “below-market” leases, origination costs, acquired in-place leases, other identified intangible assets and assumed liabilities in accordance with ASC Topic 805 “Business Combinations”, and allocate the purchase price to the acquired assets and assumed liabilities, including land at appraised value and buildings at replacement cost.

We assess and consider fair value based on estimated cash flow projections that utilize appropriate discount and/or capitalization rates, as well as available market information. Estimates of future cash flows are based on a number of factors including the historical operating results, known and anticipated trends, and market and economic conditions. The fair value of the tangible assets of an acquired property considers the value of the property as if it were vacant. We also consider an allocation of purchase price of other acquired intangibles, including acquired in-place leases that may have a customer relationship intangible value, including (but not limited to) the nature and extent of the existing relationship with the tenants, the tenants’ credit quality and expectations of lease renewals.

A variety of costs are incurred in the acquisition, development and leasing of properties. After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited. Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment. Our capitalization policy on development properties is guided by ASC Topic 835-20 “Interest – Capitalization of Interest” and ASC Topic 970 “Real Estate – General”. The costs of land and buildings under development include specifically identifiable costs. The capitalized costs include pre-construction costs essential to the development of the property, development costs, construction costs, interest costs, real estate taxes, salaries and related costs and other costs incurred during the period of development. We cease capitalization when a building is considered substantially complete and ready for its intended use, but no later than one year from the cessation of major construction activity.

Depreciation and Impairment

Real estate is stated at depreciated cost. The cost of buildings and improvements includes the purchase price of property, legal fees and other acquisition costs. Costs directly related to the development of properties are capitalized. Capitalized development costs include interest, property taxes, insurance, and other project costs incurred during the period of development.

Management reviews its long-lived assets used in operations for impairment when there is an event or change in circumstances that indicates impairment in value. An impairment loss is recognized if the carrying amount of its assets is not recoverable and exceeds its fair value. If such impairment is present, an impairment loss is recognized based on the excess of the carrying amount of the asset over its fair value. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results in future periods.

Recognition of Revenue

Our revenues are composed largely of interest income on notes receivable recorded in accordance with the terms of the notes.

Revenue Recognition on the Sale of Real Estate

Sales and the associated gains or losses of real estate assets are recognized in accordance with the provisions of ASC Topic 360-20, “Property, Plant and Equipment – Real Estate Sale”. The specific timing of a sale is measured against various criteria in ASC Topic 360-20 related to the terms of the transaction and any continuing involvement in the form of management or financial assistance associated with the properties. If the sales criteria for the full accrual method are not met, we defer some or all of the gain recognition and account for the continued operations of the property by applying the finance, leasing, deposit, installment or cost recovery methods, as appropriate, until the sales criteria are met.

Non-Performing Notes Receivable

We consider a note receivable to be non-performing when the maturity date has passed without principal repayment and the borrower is not making interest payments in accordance with the terms of the agreement.

Allowance for Estimated Losses

We assess the collectability of notes receivable on a periodic basis, of which the assessment consists primarily of an evaluation of cash flow projections of the borrower to determine whether estimated cash flows are sufficient to repay principal and interest in accordance with the contractual terms of the note. We recognize impairments on notes receivable when it is probable that principal and interest will not be received in accordance with the contractual terms of the loan. The amount of the impairment to be recognized generally is based on the fair value of the partnership’s real estate that represents the primary source of loan repayment. See Note 3 “Notes and Interest Receivable from Related Parties” for details on our notes receivable.

Fair Value of Financial Instruments

We apply the guidance in ASC Topic 820, “Fair Value Measurements and Disclosures” and includes three levels defined as follows:

	Level 1 -	Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.
	Level 2 -	Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 -	Unobservable inputs that are significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Related Parties

Results of Operations

The following discussion is based on our “Statement of Operations” for the three and six months ended June 30, 2016 and 2015, as included in Part I, Item 1. “Financial Statements” of this report. It is not meant to be an all-inclusive discussion of the changes in our net income applicable to common shares. Instead, we have focused on significant fluctuations within our operations that we feel are relevant to obtain an overall understanding of the change in income applicable to common shareholders.

Our current operations consist of land held subject to a sales contract. Our operating expenses consist primarily of general and administrative costs such as audit and legal fees and administrative fees paid to a related party.

We also have other income and expense items. We receive interest income from the funds deposited with our Advisor at a rate of prime plus 1%. We have receivables from related parties which also provide interest income.

Comparison of the three months ended June 30, 2016 to the same period ended 2015:

We had net income of $743,000 or $0.18 per diluted share for the three months ended June 30, 2016, as compared to net income of $603,000 or $0.14 per diluted share for the same period ended 2015.

Revenues

Land held subject to a sales contract is our sole operating segment. There was no income generated from this segment for the three months ended June 30, 2016 and 2015.

Expenses

There were no property operating expenses for the three months ended June 30, 2016 compared to $8,000 in the prior period. The 2015 expense was due to property owner association fees.

General and administrative expenses increased $6,000 to $128,000 for the three months ended June 30, 2016 compared to $122,000 for the prior period, primarily due to an increase in audit fees incurred during the period.

Advisory fees were $160,000 for the three months ended June 30, 2016 compared to $176,000 for the same period of 2015 for a decrease of $16,000. Advisory fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the average of the gross asset value.

Net income fee to related party increased $8,000 for the three months ended June 30, 2016 compared to the prior period. The net income fee paid to our Advisor is calculated at 7.5% of net income

Other income (expense)

Interest income was $1.1 million for the three months ended June 30, 2016, a decrease of $34,000 from interest income recognized in the first quarter of 2015.

The company incurred $0 mortgage and loan interest for the three months ended June 30, 2016 and $165,000 during the three months ended June 30, 2015. This decrease was due to the payoff of the mortgages for Mercer Crossing and Propel during 2015. We have no outstanding debt as of June 30, 2016.

Comparison of the six months ended June 30, 2016 to the same period ended 2015:

We had net income of $1.6 million or $0.39 per diluted share for the six months ended June 30, 2016 compared to net income of $1.2 million or $0.28 per diluted share for the same period in 2015.

Revenues

Land held for development or sale is our sole operating segment. There was no income generated from this segment for the six months ended June 30, 2016 and 2015.

Expenses

There were no property operating expenses for the six months ended June 30, 2016 compared to $16,000 in the prior period. The 2015 expense was due to property owner association fees.

General and administrative expenses were $221,000 for the six months ended June 30, 2016 compared to $297,000 for the prior period for a decrease of $76,000. This decrease was primarily due to a decrease in legal fees and a decrease in the administration expense paid to a related party.

Advisory fees were $313,000 for the six months ended June 30, 2016 compared to $350,000 for the same period of 2015 for a decrease of $37,000. Advisory fees are computed based on a gross asset fee of 0.0625% per month (0.75% per annum) of the average of the gross asset value Net income fee to related party increased $36,000 for the six months ended June 30, 2016 compared to the prior period. The net income fee paid to our Advisor is calculated at 7.5% of net income.

Other income (expense)

Interest income was $2.3 million for the six months ended June 30, 2016. This represents an increase of $54,000 as compared to interest income of $2.2 million for the six months ended June 30, 2015.

The company did not pay any mortgage and loan interest for the three months ending June 30, 2016. This represents a decrease of $329,000 as compared to the prior period mortgage and loan interest expense of $329,000. This decrease was due to the payoff of the mortgages for Mercer Crossing and Propel during 2015.

Liquidity and Capital Resources

General

Our principal liquidity needs are:

	●	meet debt service requirements including balloon payments;

	●	fund normal recurring expenses;

	●	fund capital expenditures; and

	●	fund new property acquisitions.

Our primary source of cash is from collection on receivables, sale of assets, and the refinancing of existing mortgages. We will refinance debt obligations as they become due and generate cash from interest payments on notes receivable and the sale of properties. However, if refinancing and excess cash from operations does not prove to be sufficient to satisfy all our obligations as they mature, we may sell real estate, refinance real estate, and incur additional borrowings secured by real estate to meet our cash requirements.

Cash Flow Summary

The following summary discussion of our cash flows is based on the Consolidated Statements of Cash Flows from Part I, Item 1. “Financial Statements” and is not meant to be an all-inclusive discussion of the changes in our cash flows (dollars in thousands):

	June 30,
	2016			2015			Variance

Net cash provided by operating activities	$	2,905		$	1,926		$	979
Net cash used in investing activities	$	(2,906	)	$	(1,408	)	$	(1,498	)
Net cash used in financing activities	$	—		$	(523	)	$	523

The primary use of cash for operations is daily operating costs, general and administrative expenses, advisory fees, and land holding costs. Our primary source of cash for operations is from interest income on notes receivable.

Our primary cash outlays for investing activities are for investment of excess cash with our Advisor. The investing activity in the current period was mainly due to the proceeds received on the notes receivable. We invested more cash with our Advisor in the current period.

Our primary sources of cash from financing activities are from proceeds on notes payable. Our primary cash outlays are for recurring debt payments and payments on maturing notes payable.

We did not pay quarterly dividends in 2016 or 2015.

Environmental Matters

Under various federal, state and local environmental laws, ordinances and regulations, we may be potentially liable for removal or remediation costs, as well as certain other potential costs, relating to hazardous or toxic substances (including governmental fines and injuries to persons and property) where property-level managers have arranged for the removal, disposal or treatment of hazardous or toxic substances. In addition, certain environmental laws impose liability for release of asbestos-containing materials into the air and third parties may seek recovery for personal injury associated with such materials.

Management is not aware of any environmental liability relating to the above matters that would have a material adverse effect on our business, assets or results of operations.

Inflation

The effects of inflation on our operations are not quantifiable. Fluctuations in the rate of inflation affect the sales value of properties and the ultimate gain to be realized from property sales. To the extent that inflation affects interest rates, earnings from short-term investments and the cost of new financings, as well as the cost of variable interest rate debt, will be affected.

Tax Matters

IOT is a member of the MRHI consolidated group for federal income tax reporting. There is a tax sharing and compensating agreement between American Realty Investors, Inc. ARL, TCI, and IOT.

Financial statement income varies from taxable income principally due to the accounting for income and losses of investees, gains and losses from asset sales, depreciation on owned properties, amortization of discounts on notes receivable and payable and the difference in the allowance for estimated losses. IOT has taxable income for the first six months of 2016 on a stand-alone basis. This taxable income will be offset by the sharing of NOLs from the MRHI consolidated group.

At June 30 2016, IOT had a net deferred tax asset of approximately $1.5 million due to tax deductions available to the Company on a stand-alone basis in future years.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

At June 30, 2016 the Company had no outstanding debt and has no exposure to quantitative or qualitative issues.

ITEM 4. CONTROLS AND PROCEDURES

Based on an evaluation by our management (with the participation of our Principal Executive Officer and Principal Financial Officer), as of the end of the period covered by this report, our Principal Executive Officer and Principal Financial Officer concluded that our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), were effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms and that such information is accumulated and communicated to our management, including our Principal Executive Officer and Principal Financial Officer, to allow timely decisions regarding required disclosures.

There has been no change in our internal control over financial reporting (as defined in Exchange Act Rule 13a-15(f)) during the most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 5. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

On December 5, 1989, the governing body of the predecessor of the Company approved a share repurchase program authorizing the repurchase of up to a total of 200,000 shares of the predecessor. In June 2000, the Board of Directors of the Company increased the authorization to 500,000 shares. With the 3-for-1 forward split of the Company’s Common Stock in June 2005, such authorization would be appropriately increased to 1,500,000 shares and the number of shares previously purchased would be appropriately increased by the same ratio. On August 10, 2010, the Board of Directors approved an increase in the share repurchase program for up to an additional 150,000 shares of common stock which results in a total authorization under the repurchase program for up to 1,650,000 shares of our common stock. This repurchase program has no termination date. There were no shares purchased under this program during the first quarter of 2016. As of June 30, 2016, 1,034,761 shares have been purchased and 615,239 shares may be purchased under the program.

ITEM 6. EXHIBITS

The following documents are filed herewith as exhibits or incorporated by reference as indicated:

Exhibit Number		Description

3.0		Articles of Incorporation of Income Opportunity Realty Investors, Inc., (incorporated by reference to Appendix C to the Registrant’s Registration Statement on Form S-4, dated February 12, 1996).

3.1		Bylaws of Income Opportunity Realty Investors, Inc. (incorporated by reference to Appendix D to the Registrant’s Registration Statement on Forms S-4 dated February 12, 1996).

10.3		Advisory Agreement dated as of April 30, 2011 between Income Opportunity Realty Investors, Inc. and Pillar Income Asset Management, Inc. (incorporated by reference to Exhibit 10.3 to the registrant’s current on Form 10-Q for event of May 2, 2011).

10.4		Loan Purchase Agreement (without exhibits), dated as of June 7, 2013 between IORI Operating Inc. and BDF TCI Mercer III, LLC.

10.5		Settlement and Release Agreement dated June 7, 2013 among TCI Mercer Crossing, Inc., Income Opportunity Realty Investors, Inc., Transcontinental Lamar, Inc., Transcontinental Realty Investors, Inc., Prime Income Asset Management, LLC, American Realty Investors, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., BDF TCI Mercer III, LLC, and Transcontinental BDF III, LLC.

31.1 *		Certification by the Principal Executive Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.

31.2 *		Certification by the Principal Financial Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.

32.1 *		Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

*	Filed herewith

SIGNATURE PAGE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		INCOME OPPORTUNITY REALTY INVESTORS, INC.

Date: August 12, 2016	By:	/s/ Daniel J. Moos
		Daniel J. Moos
		President and Chief Executive Officer (Principal Executive Officer)

Date: August 12, 2016	By:	/s/ Gene S. Bertcher
		Gene S. Bertcher
		Executive Vice President and Chief Financial Officer (Principal Financial Officer)

EX-31.1 2 ex31-1.htm CERTIFICATION OF CHIEF EXECUTIVE OFFICER

INCOME OPPORTUNITY REALTY INVESTORS, INC. 10-Q

Exhibit 31.1

CERTIFICATION

I, Daniel J. Moos, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Income Opportunity Realty Investors, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.	The registrant’s other certifying officers(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations; and

	(d)	Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 12, 2016	By:	/s/ Daniel J. Moos
		Daniel J. Moos
		President and Chief Executive Officer
		(Principal Executive Officer)

EX-31.2 3 ex31-2.htm CERTIFICATION OF CHIEF FINANCIAL OFFICER

INCOME OPPORTUNITY REALTY INVESTORS, INC. 10-Q

Exhibit 31.2

CERTIFICATION

I, Gene S. Bertcher, certify that:

1.	I have reviewed this quarterly report on Form 10-Q of Income Opportunity Realty Investors, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the period presented in this report;

4.	The registrant’s other certifying officers(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the Registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal controls over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluations; and

	(d)	Disclosed in the report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officers(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the Registrant’s ability to record, process, summarize and report financial information; and

	(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: August 12, 2016	By:	/s/ Gene S. Bertcher
		Gene S. Bertcher
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

EX-32.1 4 ex32-1.htm CERTIFICATION OF CHIEF EXECUTIVE AND CHIEF FINANCIAL OFFICERS

INCOME OPPORTUNITY REALTY INVESTORS, INC. 10-Q

Exhibit 32.1

Certification pursuant to 18 U.S.C. Section 1350 as Adopted Pursuant to Section 906

Of the Sarbanes-Oxley Act of 2002

Each of the undersigned officers of Income Opportunity Realty Investors, Inc., a Nevada corporation (the “Company”) hereby certifies that:

	(i)	The Company’s Quarterly Report on Form 10-Q for the six months ended June 30, 2015 fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934, as amended; and

	(ii)	The information contained in the Company’s Quarterly Report on Form 10-Q for the six months ended June 30, 2015 fairly presents in all material respects, the financial condition and results of operations of the Company, at and for the period indicated.

		INCOME OPPORTUNITY REALTY INVESTORS, INC.

Date: August 12, 2016	By:	/s/ Daniel J. Moos
		Daniel J. Moos
		President and Chief Executive Officer
		(Principal Executive Officer)

Date: August 12, 2016	By:	/s/ Gene S. Bertcher
		Gene S. Bertcher
		Executive Vice President and Chief Financial Officer
		(Principal Financial Officer)

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NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION   Organization   As used herein, the terms IOT, the Company, we, our, us refer to Income Opportunity Realty Investors, Inc., a Nevada corporation, individually or together with its subsidiaries. Income Opportunity Realty Investors, Inc. is the successor to a California business trust organized on December 14, 1984, which commenced operations on April 10, 1985. The Company is headquartered in Dallas, Texas, and its common stock trades on the NYSE MKT under the symbol (IOT).   Transcontinental Realty Investors, Inc. (TCI) owns approximately 81.1% of the Companys common stock. Effective July 17, 2009, IOTs financial results were consolidated with those of American Realty Investors, Inc. (ARL) and TCI and their subsidiaries. IOT is a C corporation for U.S. federal income tax purposes and files an annual consolidated income tax return with ARL and its ultimate parent, May Realty Holdings, Inc. (MRHI). We have no employees.   IOT invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar Income Asset Management, Inc. (Pillar) is the Companys external Advisor and Cash Manager. Although the Board of Directors is directly responsible for managing the affairs of IOT, and for setting the policies which guide it, the day-to-day operations of IOT are performed by Pillar, as the contractual Advisor, under the supervision of the Board. Pillars duties include, but are not limited to, locating, evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing for the Company with third party lenders and investors. Additionally, Pillar serves as a consultant to the Board with regard to their decisions in connection with IOTs business plan and investment policy. Pillar also serves as an Advisor and Cash Manager to TCI and ARL.   Our primary business is investing in real estate and mortgage receivables. Land held for development or sale is our sole operating segment. At June 30, 2016, our land consisted of 131.1 acres of developable land held subject to a sales contract. All of our land holdings are located in Farmers Branch, Texas. The principal source of revenue for the Company is interest income on approximately $24.0 million of notes receivable due from related parties.   Basis of Presentation   The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The results of operations for the six months ended June 30, 2016, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.   The year-end Consolidated Balance Sheet at December 31, 2015, was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.   Principles of Consolidation   The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (VIE), in accordance with the provisions and guidance of ASC Topic 810 Consolidation, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (EITF) Issue 04-5, Investors Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (EITF 04-5). VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests. The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entitys financial results. All significant intercompany balances and transactions have been eliminated in consolidation.   In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. As of June 30, 2016, IOT was not the primary beneficiary of a VIE.   Real Estate, Depreciation and Impairment   Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements 10-40 years; furniture, fixtures and equipment 5-10 years). The Company continually evaluates the recoverability of the carrying value of our real estate assets using the methodology prescribed in ASC Topic 360, Property, Plant and Equipment. Factors considered by management in evaluating impairment of our existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the assets net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.   Real Estate Held For Sale   We periodically classify real estate assets as held for sale. An asset is classified as held for sale after the approval of our Board of Directors, after an active program to sell the asset has commenced and if the sale is probable. One of the deciding factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying Consolidated Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation expense is reinstated.    Prior to January 1, 2015, the operating results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Since the Company adopted ASU 2014-08, effective January 1, 2015, we have had no dispositions that met the discontinued operations criteria.   Cost Capitalization   Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets. We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest rate of non-project specific debt.   We capitalize interest, real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation of major construction activity.   We capitalize leasing costs, which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.   Fair Value Measurement   We apply the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of real estate assets. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entitys own data.   The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 7%"> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 9%">Level 1 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 84%">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">Level 2 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">Level 3 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">Unobservable inputs that are significant to the fair value measurement.</td></tr> </table>   A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.   Related Parties   We apply ASC Topic 805, Business Combinations, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.   Newly Issued Accounting Pronouncements   In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changed the criteria for determining which disposals qualify as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major equity investment, that have a major effect on a Companys operations and financial results will be presented as discontinued operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the disposed component. The classification of operating results as discontinued operations is applied retroactively for all periods presented. The Company has had no dispositions that met the criteria for discontinued operations since adoption of ASU 2014-08, effective January 1, 2015. In addition, we believe future sales of our individual operating properties will no longer qualify as discontinued operations. See Note 7 below.   In May 2014, Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new guidance, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new guidance does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its financial position and results of operations, if any.   In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.   In February 2016, Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial position and results of operations, if any.

Basis of Presentation   The accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) have been condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for a fair presentation have been included. The results of operations for the six months ended June 30, 2016, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.   The year-end Consolidated Balance Sheet at December 31, 2015, was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by GAAP for complete financial statements. For further information, refer to the Consolidated Financial Statements and notes thereto included in the Companys Annual Report on Form 10-K for the year ended December 31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.

Principles of Consolidation   The accompanying Consolidated Financial Statements include our accounts, our subsidiaries, generally all of which are wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as a Variable Interest Entity (VIE), in accordance with the provisions and guidance of ASC Topic 810 Consolidation, whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (EITF) Issue 04-5, Investors Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain Rights (EITF 04-5). VIEs are generally entities that lack sufficient equity to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests. The primary beneficiary generally is the entity that provides financial support and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially affect the entitys financial results. All significant intercompany balances and transactions have been eliminated in consolidation.   In determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business activities of us and the other investors. Significant judgments related to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs and general market conditions. As of June 30, 2016, IOT was not the primary beneficiary of a VIE.

Real Estate, Depreciation and Impairment   Real estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings and improvements 10-40 years; furniture, fixtures and equipment 5-10 years). The Company continually evaluates the recoverability of the carrying value of our real estate assets using the methodology prescribed in ASC Topic 360, Property, Plant and Equipment. Factors considered by management in evaluating impairment of our existing real estate assets held for investment include significant declines in property operating profits, annually recurring property operating losses and other significant adverse changes in general market conditions that are considered permanent in nature. Under ASC Topic 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated holding period are in excess of the assets net book value at the balance sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.

Real Estate Held For Sale   We periodically classify real estate assets as held for sale. An asset is classified as held for sale after the approval of our Board of Directors, after an active program to sell the asset has commenced and if the sale is probable. One of the deciding factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying Consolidated Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation expense is reinstated.    Prior to January 1, 2015, the operating results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense, associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (ASU 2014-08) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Since the Company adopted ASU 2014-08, effective January 1, 2015, we have had no dispositions that met the discontinued operations criteria.

Cost Capitalization   Costs related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets. We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period. In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use the weighted average interest rate of non-project specific debt.   We capitalize interest, real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready for its intended use, but no later than one year from the cessation of major construction activity.   We capitalize leasing costs, which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.

Fair Value Measurement   We apply the guidance in ASC Topic 820, Fair Value Measurements and Disclosures, to the valuation of real estate assets. These provisions define fair value as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the reporting entitys own data.   The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:   <table cellspacing="0" cellpadding="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="width: 7%"> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 9%">Level 1 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif; width: 84%">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">Level 2 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td> </td> <td nowrap="nowrap" style="vertical-align: top; text-align: justify; font: 10pt Times New Roman, Times, Serif">Level 3 -</td> <td style="vertical-align: bottom; text-align: justify; font: 10pt Times New Roman, Times, Serif">Unobservable inputs that are significant to the fair value measurement.</td></tr> </table>   A financial instruments categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Related Parties   We apply ASC Topic 805, Business Combinations, to evaluate business relationships. Related parties are persons or entities who have one or more of the following characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate families, management personnel of the entity and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.

NOTE 2. REAL ESTATE ACTIVITY    As of June 30, 2016, our real estate land holdings consisted of 131.1 acres of developable land, located in Farmers Branch, Texas, held subject to a sales contract. In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for all of the developable land owned by the Company. In addition, TCI, ARL and Realty Advisors, Inc. (RAI) also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of the proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the noted is collected. The agreement among the parties to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million.   At the closing, the note payable to related parties for $9.6 million was paid off. Due to the inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition are met.

NOTE 3. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES   Notes and interest receivable from related parties is comprised of junior mortgage loans, which are loans secured by mortgages that are subordinate to one or more prior liens on the underlying real estate. Recourse on the loans ordinarily includes the real estate which secures the loan, other collateral and personal guarantees of the borrower.   All of the Companys notes receivable are with Unified Housing Foundation, Inc. (UHF). UHF is determined to be a related party to the Company due to our significant investment in the performance of the collateral secured under the notes receivable. Payments are due from surplus cash flow from operations, sale or refinancing of the underlying properties. These notes are cross collateralized to the extent that any surplus cash available from any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes. Furthermore, any surplus cash available from any of the properties UHF owns, besides the properties underlying these notes, can be used to repay outstanding interest and principal for these notes. The allowance on the notes was a purchase allowance that was netted against the notes when acquired.   At June 30, 2016, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $23.8 million. As of June 30, 2016, we recognized interest income of $1.8 million related to these notes receivable. Below is a summary of notes and interest receivable from related parties (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">Borrower</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Collateral</td></tr> <tr style="background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Performing loans:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Echo Station)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">12/32</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,481</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">Secured</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Lakeshore Villas)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Lakeshore Villas)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Limestone Canyon)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Limestone Ranch)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,953</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Parkside Crossing)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,936</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Sendero Ridge)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Timbers of Terrell)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Tivoli)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,826</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Accrued interest</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,558</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Total Performing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">25,589</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,826</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,763</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> </table>   All are related party notes.

Below is a summary of notes and interest receivable from related parties (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="font-weight: bold; text-align: left; border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">Borrower</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturity Date</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interest Rate</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Collateral</td></tr> <tr style="background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Performing loans:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 48%; text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Echo Station)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: center">12/32</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">12.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 9%; text-align: right">1,481</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 9%; text-align: right">Secured</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Lakeshore Villas)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Lakeshore Villas)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6,368</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Limestone Canyon)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,653</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Limestone Ranch)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,953</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Parkside Crossing)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,936</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Sendero Ridge)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,491</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Timbers of Terrell)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,323</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Unified Housing Foundation, Inc. (Tivoli)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: center">12/32</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">12.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,826</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">Secured</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Accrued interest</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,558</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt">Total Performing</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left">$</td><td style="font-weight: bold; text-align: right">25,589</td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; text-align: left; padding-left: 10pt; text-indent: -10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td style="font-weight: bold"> </td> <td style="font-weight: bold; text-align: left"> </td><td style="font-weight: bold; text-align: right"> </td><td style="font-weight: bold; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Allowance for doubtful accounts</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(1,826</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-weight: bold; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Total</td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,763</td><td style="padding-bottom: 1pt; font-weight: bold; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="text-align: left"> </td><td style="text-align: center"> </td><td style="padding-bottom: 1pt; text-align: left"> </td></tr></table>

NOTE 4. NOTES AND INTEREST PAYABLE   In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for all of the developable land owned by the Company. In addition, TCI, ARL and RAI also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of the proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the noted is collected. The agreement among the parties to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties for $9.6 million was paid off. Due to the inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition are met.

NOTE 5. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES   From time to time, IOT and its related parties have made unsecured advances to each other which include transactions involving the purchase, sale, and financing of property. In addition, we have a cash management agreement with our Advisor. The agreement provides for excess cash to be invested in and managed by our Advisor, Pillar, a related party. The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TCI</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pillar</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; padding-left: 10pt; text-indent: -10pt">Related party receivable, December 31, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Cash transfers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Advisory fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Net income fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Cost reimbursements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Expenses paid by advisor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Financing (mortgage payments)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Significant transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Tax Sharing Expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Purchase of obligation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,171</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Related party receivable, June 30, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>   We have historically engaged in and will continue to engage in certain business transactions with related parties, including but not limited to asset acquisitions and dispositions. Transactions involving related parties cannot be presumed to be carried out on an arms length basis due to the absence of free market forces that naturally exist in business dealings between two or more unrelated entities. Related party transactions may not always be favorable to our business and may include terms, conditions and agreements that are not necessarily beneficial to or in the best interest of the Company.

The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"> <tr style="vertical-align: bottom"> <td style="text-align: center; padding-left: 10pt; text-indent: -10pt"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">TCI</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Pillar</td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="3" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%; padding-left: 10pt; text-indent: -10pt">Related party receivable, December 31, 2015</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,313</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">34,313</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Cash transfers</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,704</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,704</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Advisory fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(313</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Net income fee</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Cost reimbursements</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(90</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Expenses paid by advisor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(3</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Financing (mortgage payments)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Significant transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Interest income</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">735</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">735</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 20pt; text-indent: -10pt">Tax Sharing Expense</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"></td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-indent: -10pt">Purchase of obligation</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">2,171</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(2,171</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right"></td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Related party receivable, June 30, 2016</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"></td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">37,219</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr></table>

NOTE 8. COMMITMENTS AND CONTINGENCIES   Litigation. The Company and its subsidiaries, from time to time, have been involved in various items of litigation incidental to and in the ordinary course of its business and, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon the Companys financial condition, results of operations or liquidity.

NOTE 9. SUBSEQUENT EVENTS   The Company has evaluated subsequent events through August 12, 2016, the date the Consolidated Financial Statements were available to be issued, and has determined that there are none to be reported.

50000000

3000

Newly Issued Accounting Pronouncements   In April 2014, the Financial Accounting Standards Board (FASB) issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changed the criteria for determining which disposals qualify as discontinued operations and modifies related reporting and disclosure requirements. Disposals representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major equity investment, that have a major effect on a Companys operations and financial results will be presented as discontinued operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of the disposed component. The classification of operating results as discontinued operations is applied retroactively for all periods presented. The Company has had no dispositions that met the criteria for discontinued operations since adoption of ASU 2014-08, effective January 1, 2015. In addition, we believe future sales of our individual operating properties will no longer qualify as discontinued operations. See Note 7 below.   In May 2014, Accounting Standards Update No. 2014-09 (ASU 2014-09), Revenue from Contracts with Customers, was issued. This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under the new guidance, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized under existing accounting guidance. This new guidance does not affect revenue recognized under lease contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption of ASU 2014-09 on its financial position and results of operations, if any.   In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03). ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.   In February 2016, Accounting Standards Update No. 2016-02 (ASU 2016-02), Leases was issued. This new guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact of the adoption of ASU 2016-02 on its financial position and results of operations, if any.

NOTE 6. OPERATING SEGMENTS   The Company’s segments are based on management’s method of internal reporting, which classifies operations by the type of property in the portfolio. The Company’s segments by use of property are land and other. Significant differences among the accounting policies of the operating segments as compared to the Consolidated Financial Statements principally involve the calculation and allocation of administrative and other expenses. Management evaluates the performance of each of the operating segments and allocates resources to them based on their operating income and cash flow.   Items of income that are not reflected in the segments are interest, other income, gain on debt extinguishment, gain on condemnation award, equity in partnerships, and gains on sale of real estate. Expenses that are not reflected in the segments are provision for losses, advisory, net income and incentive fees, general and administrative, non-controlling interests and net loss from discontinued operations before gains on sale of real estate. The segment labeled as “Other” consists of revenue and operating expenses related to the notes receivable and corporate debt.   Presented below is the operating segment information for the three months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30, 2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 52%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">—</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1,086</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1,086</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30, 2015</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(8</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(8</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(173</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">947</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>    The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,086</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">947</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">General and administrative</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(128</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(122</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(54</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(46</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(161</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(176</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income from continuing operations</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">743</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">603</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>   Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30, 2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 52%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">—</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,293</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,293</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$ </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$ </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30, 2015</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(16</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(16</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(329</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(329</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(345</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,894</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>   The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">2,293</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,894</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">General and administrative</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(221</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(297</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(126</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(90</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(313</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(350</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other income</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income from continuing operations</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,636</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,157</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>   The table below reflects the reconciliation of  the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">25,717</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">23,763</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">25,037</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other assets</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,477</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,936</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Total assets</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">85,957</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">93,690</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

Presented below is the operating segment information for the three months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30, 2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 52%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">—</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1,086</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">1,086</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,086</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30, 2015</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(8</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(8</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(173</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,120</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">947</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> $</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>    Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 90%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30, 2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; width: 52%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">—</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,293</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 12%; text-align: right">2,293</td> <td style="padding-bottom: 1pt; width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,293</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$ </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$ </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30, 2015</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td> <td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td> <td style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(16</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(16</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(329</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(329</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Interest income from related parties</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(345</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,239</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,894</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">25,717</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">2,293</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,894</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">General and administrative</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(221</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(297</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(126</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(90</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(313</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(350</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other income</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income from continuing operations</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,636</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,157</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>   The table below reflects the reconciliation of  the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Real estate assets</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">22,717</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">25,717</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">23,763</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">25,037</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other assets</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,477</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">42,936</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Total assets</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">85,957</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">93,690</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td></tr></table>

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">For the Three Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,086</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">947</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">General and administrative</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(128</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(122</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(54</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(46</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(161</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(176</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income from continuing operations</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">743</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">603</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>   The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):   <table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt/normal Times New Roman, Times, Serif; border-collapse: collapse"> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="7" style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">For the Six Months Ended June 30,</td> </tr> <tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: center; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td> <td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="3" style="border-bottom: black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; width: 64%; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Segment operating income</td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">2,293</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 2%; font: 10pt Times New Roman, Times, Serif"> </td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td> <td style="width: 14%; text-align: right; font: 10pt Times New Roman, Times, Serif">1,894</td> <td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">General and administrative</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(221</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(297</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(126</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(90</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(313</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(350</td> <td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td> </tr> <tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Other income</td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td> <td style="border-bottom: black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td> <td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> <tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left; text-indent: -10pt; font: 10pt Times New Roman, Times, Serif">Net income from continuing operations</td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,636</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> <td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td> <td style="border-bottom: black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,157</td> <td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"> </td> </tr> </table>

NOTE 7. DISCONTINUED OPERATIONS   Prior to January 1, 2015, we applied the provisions of ASC 360, “Property, Plant and Equipment”, which requires that long-lived assets that are to be disposed of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.   Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, “Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity”, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing a strategic shift in operations that have a major effect on a company’s operations and financial results will be presented as discontinued operations. The Company has had no dispositions that met the criteria for discontinued operations since adoption of ASU 2014-08, effective January 1, 2015.

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Document and Entity Information - $ / shares	6 Months Ended
Document and Entity Information - $ / shares	Jun. 30, 2016	Aug. 05, 2016
Document And Entity Information
Entity Registrant Name	INCOME OPPORTUNITY REALTY INVESTORS INC /TX/
Entity Central Index Key	0000949961
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		4,168,214
Entity Common Stock, Par Value Per Share	$ 0.01
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2016

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CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets
Real estate land holdings subject to sales contract, at cost	$ 22,717	$ 22,717
Total real estate	22,717	22,717
Notes and interest receivable from related parties	25,589	26,708
Less allowance for doubtful accounts	(1,826)	(1,826)
Total notes and interest receivable	23,763	24,882
Cash and cash equivalents	1	2
Receivable and accrued interest from related parties	37,219	34,313
Other assets	2,257	2,390
Total assets	85,957	84,304
Liabilities:
Accounts payable and other liabilities	23	6
Total liabilities	23	6
Shareholders' equity:
Common stock, $0.01 par value, authorized 10,000,000 shares; issued 4,173,675 and outstanding 4,168,214 shares in 2016 and 2015	42	42
Treasury stock at cost, 5,461 shares in 2016 and 2015	(39)	(39)
Paid-in capital	61,955	61,955
Retained earnings	23,976	22,340
Total shareholders' equity	85,934	84,298
Total liabilities and shareholders' equity	$ 85,957	$ 84,304

XML 13 R3.htm IDEA: XBRL DOCUMENT

CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Assets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	10,000,000	10,000,000
Common stock, shares issued	4,173,675	4,173,675
Common stock, shares outstanding	4,168,214	4,168,214
Treasury stock, shares	5,461	5,461

XML 14 R4.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Expenses:
Property operating expenses (including $0 and $8 for the three months and $0 and $15 for the six months ended 2016 and 2015, respectively, from related parties)		$ 8		$ 16
General and administrative (including $47 and $59 for the three months and $90 and $127 for the six months ended 2016 and 20135 respectively, from related parties)	$ 128	122	$ 221	297
Net income fee to related party	54	46	126	90
Advisory fee to related party	160	176	313	350
Total operating expenses	342	352	660	753
Net operating (loss)	(342)	(352)	(660)	(753)
Other income (expenses):
Interest income from related parties	1,085	1,120	2,293	2,239
Other income			3
Mortgage and loan interest		(165)		(329)
Total other income	1,085	955	2,296	1,910
Net income	$ 743	$ 603	$ 1,636	$ 1,157
Earnings per share - basic
Net income from continuing operations - basic	$ 0.18	$ 0.14	$ 0.39	$ 0.28
Net income applicable to common shares- basic	0.18	0.14	0.39	0.28
Earnings per share - diluted
Net income from continuing operations - diluted	0.18	0.14	0.39	0.28
Net income applicable to common shares- diluted	$ 0.18	$ 0.14	$ 0.39	$ 0.28
Weighted average common shares used in computing earnings per share (in shares)	4,168,214	4,168,214	4,168,214	4,168,214
Weighted average common shares used in computing diluted earnings per share (in shares)	4,168,214	4,168,214	4,168,214	4,168,214

XML 15 R5.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenues [Abstract]
Property operating expenses from related parties	$ 0	$ 8	$ 0	$ 15
General and administrative from related parties	$ 47	$ 59	$ 90	$ 127

XML 16 R6.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) - 6 months ended Jun. 30, 2016 - USD ($) $ in Thousands	Total	Common Stock [Member]	Treasury Stock [Member]	Paid-In Capital [Member]	Retained Earnings [Member]
Balance, beginning at Dec. 31, 2015	$ 84,298	$ 42	$ (39)	$ 61,955	$ 22,340
Balance, beginning, shares at Dec. 31, 2015		4,173,675
Net Income	1,636				1,636
Balance, ending at Jun. 30, 2016	$ 85,934	$ 42	$ (39)	$ 61,955	$ 23,976
Balance, ending, shares at Jun. 30, 2016		4,173,675

XML 17 R7.htm IDEA: XBRL DOCUMENT

CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flow From Operating Activities:
Net income	$ 1,636	$ 1,157
Decrease in assets:
Accrued interest receivable from related parties	1,119	598
Other assets	133	191
Increase (decrease) in liabilities:
Other liabilities	17	(20)
Net cash provided by operating activities	2,905	1,926
Cash Flow From Investing Activities:
Receivable from related parties	(2,906)	(1,408)
Net cash (used in) investing activities	(2,906)	(1,408)
Cash Flow From Financing Activities:
Payments on notes payable to related parties		(523)
Net cash (used in) financing activities		(523)
Net decrease in cash and cash equivalents	(1)	(5)
Cash and cash equivalents, beginning of period	2	7
Cash and cash equivalents, end of period	$ 1	2
Supplemental disclosures of cash flow information:
Cash paid for interest		$ 329

XML 18 R8.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND BASIS OF PRESENTATION

NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION

Organization

Basis of Presentation

Principles of Consolidation

Real Estate, Depreciation and Impairment

Real Estate Held For Sale

Cost Capitalization

Fair Value Measurement

The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:

	Level 1 -	Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.
	Level 2 -	Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 -	Unobservable inputs that are significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Related Parties

Newly Issued Accounting Pronouncements

XML 19 R9.htm IDEA: XBRL DOCUMENT

REAL ESTATE ACTIVITY

6 Months Ended

Jun. 30, 2016

Real Estate [Abstract]

REAL ESTATE ACTIVITY

NOTE 2. REAL ESTATE ACTIVITY

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References + Details

XML 20 R10.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

6 Months Ended

Jun. 30, 2016

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

NOTE 3. NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES

Borrower	Maturity Date		Interest Rate			Amount			Collateral
Performing loans:
Unified Housing Foundation, Inc. (Echo Station)		12/32		12.00	%	$	1,481			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		2,000			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		6,368			Secured
Unified Housing Foundation, Inc. (Limestone Canyon)		12/32		12.00	%		2,653			Secured
Unified Housing Foundation, Inc. (Limestone Ranch)		12/32		12.00	%		1,953			Secured
Unified Housing Foundation, Inc. (Parkside Crossing)		12/32		12.00	%		1,936			Secured
Unified Housing Foundation, Inc. (Sendero Ridge)		12/32		12.00	%		4,491			Secured
Unified Housing Foundation, Inc. (Timbers of Terrell)		12/32		12.00	%		1,323			Secured
Unified Housing Foundation, Inc. (Tivoli)		12/32		12.00	%		1,826			Secured
Accrued interest							1,558
Total Performing						$	25,589

Allowance for doubtful accounts							(1,826	)
Total						$	23,763

All are related party notes.

- Definition

The entire disclosure for claims held for amounts due a entity, excluding financing receivables. Examples include, but are not limited to, trade accounts receivables, notes receivables, loans receivables. Includes disclosure for allowance for credit losses.

+ References + Details

XML 21 R11.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST PAYABLE

6 Months Ended

Jun. 30, 2016

NOTES AND INTEREST PAYABLE

NOTES AND INTEREST PAYABLE

NOTE 4. NOTES AND INTEREST PAYABLE

XML 22 R12.htm IDEA: XBRL DOCUMENT

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

6 Months Ended

Jun. 30, 2016

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

NOTE 5. RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES

	TCI		Pillar			Total
Related party receivable, December 31, 2015	$	34,313	$	—		$	34,313
Cash transfers		—		2,704			2,704
Advisory fees		—		(313	)		(313	)
Net income fee		—		(127	)		(127	)
Cost reimbursements		—		(90	)		(90	)
Expenses paid by advisor		—		(3	)		(3	)
Financing (mortgage payments)		—		—			—
Significant transaction		—		—			—
Interest income		735		—			735
Tax Sharing Expense		—		—			—
Purchase of obligation		2,171		(2,171	)		—
Related party receivable, June 30, 2016	$	37,219	$	—		$	37,219

XML 23 R13.htm IDEA: XBRL DOCUMENT

OPERATING SEGMENTS

6 Months Ended

Jun. 30, 2016

Segment Reporting [Abstract]

OPERATING SEGMENTS

NOTE 6. OPERATING SEGMENTS

Presented below is the operating segment information for the three months ended June 30, 2016 and 2015 (dollars in thousands):

For the Three Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			1,086		1,086
Segment operating income (loss)	$	—		$	1,086	$	1,086

Real estate assets	$	22,717		$	—	$	22,717

For the Three Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(8	)		—	$	(8	)
Mortgage and loan interest		(165	)		—	$	(165	)
Interest income from related parties		—			1,120	$	1,120
Segment operating income (loss)	$	(173	)	$	1,120	$	947

Real estate assets	$	25,717		$	—	$	25,717

	For the Three Months Ended June 30,
	2016			2015
Segment operating income	$	1,086		$	947
Other non-segment items of income (expense)
General and administrative		(128	)		(122	)
Net income fee to related party		(54	)		(46	)
Advisory fee to related party		(161	)		(176	)
Net income from continuing operations	$	743		$	603

Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):

For the Six Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			2,293		2,293
Segment operating income (loss)	$	—		$	2,293	$	2,293

Real estate assets	$	22,717		$	—	$	22,717

For the Six Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(16	)		—	$	(16	)
Mortgage and loan interest		(329	)		—	$	(329	)
Interest income from related parties		—			2,239	$	2,239
Segment operating income (loss)	$	(345	)	$	2,239	$	1,894

Real estate assets	$	25,717		$	—	$	25,717

	For the Six Months Ended June 30,
	2016			2015
Segment operating income	$	2,293		$	1,894
Other non-segment items of income (expense)
General and administrative		(221	)		(297	)
Net income fee to related party		(126	)		(90	)
Advisory fee to related party		(313	)		(350	)
Other income		3			—
Net income from continuing operations	$	1,636		$	1,157

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

	June 30,
	2016		2015
Real estate assets	$	22,717	$	25,717
Notes and interest receivable		23,763		25,037
Other assets		39,477		42,936
Total assets	$	85,957	$	93,690

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
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XML 24 R14.htm IDEA: XBRL DOCUMENT

DISCONTINUED OPERATIONS

6 Months Ended

Jun. 30, 2016

Discontinued Operations and Disposal Groups [Abstract]

DISCONTINUED OPERATIONS

NOTE 7. DISCONTINUED OPERATIONS

- Definition

The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
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+ Details

XML 25 R15.htm IDEA: XBRL DOCUMENT

COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2016

Commitments and contingenciestextblock

COMMITMENTS AND CONTINGENCIES

NOTE 8. COMMITMENTS AND CONTINGENCIES

XML 26 R16.htm IDEA: XBRL DOCUMENT

SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2016

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 9. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through August 12, 2016, the date the Consolidated Financial Statements were available to be issued, and has determined that there are none to be reported.

XML 27 R17.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION (Policies)

6 Months Ended

Jun. 30, 2016

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

Basis of Presentation

Principles of Consolidation

Principles of Consolidation

Real Estate, Depreciation and Impairment

Real Estate, Depreciation and Impairment

Real Estate Held For Sale

Real Estate Held For Sale

Cost Capitalization

Cost Capitalization

Fair Value Measurement

Fair Value Measurement

The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined as follows:

	Level 1 -	Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.
	Level 2 -	Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
	Level 3 -	Unobservable inputs that are significant to the fair value measurement.

A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

Related Parties

Related Parties

Newly Issued Accounting Pronouncements

Newly Issued Accounting Pronouncements

XML 28 R18.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2016

Notes And Interest Receivable From Related Parties Tables

Summary of notes and interest receivable from related parties

Below is a summary of notes and interest receivable from related parties (dollars in thousands):

Borrower	Maturity Date		Interest Rate			Amount			Collateral
Performing loans:
Unified Housing Foundation, Inc. (Echo Station)		12/32		12.00	%	$	1,481			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		2,000			Secured
Unified Housing Foundation, Inc. (Lakeshore Villas)		12/32		12.00	%		6,368			Secured
Unified Housing Foundation, Inc. (Limestone Canyon)		12/32		12.00	%		2,653			Secured
Unified Housing Foundation, Inc. (Limestone Ranch)		12/32		12.00	%		1,953			Secured
Unified Housing Foundation, Inc. (Parkside Crossing)		12/32		12.00	%		1,936			Secured
Unified Housing Foundation, Inc. (Sendero Ridge)		12/32		12.00	%		4,491			Secured
Unified Housing Foundation, Inc. (Timbers of Terrell)		12/32		12.00	%		1,323			Secured
Unified Housing Foundation, Inc. (Tivoli)		12/32		12.00	%		1,826			Secured
Accrued interest							1,558
Total Performing						$	25,589

Allowance for doubtful accounts							(1,826	)
Total						$	23,763

XML 29 R19.htm IDEA: XBRL DOCUMENT

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Tables)

6 Months Ended

Jun. 30, 2016

Receivable From And Payable To Related Parties Tables

Schedule of transactions between IOT, Pillar, and TCI

The table below reflects the various transactions between IOT, Pillar, and TCI (dollars in thousands):

	TCI		Pillar			Total
Related party receivable, December 31, 2015	$	34,313	$	—		$	34,313
Cash transfers		—		2,704			2,704
Advisory fees		—		(313	)		(313	)
Net income fee		—		(127	)		(127	)
Cost reimbursements		—		(90	)		(90	)
Expenses paid by advisor		—		(3	)		(3	)
Financing (mortgage payments)		—		—			—
Significant transaction		—		—			—
Interest income		735		—			735
Tax Sharing Expense		—		—			—
Purchase of obligation		2,171		(2,171	)		—
Related party receivable, June 30, 2016	$	37,219	$	—		$	37,219

XML 30 R20.htm IDEA: XBRL DOCUMENT

OPERATING SEGMENTS (Tables)

6 Months Ended

Jun. 30, 2016

Operating Segments Tables

Schedule of operating segment information

Presented below is the operating segment information for the three months ended June 30, 2016 and 2015 (dollars in thousands):

For the Three Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			1,086		1,086
Segment operating income (loss)	$	—		$	1,086	$	1,086

Real estate assets	$	22,717		$	—	$	22,717

For the Three Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(8	)		—	$	(8	)
Mortgage and loan interest		(165	)		—	$	(165	)
Interest income from related parties		—			1,120	$	1,120
Segment operating income (loss)	$	(173	)	$	1,120	$	947

Real estate assets	$	25,717		$	—	$	25,717

Presented below is the operating segment information for the six months ended June 30, 2016 and 2015 (dollars in thousands):

For the Six Months Ended June 30, 2016	Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		—			—		—
Mortgage and loan interest		—			—		—
Interest income from related parties		—			2,293		2,293
Segment operating income (loss)	$	—		$	2,293	$	2,293

Real estate assets	$	22,717		$	—	$	22,717

For the Six Months Ended June 30, 2015		Land			Other		Total
Rental and other property revenues	$	—		$	—	$	—
Property operating expenses		(16	)		—	$	(16	)
Mortgage and loan interest		(329	)		—	$	(329	)
Interest income from related parties		—			2,239	$	2,239
Segment operating income (loss)	$	(345	)	$	2,239	$	1,894

Real estate assets	$	25,717		$	—	$	25,717

Schedule of segment information to the corresponding amounts in the Consolidated Statements of Operations

	For the Three Months Ended June 30,
	2016			2015
Segment operating income	$	1,086		$	947
Other non-segment items of income (expense)
General and administrative		(128	)		(122	)
Net income fee to related party		(54	)		(46	)
Advisory fee to related party		(161	)		(176	)
Net income from continuing operations	$	743		$	603

	For the Six Months Ended June 30,
	2016			2015
Segment operating income	$	2,293		$	1,894
Other non-segment items of income (expense)
General and administrative		(221	)		(297	)
Net income fee to related party		(126	)		(90	)
Advisory fee to related party		(313	)		(350	)
Other income		3			—
Net income from continuing operations	$	1,636		$	1,157

Schedule of segment information to the corresponding amounts in the Consolidated Balance Sheets

	For the Six Months Ended June 30,
	2016			2015
Segment operating income	$	2,293		$	1,894
Other non-segment items of income (expense)
General and administrative		(221	)		(297	)
Net income fee to related party		(126	)		(90	)
Advisory fee to related party		(313	)		(350	)
Other income		3			—
Net income from continuing operations	$	1,636		$	1,157

The table below reflects the reconciliation of the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):

	June 30,
	2016		2015
Real estate assets	$	22,717	$	25,717
Notes and interest receivable		23,763		25,037
Other assets		39,477		42,936
Total assets	$	85,957	$	93,690

XML 31 R21.htm IDEA: XBRL DOCUMENT

ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2016 USD ($) a	Dec. 31, 2015 USD ($)
Notes and interest receivable from related parties, net \| $	$ 23,763	$ 24,882
Buildings and Improvements [Member] \| Minimum [Member]
Useful life	10 years
Buildings and Improvements [Member] \| Maximum [Member]
Useful life	40 years
Furniture, Fixtures and Equipment [Member] \| Minimum [Member]
Useful life	5 years
Furniture, Fixtures and Equipment [Member] \| Maximum [Member]
Useful life	10 years
Transcontinental Realty Investors, Inc. [Member]
Percentage of ownership	81.10%
Area of land \| a	131.1

XML 32 R22.htm IDEA: XBRL DOCUMENT

REAL ESTATE ACTIVITY (Details Narrative) $ in Thousands	1 Months Ended	6 Months Ended
REAL ESTATE ACTIVITY (Details Narrative) $ in Thousands	Nov. 30, 2015 USD ($)	Jun. 30, 2015 USD ($)	Jun. 30, 2016 a
Payment for note payable related party		$ 523
TCI, ARL, and RAI
Sale of land, total consideration	$ 75,000
Notes receivable - land sales	50,000
Payment for note payable related party	$ 9,600
Farmers Branch Texas [Member]
Total Land/Development \| a			131.1

XML 33 R23.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Notes and interest receivable from related parties, net	$ 23,763		$ 23,763		$ 24,882
Interest income	1,085	$ 1,120	2,293	$ 2,239
Notes Receivable [Member] \| Related Party [Member]
Notes and interest receivable from related parties, net	$ 23,800		23,800
Interest income			$ 1,800

XML 34 R24.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST RECEIVABLE FROM RELATED PARTIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Dec. 31, 2015
Allowance for doubtful accounts	$ 1,826	$ 1,826
Total	23,763	$ 24,882
Performing Loans [Member]
Amount	25,589
Accrued interest	1,558
Allowance for doubtful accounts	(1,826)
Total	$ 23,763
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Echo Station) [Member]
Maturity date	Dec. 31, 2032
Interest Rate	12.00%
Amount	$ 1,481
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity date	Dec. 31, 2032
Interest Rate	12.00%
Amount	$ 2,000
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Lakeshore Villas) [Member]
Maturity date	Dec. 31, 2032
Interest Rate	12.00%
Amount	$ 6,368
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Limestone Canyon) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 2,653
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Limestone Ranch) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 1,953
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Parkside Crossing) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 1,936
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Sendero Ridge) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 4,491
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 1,323
Security	Secured
Performing Loans [Member] \| Unified Housing Foundation, Inc. (Tivoli) [Member]
Maturity date	Dec. 31, 2032
Interest Rate		12.00%
Amount		$ 1,826
Security	Secured

XML 35 R25.htm IDEA: XBRL DOCUMENT

NOTES AND INTEREST PAYABLE (Details Narrative) - TCI, ARL, and RAI $ in Thousands	1 Months Ended
	Nov. 30, 2015 USD ($)
Sale of land, total consideration	$ 75,000
Subordinated note receivable held	50,000
Notes payable	$ 9,600

XML 36 R26.htm IDEA: XBRL DOCUMENT

RECEIVABLE FROM AND PAYABLE TO RELATED PARTIES (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Related party receivable, December 31, 2015			$ 34,313
Cash transfers			2,704
Advisory fee	$ (160)	$ (176)	(313)	$ (350)
Net income fee	(54)	$ (46)	(126)	$ (90)
Cost reimbursements			(90)
Expenses paid by Advisor			(3)
Interest income			735
Related party receivable, June 30, 2016	37,219		37,219
Transcontinental Realty Investors, Inc [Member]
Related party receivable, December 31, 2015			34,313
Interest income			735
Purchase of obligations			2,171
Related party receivable, June 30, 2016	$ 37,219		37,219
Pillar Income Asset Management, Inc [Member]
Cash transfers			2,704
Advisory fee			(313)
Net income fee			(127)
Cost reimbursements			(90)
Expenses paid by Advisor			(3)
Purchase of obligations			$ (2,171)

XML 37 R27.htm IDEA: XBRL DOCUMENT

OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OPERATING SEGMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Property operating expenses		$ (8)		$ (16)
Segment operating income (loss)	$ 1,086	947	$ 2,293	1,894
Real estate assets	22,717		22,717
Land [Member]
Property operating expenses		(8)		(16)
Mortgage and loan interest		(165)		(329)
Segment operating income (loss)		(173)		(345)
Real estate assets	22,717	25,717	22,717	25,717
Other [Member]
Interest income from related parties	1,086	1,120	2,293	2,239
Segment operating income (loss)	1,086	1,120	293	2,239
Total Segments
Property operating expenses		(8)		(16)
Mortgage and loan interest		(165)		(329)
Interest income from related parties	1,086	1,120	2,293	2,239
Segment operating income (loss)	1,086	947	2,293	1,894
Real estate assets	$ 22,717	$ 25,717	$ 22,717	$ 25,717

XML 38 R28.htm IDEA: XBRL DOCUMENT

OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
OPERATING SEGMENTS (Details 1) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Operating Segments Details 1
Segment operating income	$ 1,086	$ 947	$ 2,293	$ 1,894
Other non-segment items of income (expense)
General and administrative	(128)	(122)	(221)	(297)
Net income fee to related party	(54)	(46)	(126)	(90)
Advisory fee to related party	(160)	(176)	(313)	(350)
Other income			3
Net income from continuing operations	$ 743	$ 603	$ 1,636	$ 1,157

XML 39 R29.htm IDEA: XBRL DOCUMENT

OPERATING SEGMENTS (Details 2) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Real estate assets	$ 22,717	$ 22,717
Notes and interest receivable	23,763	24,882
Other assets	2,257	2,390
Total assets	85,957	$ 84,304
Total Segments
Real estate assets	22,717		$ 25,717
Notes and interest receivable	23,763		25,037
Other assets	39,477		42,936
Total assets	$ 85,957		$ 93,690

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