CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Assets
Real estate, at cost	$ 961,548	$ 954,390
Real estate subject to sales contracts at cost, net of depreciation	49,155	49,155
Less accumulated depreciation	(155,332)	(150,038)
Total real estate	855,371	853,507
Notes and interest receivable
Performing (including $$120,370 in 2016 and $125,915 from related parties)	133,274	137,280
Less allowance for estimated losses (including $15,537 in 2016 and 2015 from related parties)	(17,037)	(17,037)
Total notes and interest receivable	116,237	120,243
Cash and cash equivalents	10,239	15,232
Restricted cash	30,664	45,711
Investments in unconsolidated subsidiaries and investees	5,739	8,365
Receivable from related party	32,397	28,147
Other assets	56,620	46,163
Total assets	1,107,267	1,117,368
Liabilities:
Notes and interest payable	801,905	797,962
Notes related to assets held for sale	376	376
Notes related to assets subject to sales contracts	6,220	6,422
Deferred revenue (including $70,902 in 2016 and $70,892 in 2015 from sales to related parties)	91,347	91,336
Accounts payable and other liabilities (including $10,112 in 2016 and $10,013 in 2015 to related parties)	34,762	44,383
Total Liabilities	934,610	940,479
Shareholders' equity:
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 shares in 2016 and 2015 (liquidation preference $10 per share), including 900,000 shares in 2016 and 2015 held by ARL or subsidiaries.	2,205	2,205
Common stock, $0.01 par value, authorized 100,000,000 shares; issued 15,930,145 and 14,443,404 shares; outstanding 15,514,360 and 14,027,619 shares in 2016 and 2015, respectively; including 140,000 shares held by TCI (consolidated) in 2016 and 2015.	156	156
Treasury stock at cost; 415,785 shares in 2016 and 2015, and 140,000 shares held by TCI (consolidated) as of 2016 and 2015.	(6,395)	(6,395)
Paid-in capital	109,364	109,861
Retained earnings	13,925	17,130
Total American Realty Investors, Inc. shareholders' equity	119,255	122,957
Non-controlling interest	53,402	53,932
Total shareholders' equity	172,657	176,889
Total liabilities and shareholders' equity	$ 1,107,267	$ 1,117,368