<SEC-DOCUMENT>0001387131-15-003354.txt : 20151113
<SEC-HEADER>0001387131-15-003354.hdr.sgml : 20151113
<ACCEPTANCE-DATETIME>20151113161409
ACCESSION NUMBER:		0001387131-15-003354
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20150930
FILED AS OF DATE:		20151113
DATE AS OF CHANGE:		20151113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMERICAN REALTY INVESTORS INC
		CENTRAL INDEX KEY:			0001102238
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE OPERATORS (NO DEVELOPERS) & LESSORS [6510]
		IRS NUMBER:				752847135
		STATE OF INCORPORATION:			NV
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15663
		FILM NUMBER:		151229289

	BUSINESS ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
		BUSINESS PHONE:		4695224200

	MAIL ADDRESS:	
		STREET 1:		1603 LBJ FREEWAY
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75234
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>ari-10q_093015.htm
<DESCRIPTION>QUATERLY REPORT
<TEXT>
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<div style="border-bottom: Black 1pt solid; border-top: Black 2pt solid; width: 100%; font-size: 1pt;">&#xA0;</div>
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<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&#xA0;</p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">UNITED
STATES</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">SECURITIES
AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">WASHINGTON,
D.C. 20549</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></p>
<hr align="CENTER" style="color: black; margin-bottom: 0; margin-top: 0; width: 30%;" noshade="noshade" size="1">
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 14pt Times New Roman, Times, Serif"><b>FORM
10-Q</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"></p>
<hr align="CENTER" style="color: black; margin-bottom: 12pt; margin-top: 12pt; width: 30%;" noshade="noshade" size="1">
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0;"></td>
<td style="width: 30.6pt;"><font style="font-family: Times New Roman, Times, Serif"><b>&#x2612;</b></font></td>
<td><font style="font-family: Times New Roman, Times, Serif"><b>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</b></font></td>
</tr>
</table>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">&#xA0;For
the quarterly period ended September 30, 2015</font></p>
<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">or</font></p>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 0;"></td>
<td style="width: 30.6pt;"><font style="font-family: Times New Roman, Times, Serif">&#x2610;</font></td>
<td><font style="font-family: Times New Roman, Times, Serif">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934</font></td>
</tr>
</table>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">For
the transition period from ______ to ______</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Commission
File Number 001-15663</font></p>
<hr align="CENTER" style="color: black; margin-bottom: 12pt; margin-top: 12pt; width: 30%;" noshade="noshade" size="1">
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 16pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC. </b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif"><b>(Exact
Name of Registrant as Specified in Its Charter) </b></font></p>
<hr align="CENTER" style="color: black; margin-bottom: 12pt; margin-top: 12pt; width: 30%;" noshade="noshade" size="1">
<p style="margin: 0 3in; text-align: center; text-indent: 0.5in; font: 6pt/normal Times New Roman, Times, Serif;"></p>
<table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Nevada</font></td>
<td style="width: 50%; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">75-2847135</font></td>
</tr>
<tr style="vertical-align: top;">
<td><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">(State
or Other Jurisdiction of</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Incorporation
or Organization)</font></p>
</td>
<td><p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">(I.R.S.
Employer</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Identification
No.)</font></p>
</td>
</tr>
</table>
<p style="margin: 0; text-align: center; text-indent: 0.5in; font: 12pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">1603
Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">(Address
of principal executive offices)</font></p>
<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">(Zip
Code)</font></p>
<p style="margin: 0 0 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">&nbsp;</font></p>

<p style="margin: 0 0 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, Serif">(469)
522-4200</font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">(Registrant&#x2019;s
telephone number, including area code)</font></p>
<hr align="CENTER" style="color: black; margin-bottom: 12pt; margin-top: 12pt; width: 30%;" noshade="noshade" size="1">
<p style="margin: 0 0 8pt; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant (1)&#xA0;has filed all reports required to be filed by Section&#xA0;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)&#xA0;has been subject to such filing requirements for the past 90 days.&#xA0;&#xA0;&#xA0;&#xA0;&#x2612;&#xA0;Yes&#xA0;&#xA0;&#xA0;&#xA0;
&#x2610; No</font></p>
<p style="margin: 0 0 8pt; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">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 (&#xA7;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)&#xA0;&#xA0;&#xA0;&#xA0;&#x2612;
Yes&#xA0;&#xA0;&#xA0;&#xA0; &#x2610;&#xA0;No.</font></p>
<p style="margin: 0 0 8pt; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">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 definition of &#x201C;large accelerated filer,&#x201D; &#x201C;accelerated filer,&#x201D; and &#x201C;smaller
reporting company&#x201D; in Rule 12b-2 of the Exchange Act:</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">Large&#xA0;accelerated&#xA0;filer &#x2610;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Accelerated&#xA0;filer</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2610;</font></td>
</tr>
<tr>
<td><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">Non-accelerated&#xA0;filer &#xA0;&#x2610;&#xA0;
&#xA0;(Do not check if a smaller reporting company)</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Smaller&#xA0;reporting&#xA0;company</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2612;</font></td>
</tr>
</table>
<p style="margin: 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&#xA0;&#xA0;&#xA0;&#xA0;&#x2610;&#xA0;Yes&#xA0;&#xA0;&#xA0;&#xA0;
&#x2612;&#xA0;No.</font></p>
<p style="margin: 0 0 8pt; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif">Indicate
the number of shares outstanding of each of the issuer&#x2019;s classes of common stock, as of the latest practicable date.</font></p>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 50%; text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">Common Stock, $.01 par value</font></td>
<td style="width: 50%; text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">15,514,360</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">(Class)</font></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">(Outstanding at November 6, 2015)</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><b>&#xA0;</b></p>
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<td style="width: 100%; text-align: center;">&#xA0;</td>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;">&#xA0;</p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>FORM
10-Q </b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>TABLE
OF CONTENTS </b></font></p>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 6%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 82%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 4%; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 8%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 0.1in; vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top; text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: center; text-decoration: underline;"><font style="font: 10pt Times New Roman, Times, Serif"><b><u>PAGE</u></b></font></td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>PART&#xA0;I. FINANCIAL
INFORMATION </b></font></td>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;1.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Financial Statements </font></td>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_001">Consolidated Balance
Sheets at September 30, 2015 (unaudited) and December 31, 2014 </a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_002">Consolidated Statements
of Operations for the three and nine months ended September 30, 2015 and 2014 (unaudited)&#xA0;&#xA0;&#xA0;</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_003">Consolidated Statement
of Shareholders&#x2019; Equity for the nine months ended September 30, 2015 (unaudited)</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_005">Consolidated Statements
of Comprehensive Income for the nine months ended September 30, 2015 and 2014 (unaudited)</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_005">Consolidated Statements
of Cash Flows for the nine months ended September 30, 2015 and 2014 (unaudited) </a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_006">Notes to Consolidated
Financial Statements</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;2.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_007">Management&#x2019;s
Discussion and Analysis of Financial Condition and Results of Operations</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">22</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;3.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_008">Quantitative and Qualitative
Disclosures About Market Risks</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;4.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_009">Controls and Procedures</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
</tr>
<tr>
<td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>PART&#xA0;II. OTHER INFORMATION
</b></font></td>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;5.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_010">Unregistered Sales
of Equity Securities and Use of Proceeds</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">32</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><font style="font: 10pt Times New Roman, Times, Serif">Item&#xA0;6.</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_011">Exhibits</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">33</font></td>
</tr>
<tr>
<td colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><a href="#a_012">SIGNATURES
</a></font></td>
<td style="padding-bottom: 0.75pt; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">34</font></td>
</tr>
</table>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
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<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&nbsp;</b></font></p>

<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif"><b>PART
I. FINANCIAL INFORMATION</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>ITEM&#xA0;1.
FINANCIAL STATEMENTS</b></font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_001"></a><b>CONSOLIDATED
BALANCE SHEETS</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>(unaudited)</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30,</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>December
31,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>(dollars
in thousands, except share<br> and par value amounts)</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Assets</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 56%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate, at cost</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">961,099</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">810,214</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject to sales contracts at
cost, net of depreciation ($194 for 2015 and $2,300 for 2014)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,213</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,026</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Less
accumulated depreciation</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(145,101</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(129,477</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">825,211</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">699,763</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Performing (including
$121,099 in 2015 and $139,466 in 2014 from related parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">132,452</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">149,484</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10pt;"><font style="font: 10pt Times New Roman, Times, Serif">Non-performing</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,161</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Less
allowance for doubtful accounts (including $15,537 in 2015 and 2014 from related parties)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(17,037</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(18,279</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total notes and interest
receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">115,415</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">134,366</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,989</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">12,299</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Restricted cash</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">42,214</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">49,266</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated subsidiaries
and investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,152</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,279</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Receivable from related party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43,301</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">21,414</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43,829</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">44,111</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total
assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,087,111</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">965,498</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 20pt; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liabilities
and Shareholders&#x2019; Equity</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Liabilities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes and interest payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">782,570</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">638,891</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes related to subject
to sales contracts</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,793</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">20,168</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Deferred revenue (including
$71,603 in 2015 and $72,564 in 2014 from sales to related parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">71,672</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">74,409</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Accounts
payable and other liabilities (including $7,001 in 2015 and $11,024 in 2014 to related parties)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">46,412</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">52,442</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">908,447</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">785,910</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Shareholders&#x2019; equity:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Preferred stock, Series
A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 and 2,461,252 shares in 2015 and 2014 (liquidation
preference $10 per share), including 900,000 shares in 2015 and 2014 held by ARL or subsidiaries.</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,205</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,126</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">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
2015 and 2014, respectively; including 140,000 shares held by TCI (consolidated) in 2015 and 2014.</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">156</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Treasury stock at cost;
415,785 shares</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,395</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,395</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt;"><font style="font: 10pt Times New Roman, Times, Serif">Paid-in capital</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">110,136</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">108,378</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Retained
earnings</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">18,435</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,090</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total American Realty
Investors, Inc. shareholders&#39; equity</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">124,537</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">124,340</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt;"><font style="font: 10pt Times New Roman, Times, Serif">Non-controlling interest</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">54,127</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">55,248</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total
shareholders&#39; equity</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">178,664</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">179,588</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 20pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total
liabilities and shareholders&#39; equity</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,087,111</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">965,498</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin-bottom: 0; margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&#xA0;</td>
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</table>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
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<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_002"></a><b>CONSOLIDATED
STATEMENTS OF OPERATIONS</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>(unaudited)</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
the Three Months Ended</b></font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
the Nine Months Ended</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30,</b></font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
<td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;" colspan="15"><font style="font: 10pt Times New Roman, Times, Serif"><b>(dollars
in thousands, except per share amounts)</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" colspan="5"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues:</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; width: 48%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Rental and
other property revenues (including $211 and $175 for the three months and $591 and $526 for the nine months ended 2015 and 2014,
respectively, from related parties)</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">27,826</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,326</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">75,223</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">57,986</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses:</b></font></td>
<td style="font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Property operating expenses
(including $202 and $172 for the three months and $551 and $511 for the nine months ended 2015 and 2014, respectively, from related
parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,499</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">10,766</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">37,467</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">30,677</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation and amortization</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,569</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,463</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">16,410</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,099</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative
(including $634 and $926 for the three months and $2,554 and $2,686 for the nine months ended 2015 and 2014, respectively, from
related parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,417</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,590</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,215</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,770</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income fee to related
party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">232</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(186</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">567</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">514</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
fee to related party</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,024</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,225</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,625</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,670</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
operating expenses</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">25,741</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">18,858</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">67,284</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">57,730</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net operating income
(loss)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,085</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">468</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,939</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">256</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other income (expenses):</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest income (including
$3,886 and $4,699 for the three months and $13,190 and $14,692 for the nine months ended 2015 and 2014, respectively, from related
parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,950</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,106</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,722</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,264</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(72</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,332</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,040</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,738</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest
(including $982 and $978 for the three months and $2,797&#xA0;&#xA0;and $2,709 for the nine months ended 2015 and 2014, respectively,
from related parties)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(13,481</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,901</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(34,203</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(28,651</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Loan charges and prepayment
penalties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,545</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,044</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,260</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,626</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated
subsidiaries and investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">320</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">276</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">266</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Litigation
settlement (expense)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(85</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(86</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(203</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,666</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
other expenses</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(11,152</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,273</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(18,628</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,343</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Loss before gain on land
sales, non-controlling interest, and taxes</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,067</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,805</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,689</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,087</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale of income
producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain
on land sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,958</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,861</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">634</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) from
continuing operations before taxes</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,374</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,765</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,093</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,453</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Income
tax benefit (expense)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">786</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) from
continuing operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,358</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,979</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,986</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,423</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Discontinued operations:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income (loss) from discontinued operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">477</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(454</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Gain
on sale of real estate from discontinued operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,770</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,826</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Income
tax benefit (expense) from discontinued operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(16</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(786</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(107</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income (loss) from discontinued operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,461</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">199</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,342</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,327</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,518</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,919</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income (loss) attributable to non-controlling interest</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,164</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">200</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,132</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,170</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income attributable
to American Realty Investors, Inc.</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,163</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,318</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(655</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,749</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Preferred
dividend requirement</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(275</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(428</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(941</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,653</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income applicable to common shares</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,438</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,746</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,596</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,096</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td style="padding-left: 10pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Earnings per share
- basic</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income (loss) from continuing operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.35</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.24</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.12</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.59</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income from discontinued operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.11</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.01</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.76</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income applicable to common shares</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.35</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.13</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.11</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.17</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Earnings per share
- diluted</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income (loss) from continuing operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.35</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.24</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.12</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.59</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income (loss) from discontinued operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.11</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.01</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.76</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;Net
income applicable to common shares</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.35</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.13</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(0.11</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.17</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt;"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average common shares used in
computing earnings per share</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,514,360</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,619,647</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,975,212</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">12,231,146</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt;"><font style="font: 10pt Times New Roman, Times, Serif">Weighted average common shares used in
computing diluted earnings per share</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,514,360</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,619,646</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,975,212</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">12,231,146</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amounts
attributable to American Realty Investors, Inc.</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss) from
continuing operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,194</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,779</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(854</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,593</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income (loss) from discontinued operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,461</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">199</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,342</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income applicable to American Realty Investors, Inc.</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,163</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,318</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(655</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,749</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin-bottom: 0; margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
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<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&#xA0;</td>
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</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
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<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_003"></a><b>CONSOLIDATED
STATEMENT OF SHAREHOLDERS&#x2019; EQUITY</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
the Nine Months Ended September 30, 2015</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>(unaudited,
dollars in thousands, except share amounts)</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Comprehensive</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Preferred</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>Common
Stock</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Treasury</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Paid-in</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Retained</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Non-controlling</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Equity</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Income
(Loss)</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Stock</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Stock</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Capital</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Earnings</b></font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="27"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 28%; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, December 31, 2014</b></font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">179,588</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(53,040</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,126</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,443,404</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">141</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,395</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">108,378</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,090</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 4%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">55,248</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(655</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,132</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Acquisition of non-controlling
interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Contributions from
non-controlling interests</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Distribution to non-controlling
interests</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Sale of controlling interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Assumption of non-controlling
interests</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(470</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(470</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sale of non-controlling interests</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Conversion of preferred
stock into common stock</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,263</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(921</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,070,956</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,169</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Series A preferred
stock dividend ($1.00 per share)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(941</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(941</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 10px; text-indent: -10px;"><font style="font: 10pt Times New Roman, Times, Serif">Repurchase/sale of
treasury shares, net</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance, September
30, 2015</b></font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">178,664</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(54,827</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,205</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,514,360</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">156</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,395</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">110,136</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">18,435</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">54,127</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin-bottom: 0; margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<!-- Field: Page; Sequence: 5 -->
<div style="border-bottom: Black 1px solid; margin-bottom: 6pt;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
<!-- Field: /Page -->
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_004"></a><b>CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>(unaudited)</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the
Nine Months Ended</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>(dollars
in thousands)</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,919</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other comprehensive
income (loss)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total comprehensive income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,919</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive
(income) loss attributable to non-controlling interest</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,132</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,170</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Comprehensive income
attributable to American Realty Investors, Inc.</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(655</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,749</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin-bottom: 0; margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<!-- Field: Page; Sequence: 6 -->
<div style="border-bottom: Black 1px solid; margin-bottom: 6pt;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
<!-- Field: /Page -->
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>AMERICAN
REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_005"></a><b>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>(unaudited)</b></font></p>
<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the
Nine Months Ended</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>(dollars
in thousands)</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash Flow From Operating Activities:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: right;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: right;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,787</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,919</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Adjustments
to reconcile net income applicable to common<br> &#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;shares to net cash flow from
operating activities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Gain
on sale of land</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,861</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(634</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Gain
on sale of income-producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(14,826</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation
and amortization</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">16,410</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,763</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Amortization
of deferred borrowing costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,748</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,415</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Earnings
from unconsolidated subsidiaries and investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(276</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">54</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Decrease
(increase) in assets:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accrued
interest receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">764</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">10,727</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other
assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,397</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,002</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Prepaid
expense</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(12,953</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,318</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Escrow</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,845</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,556</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Earnest
money</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,193</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Rent
receivables</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,384</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(15</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Related
party receivables</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(21,887</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Increase
(decrease) in liabilities:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Accrued
interest payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(242</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Payable
to related parties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(8,844</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other
liabilities</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(17,294</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash used in operating activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(28,184</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,457</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash Flow From Investing
Activities:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Proceeds
from notes receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">27,084</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Origination
or advances of notes receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,655</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(20,798</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Acquisition
of land held for development</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,425</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Acquisition
of income producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(131,220</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(19,534</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Proceeds
from sale of income-producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">41,666</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Proceeds
from sale of land</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">12,364</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,252</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Investment
in unconsolidated real estate entities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(597</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(402</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Improvement
of land held for development</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,930</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,654</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Improvement of income-producing
properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,945</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,625</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Sale of non-controlling interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(336</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(289</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Construction
and development of new properties</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,110</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,026</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash provided by (used in) investing activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(116,345</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,835</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash Flow From Financing
Activities:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Proceeds
from notes payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">225,950</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">110,308</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Recurring
amortization of principal on notes payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(22,202</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(14,540</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Debt
assumption by buyer, part of seller proceeds</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(18,495</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Payments
on maturing notes payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(33,860</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(97,564</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Stock-secured borrowings</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(568</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Deferred
financing costs</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(8,552</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,707</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Distributions
to non-controlling interests</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(257</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Preferred
stock dividends - Series A</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(941</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,653</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Conversion
of preferred stock into common stock</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,308</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,219</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Net
cash provided by (used in) financing activities</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">144,219</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,762</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net increase (decrease) in cash and cash
equivalents</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(310</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(12,054</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents,
beginning of period</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">12,299</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">16,437</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cash and cash equivalents,
end of period</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,989</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,383</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-family: Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">Supplemental disclosures
of cash flow information:</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cash paid for interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,193</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">28,004</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin-bottom: 0; margin-top: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying notes are an integral part of these consolidated financial statements.</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
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<div style="border-bottom: Black 1px solid; margin-bottom: 6pt;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
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<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_006"></a><b>NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS </b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
1. ORGANIZATION AND BASIS OF PRESENTATION </b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Organization</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">As
used herein, the terms &#x201C;ARL&#x201D;, &#x201C;the Company&#x201D;, &#x201C;we&#x201D;, &#x201C;our&#x201D; or &#x201C;us&#x201D;
refer to American Realty Investors, Inc., a Nevada corporation, which was formed in 1999.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&#x201C;NYSE&#x201D;) under
the symbol (&#x201C;ARL&#x201D;). Approximately 86.7% of ARL&#x2019;s stock is owned by related parties. Subsidiaries of ARL own
approximately 80.9% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&#x201C;TCI&#x201D;),
a Nevada corporation, which has its common stock listed and traded on the NYSE under the symbol (&#x201C;TCI&#x201D;). Accordingly,
TCI&#x2019;s financial results are consolidated with those of ARL. In 2012, May Realty Holdings, Inc. (&#x201C;MRHI&#x201D;) subsidiaries
acquired more than 80% of ARL stock and as a result, ARL is included in the MRHI consolidated group for federal income tax reporting.
We have no employees.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">TCI,
a subsidiary of ARL, owns approximately 81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&#x201C;IOT&#x201D;).&#xA0;&#xA0;
IOT&#x2019;s financial results are consolidated with those of TCI and its subsidiaries.&#xA0; Shares of IOT are traded on the
New York Stock Exchange Euronext (&#x201C;NYSE MKT&#x201D;) under the symbol (&#x201C;IOT&#x201D;).&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">ARL
invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar
Income Asset Management, Inc. (&#x201C;Pillar&#x201D;) is the Company&#x2019;s external Advisor and Cash Manager. Although the
Board of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day
operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&#xA0; Pillar&#x2019;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.&#xA0; Additionally, Pillar serves
as a consultant to the Board with regard to their decisions in connection with ARL&#x2019;s business plan and investment policy.&#xA0;
Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Regis
Realty Prime, LLC (&#x201C;Regis&#x201D;) manages our commercial properties and provides brokerage services. ARL engages third-party
companies to lease and manage its apartment properties.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties
</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
own or had interests in a total property portfolio of 55 income-producing properties as of September 30, 2015. The properties
consisted of:</font></p>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">10 commercial properties consisting of
five office buildings, one industrial warehouse, three retail centers and a golf course, comprising in aggregate approximately
2.2&#xA0;million rentable square feet;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">45 apartment communities totaling 7,511
units, excluding apartments being developed; and</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">4,000 acres of developed and undeveloped
land.</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
join with various third-party development companies to construct residential apartment communities. We are in the predevelopment
process on several residential apartment communities that have not yet begun construction. At September 30, 2015, we had two apartment
projects in development. The third-party developer typically holds a general partner as well as a majority limited partner interest
in a limited partnership formed for the purpose of building a single property, while we generally take a minority limited partner
interest in the limited partnership. We may contribute land to the partnership as part of our equity contribution or we may contribute
the necessary funds to the partnership to acquire the land. We are required to fund all necessary equity contributions while the
third-party developer is responsible for obtaining construction financing, hiring a general contractor and for the overall management,
successful completion and delivery of the project. We generally bear all the economic risks and rewards of ownership in these
partnerships and therefore include these partnerships in our Consolidated Financial Statements. The third-party developer is paid
a developer fee typically equal to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire
the third-party developer&#x2019;s partnership interests in exchange for any remaining unpaid developer fees.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basis
of Presentation </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 (&#x201C;U.S. GAAP&#x201D;) 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 nine months
ended September 30, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for
the full fiscal year.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
year-end Consolidated Balance Sheet at December&#xA0;31, 2014 was derived from the audited Consolidated Financial Statements at
that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements.
For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company&#x2019;s Annual
Report on Form 10-K for the year ended December&#xA0;31, 2014. Certain 2014 Consolidated Financial Statement amounts have been
reclassified to conform to the 2015 presentation, including adjustments for discontinued operations.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principles
of Consolidation </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying Consolidated Financial Statements include the accounts of the Company, its 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 (&#x201C;VIE&#x201D;), in accordance with the provisions and guidance
of ASC Topic 810, &#x201C;Consolidation&#x201D;, 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 (&#x201C;EITF&#x201D;)
Issue 04-5, Investor&#x2019;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner
and the Limited Partners have Certain Rights (&#x201C;EITF 04-5&#x201D;). 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 is generally 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&#x2019;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019; 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity
method.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate, Depreciation and Impairment </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 its real estate assets using the methodology prescribed in ASC
Topic 360 (&#x201C;ASC 360&#x201D;), &#x201C;Property, Plant and Equipment&#x201D;. Factors considered by management in evaluating
impairment of its 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 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&#x2019;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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate Held For Sale </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
periodically classify real estate assets as &#x201C;held for sale&#x201D;. 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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. Subsequent to January 1, 2015, Accounting Standards Update
2014-08, &#x201C;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D; (&#x201C;ASU
2014-08&#x201D;) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations
presentation. Adoption of this standard will result in substantially fewer of the Company&#x2019;s dispositions meeting the discontinued
operations criteria.</font></p>
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<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost
Capitalization </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Costs
related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated
Balance Sheets.&#xA0; We capitalize interest to qualifying assets under development based on average accumulated expenditures
outstanding during the period.&#xA0; 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.&#xA0; 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
Value Measurement </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
apply the guidance in ASC Topic 820, &#x201C;Fair Value Measurements and Disclosures&#x201D;, 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&#x2019;s own data.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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:</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 0.5in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 8pt; width: 0.75in; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level&#xA0;1&#xA0;&#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.85pt; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Unadjusted
quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 8pt; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level
2 &#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.85pt; vertical-align: bottom;"><font style="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.</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 8pt; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level
3 &#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.85pt; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable
inputs that are significant to the fair value measurement.</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">A
financial instrument&#x2019;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deferred
Costs</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Costs
relating to the financing of properties are deferred and amortized over the life of the related financing agreement.&#xA0; Amortization
is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40
years.&#xA0; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Related
Parties</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
apply ASC Topic 805, &#x201C;Business Combinations&#x201D;, 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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Newly
Issued Accounting Standards </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
April 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU 2014-08,&#xA0;&#x201D;Reporting Discontinued
Operations and Disclosures of Disposals of Components of an Entity&#x201D;, which changes the criteria for determining which disposals
qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019;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 are applied retroactively for all periods
presented. The new standard was effective January 1, 2015. We adopted ASU 2014-08 as of January 1, 2015 and believe future sales
of our individual operating properties will no longer qualify as discontinued operations. Adoption of this standard has resulted
in substantially fewer of the Company&#x2019;s dispositions meeting the discontinued operations criteria. See Note 8 below.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
May 2014, Accounting Standards Update (&#x201C;ASU&#x201D;) No. 2014-09 (&#x201C;ASU 2014-09&#x201D;), &#x201C;Revenue from Contracts
with Customers,&#x201D; was issued. This new guidance established a new single comprehensive revenue recognition model and provides
for enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could
differ from those recognized under existing accounting guidance. This new standard 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 the adoption of this guidance has on its financial position and results of operations, if any.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
April 2015, the FASB issued ASU 2015-03,&#xA0;&#x201D;Simplifying the Presentation of Debt Issuance Costs&#x201D;&#xA0;(&#x201C;ASU
2015-03&#x201D;).&#xA0;&#xA0;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 has adopted this
standard effective June 30, 2015. The accompanying financials have been reclassified to reflect the adoption.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
2. REAL ESTATE ACTIVITY</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of the real estate owned as of September 30, 2015 (dollars in thousands):</font></p>
<table style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 76%;"><font style="font: 10pt Times New Roman, Times, Serif">Apartments</font></td>
<td style="width: 10%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">578,838</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Apartments under construction</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,503</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Commercial properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">218,447</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Land held for development</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">156,310</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject
to sales contract</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,408</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">970,506</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Less accumulated depreciation</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(145,295</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate,
net of depreciation</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">825,211</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
highlights of our significant real estate transactions for the nine months ended September 30, 2015 are listed below:</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b><i><u>Purchases
</u></i></b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2015, The Company acquired five income-producing apartment complexes from third parties in
the states of Texas (2), Tennessee (1) and Florida (2), increasing the total number of units by 761, for a combined purchase price
of $67.5 million. In addition, the Company acquired three income-producing apartment complexes from related parties in the states
of Texas (2) and Kansas (1), increasing the total number of units by 698, for a combined purchase price of $11.6 million.&#xA0;The
Company also purchased a commercial office building in Texas, comprised of 92,723 square feet for $16.8 million.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b><i><u>Sales</u></i></b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2015, The Company sold approximately 198 acres of land located in Texas to independent third
parties for a total sales price of $12 million. We recorded a total gain of $5.1 million from the sales.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
addition, one income-producing apartment complex consisting of 200 units located in Ohio was foreclosed upon. The Company recorded
a gain of $0.7 million related to the extinguishment of debt.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, The company has 110 acres of land, at various locations, that were sold to related parties in multiple
transactions. These transactions are treated as &#x201C;subject to sales contract&#x201D; on the Consolidated Balance Sheets.
Due to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
continue to invest in the development of apartment projects. During the nine months ended September 30, 2015, we have expended
$5.1 million related to the construction or predevelopment of various apartment complexes and capitalized $0.4 million of interest
costs.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
3. NOTES AND INTEREST RECEIVABLE</b></font></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">A
portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage
loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized
by real estate or interests in real estate and guarantees, unless noted otherwise, are so secured. Management intends to service
and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid
at maturity. Below is a summary of our notes receivable (dollars in thousands):</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom;">
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturity</b></font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: Black 1pt solid;" colspan="5"><font style="font: 10pt Times New Roman, Times, Serif"><b>Borrower</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Collateral</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td colspan="5"><font style="font: 10pt Times New Roman, Times, Serif">Performing loans:</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Foundation for Better Housing, Inc. (Overlook
at Allensville) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">11/19</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,472</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Foundation for Better Housing, Inc. (Vista
Ridge) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">04/19</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,923</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">H198, LLC (Las Vegas Land)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">01/20</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,907</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">One Realco Corporation <sup>(1) (2)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">01/17</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,000</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Realty Advisors Management, Inc. <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/16</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2.28</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,387</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Cliffs of
El Dorado) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,097</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Echo Station<sup>)
(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,481</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Inwood on
the Park) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,059</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Kensington
Park) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,936</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
Villas) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
Villas) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,096</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
Canyon) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,057</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
Canyon) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,663</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
Ranch) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,250</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
Ranch) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">6,000</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Parkside
Crossing) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,936</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Reserve
at White Rock Phase I)<sup> (1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,485</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Reserve
at White Rock Phase II) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,555</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Sendero
Ridge) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,174</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Sendero
Ridge) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,812</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Timbers
at the Park) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,323</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Tivoli)
<sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,966</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Trails at
White Rock) <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/32</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,815</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">06/17</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,261</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/17</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,207</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/15</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,665</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">12/16</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,657</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other related party notes <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,080</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other related party notes <sup>(1)</sup></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,420</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other non-related party notes</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,166</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other non-related party notes</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">503</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 5%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 44%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Accrued interest</font></td>
<td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 5%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 5%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1px solid; width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1px solid; width: 5%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,099</font></td>
<td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 19%; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total </b></font></td>
<td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">132,452</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Allowance for doubtful accounts</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1px solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(17,037</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total </b></font></td>
<td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">115,415</font></td>
<td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; border-collapse: collapse;" border="0" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="width: 5%; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
<td style="width: 95%; font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Related
party note</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(2)</sup></font></td>
<td style="font: 10pt Arial, Helvetica, Sans-Serif;"><font style="font: 10pt Times New Roman, Times, Serif">An allowance was taken
for estimated losses at full value of note</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&#xA0;</td>
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</table>
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<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Junior
Mortgage Loans</b>. We invest in junior mortgage loans, secured by mortgages that are subordinate to one or more prior liens either
on the fee or a leasehold interest in real estate. Recourse on such loans ordinarily includes the real estate on which the loan
is made, other collateral and guarantees.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">At
September 30, 2015, we had junior mortgage loans and accrued interest receivable from related parties, net of allowances, totaling
$105.6 million. We recognized interest income of $9.4 million related to these notes receivables.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has various notes receivable from Unified Housing Foundation, Inc. (&#x201C;UHF&#x201D;) and Foundation for Better Housing,
Inc. (&#x201C;FBH&#x201D;). UHF and FBH are determined to be related parties due to our reliance upon the performance of the collateral
secured under the notes receivable. Payments are due from surplus cash flow of operations of the properties. A sale or refinance
of any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes
for the specific borrower. These notes are cross-collateralized for the specific borrower, but to the extent cash is received
from a specific UHF or FBH property, it is applied first against any outstanding interest for the related-property note. The allowance
on the UHF notes was a purchase allowance that was netted against the notes when acquired.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
4. INVESTMENT IN UNCONSOLIDATED INVESTEES</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in unconsolidated investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at
cost and adjusted for the Company&#x2019;s proportionate share of their undistributed earnings or losses under the equity method
of accounting.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in unconsolidated investees consist of the following:</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="5"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percentage
ownership as of</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30, <br> 2015</b></font></td>
<td style="padding-bottom: 1pt; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
30, <br> 2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in; width: 58%; text-align: left; text-indent: 0;"><font style="font: 10pt Times New Roman, Times, Serif">Gruppa
Florentina, LLC</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: right;"></td>
<td style="width: 1%; text-align: left;"></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 17%; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 17%; vertical-align: bottom; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Gruppa
Florentina, LLC is the sole shareholder of Milano Restaurants International Corporation, (&#x201C;Milano&#x201D;) which operates
33 pizza parlors under the trade name &#x201C;Me-N-Ed&#x2019;s Pizza Parlors&#x201D; and four pizza parlors operating under the
trade name &#x201C;Blast 825 Pizza&#x201D;, located primarily in Central and Northern California. Milano has a 100% ownership
interest in Siena Corp, which operates two grills under the trade names &#x201C;Me-N-Ed&#x2019;s Victory Grill&#x201D; and &#x201C;Me-N-Ed&#x2019;s
Coney Island Grill&#x201D;. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located
in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo &#38; Vito&#x2019;s
Pizzerias.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following is a summary of the financial position and results of operations from our investees (dollars in thousands):</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate, net of accumulated
depreciation</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,435</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,014</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8,255</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,122</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">29,393</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">30,398</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes payable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,307</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,521</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other liabilities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,173</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,386</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Shareholders&#39; equity</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(33,603</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(31,627</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
the Nine Months Ended September 30,</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Revenue</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">38,428</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">36,197</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(863</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(863</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(35,144</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(33,438</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest expense</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(605</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(661</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income from continuing operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,816</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,235</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income from discontinued
operations</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,816</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,235</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Company&#39;s proportionate share of earnings<font style="font-weight: normal; font-style: normal; font-variant: normal"><sup>&#xA0;</sup></font></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">363</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">247</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
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<p style="margin: 8pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
5. NOTES PAYABLE</b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of our notes and interest payable as of September 30, 2015 (dollars in thousands):</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Notes
Payable</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued
Interest</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
Debt</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 55%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Apartments</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">476,839</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,325</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">479,164</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Commercial</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">117,329</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">572</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">117,901</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Land</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">56,648</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">276</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">56,924</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject to sales contract</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,755</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">38</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,793</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mezzanine financing</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">24,939</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">122</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">25,061</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">806,910</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,333</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">810,243</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized deferred
borrowing costs</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(19,880</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(19,880</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">787,030</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,333</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">790,363</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
segment labeled as &#x201C;Other&#x201D; consists of unsecured or stock-secured notes payable.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">With
respect to the additional notes payable due to the acquisition of properties or refinancing of existing mortgages, a summary of
some of the more significant transactions is discussed below:</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
January 28, 2015, the Company modified the existing mortgage on a 200-unit complex located in Texas, to reduce the interest rate.
The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing August 1, 2050.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
January 28, 2015, the Company modified the existing mortgage on a 240-unit complex located in Mississippi, to reduce the interest
rate. The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing December 1,
2051.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
April 23, 2015, the Company refinanced the existing mortgage on a 250-unit complex located in Arkansas, for a new mortgage of
$21.0 million. We paid off the existing mortgage of $15.7 million and $0.6 million in closing costs. The note accrues interest
at 2.74% and payments of interest and principal are due monthly, maturing May 1, 2050.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
April 29, 2015, the Company refinanced the existing mortgage on a 240-unit complex located in Texas, for a new mortgage of $15.4
million. We paid $0.7 million in closing costs. The note accrues interest at 3.28% and payments of interest and principal are
due monthly, maturing March 31, 2051.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">On
May 28, 2015, the Company secured additional financing of $120.0 million from an independent third party.&#xA0; At closing $84.4
million was advanced to the Company. The financing can be used for general corporate purposes, acquisition of multi-family apartment
complexes and to reduce debt. The note has a term of five years at an interest rate of 30 day Libor plus 10.75%.&#xA0; The note
is interest only, payable monthly, with the principal due at the end of the five years. The loan is secured by various equity
interests in certain residential apartments. The note contains customary restrictions, representations, covenants, corporate and
officer guarantees, events of default and require the Company to meet certain financial covenants. The Company believes it is
in compliance with these financial covenants at September 30, 2015.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Simultaneous
with the closing of the above financing, the Company amended its existing financing of $40.0 million from an independent third
party.&#xA0; The note has a term of five years at an interest rate of 12.0%.&#xA0; The note is interest only for the first year
with quarterly principal payments due of $0.5 million starting April 1, 2015.&#xA0; As of September 30, 2015, the outstanding
balance on the loan was $39.5 million. The loan is secured by various equity interests in residential apartments and can be prepaid
at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter. The note contains customary restrictions,
representations, covenants, corporate and officer guarantees, events of default and require the Company to meet certain financial
covenants. The Company believes it is in compliance with these financial covenants at September 30, 2015.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">There
are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note
due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of
these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
conjunction with the development of various apartment projects and other developments, we drew down $1.7 million in construction
loans during the nine months ended September 30, 2015.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
properties that we have sold to a related party and have deferred the recognition of the sale are treated as &#x201C;subject to
sales contract&#x201D; on the Consolidated Balance Sheets. These properties were sold to a related party in order to help facilitate
an appropriate debt or organizational restructure and may or may not be transferred back to the seller upon resolution.&#xA0;
These properties have mortgages that are secured by the property and many have corporate guarantees<font style="color: #1f497d">.&#xA0;
</font>According to the loan documents, the maker is currently in default on these mortgages primarily due to lack of payment
and is actively involved in discussions with every lender in order to settle or cure the default situation.&#xA0; We have reviewed
each asset and taken impairment to the extent we feel the value of the property was less than our current basis.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
6. RELATED PARTY TRANSACTIONS</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties
as of September 30, 2015 (dollars in thousands):</font></p>
<table style="width: 80%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left; font-weight: bold;" colspan="3"></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1px solid; vertical-align: bottom; text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pillar</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 1%; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 0.5in; width: 76%; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Related
party receivable, December 31, 2014</font></td>
<td style="width: 1%; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 18%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">21,414</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cash
transfers</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">56,610</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
fees</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,623</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income fee</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(568</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Fees
and commissions</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,654</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Cost
reimbursements</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,593</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest
income</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">809</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
paid by Advisor</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(8,843</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Financing
(mortgage payments)</font></td>
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,334</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 1in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Sales/purchases
transactions</font></td>
<td style="padding-bottom: 1pt; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,917</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 0.5in; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Related
party receivable, September 30, 2015</font></td>
<td style="padding-bottom: 2.5pt; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43,301</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">During
the ordinary course of business, we have related party transactions that include, but are not limited to, rent income, interest
income, interest expense, general and administrative costs, commissions, management fees and property expenses. In addition, we
have assets and liabilities that include related party amounts. The related party amounts included in assets and liabilities,
and the related party revenues and expenses received/paid are shown on the face of the Consolidated Financial Statements.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
7. OPERATING SEGMENTS</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
segments are based on our method of internal reporting which classifies our operations by property type. Our property types are
grouped into commercial properties, apartments, hotels, land and other operating segments. 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 net operating income and cash flow.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
segment labeled as &#x201C;Other&#x201D; consists of revenue and operating expenses related to the notes receivable and corporate
debt.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
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<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Presented
below is our reportable segments&#x2019; operating income for the three and nine months September 30, 2015 and 2014, including
segment assets and expenditures (dollars in thousands):</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
                                         the Three Months Ended</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2015</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commercial</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Hotels</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 34%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8,107</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,671</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">48</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">27,826</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Property operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,434</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,373</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(422</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(270</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(14,499</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,358</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,229</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,569</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,871</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,299</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,345</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,511</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(15,026</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,950</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,950</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale of income producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on land sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,958</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,958</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating
income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(556</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">505</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">191</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,765</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,625</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,404</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(43</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,461</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,822</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">161,876</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">496,329</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">163,867</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Property Sales</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sales price</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,129</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,851</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,980</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Cost of sale</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,394</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,854</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(12,248</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Recognized prior deferred
gain</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">961</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">961</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,958</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,693</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
                                         the Three Months Ended</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2014</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commercial</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></p>
</td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Hotels</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,609</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,704</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,326</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Property operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,890</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,284</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(585</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,766</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,944</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,537</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">18</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,463</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,325</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,334</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,182</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,104</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,945</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,106</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,106</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on land sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating
income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,550</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(451</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,727</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,026</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,702</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">486</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">38</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,435</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,959</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">129,361</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">345,281</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">165,144</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Property Sales</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sales price</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,582</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,269</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,851</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">Cost of sale</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(812</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,229</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,041</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain (loss) on sale</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,770</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,810</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars
in thousands):</font></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Three Months Ended</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating income</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,625</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,702</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,417</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,590</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income fee to related
party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(232</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">186</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory fee to related
party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,024</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,225</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(72</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,332</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated
investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">320</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Litigation settlement</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(85</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(86</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income
tax benefit</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">16</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">786</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)
from continuing operations</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,358</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,979</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
</table>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
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<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment assets</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,152</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,137</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">115,415</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">148,207</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">144,472</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">130,169</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,087,111</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">922,299</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
                                         the Nine Months Ended</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2015</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commercial</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Hotels</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 40%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">22,172</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">52,948</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 6%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">75,223</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Property operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(12,042</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(24,243</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(936</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(246</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(37,467</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,516</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,949</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">55</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(16,410</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,129</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(15,857</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,766</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(11,711</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(36,463</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,722</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">13,722</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale of producing properties</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on land sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,861</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,861</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating
income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,515</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,634</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,159</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,923</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,201</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,539</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">438</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,772</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">10,749</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">161,876</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">496,329</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">163,867</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">Property Sales</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sales price</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,129</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">11,987</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">23,116</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Cost of sale</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,394</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,863</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(17,257</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Recognized prior deferred
gain</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,737</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,737</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,861</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8,596</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
                                         the Nine Months Ended</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30, 2014</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold;" colspan="2"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commercial</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></p>
</td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Hotels</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Land</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td>
<td style="padding-bottom: 1pt; text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,166</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43,779</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">41</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">57,986</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Property operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(9,206</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(20,284</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,175</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(12</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(30,677</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,515</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,656</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">72</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(13,099</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,469</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(15,512</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(3,725</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,571</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(31,277</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Interest income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,264</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,264</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on land sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">634</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">634</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating
income (loss)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,024</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">327</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,266</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,794</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,169</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Capital expenditures</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,476</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">137</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,586</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,199</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Real estate assets</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">129,361</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">345,281</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">165,144</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Property Sales</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">Sales price</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">19,182</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">23,131</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,986</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">47,299</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">Cost of sale</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(10,409</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(17,078</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,352</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(31,839</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain on sale</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8,773</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">6,053</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">634</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15,460</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>

<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&#xA0;</td>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
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<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Nine Months Ended</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">7,201</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,169</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">General and administrative</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,215</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,770</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income fee to related
party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(567</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(514</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory fee to related
party</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(7,625</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,670</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,040</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,738</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated
investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">276</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">266</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Litigation settlement</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(203</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,666</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 24px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income
tax benefit</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">107</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net income (loss)
from continuing operations</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,986</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4,423</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Segment assets</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated investees</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,152</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">4,137</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">115,415</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">148,207</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">144,472</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">130,169</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total assets</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,087,111</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">922,299</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
8. DISCONTINUED OPERATIONS</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Prior
to January 1, 2015, we applied the provisions of ASC 360, &#x201C;Property, Plant and Equipment&#x201D;, which required that long-lived
assets that are to be disposed of by sale be measured at the lesser of (1)&#xA0;book value or (2)&#xA0;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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Effective
January 1, 2015, the Company adopted the provisions of ASU 2014-08,&#xA0;&#x201D;Reporting Discontinued Operations and Disclosures
of Disposals of Components of an Entity&#x201D;, which changes the criteria of ASC 360 related to determining which disposals
qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Disposals
representing a strategic shift in operations that have a major effect on a company&#x2019;s operations and financial results will
be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations
to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was
effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company&#x2019;s dispositions meeting
the discontinued operations criteria.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">There were
no sales of income-producing properties in the first nine months of 2015. In 2014, we sold two apartment complexes (both in Texas),
and two commercial properties (one in Louisiana and one in Alaska). The gain on sale of the properties is also included in discontinued
operations for those years. The following table summarizes revenue and expense information for the properties sold and held for
sale (dollars in thousands):</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="text-align: center; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center; font-weight: bold;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the
Three Months </b></font><b><br><font style="font: 10pt Times New Roman, Times, Serif"> Ended September 30,</font></b></td>
<td style="text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Nine Months </b></font><b><br>
<font style="font: 10pt Times New Roman, Times, Serif">Ended September 30,</font></b></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; width: 47%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Rental
and other property revenues</font></td>
<td style="padding-bottom: 1pt; width: 3%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 9%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 9%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,416</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 9%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 9%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,416</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Property operating
expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">326</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(346</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,201</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">155</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">664</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;General
and administrative</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">65</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">99</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">378</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">546</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(247</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,243</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other income (expense):</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(36</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(522</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Mortgage and
loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(357</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,767</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Litigation
settlement</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(250</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
other income (expenses)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(393</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">44</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,539</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain (loss) from discontinued operations
before gain on sale of real estate and tax</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">477</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(454</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Gain on sale
of real estate from discontinued operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,770</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,826</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Income
tax benefit (expense)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(16</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(786</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(107</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income from discontinued
operations</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,461</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">199</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,342</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
application of ASC 360 results in the presentation of the net operating results of these qualifying properties sold or held for
sale during 2015 as income from discontinued operations. This does not have an impact on net income available to common shareholders
and only impacts the presentation of these properties within the Consolidated Statements of Operations.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY </b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>LK-Four
Hickory, LLC</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
conjunction with its sale of Four Hickory in November 2007, the Company agreed to fund amounts to satisfy its commitment to compensate
LK-Four Hickory, LLC for move-in discounts and other concessions to existing tenants at the time of sale.&#xA0; The Company also
has various agreements with LK-Four Hickory, LLC related to the funding of projection shortfalls, which, to date, they have not
had to provide any additional funding.&#xA0; In addition, related parties of the Company have active lease agreements with LK-Four
Hickory, LLC, and the Company has since guaranteed amounts related to certain of these leases.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
December 17, 2007, both Limkwang Nevada, Inc., the majority owner of LK-Four Hickory, LLC, and ARL unconditionally guaranteed
the punctual payment when due, whether at stated maturity, by acceleration or hereafter, including all fees and expenses incurred
by the bank on collection of a $28.0 million note payable for LK-Four Hickory, LLC which has a current outstanding balance of
$22.1 million.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#x2019;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold and the Company has additional reserves for estimated
potential amounts it could be liable for if various related parties are not able to meet their obligations to LK-Four Hickory,
LLC. The Company will continue to evaluate these potential estimates and also the likelihood of having to fund any of these and
adjust their reserves accordingly.&#xA0;&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><i>Liquidity.
</i>&#xA0;&#xA0;&#xA0;&#xA0;Management believes that ARL will generate excess cash flow from property operations in 2015; such
excess, however, will not be sufficient to discharge all of ARL&#x2019;s obligations as they became due. Management intends to
sell land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate
to meet its liquidity requirements.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><i>Partnership
Buyouts</i>.&#xA0;&#xA0;&#xA0;&#xA0;ARL is the limited partner in various partnerships related to the construction of residential
properties. As permitted in the respective partnership agreements, ARL intends to purchase the interests of the general and any
other limited partners in these partnerships subsequent to the completion of these projects. The amounts paid to buy out the non-affiliated
partners are limited to development fees earned by the non-affiliated partners and are outlined in the respective partnership
agreements.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><i>Litigation.
</i>&#xA0;&#xA0;&#xA0;&#xA0;The ownership of property and provision of services to the public as tenants entails an inherent risk
of liability. Although the Company and its subsidiaries are involved in various items of litigation incidental to and in the ordinary
course of its business, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon
the Company&#x2019;s financial condition, results of operation or liquidity, unless otherwise noted below.</font></p>
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<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>ART
and ART Midwest, Inc.</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">While
the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in
any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have
been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the &#x201C;Clapper
Parties&#x201D;). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential
apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust,
Inc. (&#x201C;ART&#x201D;) and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties
received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling
was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the
judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred
and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.
ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">In
2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the
principal case with the Clapper Parties was pending, but the abatement was recently lifted and the action against the law firm
is expected to move forward. The only defendants in the litigation involving the Clapper Parties are ART and ART Midwest, Inc.,
which, together, had total assets and net worth, as of December 31, 2012, of approximately $10 million. In January 2012, the Company
sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million.
At December 31, 2012, the Company fully reserved and valued such note at zero.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Subsequently,
David M. Clapper and two entities related to Mr. Clapper (all, collectively, the &#x201C;Clapper Parties&#x201D;) filed a complaint
in the U. S. District Court against the Company, its directors and certain of its officers alleging purported transactions to
the detriment of the Clapper Parties and others by transferring assets, cash and diverting property. Management of the Company
believes&#xA0;there is no basis for this action against the Company and&#xA0;intends to vigorously defend itself. The&#xA0;complaint
does not allege any facts relating to the Company, except that the&#xA0;Company is a Nevada corporation, with its headquarters/principal
place of business in Dallas, Texas.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Management&#xA0;believes
that the Company has no liability for any ultimate judgment in the proceeding involving the Clapper Parties; however, Management
of the Company has serious reservations about the current collectability of the $10 million note and, accordingly, has reserved
the&#xA0;full amount of the note.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Port
Olpenitz</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">ARL,
through a foreign subsidiary, was involved in developing a maritime harbor town on the 420 acre site of the former naval base
of Olpenitz in Kappeln, Germany. Disputes with the local partner related to his mismanagement of the project resulted in his being
replaced as the managing partner which was followed by a filing for bankruptcy protection in Germany to completely remove him
from the project. An insolvency manager was placed in control of the project in order to protect the creditors and as of December
31, 2013, had sold the vast majority of assets (almost all land) of the project. The Company no longer has any financial responsibility
for the obligations of the creditors related to the project and has claims filed for loans relating to our investment in the project.
Due to the questionable collectability of these loans from the proceeds of the project, the Company has written off the unreserved
balance of $5.3 million in the project. As of December 13, 2013, ARL had filed two lawsuits in Germany to recover funds invested
in the project. The lawsuits are against: 1) the former German partner and his company, and 2) against the law firm in Hamburg
originally hired to protect ARL&#x2019;s investment in the project. At this time it is unknown how much can be recovered or how
successful the litigation will be.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dynex
Capital, Inc.</b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
July 20, 2015, the 68<sup>th</sup> Judicial District Court in Dallas County, Texas issued its Final Judgment in Cause No. DC-03-00675,
styled Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras
Corp., Continental Common, Inc. and Continental Baronne, Inc. v. Dynex Commercial, Inc. The case, which was litigated for more
than a decade, had its origin with Dynex Commercial making loans to Continental Poydras Corp., Continental Common, Inc. and Continental
Baronne, Inc. (subsidiaries of Continental Mortgage &#38; Equity Trust (&#x201C;CMET&#x201D;), an entity which merged into TCI
in 1999 after the original suit was filed). Under the original loan commitment, $160 million in loans were to be made to the entities.
The loans were conditioned on the execution of a commitment between Dynex Commercial and Basic Capital Management, Inc. (&#x201C;Basic&#x201D;).</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">An
original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of
Basic for &#x201C;lost opportunity,&#x201D; as well as damages in favor of ART and in favor of TCI and its subsidiaries for &#x201C;increased
costs&#x201D; and &#x201C;lost opportunity.&#x201D; The original Trial Court judge ignored the jury&#x2019;s findings, however,
and entered a &#x201C;Judgment Notwithstanding the Verdict&#x201D; (&#x201C;JNOV&#x201D;) in favor of the Dynex entities (the
judge held the Plaintiffs were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex
Capital, Inc. was ultimately dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial
Court for a new judgment consistent with the jury&#x2019;s findings. The Court entered the new Final Judgment against Dynex Commercial,
Inc. on July 20, 2015.</font></p>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $.256 million in damages, plus pre-judgment
interest of $.192 million for a total amount of $.448 million. The Judgment awarded ART $14.2 million in damages, plus pre-judgment
interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI $11.1 million, plus pre-judgment interest
of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the
rate of 5% per annum from April 25, 2014 until the date their respective damages are paid. Lastly, the Judgement awarded Basic,
ART, and TCI $1.6 million collectively in attorneys&#x2019; fees from Dynex Commercial, Inc.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is reviewing the Final Judgment with counsel to determine the appropriate steps moving forward now that they have obtained
this Final Judgment against Dynex Commercial, Inc.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
10. EARNINGS PER SHARE </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Earnings
Per Share (&#x201C;EPS&#x201D;) have been computed pursuant to the provisions of ASC Topic 260, &#x201C;Earnings Per Share&#x201D;.
The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations,
adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period. Shares issued
during the period shall be weighted for the portion of the period that they were outstanding.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, we have 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding.
These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20
trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted
method is dilutive. Of the outstanding 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, 600,000 shares
were owned by ART Hotel Equities, Inc. and 300,000 shares were owned by ART Edina, Inc. a wholly owned subsidiary of ARL. As of
May 30, 2014, these 900,000 shares were transferred to ARL. Dividends are not paid on the shares owned by ARL subsidiaries.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Prior
to July 17, 2014, Realty Advisors, Inc. (&#x201C;RAI&#x201D;), a related party, owned 2,451,435 shares of the outstanding Series
A 10.0% convertible preferred stock and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797
shares, including $6.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common
stock. This conversion resulted in the issuance of 2,502,230 new shares of ARL common stock. On April 9, 2015, RAI converted 460,638
shares, including $2.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common
stock. This conversion resulted in the issuance of 1,486,741 new shares of ARL common stock. As of September 30, 2015, RAI owns
1,100,000 shares of the outstanding Series A 10.0% convertible preferred stock and has accrued dividends unpaid of $8.3 million.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Prior
to January 1, 2015, the Company had 1,000 shares of stock options outstanding. These options expired unexercised January 1, 2015.
The options are no longer included in the dilutive earnings per share calculation for the current period, but are considered in
the computation for the prior periods if applying the &#x201C;treasury stock&#x201D; method is dilutive.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, the Series A convertible preferred stock and stock options were anti-dilutive and thus was not included
in the EPS calculation.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
11. SUBSEQUENT EVENTS </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
date to which events occurring after September 30, 2015, the date of the most recent balance sheet, have been evaluated for possible
adjustment to the Consolidated Financial Statements or disclosure is November 13, 2015, which is the date on which the Consolidated
Financial Statements were available to be issued.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has determined that there are no subsequent events to be reported.</font></p>
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<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_007"></a><b>ITEM&#xA0;2.
MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following discussion should be read in conjunction with the Consolidated Financial Statements and notes thereto appearing elsewhere
in this report.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">This
Report on Form 10-Q contains forward-looking statements within the meaning of the federal securities laws, principally, but not
only, under the captions &#x201C;Business&#x201D;, &#x201C;Risk Factors&#x201D; and &#x201C;Management&#x2019;s Discussion and
Analysis of Financial Condition and Results of Operations&#x201D;. 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&#x2019;s beliefs and
on assumptions made by, and information currently available to, management. When used, the words &#x201C;anticipate&#x201D;, &#x201C;believe&#x201D;,
&#x201C;expect&#x201D;, &#x201C;intend&#x201D;, &#x201C;may&#x201D;, &#x201C;might&#x201D;, &#x201C;plan&#x201D;, &#x201C;estimate&#x201D;,
&#x201C;project&#x201D;, &#x201C;should&#x201D;, &#x201C;will&#x201D;, &#x201C;result&#x201D; 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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:</font></p>
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<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">general risks affecting the real estate
industry (including, without limitation, the inability to enter into or renew leases, dependence on tenants&#x2019; financial
condition, and competition from other developers, owners and operators of real estate);</font></td>
</tr>
</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">risks associated with the availability
and terms of construction and mortgage financing and the use of debt to fund acquisitions and developments;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">demand for apartments and commercial properties
in the Company&#x2019;s markets and the effect on occupancy and rental rates;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">the Company&#x2019;s ability to obtain
financing, enter into joint venture arrangements in relation to or self-fund the development or acquisition of properties;</font></td>
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</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">risks associated with the timing and amount
of property sales and the resulting gains/losses associated with such sales;</font></td>
</tr>
</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">failure to manage effectively our growth
and expansion into new markets or to integrate acquisitions successfully;</font></td>
</tr>
</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">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);</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">risks associated with downturns in the
national and local economies, increases in interest rates, and volatility in the securities markets;</font></td>
</tr>
</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">costs of compliance with the Americans
with Disabilities Act and other similar laws and regulations;</font></td>
</tr>
</table>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">potential liability for uninsured losses
and environmental contamination;</font></td>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">risks associated with our dependence on
key personnel whose continued service is not guaranteed; and</font></td>
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<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">the other risk factors identified in this
Form 10-Q, including those described under the caption &#x201C;Risk Factors.&#x201D;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 at Part I, Item&#xA0;1A. &#x201C;Risk Factors&#x201D; in the Company&#x2019;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&#x2019;s Form
10-K for the fiscal year ended December&#xA0;31, 2014.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 matter 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 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.</font></p>
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<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Overview
</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
are an externally advised and managed real estate investment company that owns a diverse portfolio of income-producing properties
and land held for development. Our portfolio of income-producing properties includes residential apartment communities, office
buildings and other commercial properties. Our investment strategy includes acquiring existing income-producing properties, as
well as developing new properties on land already owned or acquired for a specific development project. We acquire land primarily
in urban in-fill locations or high-growth suburban markets. We are an active buyer and seller of real estate and during the nine
months ended September 30, 2015, we sold $12 million of land. As of September 30, 2015, we owned 7,511 units in 45 residential
apartment communities and 10 commercial properties comprising approximately 2.2&#xA0;million rentable square feet. In addition,
we owned 4,000 acres of land held for development.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
finance our acquisitions primarily through operating cash flow, proceeds from the sale of land and income-producing properties
and debt financing primarily in the form of property-specific first-lien mortgage loans from commercial banks and institutional
lenders. We finance our development projects principally with variable interest rate construction loans that are converted to
long-term, fixed rate amortizing mortgages when the development project is completed and occupancy has been stabilized. We will,
from time to time, also enter into partnerships with various investors to acquire income-producing properties or land and to sell
interests in certain of our wholly owned properties. When we sell assets, we may carry a portion of the sales price generally
in the form of a short-term, interest bearing seller-financed note receivable. We generate operating revenues primarily by leasing
apartment units to residents and leasing office, retail and industrial space to commercial tenants. We have no employees.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019;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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Pillar
Income Asset Management, Inc. (&#x201C;Pillar&#x201D;) is the Company&#x2019;s external Advisor and Cash Manager. Although the
Board of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day
operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&#xA0; Pillar&#x2019;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.&#xA0; Additionally, Pillar serves
as a consultant to the Board with regard to their decisions in connection with ARL&#x2019;s business plan and investment policy.&#xA0;
Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Regis
Realty Prime, LLC (&#x201C;Regis&#x201D;) manages our commercial properties and provides brokerage services. ARL engages third-party
companies to lease and manage its apartment properties.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Critical
Accounting Policies </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
present our Consolidated Financial Statements in accordance with generally accepted accounting principles in the United States
of America (&#x201C;U.S. GAAP&#x201D;). The FASB Accounting Standards Codification (&#x201C;ASC&#x201D;) 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 (&#x201C;VIE&#x201D;), in accordance with the provisions and guidance of ASC Topic
810 &#x201C;Consolidation&#x201D;, 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 (&#x201C;EITF&#x201D;)
Issue 04-5, Investor&#x2019;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner
and the Limited Partners have Certain Rights (&#x201C;EITF 04-5&#x201D;). 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&#x2019;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019; 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.</font></p>
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<p style="margin: 0; text-align: justify; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity
method.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Upon
acquisitions of real estate, we assess the fair value of acquired tangible and intangible assets, including land, buildings, tenant
improvements, &#x201C;above-market&#x201D; and &#x201C;below-market&#x201D; leases, origination costs, acquired in-place leases,
other identified intangible assets and assumed liabilities in accordance with ASC Topic 805 &#x201C;Business Combinations&#x201D;,
and allocate the purchase price to the acquired assets and assumed liabilities, including land at appraised value and buildings
at replacement cost.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019; credit
quality and expectations of lease renewals. Based on our acquisitions to date, our allocation to customer relationship intangible
assets has been immaterial.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">A
variety of costs are incurred in the acquisition, development and leasing of properties.&#xA0; After determination is made to
capitalize a cost, it is allocated to the specific component of a project that is benefited.&#xA0; Determination of when a development
project is substantially complete and capitalization must cease involves a degree of judgment.&#xA0; Our capitalization policy
on development properties is guided by ASC Topic 835-20 &#x201C;Interest &#x2013; Capitalization of Interest&#x201D; and ASC Topic
970 &#x201C;Real Estate - General&#x201D;.&#xA0; The costs of land and buildings under development include specifically identifiable
costs.&#xA0; 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.&#xA0; 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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. Subsequent to January 1, 2015, Accounting Standards Update
2014-08, &#x201C;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D; (&#x201C;ASU
2014-08&#x201D;) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations
presentation. Adoption of this standard will result in substantially fewer of the Company&#x2019;s dispositions meeting the discontinued
operations criteria.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Depreciation
and Impairment</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Investments
in Unconsolidated Real Estate Ventures </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Except
for ownership interests in variable interest entities, we account for our investments in unconsolidated real estate ventures under
the equity method of accounting because we exercise significant influence over, but do not control, these entities. These investments
are recorded initially at cost, as investments in unconsolidated real estate ventures, and subsequently adjusted for equity in
earnings and cash contributions and distributions. Any difference between the carrying amount of these investments on our balance
sheet and the underlying equity in net assets is amortized as an adjustment to equity in earnings of unconsolidated real estate
ventures over the life of the related asset. Under the equity method of accounting, our net equity is reflected within the Consolidated
Balance Sheets, and our share of net income or loss from the joint ventures is included within the Consolidated Statements of
Operations. The joint venture agreements may designate different percentage allocations among investors for profits and losses;
however, our recognition of joint venture income or loss generally follows the joint venture&#x2019;s distribution priorities,
which may change upon the achievement of certain investment return thresholds. For ownership interests in variable interest entities,
we consolidate those in which we are the primary beneficiary.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Recognition
of Rental Income </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Rental
income for commercial property leases is recognized on a straight-line basis over the respective lease terms. On our Consolidated
Balance Sheets, we include as a receivable the excess of rental income recognized over rental payments actually received pursuant
to the terms of the individual commercial lease agreements.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Reimbursements
of operating costs, as allowed under most of our commercial tenant leases, consist of amounts due from tenants for common area
maintenance, real estate taxes and other recoverable costs, and are recognized as revenue in the period in which the recoverable
expenses are incurred. We record these reimbursements on a &#x201C;gross&#x201D; basis, since we generally are the primary obligor
with respect to purchasing goods and services from third-party suppliers, have discretion in selecting the supplier and have the
credit risk with respect to paying the supplier.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Rental
income for residential property leases is recorded when due from residents and is recognized monthly as earned, which is not materially
different than on a straight-line basis as lease terms are generally for periods of one year or less. An allowance for doubtful
accounts is recorded for all past due rents and operating expense reimbursements considered to be uncollectible.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenue
Recognition on the Sale of Real Estate </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Sales
and the associated gains or losses of real estate are recognized in accordance with the provisions of ASC Topic 360-20, &#x201C;Property,
Plant and Equipment &#x2013; Real Estate Sale&#x201D;. The specific timing of a sale is measured against various criteria in ASC
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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Non-Performing
Notes Receivable </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest
Recognition on Notes Receivable </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
record interest income as earned in accordance with the terms of the related loan agreements.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Allowance
for Estimated Losses </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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&#x2019;s real estate that represents the primary source of loan repayment.
See Note 3 &#x201C;Notes and Interest Receivable&#x201D; for details on our notes receivable.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
Value of Financial Instruments </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
apply the guidance in ASC Topic 820, &#x201C;Fair Value Measurements and Disclosures&#x201D;, 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&#x2019;s own data.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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:</font></p>
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<td style="padding-bottom: 8pt; width: 0.75in; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level&#xA0;1&#xA0;&#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Unadjusted
quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 8pt; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level
2 &#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom;"><font style="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.</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 8pt; vertical-align: top; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">Level
3 &#x2013;</font></td>
<td style="padding-bottom: 8pt; padding-left: 5.4pt; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable
inputs that are significant to the fair value measurement.</font></td>
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<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">A
financial instrument&#x2019;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Related
Parties</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
apply ASC Topic 805, &#x201C;Business Combinations&#x201D;, 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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Results
of Operations </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
discussion of our results of operations is based on management&#x2019;s review of operations, which is based on our segments.&#xA0;
Our segments consist of apartments, commercial properties, hotels, land and other.&#xA0; For discussion purposes, we break these
segments down into the following sub-categories; same property portfolio, acquired properties and developed properties in the
lease-up phase.&#xA0; The same property portfolio consists of properties that were held by us for the entire period for both years
being compared.&#xA0; The acquired property portfolio consists of properties that we acquired but have not been held for the entire
period for both periods being compared.&#xA0; Developed properties in the lease-up phase consist of completed projects that are
being leased up.&#xA0; As we complete each phase of the project, we lease-up that phase and include those revenues in our continuing
operations.&#xA0; Once a developed property becomes leased up and is held the entire period for both periods under comparison,
it is considered to be included in the same property portfolio.&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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. Subsequent to January 1, 2015, Accounting Standards Update
2014-08, &#x201C;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D; (&#x201C;ASU
2014-08&#x201D;) substantially changed the criteria for determining whether a disposition qualifies for discontinued operations
presentation. Adoption of this standard will result in substantially fewer of the Company&#x2019;s dispositions meeting the discontinued
operations criteria.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following discussion is based on our Consolidated Statements of Operations for the six months ended September 30, 2015 and 2014,
as included in Part I, Item&#xA0;1. &#x201C;Financial Statements&#x201D; of this report. The prior year&#x2019;s property portfolios
have been adjusted for subsequent sales. Continuing operations relates to income-producing properties that were held during those
years as adjusted for sales in the subsequent years.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">At
September 30, 2015 and 2014, we owned or had interests in a portfolio of 55 and 45 income-producing properties, respectively.
The total property portfolio represents all income-producing properties held as of September 30 for the period presented. Sales
subsequent to the period ended represent properties that were held as of the period end for the periods presented, but sold in
a subsequent quarter. Continuing operations represents all properties that have not been reclassified to discontinued operations
as of September 30, 2015 for the periods presented. The table below shows the number of income-producing properties held at the
quarter ended:</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="text-align: center;" colspan="8"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 65%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Continuing operations</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">55</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 10%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">43</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Held for sale/subsequent
sales</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total property portfolio</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">55</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Comparison
of the three months ended September 30, 2015 to the same period ended 2014:</i></b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">For
the three months ended September 30, 2015, we reported a net loss applicable to common shares of $5.4 million or $0.35 per diluted
earnings per share, as compared to a net loss applicable to common shares of $1.7 million or $0.13 per diluted earnings per share
for the same period ended 2014.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Rental
and other property revenues were $27.8 million for the three months ended September 30, 2015. This represents an increase of $8.5
million, as compared to the prior period revenues of $19.3 million. This change, by segment, is an increase in the apartment portfolio
of $5.0 million and an increase in the commercial portfolio of $3.5 million. Within the apartment portfolio there was an increase
of $4.8 million in the acquired property portfolio and an increase of $0.2 million in the same property portfolio. Our apartment
portfolio continues to thrive in the current economic conditions with occupancies averaging approximately 95%. We have been able
to surpass expectations due to the high-quality product offered, the strength of our management team and our commitment to our
tenants. This increase in apartment portfolio is also due to the acquisition of new properties. Within the commercial portfolio
there was an increase of $1.8 million in the acquired property portfolio and an increase of $1.7 million in the same store properties.
We are continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties
to maintain our existing tenants.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Property
operating expenses were $14.5 million for the three months ended September 30, 2015. This represents an increase of $3.7 million,
as compared to the prior period operating expenses of $10.8 million. This change, by segment, is an increase in the apartment
portfolio of $2.1 million and an increase in the commercial portfolio of $1.6 million. Within the apartment portfolio there was
an increase of $2.0 million in the acquired properties portfolio and an increase of $0.1 million in the same property portfolio.
Within the commercial portfolio there was an increase of $1.5 million in the acquired properties portfolio and an increase of
$0.1 million in the same store properties. &#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation
and amortization expense was $6.6 million for the three months ended September 30, 2015. This represents an increase of $2.1 million,
as compared to the prior period expense of $4.5 million. The majority of this change is in the apartment portfolio related to
an increase in the acquired properties portfolio.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income fee increased $0.4 million for the three months ended September 30, 2015 as compared to the prior period. The net income
fee paid to our Advisor is calculated at 7.5% of net income.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
fees increased $0.8 million for the three months ended September 30, 2015 as compared to the prior period. Advisory fees are computed
based on a gross asset fee of 0.0625% per month (0.75% per annum) of the weighted average of the gross asset value.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other
income (expense)</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Interest
income was $3.95 million for the three months ended September 30, 2015. This represents a decrease of $1.2 million, as compared
to the prior year income of $5.1 million.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage
and loan interest expense was $15.0 million for the three months ended September 30, 2015. This represents an increase of $4.1
million, as compared to the prior period expense of $10.9 million. The majority of this increase is in the other portfolio and
is related to the securing of a new loan in 2015.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gain
on land sales increased for the three months ended September 30, 2015, as compared to the prior period. In the current period
we sold 155.16 acres of land in two transactions for a sales price of $2.9 million and recorded a gain of $1.0 million. We also
recognized a deferred gain of $0.9 million on a prior sale.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
debt on one income-producing apartment complex, consisting of 200 units, located in Ohio, was settled, which resulted in the property
being transferred to the lender. The Company recorded a gain of $0.7 million related to the extinguishment of the debt.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<tr>
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</table>
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<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
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<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">There
were no sales of income-producing properties in the first nine months of 2015. In 2014, we sold two apartment complexes (both
in Texas), and two commercial properties (one in Louisiana and one in Alaska). The gain on sale of the properties is also included
in discontinued operations for those years. The following table summarizes revenue and expense information for the properties
sold and held for sale (dollars in thousands):</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Three Months Ended
September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Rental
and other property revenues</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,416</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,416</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Property operating
expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">326</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">155</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;General
and administrative</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(4</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">65</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">546</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; font-weight: bold">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td style="text-align: right">&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td style="text-align: right">&nbsp;</td>
<td style="text-align: left">&nbsp;</td></tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other income (expense):</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(36</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Mortgage and
loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(357</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Litigation
settlement</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
other income (expenses)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(393</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain (loss) from discontinued operations
before gain on sale of real estate and tax</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">47</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">477</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Gain on sale
of real estate from discontinued operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,770</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Income
tax benefit (expense)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(16</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(786</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income from discontinued
operations</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">31</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,461</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b><i>Comparison
of the nine months ended September 30, 2015 to the same period ended 2014:</i></b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2015, we reported a net loss applicable to common shares of $2.1 million or $0.12 per diluted
earnings per share, as compared to a net income applicable to common shares of $2.1 million or $0.17 per diluted earnings per
share for the same period ended 2014.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Rental
and other property revenues were $75.2 million for the nine months ended September 30, 2015. This represents an increase of $17.2
million, as compared to the prior period revenues of $58.0 million. This change, by segment, is an increase in the apartment portfolio
of $9.2 million and an increase in the commercial portfolio of $8.0 million. Within the apartment portfolio there was an increase
of $8.3 million in the acquired property portfolio and an increase of $0.9 million in the same property portfolio. Our apartment
portfolio continues to thrive in the current economic conditions with occupancies averaging approximately 95%. We have been able
to surpass expectations due to the high-quality product offered, the strength of our management team and our commitment to our
tenants. This increase in apartment portfolio is also due to the acquisition of new properties. Within the commercial portfolio
there was an increase of $4.3 million in the acquired property portfolio and increase of $3.7 million in the same store properties.
We are continuing to market our properties aggressively to attract new tenants and strive for continuous improvement of our properties
to maintain our existing tenants.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expense</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Property
operating expenses were $37.5 million for the nine months ended September 30, 2015. This represents an increase of $6.8 million,
as compared to the prior period operating expenses of $30.7 million. This change, by segment, is an increase in the apartment
portfolio of $4.0 million and an increase in the commercial portfolio of $2.8 million. Within the apartment portfolio there was
an increase of $3.4 million in the acquired properties portfolio and an increase of $0.6 million in the same property portfolio.
Within the commercial portfolio there was an increase of $3.2 million in the acquired properties portfolio and a decrease of $0.4
million in the same store properties. &#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Depreciation
and amortization expenses were $16.4 million for the nine months ended September 30, 2015. This represents an increase of $3.3
million as compared to prior period depreciation of $13.1 million. The majority of this change is in the apartment portfolio related
to an increase in the acquired properties portfolio.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Net
income fee increased slightly for the nine months ended September 30, 2015 as compared to the prior period. The net income fee
paid to our Advisor is calculated at 7.5% of net income.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
fees increased $0.9 million for the nine months ended September 30, 2015 as compared to the prior period. Advisory fees are computed
based on a gross asset fee of 0.0625% per month (0.75% per annum) of the weighted average of the gross asset value.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other
income (expense)</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Interest
income was $13.7 million for the nine months ended September 30, 2015. This represents a decrease of $1.6 million, as compared
to the prior year income of $15.3 million.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Mortgage
and loan interest expense was $36.5 million for the nine months ended September 30, 2015. This represents an increase of $5.2
million, as compared to the prior period expense of $31.3 million. The majority of this increase is in the other portfolio and
is related to the securing of a new loan in 2015.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gain
on land sales increased for the nine months ended September 30, 2015, as compared to the prior period. In the current period we
sold 198.29 acres of land in six transactions for a sales price of $12.0 million and recorded a gain of $5.1 million. We also
recognized deferred gain of $2.7 million on two prior sales.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
debt on one income-producing apartment complex, consisting of 200 units, located in Ohio, was settled, which resulted in the property
being transferred to the lender. The Company recorded a gain of $0.7 million related to the extinguishment of the debt.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">There
were no sales of income-producing properties in the first nine months of 2015. In 2014, we sold two apartment complexes (both
in Texas), and two commercial properties (one in Louisiana and one in Alaska). The gain on sale of the properties is also included
in discontinued operations for those years. The following table summarizes revenue and expense information for the properties
sold and held for sale (dollars in thousands):</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Nine Months Ended
September 30,</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Revenues:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; width: 68%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Rental
and other property revenues</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 1pt solid; width: 12%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Property operating
expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(346</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">2,201</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Depreciation</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">664</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;General
and administrative</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">99</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">378</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
operating expenses</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(247</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">3,243</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom">
<td style="text-align: left; font-weight: bold">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td style="text-align: right">&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left">&nbsp;</td>
<td style="text-align: right">&nbsp;</td>
<td style="text-align: left">&nbsp;</td></tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other income (expense):</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Other income</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(522</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Mortgage and
loan interest</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(1,767</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Litigation
settlement</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(250</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Total
other income (expenses)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">44</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,539</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Gain (loss) from discontinued operations
before gain on sale of real estate and tax</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">306</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(454</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Gain on sale
of real estate from discontinued operations</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">14,826</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;Income
tax expense</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(107</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(5,030</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Income from discontinued
operations</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">199</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">9,342</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<!-- Field: Page; Sequence: 29 -->
<div style="border-bottom: Black 1px solid; margin-bottom: 6pt;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
<!-- Field: /Page -->
<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Liquidity
and Capital Resources </b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Our
principal liquidity needs are: </b></font></p>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">fund normal recurring expenses;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">meet debt service and principal repayment
obligations including balloon payments on maturing debt;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">fund capital expenditures, including tenant
improvements and leasing costs;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">fund development costs not covered under
construction loans; and</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">fund possible property acquisitions.</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Our
principal sources of cash have been and will continue to be: </b></font></p>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">property operations;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">proceeds from land and income-producing
property sales;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">collection of mortgage notes receivable;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">collection of receivables from related
party companies;</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">refinancing of existing debt; and</font></td>
</tr>
</table>
<table style="margin-bottom: 8pt; margin-top: 0; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0" width="100%">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2022;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">additional borrowing, including mortgage
notes, mezzanine financing and lines of credit.</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">We
draw on multiple financing sources to fund our long-term capital needs. We generally fund our development projects with construction
loans. Management anticipates that our available cash from property operations may not be sufficient to meet all of our cash requirements.
Management intends to selectively sell land and income-producing assets, refinance or extend real estate debt and seek additional
borrowing secured by real estate to meet its liquidity requirements. Although the past cannot predict the future, historically,
management has been successful at extending a portion of our current maturity obligations and selling assets as necessary to meet
current obligations.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cash
Flow Summary </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following summary discussion of our cash flows is based on the statements of cash flows as presented in Part I Item&#xA0;1. &#x201C;Financial
Statements&#x201D; and is not meant to be an all-inclusive discussion of the changes in our cash flow (dollars in thousands):</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">Variance</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 55%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net cash used in operating activities</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(28,184</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(6,457</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(21,727</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net cash provided by used in investing activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(116,345</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,835</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(113,510</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Net cash provided by (used in) financing
activities</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">144,219</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">(2,762</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">146,981</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
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 from operating activities is from rental income on properties. In addition, we have a related
party account in which excess cash is transferred to or from. The majority of the variance is due to gains on sale of income-producing
properties in the prior period and related party receivables.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
primary cash outlays for investing activities are for construction and development, acquisition of land and income producing properties,
and capital improvements to existing properties. Our primary sources of cash from investing activities are from the proceeds on
the sale of land and income-producing properties. The majority of the variance is due to the acquisition of income-producing properties
in the current period.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
primary sources of cash from financing activities are from proceeds on notes payables either through refinancing our existing
loans or by obtaining new financing. Our primary cash outlays are for recurring debt payments and payments on maturing notes payable.
The increase is due to proceeds received in the current period from new loans and refinancing.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<p style="margin: 0; font: 12pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Environmental
Matters </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Inflation
</b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
effects of inflation on our operations are not quantifiable. Revenues from property operations tend to fluctuate proportionately
with inflationary increases and decreases in real estate costs. Fluctuations in the rate of inflation also affect the sales values
of properties and the ultimate gains 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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Tax
Matters </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">ARL
is more than 80% owned by May Realty Holdings, Inc. (&#x201C;MRHI&#x201D;). As a result, ARL is part of the tax sharing agreement
for the MRHI consolidated group for federal income tax reporting.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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. ARL had a loss for federal income tax purposes after the use of net operating loss carryforwards
in the first nine months of 2015 and a loss in 2014 and 2013, therefore, it recorded no provision for income taxes.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">At
September 30, 2015, ARL had a net deferred tax asset of $96.0 million due to tax deductions available to it in future years. However,
as management cannot determine that it is more likely than not that ARI will realize the benefit of the deferred tax assets, a
100% valuation allowance has been established.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_008"></a><b>ITEM&#xA0;3.
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">At
September 30, 2015, our exposure to a change in interest rates on our debt is as follows (dollars in thousands, except per share):</font></p>
<table style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Weighted</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Effect&#xA0;of&#xA0;1%</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="3"></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Increase In</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;"></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1px solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Balance</b></font></td>
<td style="border-bottom: Black 1px solid; padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1px solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Base
Rates</b></font></td>
<td style="border-bottom: Black 1px solid; padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1px solid; text-align: center;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest&#xA0;Rate</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Notes payable:</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 48px; width: 52%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Variable
rate</font></td>
<td style="padding-bottom: 2.5pt; width: 5%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">143,312</font></td>
<td style="padding-bottom: 2.5pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">8.68</font></td>
<td style="padding-bottom: 2.5pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
<td style="padding-bottom: 2.5pt; width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; width: 11%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,433</font></td>
<td style="padding-bottom: 2.5pt; width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 12px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Total
decrease in ARL&#x2019;s annual net income</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">1,433</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 12px; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">Per
share</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">0.09</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Our
variable rate exposure is mitigated through the ability to secure long-term fixed rate HUD financing with a weighted average borrowing
rate of 4.03% at September 30, 2015.</font></p>
<p style="margin: 0 0 8pt 0.85in; text-indent: -0.85in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_009"></a><b>ITEM&#xA0;4.&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;CONTROLS
AND PROCEDURES </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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 &#x201C;Exchange Act&#x201D;), 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.</font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
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<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
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<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin: 0 0 8pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>PART
II. OTHER INFORMATION </b></font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_010"></a><b>ITEM&#xA0;5.
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">On
September&#xA0;1, 2000, the Board of Directors approved a share repurchase program authorizing the repurchase of up to a total
of 1,000,000 shares of ARL common stock. This repurchase program has no termination date. In August 2010, the Board of Directors
approved an increase in the share repurchase program for up to an additional 250,000 shares of Common Stock which results in a
total authorization under the repurchase program for up to 1,250,000 shares. The following table represents shares repurchased
on a monthly basis during the third quarter of 2015:</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: Black 1pt solid; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Period</b></font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total Number of</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Shares Purchased</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Average
                                         Price</b></font></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Paid per share</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
Number of</b><br><b> Shares Purchased</b><br>
<b>as Part of Publicly</b></font><p style="margin-bottom: 0; margin-top: 0;"></p>
<p style="margin-bottom: 0; margin-top: 0;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Announced Program</b></font></p>
</td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maximum
</b><br><b> Number of</b><br>
<b>Shares that May</b><br><b> Yet be Purchased</b><br>
<b>Under the Program</b></font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Balance at June 30, 2015</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">986,750</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">263,250</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 8px; width: 20%; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">July
31, 2015</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 16%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="width: 16%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 15%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">986,750</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 2%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 15%; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">263,250</font></td>
<td style="width: 1%; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 8px; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">August
31, 2015</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">986,750</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">263,250</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 8px; vertical-align: bottom; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">September
30, 2015</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">986,750</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">263,250</font></td>
<td style="padding-bottom: 1pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">Total&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 2.5pt double; text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: right;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-bottom: 2.5pt; text-align: left;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"></p>
<!-- Field: Page; Sequence: 32 -->
<div style="border-bottom: Black 1px solid; margin-bottom: 6pt;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center; font: normal 10pt Times New Roman, Times, Serif;"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&#xA0;</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt; page-break-before: always;">
<table style="width: 100%;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 100%; text-align: center;">&#xA0;</td>
</tr>
</table>
</div>
<!-- Field: /Page -->
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_011"></a><b>ITEM&#xA0;6.
&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;&#xA0;EXHIBITS </b></font></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">The
following exhibits are filed herewith or incorporated by reference as indicated below:</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="border-bottom: Black 1pt solid; width: 9%; vertical-align: bottom; text-align: center;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Exhibit</b><br>
<b>Number</b></font></td>
<td style="width: 2%; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="border-bottom: Black 1pt solid; width: 89%; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif"><b>Description
of Exhibit</b>&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">3.0</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Restatement of Articles of Incorporation of American Realty Investors, Inc. dated August&#xA0;3,&#xA0;2000 (incorporated by reference
to Exhibit 3.0 to the Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended September 30, 2000).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">3.1</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Correction of Restated Articles of Incorporation of American Realty Investors, Inc. dated August&#xA0;29,&#xA0;2000 (incorporated
by reference to Exhibit 3.1 to Registrant&#x2019;s Quarterly Report on Form 10-Q dated September&#xA0;30,&#xA0;2000).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">3.2</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Articles of Amendment
to the Restated Articles of Incorporation of American Realty Investors, Inc. decreasing the number of authorized shares of and
eliminating Series B Cumulative Convertible Preferred Stock dated August&#xA0;23,&#xA0;2003 (incorporated by reference to Exhibit
3.3 to Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended September&#xA0;30,&#xA0;2003).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">3.3</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Articles of Amendment
to the Restated Articles of Incorporation of American Realty Investors, Inc., decreasing the number of authorized shares of and
eliminating Series I Cumulative Preferred Stock dated October 1, 2003 (incorporated by reference to Exhibit 3.4 to Registrant&#x2019;s
Quarterly Report on Form 10-Q for the quarter ended September&#xA0;30,&#xA0;2003).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">3.4</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Bylaws of American
Realty Investors, Inc. (incorporated by reference to Exhibit 3.2 to Registrant&#x2019;s Registration Statement on Form S-4 filed
December 30, 1999).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">4.1</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Designations, Preferences and Relative Participating or Optional or Other Special Rights, and Qualifications, Limitations or Restrictions
Thereof of Series F Redeemable Preferred Stock of American Realty Investors, Inc., dated June 11, 2001 (incorporated by reference
to Exhibit 4.1 to the Registrant&#x2019;s Annual Report on Form 10-K for the year ended December 31, 2001).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">4.2</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Withdrawal of Preferred Stock, Decreasing the Number of Authorized Shares of and Eliminating Series F Redeemable Preferred Stock,
dated June 18, 2002 (incorporated by reference to Exhibit 3.0 to the Registrant&#x2019;s Quarterly Report on Form 10-Q for the
quarter ended June 30, 2002).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">4.3</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Designation, Preferences and Rights of the Series I Cumulative Preferred Stock of American Realty Investors, Inc., dated February
3, 2003 (incorporated by reference to Exhibit 4.3 to the Registrant&#x2019;s Annual Report on Form 10-K for the year ended December
31, 2002).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">4.4</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate of
Designation for Nevada Profit Corporations designating the Series J 8% Cumulative Convertible Preferred Stock as filed with the
Secretary of State of Nevada on March 16, 2006 (incorporated by reference to Registrant&#x2019;s current report on Form 8-K for
event of March 16, 2006).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">4.5</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Certificate
                                    of Designation for Nevada Profit Corporation designating the Series K Convertible Preferred
                                    Stock as filed with the Secretary of State of Nevada on May 6, 2013 (incorporated by reference
                                    to Registrant&#x2019;s current report on form 8-K for event of May 7, 2013).</font></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">10.1</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Advisory Agreement
between American Realty Investors, Inc. and Pillar Income Asset Management, Inc., dated April 30, 2011 (incorporated by reference
to Exhibit 10.1 to the Registrant&#x2019;s Current Report on Form 8-K, dated May&#xA0;2,&#xA0;2011).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">10.2</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">Second Amendment
to Modification of Stipulation of Settlement dated October 17, 2001 (incorporated by reference to Exhibit 10.1 to the Registrant&#x2019;s
Registration Statement on Form S-4, dated February 24, 2002).</font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">31.1*</font></td>
<td style="padding-left: 7.65pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="ex31-1.htm">Certification
by the Principal Executive Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.</a></font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">31.2*</font></td>
<td style="padding-left: 6.75pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="ex31-2.htm">Certification
by the Principal Financial Officer pursuant to Rule 13a-14 and 15d-14 under the Securities Exchange Act of 1934, as amended.</a></font></td>
</tr>
<tr>
<td style="padding-left: 0.25in;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="padding-left: 6.75pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">32.1*</font></td>
<td style="padding-left: 6.75pt; vertical-align: top; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; text-align: justify;"><font style="font: 10pt Times New Roman, Times, Serif"><a href="ex32-1.htm">Certification
pursuant to 18 U.S.C. 1350 as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</a></font></td>
</tr>
<tr style="vertical-align: top">
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td>
    <td style="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></td></tr>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.INS</font></TD>
    <TD STYLE="width: 2%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="width: 87%; line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Instance Document</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.SCH</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Schema Document</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.CAL</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Calculation Linkbase
    Document</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.DEF</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Definition Linkbase
    Document</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.LAB</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Label Linkbase
    Document</font></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="padding-bottom: 0.75pt; padding-left: 0.25in; vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">101.PRE</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;</font></TD>
    <TD STYLE="line-height: 107%"><font style="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy Extension Presentation
    Linkbase Document</font></TD></TR>
</TABLE>


<p style="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"></p>

<p style="margin: 0; text-align: left; font: 10pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">&nbsp;_______________</font></p>
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<td style="width: 6%;"><font style="font: 10pt Times New Roman, Times, Serif">*</font></td>
<td style="width: 94%;"><font style="font: 10pt Times New Roman, Times, Serif">Filed herewith </font></td>
</tr>
</table>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
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<p style="margin: 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><a name="a_012"></a><b>SIGNATURE
PAGE </b></font></p>
<p style="margin: 8pt 0 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 54%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 4%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="width: 42%;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;" colspan="2"><font style="font: 10pt Times New Roman, Times, Serif">AMERICAN REALTY INVESTORS,
INC.</font></td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">Date: November 13, 2015</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
<td style="border-bottom: Black 1px solid; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">/s/
Daniel J. Moos</font></td>
</tr>
<tr>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Daniel J. Moos</font></td>
</tr>
<tr>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">President
                                    and Chief Executive Officer</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">(Principal
Executive Officer)</font></p>
</td>
</tr>
<tr>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
</tr>
<tr>
<td style="vertical-align: top;"><font style="font: 10pt Times New Roman, Times, Serif">Date: November 13, 2015</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">By:</font></td>
<td style="border-bottom: Black 1px solid; vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">/s/
Gene S. Bertcher</font></td>
</tr>
<tr>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><font style="font: 10pt Times New Roman, Times, Serif">Gene S. Bertcher</font></td>
</tr>
<tr>
<td style="vertical-align: top; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom; line-height: 2pt;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></td>
<td style="vertical-align: bottom;"><p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">Executive
                                    Vice President and Chief Financial Officer</font></p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">(Principal
Financial Officer)</font></p>
</td>
</tr>
</table>
<p style="margin: 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif">&#xA0;</font></p>
<p style="margin: 0 0 8pt; font: 10pt/107% Times New Roman, Times, Serif;"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></font></p>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION BY THE CHIEF EXECUTIVE OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><A HREF="ari-10q_093015.htm">American Realty Investors, Inc. 10-Q</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0 0; text-align: center"><B>CERTIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt">I, Daniel J. Moos, certify that:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(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: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 88%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;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 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in the report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s ability to record, process, summarize and report financial information; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: November 13, 2015</FONT></TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Daniel J. Moos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Daniel J. Moos</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President&nbsp;and&nbsp;Chief&nbsp;Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">(Principal Executive Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"></P>


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<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>ex31-2.htm
<DESCRIPTION>CERTIFICATION BY THE CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt/107% Times New Roman, Times, Serif; margin: 0 0 8pt"><A HREF="ari-10q_093015.htm">American Realty Investors, Inc. 10-Q</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Exhibit 31.2 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>CERTIFICATION </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">I, Gene S. Bertcher, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">1.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">I have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">2.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">3.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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 periods presented in this report; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">4.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(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: </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 6%; padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 88%; padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Evaluated the effectiveness of the registrant&rsquo;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 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Disclosed in the report any change in the registrant&rsquo;s internal control over financial reporting that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s internal control over financial reporting; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt"><FONT STYLE="font-size: 10pt">5.</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 8pt"><FONT STYLE="font-size: 10pt">The registrant&rsquo;s other certifying officer(s) and I have disclosed, based on the most recent evaluation of internal control over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors (or persons performing the equivalent functions): </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">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&rsquo;s ability to record, process, summarize and report financial information; and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 8pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD STYLE="padding-bottom: 8pt; text-align: justify"><FONT STYLE="font-size: 10pt">Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s internal control over financial reporting. </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt">Dated: November 13, 2015</FONT></TD>
    <TD STYLE="padding-left: 0.1in; line-height: 2pt; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; width: 49%"><FONT STYLE="font-size: 10pt">/s/ Gene S. Bertcher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in; line-height: 2pt">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in; line-height: 2pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gene S. Bertcher</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">(Principal Financial Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>ex32-1.htm
<DESCRIPTION>CERTIFICATION OF CHIEF EXECUTIVE OFFICER AND CHIEF FINANCIAL OFFICER
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><A HREF="ari-10q_093015.htm">American Realty Investors, Inc. 10-Q</A></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: right"><B>Exhibit 32.1 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>Certification Pursuant to 18 U.S.C.
Section&nbsp;1350, </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: center"><B>as Adopted Pursuant to Section&nbsp;906
of the Sarbanes-Oxley Act of 2002 </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify; text-indent: 24.5pt">Each of the undersigned
officers of American Realty Investors, Inc., a Nevada corporation (the &ldquo;Company&rdquo;) hereby certifies pursuant to 18 U.S.C.
Section&nbsp;1350 that:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(i)</TD><TD STYLE="text-align: justify">The Company&rsquo;s Quarterly Report on Form 10-Q for the nine months ended September 30, 2015,
fully complies with the requirements of Section&nbsp;13(a) or 15(d) of the Securities Exchange Act of 1934, as amended, and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(ii)</TD><TD STYLE="text-align: justify">The information contained in the Company&rsquo;s Quarterly Report on Form 10-Q for the ninemonths
ended September 30, 2015, fairly presents in all material respects, the financial condition and results of operations of the Company,
at and for the periods indicated.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: November 13, 2015</FONT></TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Daniel J. Moos</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Daniel J. Moos</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">President&nbsp;and&nbsp;Chief&nbsp;Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">(Principal Executive Officer)</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 49%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">Dated: November 13, 2015</FONT></TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-size: 10pt">/s/ Gene S. Bertcher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD STYLE="line-height: 2pt">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Gene S. Bertcher</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0.75pt">(Principal Financial Officer)</P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TYPE>EX-101.INS
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    <us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;1. ORGANIZATION AND BASIS OF PRESENTATION &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Organization&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;used herein, the terms &amp;#147;ARL&amp;#148;, &amp;#147;the Company&amp;#148;, &amp;#147;we&amp;#148;, &amp;#147;our&amp;#148; or &amp;#147;us&amp;#148; refer to American&#13;Realty Investors, Inc., a Nevada corporation, which was formed in 1999.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&amp;#147;NYSE&amp;#148;) under&#13;the symbol (&amp;#147;ARL&amp;#148;). Approximately 86.7% of ARL&amp;#146;s stock is owned by related parties. Subsidiaries of ARL own approximately&#13;80.9% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&amp;#147;TCI&amp;#148;), a Nevada corporation,&#13;which has its common stock listed and traded on the NYSE under the symbol (&amp;#147;TCI&amp;#148;). Accordingly, TCI&amp;#146;s financial&#13;results are consolidated with those of ARL. In 2012, May Realty Holdings, Inc. (&amp;#147;MRHI&amp;#148;) subsidiaries acquired more than&#13;80% of ARL stock and as a result, ARL is included in the MRHI consolidated group for federal income tax reporting. We have no&#13;employees.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;TCI,&#13;a subsidiary of ARL, owns approximately 81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&amp;#147;IOT&amp;#148;).&amp;#160;&amp;#160;&#13;IOT&amp;#146;s financial results are consolidated with those of TCI and its subsidiaries.&amp;#160; Shares of IOT are traded on the New&#13;York Stock Exchange Euronext (&amp;#147;NYSE MKT&amp;#148;) under the symbol (&amp;#147;IOT&amp;#148;).&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;ARL&#13;invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar&#13;Income Asset Management, Inc. (&amp;#147;Pillar&amp;#148;) is the Company&amp;#146;s external Advisor and Cash Manager. Although the Board&#13;of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day&#13;operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&amp;#160; Pillar&amp;#146;s&#13;duties include, but are not limited to: locating, evaluating and recommending real estate and real estate-related investment opportunities&#13;and arranging debt and equity financing for the Company with third party lenders and investors.&amp;#160; Additionally, Pillar serves&#13;as a consultant to the Board with regard to their decisions in connection with ARL&amp;#146;s business plan and investment policy.&amp;#160;&#13;Pillar also serves as an Advisor and Cash Manager to TCI and IOT.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Regis&#13;Realty Prime, LLC (&amp;#147;Regis&amp;#148;) manages our commercial properties and provides brokerage services. ARL engages third-party&#13;companies to lease and manage its apartment properties.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Properties&#13;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;own or had interests in a total property portfolio of 55 income-producing properties as of September 30, 2015. The properties&#13;consisted of:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10 commercial properties consisting&#13;    of five office buildings, one industrial warehouse, three retail centers and a golf course, comprising in aggregate approximately&#13;    2.2&amp;#160;million rentable square feet;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45 apartment communities totaling 7,511&#13;    units, excluding apartments being developed; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,000 acres of developed and undeveloped&#13;    land.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;join with various third-party development companies to construct residential apartment communities. We are in the predevelopment&#13;process on several residential apartment communities that have not yet begun construction. At September 30, 2015, we had two apartment&#13;projects in development. The third-party developer typically holds a general partner as well as a majority limited partner interest&#13;in a limited partnership formed for the purpose of building a single property, while we generally take a minority limited partner&#13;interest in the limited partnership. We may contribute land to the partnership as part of our equity contribution or we may contribute&#13;the necessary funds to the partnership to acquire the land. We are required to fund all necessary equity contributions while the&#13;third-party developer is responsible for obtaining construction financing, hiring a general contractor and for the overall management,&#13;successful completion and delivery of the project. We generally bear all the economic risks and rewards of ownership in these&#13;partnerships and therefore include these partnerships in our Consolidated Financial Statements. The third-party developer is paid&#13;a developer fee typically equal to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire&#13;the third-party developer&amp;#146;s partnership interests in exchange for any remaining unpaid developer fees.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basis&#13;of Presentation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and&#13;Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared&#13;in accordance with accounting principles generally accepted in the United States of America (&amp;#147;U.S. GAAP&amp;#148;) have been&#13;condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate&#13;to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal&#13;recurring matters) considered necessary for a fair presentation have been included. The results of operations for the nine months&#13;ended September 30, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for&#13;the full fiscal year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;year-end Consolidated Balance Sheet at December&amp;#160;31, 2014 was derived from the audited Consolidated Financial Statements at&#13;that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements.&#13;For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company&amp;#146;s Annual&#13;Report on Form 10-K for the year ended December&amp;#160;31, 2014. Certain 2014 Consolidated Financial Statement amounts have been&#13;reclassified to conform to the 2015 presentation, including adjustments for discontinued operations.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Principles&#13;of Consolidation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;accompanying Consolidated Financial Statements include the accounts of the Company, its subsidiaries, generally all of which are&#13;wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or&#13;similar rights are accounted for as a Variable Interest Entity (&amp;#147;VIE&amp;#148;), in accordance with the provisions and guidance&#13;of ASC Topic 810, &amp;#147;Consolidation&amp;#148;, whereby we have determined that we are a primary beneficiary of the VIE and meet&#13;certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (&amp;#147;EITF&amp;#148;)&#13;Issue 04-5, Investor&amp;#146;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner&#13;and the Limited Partners have Certain Rights (&amp;#147;EITF 04-5&amp;#148;). VIEs are generally entities that lack sufficient equity&#13;to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate&#13;decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that&#13;are not proportional to their economic interests. The primary beneficiary is generally the entity that provides financial support&#13;and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially&#13;affect the entity&amp;#146;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but&#13;not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide&#13;financial support; our and the other investors&amp;#146; ability to control or significantly influence key decisions for the VIE;&#13;and the similarity with and significance to the business activities of us and the other investors. Significant judgments related&#13;to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs&#13;and general market conditions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary,&#13;the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of&#13;these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity&#13;method.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Real&#13;Estate, Depreciation and Impairment &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments&#13;are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the&#13;useful lives of the properties (buildings and improvements: 10-40 years; furniture, fixtures and equipment: 5-10 years). The Company&#13;continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC&#13;Topic 360 (&amp;#147;ASC 360&amp;#148;), &amp;#147;Property, Plant and Equipment&amp;#148;. Factors considered by management in evaluating impairment&#13;of its existing real estate assets held for investment include significant declines in property operating profits, annually recurring&#13;property operating losses and other significant adverse changes in general market conditions that are considered permanent in&#13;nature. Under ASC 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated future&#13;cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the theoretical&#13;sale of the asset) over its estimated holding period are in excess of the asset&amp;#146;s net book value at the balance sheet date.&#13;If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value of the asset&#13;to its estimated fair value.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Real&#13;Estate Held For Sale &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;periodically classify real estate assets as &amp;#147;held for sale&amp;#148;. An asset is classified as held for sale after the approval&#13;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&#13;factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is&#13;probable within the year. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is&#13;reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification&#13;of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately&#13;on the accompanying Consolidated Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified&#13;as an operating asset and depreciation expense is reinstated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prior&#13;to January 1, 2015, the operating results of real estate assets held for sale and sold are reported as discontinued operations&#13;in the accompanying Consolidated Statements of Operations. Income from discontinued operations includes the revenues and expenses,&#13;including depreciation and interest expense, associated with the assets. Subsequent to January 1, 2015, Accounting Standards Update&#13;2014-08, &amp;#147;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&amp;#148; (&amp;#147;ASU 2014-08&amp;#148;)&#13;substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Adoption&#13;of this standard will result in substantially fewer of the Company&amp;#146;s dispositions meeting the discontinued operations criteria.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&#13;Capitalization &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13;related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated&#13;Balance Sheets.&amp;#160; We capitalize interest to qualifying assets under development based on average accumulated expenditures&#13;outstanding during the period.&amp;#160; In capitalizing interest to qualifying assets, we first use the interest incurred on specific&#13;project debt, if any, and next use the weighted average interest rate of non-project specific debt.&amp;#160; We capitalize interest,&#13;real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready&#13;for its intended use, but no later than one year from the cessation of major construction activity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease&#13;agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them&#13;over the related lease term.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;Value Measurement &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;apply the guidance in ASC Topic 820, &amp;#147;Fair Value Measurements and Disclosures&amp;#148;, to the valuation of real estate assets.&#13;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&#13;between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing&#13;fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy&#13;gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data&#13;(Level 3 measurements), such as the reporting entity&amp;#146;s own data.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date&#13;and includes three levels defined as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 0.75in; vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&amp;#160;1&amp;#160;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unadjusted&#13;    quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&#13;    2 &amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Quoted&#13;    prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either&#13;    directly or indirectly, for substantially the full term of the financial instrument.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&#13;    3 &amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unobservable&#13;    inputs that are significant to the fair value measurement.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;financial instrument&amp;#146;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant&#13;to the fair value measurement.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred&#13;Costs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13;relating to the financing of properties are deferred and amortized over the life of the related financing agreement.&amp;#160; Amortization&#13;is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40&#13;years.&amp;#160; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Related&#13;Parties&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;apply ASC Topic 805, &amp;#147;Business Combinations&amp;#148;, to evaluate business relationships. Related parties are persons or entities&#13;who have one or more of the following characteristics, which include entities for which investments in their equity securities&#13;would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate&#13;families, management personnel of the entity and members of their immediate families and other parties with which the entity may&#13;deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting&#13;parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Newly&#13;Issued Accounting Standards &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;April 2014, the Financial Accounting Standards Board (&amp;#147;FASB&amp;#148;) issued ASU 2014-08,&amp;#160;&amp;#148;Reporting Discontinued&#13;Operations and Disclosures of Disposals of Components of an Entity&amp;#148;, which changes the criteria for determining which disposals&#13;qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Disposals&#13;representing a strategic shift in operations, such as a change in a major line of business, a major geographical area or major&#13;equity investment, that have a major effect on a company&amp;#146;s operations and financial results will be presented as discontinued&#13;operations. If the disposal does qualify as a discontinued operation under ASU 2014-08, the Company will be required to expand&#13;their disclosures about discontinued operations to provide more information on the assets, liabilities, income and expenses of&#13;the disposed component. The classification of operating results as discontinued operations are applied retroactively for all periods&#13;presented. The new standard was effective January 1, 2015. We adopted ASU 2014-08 as of January 1, 2015 and believe future sales&#13;of our individual operating properties will no longer qualify as discontinued operations. Adoption of this standard has resulted&#13;in substantially fewer of the Company&amp;#146;s dispositions meeting the discontinued operations criteria. See Note 8 below.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;May 2014, Accounting Standards Update (&amp;#147;ASU&amp;#148;) No. 2014-09 (&amp;#147;ASU 2014-09&amp;#148;), &amp;#147;Revenue from Contracts with&#13;Customers,&amp;#148; was issued. This new guidance established a new single comprehensive revenue recognition model and provides for&#13;enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could&#13;differ from those recognized under existing accounting guidance. This new standard does not affect revenue recognized under lease&#13;contracts. ASU 2014-09 is effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating&#13;the impact the adoption of this guidance has on its financial position and results of operations, if any.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;April 2015, the FASB issued ASU 2015-03,&amp;#160;&amp;#148;Simplifying the Presentation of Debt Issuance Costs&amp;#148;&amp;#160;(&amp;#147;ASU&#13;2015-03&amp;#148;).&amp;#160;&amp;#160;ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction&#13;from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance&#13;of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company has adopted this&#13;standard effective June 30, 2015. The accompanying financials have been reclassified to reflect the adoption.&lt;/font&gt;&lt;/p&gt;</us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock>
    <us-gaap:RealEstateDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;2. REAL ESTATE ACTIVITY&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Below&#13;is a summary of the real estate owned as of September 30, 2015 (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;578,838&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments under construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Commercial properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;218,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Land held for development&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;156,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate subject&#13;    to sales contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total real estate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;970,506&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Less accumulated&#13;    depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(145,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total real estate,&#13;    net of depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;825,211&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;highlights of our significant real estate transactions for the nine months ended September 30, 2015 are listed below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Purchases&#13;&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;the nine months ended September 30, 2015, The Company acquired five income-producing apartment complexes from third parties in&#13;the states of Texas (2), Tennessee (1) and Florida (2), increasing the total number of units by 761, for a combined purchase price&#13;of $67.5 million. In addition, the Company acquired three income-producing apartment complexes from related parties in the states&#13;of Texas (2) and Kansas (1), increasing the total number of units by 698, for a combined purchase price of $11.6 million.&amp;#160;The&#13;Company also purchased a commercial office building in Texas, comprised of 92,723 square feet for $16.8 million.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Sales&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;the nine months ended September 30, 2015, The Company sold approximately 198 acres of land located in Texas to independent third&#13;parties for a total sales price of $12 million. We recorded a total gain of $5.1 million from the sales.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;addition, one income-producing apartment complex consisting of 200 units located in Ohio was foreclosed upon. The Company recorded&#13;a gain of $0.7 million related to the extinguishment of debt.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of September 30, 2015, The company has 110 acres of land, at various locations, that were sold to related parties in multiple&#13;transactions. These transactions are treated as &amp;#147;subject to sales contract&amp;#148; on the Consolidated Balance Sheets. Due&#13;to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;continue to invest in the development of apartment projects. During the nine months ended September 30, 2015, we have expended&#13;$5.1 million related to the construction or predevelopment of various apartment complexes and capitalized $0.4 million of interest&#13;costs.&lt;/font&gt;&lt;/p&gt;</us-gaap:RealEstateDisclosureTextBlock>
    <us-gaap:FinancingReceivablesTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;3. NOTES AND INTEREST RECEIVABLE&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage&#13;loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized&#13;by real estate or interests in real estate and guarantees, unless noted otherwise, are so secured. Management intends to service&#13;and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid&#13;at maturity. Below is a summary of our notes receivable (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Collateral&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="5"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Performing loans:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 47%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foundation for Better Housing,&#13;    Inc. (Overlook at Allensville) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 5%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,472&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 20%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Foundation for Better Housing, Inc. (Vista&#13;    Ridge) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;04&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,923&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;H198, LLC (Las Vegas Land)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;01&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,907&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;One Realco Corporation &lt;sup&gt;(1) (2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;01&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/17&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Realty Advisors Management, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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(Cliffs&#13;    of El Dorado) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,097&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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(Limestone&#13;    Ranch) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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(Sendero&#13;    Ridge) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;132,452&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(17,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td colspan="2" style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 5%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 95%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related party note&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;An allowance was taken for estimated losses at full value of note&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Junior&#13;Mortgage Loans&lt;/b&gt;. We invest in junior mortgage loans, secured by mortgages that are subordinate to one or more prior liens either&#13;on the fee or a leasehold interest in real estate. Recourse on such loans ordinarily includes the real estate on which the loan&#13;is made, other collateral and guarantees.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;At&#13;September 30, 2015, we had junior mortgage loans and accrued interest receivable from related parties, net of allowances, totaling&#13;$105.6 million. We recognized interest income of $9.4 million related to these notes receivables.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company has various notes receivable from Unified Housing Foundation, Inc. (&amp;#147;UHF&amp;#148;) and Foundation for Better Housing,&#13;Inc. (&amp;#147;FBH&amp;#148;). UHF and FBH are determined to be related parties due to our reliance upon the performance of the collateral&#13;secured under the notes receivable. Payments are due from surplus cash flow of operations of the properties. A sale or refinance&#13;of any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes&#13;for the specific borrower. These notes are cross-collateralized for the specific borrower, but to the extent cash is received&#13;from a specific UHF or FBH property, it is applied first against any outstanding interest for the related-property note. The allowance&#13;on the UHF notes was a purchase allowance that was netted against the notes when acquired.&lt;/font&gt;&lt;/p&gt;</us-gaap:FinancingReceivablesTextBlock>
    <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;4. INVESTMENT IN UNCONSOLIDATED INVESTEES&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments&#13;in unconsolidated investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at&#13;cost and adjusted for the Company&amp;#146;s proportionate share of their undistributed earnings or losses under the equity method&#13;of accounting.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments&#13;in unconsolidated investees consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&#13;    ownership as of&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September&#13;    30, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September&#13;    30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 58%; text-align: left; padding-left: 0.5in; text-indent: 0px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gruppa&#13;    Florentina, LLC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; vertical-align: bottom; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; vertical-align: bottom; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gruppa&#13;Florentina, LLC is the sole shareholder of Milano Restaurants International Corporation, (&amp;#147;Milano&amp;#148;) which operates&#13;33 pizza parlors under the trade name &amp;#147;Me-N-Ed&amp;#146;s Pizza Parlors&amp;#148; and four pizza parlors operating under the trade&#13;name &amp;#147;Blast 825 Pizza&amp;#148;, located primarily in Central and Northern California. Milano has a 100% ownership interest&#13;in Siena Corp, which operates two grills under the trade names &amp;#147;Me-N-Ed&amp;#146;s Victory Grill&amp;#148; and &amp;#147;Me-N-Ed&amp;#146;s&#13;Coney Island Grill&amp;#148;. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located&#13;in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo &amp;#38; Vito&amp;#146;s&#13;Pizzerias.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following is a summary of the financial position and results of operations from our investees (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September&#13;    30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate, net of accumulated&#13;    depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13,435&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,255&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;29,393&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,398&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,307&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,521&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shareholders' equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,603&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(31,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For&#13;    the Nine Months Ended September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;38,428&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;36,197&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(35,144&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,438&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(661&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income from discontinued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Company's proportionate share of earnings&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;5. NOTES PAYABLE&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Below&#13;is a summary of our notes and interest payable as of September 30, 2015 (dollars in thousands):&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Notes&#13;    Payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accrued&#13;    Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 58%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;476,839&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;479,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,901&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,648&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;276&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,924&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate subject to sales contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;38&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,793&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mezzanine financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;123,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;123,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;24,939&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;806,910&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;810,243&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unamortized deferred&#13;    borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,880&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,880&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;787,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;790,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;segment labeled as &amp;#147;Other&amp;#148; consists of unsecured or stock-secured notes payable.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;With&#13;respect to the additional notes payable due to the acquisition of properties or refinancing of existing mortgages, a summary of&#13;some of the more significant transactions is discussed below:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;January 28, 2015, the Company modified the existing mortgage on a 200-unit complex located in Texas, to reduce the interest rate.&#13;The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing August 1, 2050.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;January 28, 2015, the Company modified the existing mortgage on a 240-unit complex located in Mississippi, to reduce the interest&#13;rate. The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing December 1,&#13;2051.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;April 23, 2015, the Company refinanced the existing mortgage on a 250-unit complex located in Arkansas, for a new mortgage of&#13;$21.0 million. We paid off the existing mortgage of $15.7 million and $0.6 million in closing costs. The note accrues interest&#13;at 2.74% and payments of interest and principal are due monthly, maturing May 1, 2050.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;April 29, 2015, the Company refinanced the existing mortgage on a 240-unit complex located in Texas, for a new mortgage of $15.4&#13;million. We paid $0.7 million in closing costs. The note accrues interest at 3.28% and payments of interest and principal are&#13;due monthly, maturing March 31, 2051.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; background-color: white"&gt;On&#13;May 28, 2015, the Company secured additional financing of $120.0 million from an independent third party.&amp;#160; At closing $84.4&#13;million was advanced to the Company. The financing can be used for general corporate purposes, acquisition of multi-family apartment&#13;complexes and to reduce debt. The note has a term of five years at an interest rate of 30 day Libor plus 10.75%.&amp;#160; The note&#13;is interest only, payable monthly, with the principal due at the end of the five years. The loan is secured by various equity&#13;interests in certain residential apartments. The note contains customary restrictions, representations, covenants, corporate and&#13;officer guarantees, events of default and require the Company to meet certain financial covenants. The Company believes it is&#13;in compliance with these financial covenants at September 30, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif; background-color: white"&gt;Simultaneous&#13;with the closing of the above financing, the Company amended its existing financing of $40.0 million from an independent third&#13;party.&amp;#160; The note has a term of five years at an interest rate of 12.0%.&amp;#160; The note is interest only for the first year&#13;with quarterly principal payments due of $0.5 million starting April 1, 2015.&amp;#160; As of September 30, 2015, the outstanding&#13;balance on the loan was $39.5 million. The loan is secured by various equity interests in residential apartments and can be prepaid&#13;at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter. The note contains customary restrictions,&#13;representations, covenants, corporate and officer guarantees, events of default and require the Company to meet certain financial&#13;covenants. The Company believes it is in compliance with these financial covenants at September 30, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;There&#13;are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note&#13;due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of&#13;these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;conjunction with the development of various apartment projects and other developments, we drew down $1.7 million in construction&#13;loans during the  nine months ended September 30, 2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;properties that we have sold to a related party and have deferred the recognition of the sale are treated as &amp;#147;subject to&#13;sales contract&amp;#148; on the Consolidated Balance Sheets. These properties were sold to a related party in order to help facilitate&#13;an appropriate debt or organizational restructure and may or may not be transferred back to the seller upon resolution.&amp;#160;&#13;These properties have mortgages that are secured by the property and many have corporate guarantees&lt;font style="color: #1f497d"&gt;.&amp;#160;&#13;&lt;/font&gt;According to the loan documents, the maker is currently in default on these mortgages primarily due to lack of payment&#13;and is actively involved in discussions with every lender in order to settle or cure the default situation.&amp;#160; We have reviewed&#13;each asset and taken impairment to the extent we feel the value of the property was less than our current basis.&lt;/font&gt;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;6. RELATED PARTY TRANSACTIONS&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties&#13;as of September 30, 2015 (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1px solid; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 77%; vertical-align: bottom; text-align: left; padding-left: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    party receivable, December 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21,414&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cash&#13;    transfers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,610&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advisory&#13;    fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,623&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;    income fee&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(568&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fees&#13;    and commissions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,654&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    reimbursements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    paid by Advisor&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,843&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financing&#13;    (mortgage payments)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sales/purchases&#13;    transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,917&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    party receivable, September 30, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;43,301&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;During&#13;the ordinary course of business, we have related party transactions that include, but are not limited to, rent income, interest&#13;income, interest expense, general and administrative costs, commissions, management fees and property expenses. In addition, we&#13;have assets and liabilities that include related party amounts. The related party amounts included in assets and liabilities,&#13;and the related party revenues and expenses received/paid are shown on the face of the Consolidated Financial Statements.&lt;/font&gt;&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;8. DISCONTINUED OPERATIONS&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Prior&#13;to January 1, 2015, we applied the provisions of ASC 360, &amp;#147;Property, Plant and Equipment&amp;#148;, which required that long-lived&#13;assets that are to be disposed of by sale be measured at the lesser of (1)&amp;#160;book value or (2)&amp;#160;fair value less cost to&#13;sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens&#13;the presentation of discontinued operations to include more disposal transactions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Effective&#13;January 1, 2015, the Company adopted the provisions of ASU 2014-08,&amp;#160;&amp;#148;Reporting Discontinued Operations and Disclosures&#13;of Disposals of Components of an Entity&amp;#148;, which changes the criteria of ASC 360 related to determining which disposals qualify&#13;to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Disposals&#13;representing a strategic shift in operations that have a major effect on a company&amp;#146;s operations and financial results will&#13;be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations&#13;to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was&#13;effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company&amp;#146;s dispositions meeting&#13;the discontinued operations criteria.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;There&#13;were no sales of income-producing properties in the first nine months of 2015. In 2014, we sold two apartment complexes (both&#13;in Texas), and two commercial properties (one in Louisiana and one in Alaska). The gain on sale of the properties is also included&#13;in discontinued operations for those years. The following table summarizes revenue and expense information for the properties&#13;sold and held for sale (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;For&#13;    the Three Months Ended September 30,&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Nine Months Ended September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2014&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Revenues:&lt;/font&gt;&lt;/td&gt;&#13; 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background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 50%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rental&#13;    and other property revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;1,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;5,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;1,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;5,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Expenses:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Property&#13;    operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;326&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(346&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;2,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;664&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;General&#13;    and administrative&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;65&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;99&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&#13;    operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;3,243&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Other income (expense):&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(36&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(2,539&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Gain (loss) from discontinued operations&#13;    before gain on sale of real estate and tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(107&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;(5,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Income from discontinued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;31&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;1,461&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;199&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;9,342&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font-family: Times New Roman, Times, Serif"&gt;Our&#13;application of ASC 360 results in the presentation of the net operating results of these qualifying properties sold or held for&#13;sale during 2015 as income from discontinued operations. This does not have an impact on net income available to common shareholders&#13;and only impacts the presentation of these properties within the Consolidated Statements of Operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;LK-Four&#13;Hickory, LLC&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;conjunction with its sale of Four Hickory in November 2007, the Company agreed to fund amounts to satisfy its commitment to compensate&#13;LK-Four Hickory, LLC for move-in discounts and other concessions to existing tenants at the time of sale.&amp;#160; The Company also&#13;has various agreements with LK-Four Hickory, LLC related to the funding of projection shortfalls, which, to date, they have not&#13;had to provide any additional funding.&amp;#160; In addition, related parties of the Company have active lease agreements with LK-Four&#13;Hickory, LLC, and the Company has since guaranteed amounts related to certain of these leases.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;December 17, 2007, both Limkwang Nevada, Inc., the majority owner of LK-Four Hickory, LLC, and ARL unconditionally guaranteed&#13;the punctual payment when due, whether at stated maturity, by acceleration or hereafter, including all fees and expenses incurred&#13;by the bank on collection of a $28.0 million note payable for LK-Four Hickory, LLC which has a current outstanding balance of&#13;$22.1 million.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company&amp;#146;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold and the Company has additional reserves for estimated&#13;potential amounts it could be liable for if various related parties are not able to meet their obligations to LK-Four Hickory,&#13;LLC. The Company will continue to evaluate these potential estimates and also the likelihood of having to fund any of these and&#13;adjust their reserves accordingly.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Liquidity.&#13;&lt;/i&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Management believes that ARL will generate excess cash flow from property operations in 2015; such&#13;excess, however, will not be sufficient to discharge all of ARL&amp;#146;s obligations as they became due. Management intends to sell&#13;land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate&#13;to meet its liquidity requirements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Partnership&#13;Buyouts&lt;/i&gt;.&amp;#160;&amp;#160;&amp;#160;&amp;#160;ARL is the limited partner in various partnerships related to the construction of residential&#13;properties. As permitted in the respective partnership agreements, ARL intends to purchase the interests of the general and any&#13;other limited partners in these partnerships subsequent to the completion of these projects. The amounts paid to buy out the non-affiliated&#13;partners are limited to development fees earned by the non-affiliated partners and are outlined in the respective partnership&#13;agreements.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Litigation.&#13;&lt;/i&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;The ownership of property and provision of services to the public as tenants entails an inherent risk&#13;of liability. Although the Company and its subsidiaries are involved in various items of litigation incidental to and in the ordinary&#13;course of its business, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon&#13;the Company&amp;#146;s financial condition, results of operation or liquidity, unless otherwise noted below.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ART&#13;and ART Midwest, Inc.&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;While&#13;the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in&#13;any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have&#13;been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the &amp;#147;Clapper&#13;Parties&amp;#148;). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential&#13;apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust,&#13;Inc. (&amp;#147;ART&amp;#148;) and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties&#13;received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling&#13;was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the&#13;judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred&#13;and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.&#13;ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the&#13;principal case with the Clapper Parties was pending, but the abatement was recently lifted and the action against the law firm&#13;is expected to move forward. The only defendants in the litigation involving the Clapper Parties are ART and ART Midwest, Inc.,&#13;which, together, had total assets and net worth, as of December 31, 2012, of approximately $10 million. In January 2012, the Company&#13;sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million.&#13;At December 31, 2012, the Company fully reserved and valued such note at zero.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Subsequently,&#13;David M. Clapper and two entities related to Mr. Clapper (all, collectively, the &amp;#147;Clapper Parties&amp;#148;) filed a complaint&#13;in the U. S. District Court against the Company, its directors and certain of its officers alleging purported transactions to&#13;the detriment of the Clapper Parties and others by transferring assets, cash and diverting property. Management of the Company&#13;believes&amp;#160;there is no basis for this action against the Company and&amp;#160;intends to vigorously defend itself. The&amp;#160;complaint&#13;does not allege any facts relating to the Company, except that the&amp;#160;Company is a Nevada corporation, with its headquarters/principal&#13;place of business in Dallas, Texas.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Management&amp;#160;believes&#13;that the Company has no liability for any ultimate judgment in the proceeding involving the Clapper Parties; however, Management&#13;of the Company has serious reservations about the current collectability of the $10 million note and, accordingly, has reserved&#13;the&amp;#160;full amount of the note.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Port&#13;Olpenitz&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;ARL,&#13;through a foreign subsidiary, was involved in developing a maritime harbor town on the 420 acre site of the former naval base&#13;of Olpenitz in Kappeln, Germany. Disputes with the local partner related to his mismanagement of the project resulted in his being&#13;replaced as the managing partner which was followed by a filing for bankruptcy protection in Germany to completely remove him&#13;from the project. An insolvency manager was placed in control of the project in order to protect the creditors and as of December&#13;31, 2013, had sold the vast majority of assets (almost all land) of the project. The Company no longer has any financial responsibility&#13;for the obligations of the creditors related to the project and has claims filed for loans relating to our investment in the project.&#13;Due to the questionable collectability of these loans from the proceeds of the project, the Company has written off the unreserved&#13;balance of $5.3 million in the project. As of December 13, 2013, ARL had filed two lawsuits in Germany to recover funds invested&#13;in the project. The lawsuits are against: 1) the former German partner and his company, and 2) against the law firm in Hamburg&#13;originally hired to protect ARL&amp;#146;s investment in the project. At this time it is unknown how much can be recovered or how&#13;successful the litigation will be.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dynex&#13;Capital, Inc.&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;On&#13;July 20, 2015, the 68&lt;sup&gt;th&lt;/sup&gt; Judicial District Court in Dallas County, Texas issued its Final Judgment in Cause No. DC-03-00675,&#13;styled Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras&#13;Corp., Continental Common, Inc. and Continental Baronne, Inc. v. Dynex Commercial, Inc. The case, which was litigated for more&#13;than a decade, had its origin with Dynex Commercial making loans to Continental Poydras Corp., Continental Common, Inc. and Continental&#13;Baronne, Inc. (subsidiaries of Continental Mortgage &amp;#38; Equity Trust (&amp;#147;CMET&amp;#148;), an entity which merged into TCI in&#13;1999 after the original suit was filed). Under the original loan commitment, $160 million in loans were to be made to the entities.&#13;The loans were conditioned on the execution of a commitment between Dynex Commercial and Basic Capital Management, Inc. (&amp;#147;Basic&amp;#148;).&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;An&#13;original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of&#13;Basic for &amp;#147;lost opportunity,&amp;#148; as well as damages in favor of ART and in favor of TCI and its subsidiaries for &amp;#147;increased&#13;costs&amp;#148; and &amp;#147;lost opportunity.&amp;#148; The original Trial Court judge ignored the jury&amp;#146;s findings, however, and entered&#13;a &amp;#147;Judgment Notwithstanding the Verdict&amp;#148; (&amp;#147;JNOV&amp;#148;) in favor of the Dynex entities (the judge held the Plaintiffs&#13;were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex Capital, Inc. was ultimately&#13;dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial Court for a new judgment&#13;consistent with the jury&amp;#146;s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20,&#13;2015.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $.256 million in damages, plus pre-judgment&#13;interest of $.192 million for a total amount of $.448 million. The Judgment awarded ART $14.2 million in damages, plus pre-judgment&#13;interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI $11.1 million, plus pre-judgment interest&#13;of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the&#13;rate of 5% per annum from April 25, 2014 until the date their respective damages are paid. Lastly, the Judgement awarded Basic,&#13;ART, and TCI $1.6 million collectively in attorneys&amp;#146; fees from Dynex Commercial, Inc.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company is reviewing the Final Judgment with counsel to determine the appropriate steps moving forward now that they have obtained&#13;this Final Judgment against Dynex Commercial, Inc.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;10. EARNINGS PER SHARE &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Earnings&#13;Per Share (&amp;#147;EPS&amp;#148;) have been computed pursuant to the provisions of ASC Topic 260, &amp;#147;Earnings Per Share&amp;#148;.&#13;The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations,&#13;adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period. Shares issued&#13;during the period shall be weighted for the portion of the period that they were outstanding.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of September 30, 2015, we have 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding.&#13;These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20&#13;trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted&#13;method is dilutive. Of the outstanding 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, 600,000 shares&#13;were owned by ART Hotel Equities, Inc. and 300,000 shares were owned by ART Edina, Inc. a wholly owned subsidiary of ARL. As of&#13;May 30, 2014, these 900,000 shares were transferred to ARL. Dividends are not paid on the shares owned by ARL subsidiaries.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prior&#13;to July 17, 2014, Realty Advisors, Inc. (&amp;#147;RAI&amp;#148;), a related party, owned 2,451,435 shares of the outstanding Series&#13;A 10.0% convertible preferred stock and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797&#13;shares, including $6.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common&#13;stock. This conversion resulted in the issuance of 2,502,230 new shares of ARL common stock. On April 9, 2015, RAI converted 460,638&#13;shares, including $2.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common&#13;stock. This conversion resulted in the issuance of 1,486,741 new shares of ARL common stock. As of September 30, 2015, RAI owns&#13;1,100,000 shares of the outstanding Series A 10.0% convertible preferred stock and has accrued dividends unpaid of $8.3 million.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prior&#13;to January 1, 2015, the Company had 1,000 shares of stock options outstanding. These options expired unexercised January 1, 2015.&#13;The options are no longer included in the dilutive earnings per share calculation for the current period, but are considered in&#13;the computation for the prior periods if applying the &amp;#147;treasury stock&amp;#148; method is dilutive.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;of September 30, 2015, the Series A convertible preferred stock and stock options were anti-dilutive and thus was not included&#13;in the EPS calculation.&lt;/font&gt;&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE&#13;11. SUBSEQUENT EVENTS &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;date to which events occurring after September 30, 2015, the date of the most recent balance sheet, have been evaluated for possible&#13;adjustment to the Consolidated Financial Statements or disclosure is November 13, 2015, which is the date on which the Consolidated&#13;Financial Statements were available to be issued.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company has determined that there are no subsequent events to be reported.&lt;/font&gt;&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:NatureOfOperations contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Organization&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;As&#13;used herein, the terms &amp;#147;ARL&amp;#148;, &amp;#147;the Company&amp;#148;, &amp;#147;we&amp;#148;, &amp;#147;our&amp;#148; or &amp;#147;us&amp;#148; refer&#13;to American Realty Investors, Inc., a Nevada corporation, which was formed in 1999.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&amp;#147;NYSE&amp;#148;) under&#13;the symbol (&amp;#147;ARL&amp;#148;). Approximately 86.7% of ARL&amp;#146;s stock is owned by related parties. Subsidiaries of ARL own&#13;approximately 80.9% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&amp;#147;TCI&amp;#148;),&#13;a Nevada corporation, which has its common stock listed and traded on the NYSE under the symbol (&amp;#147;TCI&amp;#148;). Accordingly,&#13;TCI&amp;#146;s financial results are consolidated with those of ARL. In 2012, May Realty Holdings, Inc. (&amp;#147;MRHI&amp;#148;) subsidiaries&#13;acquired more than 80% of ARL stock and as a result, ARL is included in the MRHI consolidated group for federal income tax reporting.&#13;We have no employees.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;TCI,&#13;a subsidiary of ARL, owns approximately 81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&amp;#147;IOT&amp;#148;).&amp;#160;&amp;#160;&#13;IOT&amp;#146;s financial results are consolidated with those of TCI and its subsidiaries.&amp;#160; Shares of IOT are traded on the New&#13;York Stock Exchange Euronext (&amp;#147;NYSE MKT&amp;#148;) under the symbol (&amp;#147;IOT&amp;#148;).&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;ARL&#13;invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar&#13;Income Asset Management, Inc. (&amp;#147;Pillar&amp;#148;) is the Company&amp;#146;s external Advisor and Cash Manager. Although the Board&#13;of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day&#13;operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&amp;#160; Pillar&amp;#146;s&#13;duties include, but are not limited to: locating, evaluating and recommending real estate and real estate-related investment opportunities&#13;and arranging debt and equity financing for the Company with third party lenders and investors.&amp;#160; Additionally, Pillar serves&#13;as a consultant to the Board with regard to their decisions in connection with ARL&amp;#146;s business plan and investment policy.&amp;#160;&#13;Pillar also serves as an Advisor and Cash Manager to TCI and IOT.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Regis&#13;Realty Prime, LLC (&amp;#147;Regis&amp;#148;) manages our commercial properties and provides brokerage services. ARL engages third-party&#13;companies to lease and manage its apartment properties.&lt;/font&gt;&lt;/p&gt;</us-gaap:NatureOfOperations>
    <us-gaap:PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Properties&#13;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;own or had interests in a total property portfolio of 55 income-producing properties as of September 30, 2015. The properties&#13;consisted of:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10 commercial properties consisting&#13;    of five office buildings, one industrial warehouse, three retail centers and a golf course, comprising in aggregate approximately&#13;    2.2&amp;#160;million rentable square feet;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45 apartment communities totaling 7,511&#13;    units, excluding apartments being developed; and&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px"&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="width: 24.45pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 24.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#149;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,000 acres of developed and undeveloped&#13;    land.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;join with various third-party development companies to construct residential apartment communities. We are in the predevelopment&#13;process on several residential apartment communities that have not yet begun construction. At September 30, 2015, we had two apartment&#13;projects in development. The third-party developer typically holds a general partner as well as a majority limited partner interest&#13;in a limited partnership formed for the purpose of building a single property, while we generally take a minority limited partner&#13;interest in the limited partnership. We may contribute land to the partnership as part of our equity contribution or we may contribute&#13;the necessary funds to the partnership to acquire the land. We are required to fund all necessary equity contributions while the&#13;third-party developer is responsible for obtaining construction financing, hiring a general contractor and for the overall management,&#13;successful completion and delivery of the project. We generally bear all the economic risks and rewards of ownership in these&#13;partnerships and therefore include these partnerships in our Consolidated Financial Statements. The third-party developer is paid&#13;a developer fee typically equal to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire&#13;the third-party developer&amp;#146;s partnership interests in exchange for any remaining unpaid developer fees.&lt;/font&gt;&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Basis&#13;of Presentation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;accompanying unaudited Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q and&#13;Article 10 of Regulation S-X. Certain information and footnote disclosures normally included in financial statements prepared&#13;in accordance with accounting principles generally accepted in the United States of America (&amp;#147;U.S. GAAP&amp;#148;) have been&#13;condensed or omitted in accordance with such rules and regulations, although management believes the disclosures are adequate&#13;to prevent the information presented from being misleading. In the opinion of management, all adjustments (consisting of normal&#13;recurring matters) considered necessary for a fair presentation have been included. The results of operations for the nine months&#13;ended September 30, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for&#13;the full fiscal year.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;year-end Consolidated Balance Sheet at December&amp;#160;31, 2014 was derived from the audited Consolidated Financial Statements at&#13;that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements.&#13;For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company&amp;#146;s Annual&#13;Report on Form 10-K for the year ended December&amp;#160;31, 2014. Certain 2014 Consolidated Financial Statement amounts have been&#13;reclassified to conform to the 2015 presentation, including adjustments for discontinued operations.&lt;/font&gt;&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Principles&#13;of Consolidation &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;accompanying Consolidated Financial Statements include the accounts of the Company, its subsidiaries, generally all of which are&#13;wholly-owned, and all entities in which we have a controlling interest. Arrangements that are not controlled through voting or&#13;similar rights are accounted for as a Variable Interest Entity (&amp;#147;VIE&amp;#148;), in accordance with the provisions and guidance&#13;of ASC Topic 810, &amp;#147;Consolidation&amp;#148;, whereby we have determined that we are a primary beneficiary of the VIE and meet&#13;certain criteria of a sole general partner or managing member as identified in accordance with Emerging Issues Task Force (&amp;#147;EITF&amp;#148;)&#13;Issue 04-5, Investor&amp;#146;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner&#13;and the Limited Partners have Certain Rights (&amp;#147;EITF 04-5&amp;#148;). VIEs are generally entities that lack sufficient equity&#13;to finance their activities without additional financial support from other parties or whose equity holders as a group lack adequate&#13;decision making ability, the obligation to absorb expected losses or residual returns of the entity, or have voting rights that&#13;are not proportional to their economic interests. The primary beneficiary is generally the entity that provides financial support&#13;and bears a majority of the financial risks, authorizes certain capital transactions, or makes operating decisions that materially&#13;affect the entity&amp;#146;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;determining whether we are the primary beneficiary of a VIE, we consider qualitative and quantitative factors, including, but&#13;not limited to: the amount and characteristics of our investment; the obligation or likelihood for us or other investors to provide&#13;financial support; our and the other investors&amp;#146; ability to control or significantly influence key decisions for the VIE;&#13;and the similarity with and significance to the business activities of us and the other investors. Significant judgments related&#13;to these determinations include estimates about the current future fair values and performance of real estate held by these VIEs&#13;and general market conditions.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;For&#13;entities in which we have less than a controlling financial interest or entities where we are not deemed to be the primary beneficiary,&#13;the entities are accounted for using the equity method of accounting. Accordingly, our share of the net earnings or losses of&#13;these entities is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity&#13;method.&lt;/font&gt;&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:RealEstatePolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Real&#13;Estate, Depreciation and Impairment &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real&#13;estate assets are stated at the lower of depreciated cost or fair value, if deemed impaired. Major replacements and betterments&#13;are capitalized and depreciated over their estimated useful lives. Depreciation is computed on a straight-line basis over the&#13;useful lives of the properties (buildings and improvements: 10-40 years; furniture, fixtures and equipment: 5-10 years). The Company&#13;continually evaluates the recoverability of the carrying value of its real estate assets using the methodology prescribed in ASC&#13;Topic 360 (&amp;#147;ASC 360&amp;#148;), &amp;#147;Property, Plant and Equipment&amp;#148;. Factors considered by management in evaluating&#13;impairment of its existing real estate assets held for investment include significant declines in property operating profits,&#13;annually recurring property operating losses and other significant adverse changes in general market conditions that are considered&#13;permanent in nature. Under ASC 360, a real estate asset held for investment is not considered impaired if the undiscounted, estimated&#13;future cash flows of an asset (both the annual estimated cash flow from future operations and the estimated cash flow from the&#13;theoretical sale of the asset) over its estimated holding period are in excess of the asset&amp;#146;s net book value at the balance&#13;sheet date. If any real estate asset held for investment is considered impaired, a loss is provided to reduce the carrying value&#13;of the asset to its estimated fair value.&lt;/font&gt;&lt;/p&gt;</us-gaap:RealEstatePolicyTextBlock>
    <us-gaap:RealEstateHeldForDevelopmentAndSalePolicy contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Real&#13;Estate Held For Sale &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;periodically classify real estate assets as &amp;#147;held for sale&amp;#148;. An asset is classified as held for sale after the approval&#13;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&#13;factors in determining whether a sale is probable is whether the firm purchase commitment is obtained and whether the sale is&#13;probable within the year. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is&#13;reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset. Subsequent to the classification&#13;of assets as held for sale, no further depreciation expense is recorded. Real estate assets held for sale are stated separately&#13;on the accompanying Consolidated Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified&#13;as an operating asset and depreciation expense is reinstated.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Prior&#13;to January 1, 2015, the operating results of real estate assets held for sale and sold are reported as discontinued operations&#13;in the accompanying Consolidated Statements of Operations. Income from discontinued operations includes the revenues and expenses,&#13;including depreciation and interest expense, associated with the assets. Subsequent to January 1, 2015, Accounting Standards Update&#13;2014-08, &amp;#147;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&amp;#148; (&amp;#147;ASU 2014-08&amp;#148;)&#13;substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Adoption&#13;of this standard will result in substantially fewer of the Company&amp;#146;s dispositions meeting the discontinued operations criteria.&lt;/font&gt;&lt;/p&gt;</us-gaap:RealEstateHeldForDevelopmentAndSalePolicy>
    <us-gaap:CapitalizationOfInternalCostsPolicy contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Cost&#13;Capitalization &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13;related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated&#13;Balance Sheets.&amp;#160; We capitalize interest to qualifying assets under development based on average accumulated expenditures&#13;outstanding during the period.&amp;#160; In capitalizing interest to qualifying assets, we first use the interest incurred on specific&#13;project debt, if any, and next use the weighted average interest rate of non-project specific debt.&amp;#160; We capitalize interest,&#13;real estate taxes and certain operating expenses until building construction is substantially complete and the building is ready&#13;for its intended use, but no later than one year from the cessation of major construction activity.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;capitalize leasing costs which include commissions paid to outside brokers, legal costs incurred to negotiate and document a lease&#13;agreement and any internal costs that may be applicable. We allocate these costs to individual tenant leases and amortize them&#13;over the related lease term.&lt;/font&gt;&lt;/p&gt;</us-gaap:CapitalizationOfInternalCostsPolicy>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Fair&#13;Value Measurement &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;apply the guidance in ASC Topic 820, &amp;#147;Fair Value Measurements and Disclosures&amp;#148;, to the valuation of real estate assets.&#13;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&#13;between market participants at the measurement date, establish a hierarchy that prioritizes the information used in developing&#13;fair value estimates and require disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy&#13;gives the highest priority to quoted prices in active markets (Level 1 measurements) and the lowest priority to unobservable data&#13;(Level 3 measurements), such as the reporting entity&amp;#146;s own data.&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date&#13;and includes three levels defined as follows:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 0.75in; vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&amp;#160;1&amp;#160;&amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unadjusted&#13;    quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&#13;    2 &amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Quoted&#13;    prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either&#13;    directly or indirectly, for substantially the full term of the financial instrument.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: top; padding-bottom: 8pt; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Level&#13;    3 &amp;#150;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unobservable&#13;    inputs that are significant to the fair value measurement.&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;A&#13;financial instrument&amp;#146;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant&#13;to the fair value measurement.&lt;/font&gt;&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:DeferredChargesPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Deferred&#13;Costs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Costs&#13;relating to the financing of properties are deferred and amortized over the life of the related financing agreement.&amp;#160; Amortization&#13;is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40&#13;years.&amp;#160; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&amp;#160;&lt;/font&gt;&lt;/p&gt;</us-gaap:DeferredChargesPolicyTextBlock>
    <arl:RelatedPartiesPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Related&#13;Parties&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;We&#13;apply ASC Topic 805, &amp;#147;Business Combinations&amp;#148;, to evaluate business relationships. Related parties are persons or entities&#13;who have one or more of the following characteristics, which include entities for which investments in their equity securities&#13;would be required, trust for the benefit of persons including principal owners of the entities and members of their immediate&#13;families, management personnel of the entity and members of their immediate families and other parties with which the entity may&#13;deal if one party controls or can significantly influence the decision making of the other to an extent that one of the transacting&#13;parties might be prevented from fully pursuing its own separate interests, or affiliates of the entity.&lt;/font&gt;&lt;/p&gt;</arl:RelatedPartiesPolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Newly&#13;Issued Accounting Standards &lt;/b&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;In&#13;April 2014, the Financial Accounting Standards Board (&amp;#147;FASB&amp;#148;) issued ASU 2014-08,&amp;#160;&amp;#148;Reporting Discontinued&#13;Operations and Disclosures of Disposals of Components of an Entity&amp;#148;, which changes the criteria for determining which disposals&#13;qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.&lt;/font&gt;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Below&#13;is a summary of the real estate owned as of September 30, 2015 (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 77%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 10%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;578,838&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments under construction&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Commercial properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;218,447&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Land held for development&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;156,310&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate subject&#13;    to sales contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;9,408&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total real estate&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;970,506&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Less accumulated&#13;    depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(145,295&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total real estate,&#13;    net of depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;825,211&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock>
    <us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Below&#13;is a summary of our notes receivable (dollars in thousands):&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="5" style="border-bottom: black 1pt solid"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; 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(Cliffs&#13;    of El Dorado) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,097&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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(Inwood&#13;    on the Park) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,059&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. (Kensington&#13;    Park) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,936&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. (Lakeshore&#13;    Villas) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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(Limestone&#13;    Ranch) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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(Reserve&#13;    at White Rock Phase II) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,555&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. (Sendero&#13;    Ridge) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. (Sendero&#13;    Ridge) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,812&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. (Timbers&#13;    at the Park) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;12.00&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,323&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unified Housing Foundation, Inc. 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,420&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various unsecured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other non-related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,166&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various secured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other non-related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;503&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Various unsecured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,099&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td colspan="2" style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    &lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;132,452&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Allowance for doubtful accounts&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1px solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(17,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="width: 5%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 95%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related party note&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;An allowance was taken for estimated losses at full value of note&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
    <us-gaap:EquityMethodInvestmentsTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments&#13;in unconsolidated investees consist of the following:&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="5" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Percentage&#13;    ownership as of&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September&#13;    30, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September&#13;    30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 58%; text-align: left; padding-left: 0.5in; text-indent: 0px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gruppa&#13;    Florentina, LLC&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; vertical-align: bottom; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 17%; vertical-align: bottom; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;20.00%&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsTextBlock>
    <arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following is a summary of the financial position and results of operations from our investees (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September&#13;    30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate, net of accumulated&#13;    depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13,435&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;11,014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,255&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;29,393&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;30,398&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes payable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,307&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,521&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other liabilities&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,173&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,386&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Shareholders' equity&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,603&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(31,627&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For&#13;    the Nine Months Ended September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Revenue&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;38,428&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;36,197&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(863&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(35,144&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(33,438&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(605&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(661&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income from discontinued&#13;    operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,816&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,235&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Company's proportionate share of earnings&lt;sup&gt;&amp;#160;&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock>
    <us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Below&#13;is a summary of our notes and interest payable as of September 30, 2015 (dollars in thousands):&lt;/font&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Notes&#13;    Payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Accrued&#13;    Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&#13;    Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 58%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Apartments&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;476,839&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;479,164&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;572&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;117,901&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Land&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,648&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;276&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,924&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate subject to sales contract&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,755&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;38&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,793&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mezzanine financing&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;123,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;24,939&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;122&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;25,061&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;806,910&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;810,243&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Unamortized deferred&#13;    borrowing costs&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,880&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(19,880&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;787,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,333&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;790,363&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
    <us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties&#13;as of September 30, 2015 (dollars in thousands):&lt;/font&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="vertical-align: bottom; border-bottom: black 1px solid; text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 77%; vertical-align: bottom; text-align: left; padding-left: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    party receivable, December 31, 2014&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 18%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;21,414&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cash&#13;    transfers&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;56,610&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advisory&#13;    fees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,623&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net&#13;    income fee&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(568&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Fees&#13;    and commissions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,654&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost&#13;    reimbursements&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,593&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest&#13;    income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;809&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Expenses&#13;    paid by Advisor&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(8,843&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Financing&#13;    (mortgage payments)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 1in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Sales/purchases&#13;    transactions&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,917&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; text-align: left; padding-left: 0.5in"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Related&#13;    party receivable, September 30, 2015&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;43,301&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Presented&#13;below is our reportable segments&amp;#146; operating income for the three and nine months September 30, 2015 and 2014, including segment&#13;assets and expenditures (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For&#13;    the Three Months Ended September 30, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hotels&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 40%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property&#13;    revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 7%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,107&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,958&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating&#13;    income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(556&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;505&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;191&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,765&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,404&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(43&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,461&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,822&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;161,876&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;496,329&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;163,867&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,693&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For&#13;    the Three Months Ended September 30, 2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hotels&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,609&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14,704&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;19,326&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,890&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(585&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,944&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,537&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;18&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,325&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,334&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,182&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,104&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(10,945&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,106&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,106&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;Gain &lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;on land&#13;    sales&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating&#13;    income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,727&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,026&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,702&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;486&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;38&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,269&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Cost of sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(812&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,229&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,041&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; 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   &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;40&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,810&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Commercial&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Nine Months&#13;    Ended September 30, 2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Properties&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Apartments&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Hotels&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Land&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 46%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property&#13;    revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;22,172&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;52,948&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 6%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(24,243&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(37,467&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,516&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(9,949&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;55&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(16,410&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,129&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(15,857&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,766&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(11,711&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(36,463&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13,722&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;13,722&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale of producing properties&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,861&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,861&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating&#13;    income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,515&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,159&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,923&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,539&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;438&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,772&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;10,749&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;161,876&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(9,206&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(20,284&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,175&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(12&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,656&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;72&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(13,099&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,469&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(15,512&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,725&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,571&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(31,277&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,264&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,264&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating&#13;    income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;327&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,266&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,794&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,169&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,476&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;137&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,586&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,199&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;129,361&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;345,281&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;165,144&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Property Sales&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;23,131&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,986&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,352&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(31,839&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;8,773&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;6,053&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;634&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15,460&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
    <us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars&#13;in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Three Months&#13;    Ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,702&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other non-segment items of income (expense)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General and administrative&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,417&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,590&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income fee to&#13;    related party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(232&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;186&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advisory fee to related&#13;    party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(3,024&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,225&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(72&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,332&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Earnings from unconsolidated&#13;    investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;81&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;320&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Litigation settlement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(85&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(86&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income&#13;    tax benefit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income (loss)&#13;    from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,358&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,979&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Nine Months Ended&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;7,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,169&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other non-segment items of income (expense)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;General and administrative&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(5,215&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income fee to&#13;    related party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(567&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(514&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Advisory fee to related&#13;    party&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(7,625&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(6,670&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,040&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,738&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Earnings from unconsolidated&#13;    investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;276&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;266&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Litigation settlement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(203&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,666&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left; padding-left: 24px"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Income&#13;    tax benefit&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;107&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,030&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Net income (loss)&#13;    from continuing operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,986&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4,423&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock>
    <us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The&#13;table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments in unconsolidated investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,152&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,137&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes and interest receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;148,207&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;144,472&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;130,169&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,087,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;922,299&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 72%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Segment assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 11%; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Investments in unconsolidated investees&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,152&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;4,137&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Notes and interest receivable&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;148,207&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;144,472&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;130,169&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Total assets&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,087,111&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 2.5pt double; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;922,299&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 2.5pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="margin-top: 0; margin-bottom: 0"&gt;&lt;/p&gt;</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
    <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;The following&#13;table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):&lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7" style="text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For&#13;    the Three Months Ended September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="7"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Nine Months Ended September 30,&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;2014&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Revenues:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td colspan="3"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 50%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Rental&#13;    and other property revenues&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 3%; padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 9%; border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,416&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;15&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;5,328&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Expenses:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Property&#13;    operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;326&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(346&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;2,201&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Depreciation&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;155&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;664&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;General&#13;    and administrative&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(4&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;65&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;99&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;378&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&#13;    operating expenses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;546&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(247&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;3,243&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left; font-weight: bold"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Other income (expense):&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Other income&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(36&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(522&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Mortgage&#13;    and loan interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(357&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(1,767&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Litigation&#13;    settlement&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(250&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Total&#13;    other income (expenses)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;45&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(393&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;44&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="border-bottom: black 1pt solid; text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(2,539&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="padding-bottom: 1pt; text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Gain (loss) from discontinued operations&#13;    before gain on sale of real estate and tax&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;47&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;477&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;306&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;(454&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: white"&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Gain on&#13;    sale of real estate from discontinued operations&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;1,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#151;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;14,826&lt;/font&gt;&lt;/td&gt;&#13; 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    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember">2019-11-30</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_FoundationforBetterHousingIncVistaRidgeMember">2019-04-30</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_H198LLCLasVegasLandMember">2020-01-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OneRealcoCorporation2Member">2017-01-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_RealtyAdvisorsManagementIncMember">2016-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncCliffsofElDoradoMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncEchoStationMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncInwoodontheParkMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncKensingtonParkMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillasMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillas1Member">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyonMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyon1Member">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanchMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanch1Member">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncParksideCrossingMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncSenderoRidgeMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncSenderoRidge1Member">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTimbersattheParkMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTivoliMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTrailsatWhiteRockMember">2032-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncMember">2017-06-30</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc1Member">2017-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc2Member">2015-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
    <us-gaap:MortgageLoanOnRealEstateFinalMaturityDate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc3Member">2016-12-31</us-gaap:MortgageLoanOnRealEstateFinalMaturityDate>
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    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_H198LLCLasVegasLandMember">Las Vegas land</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncCliffsofElDoradoMember">Cliffs of El Dorado</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncEchoStationMember">Echo Station</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncInwoodontheParkMember">Inwood on the Park</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncKensingtonParkMember">Kensington park</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillasMember">Lakeshore Villas</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillas1Member">Lakeshore Villas</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyonMember">Limestone Canyon</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyon1Member">Limestone Canyon</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanchMember">Limestone Ranch</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanch1Member">Limestone Ranch</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncParksideCrossingMember">Parkside Crossing</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember">Reserve at White Rock Phase I</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member">Reserve at White Rock Phase II</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
    <us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncSenderoRidgeMember">Sendero Ridge</us-gaap:MortgageLoansOnRealEstateGeographicLocationOfProperty>
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    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanch1Member" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncParksideCrossingMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
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    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncSenderoRidge1Member" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTimbersattheParkMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTivoliMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTrailsatWhiteRockMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncMember" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc1Member" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc2Member" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <us-gaap:MortgageLoansOnRealEstateInterestRate contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc3Member" unitRef="Pure" decimals="INF">0.1200</us-gaap:MortgageLoansOnRealEstateInterestRate>
    <arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherRelatedPartyNotesMember">Various</arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest>
    <arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherRelatedPartyNotes1Member">Various</arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest>
    <arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherNonRelatedPartyNotesMember">Various</arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest>
    <arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherNonRelatedPartyNotes1Member">Various</arl:DescriptionOfLoansReceivableWithFixedRatesOfInterest>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember" unitRef="USD" id="Foot-00-0" decimals="-3">2472000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_FoundationforBetterHousingIncVistaRidgeMember" unitRef="USD" id="Foot-00-1" decimals="-3">3923000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_H198LLCLasVegasLandMember" unitRef="USD" decimals="-3">5907000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OneRealcoCorporation2Member" unitRef="USD" id="Foot-01-0" decimals="-3">7000000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_RealtyAdvisorsManagementIncMember" unitRef="USD" id="Foot-00-2" decimals="-3">20387000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncCliffsofElDoradoMember" unitRef="USD" id="Foot-00-3" decimals="-3">2097000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncEchoStationMember" unitRef="USD" id="Foot-00-4" decimals="-3">1481000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncInwoodontheParkMember" unitRef="USD" id="Foot-00-5" decimals="-3">5059000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncKensingtonParkMember" unitRef="USD" id="Foot-00-6" decimals="-3">3936000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillasMember" unitRef="USD" id="Foot-00-7" decimals="-3">2000000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLakeshoreVillas1Member" unitRef="USD" id="Foot-00-8" decimals="-3">9096000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLimestoneCanyonMember" unitRef="USD" id="Foot-00-9" decimals="-3">3057000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLimestoneCanyon1Member" unitRef="USD" id="Foot-00-10" decimals="-3">4663000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLimestoneRanchMember" unitRef="USD" id="Foot-00-11" decimals="-3">2250000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncLimestoneRanch1Member" unitRef="USD" id="Foot-00-12" decimals="-3">6000000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncParksideCrossingMember" unitRef="USD" id="Foot-00-13" decimals="-3">1936000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" unitRef="USD" id="Foot-00-14" decimals="-3">2485000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" unitRef="USD" id="Foot-00-15" decimals="-3">2555000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncSenderoRidgeMember" unitRef="USD" id="Foot-00-16" decimals="-3">5174000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncSenderoRidge1Member" unitRef="USD" id="Foot-00-17" decimals="-3">4812000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTimbersattheParkMember" unitRef="USD" id="Foot-00-18" decimals="-3">1323000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTivoliMember" unitRef="USD" id="Foot-00-19" decimals="-3">7966000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncTrailsatWhiteRockMember" unitRef="USD" id="Foot-00-20" decimals="-3">3815000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationIncMember" unitRef="USD" id="Foot-00-21" decimals="-3">1261000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationInc1Member" unitRef="USD" id="Foot-00-22" decimals="-3">1207000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationInc2Member" unitRef="USD" id="Foot-00-23" decimals="-3">2665000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_UnifiedHousingFoundationInc3Member" unitRef="USD" id="Foot-00-24" decimals="-3">3657000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherRelatedPartyNotesMember" unitRef="USD" id="Foot-00-25" decimals="-3">2080000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherRelatedPartyNotes1Member" unitRef="USD" id="Foot-00-26" decimals="-3">1420000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherNonRelatedPartyNotesMember" unitRef="USD" decimals="-3">3166000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_OtherNonRelatedPartyNotes1Member" unitRef="USD" decimals="-3">503000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2015-09-30_us-gaap_PerformingFinancingReceivableMember" unitRef="USD" decimals="-3">132452000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <arl:DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember">&lt;p style="font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/p&gt;</arl:DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings>
    <arl:DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings contextRef="From2015-01-01to2015-09-30_us-gaap_PerformingFinancingReceivableMember_custom_FoundationforBetterHousingIncOverlookatAllensvilleMember_custom_FoundationforBetterHousingIncVistaRidgeMember">&lt;p style="font: 7pt Times New Roman, Times, Serif"&gt;&lt;font style="font: 10pt Times New Roman, Times, Serif"&gt;Secured&lt;/font&gt;&lt;/p&gt;</arl:DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings>
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    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2015-01-01to2015-09-30">&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE 7. OPERATING SEGMENTS&lt;/b&gt;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;Our segments are based on our method of internal reporting which classifies our operations by property type. Our property types are grouped into commercial properties, apartments, hotels, land and other operating segments. 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 net operating income and cash flow.&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;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.&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;The segment labeled as &amp;#x201C;Other&amp;#x201D; consists of revenue and operating expenses related to the notes receivable and corporate debt.&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;Presented below is our reportable segments&amp;#x2019; operating&#13;income for the three and nine months September 30, 2015 and 2014, including segment assets and expenditures (dollars in thousands):&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;For the Three Months Ended&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;September 30, 2015&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Properties&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Apartments&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Hotels&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Land&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Other&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Total&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 34%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property revenues&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,107&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;19,671&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;48&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;27,826&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,434&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,373&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(422&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(270&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(14,499&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,358&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,229&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;18&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,569&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,871&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,299&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,345&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,511&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(15,026&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,950&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,950&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale of income producing properties&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,958&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,958&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(556&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;505&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;191&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,765&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,625&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,404&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(43&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,461&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2,822&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;161,876&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;496,329&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;163,867&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;Property Sales&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Sales price&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;11,129&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2,851&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;13,980&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Cost of sale&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,394&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,854&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(12,248&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Recognized prior deferred gain&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;961&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;961&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;735&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,958&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,693&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;For the Three Months Ended&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;September 30, 2014&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Properties&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Apartments&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Hotels&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Land&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Other&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Total&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property revenues&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,609&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;14,704&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;13&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;19,326&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,890&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,284&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(585&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,766&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,944&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,537&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;18&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,463&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,325&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,334&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,182&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,104&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,945&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,106&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,106&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;40&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;40&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,550&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(451&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,727&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,026&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,702&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;486&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;38&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,435&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,959&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;129,361&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;345,281&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,144&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;Property Sales&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Sales price&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2,582&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,269&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6,851&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;Cost of sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(812&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,229&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(5,041&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain (loss) on sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,770&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;40&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,810&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):&lt;/p&gt;&#13;&lt;p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Three Months Ended&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September 30,&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2014&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,625&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,702&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other non-segment items of income (expense)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;General and administrative&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,417&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,590&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Net income fee to related party&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(232&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;186&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Advisory fee to related party&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,024&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,225&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(72&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,332&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Earnings from unconsolidated investees&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;81&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;320&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Litigation settlement&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(85&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(86&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Income tax benefit&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;16&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;786&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Net income (loss) from continuing operations&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(6,358&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(2,979&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September 30,&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2014&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment assets&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Investments in unconsolidated investees&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,152&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,137&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Notes and interest receivable&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;148,207&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;144,472&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;130,169&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Total assets&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,087,111&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;922,299&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/p&gt;&#13;&lt;p style="margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;For the Nine Months Ended&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;September 30, 2015&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Properties&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Apartments&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Hotels&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Land&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Other&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Total&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 40%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property revenues&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;22,172&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;52,948&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;103&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;75,223&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(12,042&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(24,243&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(936&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(246&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(37,467&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,516&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,949&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;55&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(16,410&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,129&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(15,857&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,766&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,711&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(36,463&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;13,722&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;13,722&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale of producing properties&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;735&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,861&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,861&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,515&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,634&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,159&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,923&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,201&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,539&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;438&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2,772&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;10,749&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;161,876&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;496,329&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;163,867&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;Property Sales&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Sales price&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;11,129&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;11,987&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;23,116&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Cost of sale&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,394&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,863&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(17,257&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Recognized prior deferred gain&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,737&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,737&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;735&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,861&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;8,596&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;For the Nine Months Ended&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;September 30, 2014&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Commercial&lt;/p&gt;&#13;&lt;p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif"&gt;Properties&lt;/p&gt;&#13;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right"&gt;Apartments&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"&gt;Hotels&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"&gt;Land&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"&gt;Other&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"&gt;Total&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Rental and other property revenues&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;14,166&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;43,779&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;41&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;57,986&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Property operating expenses&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,206&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(20,284&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,175&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(12&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(30,677&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Depreciation&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,515&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,656&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;72&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(13,099&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Mortgage and loan interest&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,469&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(15,512&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,725&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,571&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(31,277&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Interest income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;15,264&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;15,264&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on land sales&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;634&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;634&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(5,024&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;327&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,266&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,794&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,169&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Capital expenditures&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,476&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;137&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,586&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,199&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Real estate assets&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;129,361&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;345,281&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,144&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"&gt;Property Sales&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;Sales price&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;19,182&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;23,131&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,986&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;47,299&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;Cost of sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(10,409&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(17,078&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,352&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(31,839&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Gain on sale&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;8,773&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;6,053&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;634&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&amp;#xA0;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;15,460&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;For the Nine Months Ended&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;&amp;#xA0;&lt;/b&gt;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;September 30,&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2014&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income (loss)&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,201&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,169&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other non-segment items of income (expense)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;General and administrative&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,215&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,770&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Net income fee to related party&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(567&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(514&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Advisory fee to related party&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,625&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,670&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other income&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,040&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,738&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Earnings from unconsolidated investees&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;276&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;266&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Litigation settlement&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(203&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,666&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Income tax benefit&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;107&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,030&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Net income (loss) from continuing operations&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,986&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,423&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&#13;&lt;p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"&gt;The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:&lt;/p&gt;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;As of September 30,&lt;/b&gt;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2015&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;2014&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment assets&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;822,072&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;639,786&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Investments in unconsolidated investees&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,152&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,137&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Notes and interest receivable&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;115,415&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;148,207&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Other assets&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;144,472&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;130,169&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Total assets&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,087,111&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;922,299&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="margin: 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#xA0;&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
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      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-01" xml:lang="en-US">Related party notes.</link:footnote>
      <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="Footnote-02" xml:lang="en-US">An allowance was taken for estimated losses at full value of note.</link:footnote>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>7
<FILENAME>arl-20150930_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    </link:definitionLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>arl-20150930_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
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    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
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    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US">Common Stock [Member]</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US">Treasury Stock [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US">Non-controlling Interest [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_TX" xlink:to="stpr_TX_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementGeographicalAxis_lbl" xml:lang="en-US">Geographical [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyMember" xlink:to="arl_RelatedPartyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartyMember_lbl" xml:lang="en-US">Related Party [Member]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US">Related Party [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="us-gaap_OfficeBuildingMember" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OfficeBuildingMember_lbl" xml:lang="en-US">Office Building [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_lbl" xml:lang="en-US">Real Estate, Type of Property [Axis]</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiariesMember" xlink:to="us-gaap_SubsidiariesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiariesMember_lbl" xml:lang="en-US">Transcontinential Realty Investors [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US">Legal Entity [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PerformingFinancingReceivableMember" xlink:label="us-gaap_PerformingFinancingReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PerformingFinancingReceivableMember" xlink:to="us-gaap_PerformingFinancingReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PerformingFinancingReceivableMember_lbl" xml:lang="en-US">Performing Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:label="us-gaap_FinancialInstrumentPerformanceStatusAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentPerformanceStatusAxis" xlink:to="us-gaap_FinancialInstrumentPerformanceStatusAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentPerformanceStatusAxis_lbl" xml:lang="en-US">Financial Instrument Performance Status [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_FoundationforBetterHousingIncOverlookatAllensvilleMember" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember" xlink:to="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember_lbl" xml:lang="en-US">Foundation for Better Housing, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis" xlink:to="us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis_lbl" xml:lang="en-US">Receivable Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_FoundationforBetterHousingIncOverlookatAllensville1Member" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensville1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncOverlookatAllensville1Member" xlink:to="arl_FoundationforBetterHousingIncOverlookatAllensville1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensville1Member_lbl" xml:lang="en-US">Foundation for Better Housing, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_FoundationforBetterHousingIncVistaRidgeMember" xlink:label="arl_FoundationforBetterHousingIncVistaRidgeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncVistaRidgeMember" xlink:to="arl_FoundationforBetterHousingIncVistaRidgeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FoundationforBetterHousingIncVistaRidgeMember_lbl" xml:lang="en-US">Foundation for Better Housing, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_FoundationforBetterHousingIncVistaRidge1Member" xlink:label="arl_FoundationforBetterHousingIncVistaRidge1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncVistaRidge1Member" xlink:to="arl_FoundationforBetterHousingIncVistaRidge1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_FoundationforBetterHousingIncVistaRidge1Member_lbl" xml:lang="en-US">Foundation for Better Housing, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_H198LLCLasVegasLandMember" xlink:label="arl_H198LLCLasVegasLandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_H198LLCLasVegasLandMember" xlink:to="arl_H198LLCLasVegasLandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_H198LLCLasVegasLandMember_lbl" xml:lang="en-US">H198, LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OneRealcoCorporation2Member" xlink:label="arl_OneRealcoCorporation2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OneRealcoCorporation2Member" xlink:to="arl_OneRealcoCorporation2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OneRealcoCorporation2Member_lbl" xml:lang="en-US">One Realco Corporation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RealtyAdvisorsManagementIncMember" xlink:label="arl_RealtyAdvisorsManagementIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealtyAdvisorsManagementIncMember" xlink:to="arl_RealtyAdvisorsManagementIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealtyAdvisorsManagementIncMember_lbl" xml:lang="en-US">Realty Advisors Management, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncCliffsofElDoradoMember" xlink:label="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember" xlink:to="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncEchoStationMember" xlink:label="arl_UnifiedHousingFoundationIncEchoStationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncEchoStationMember" xlink:to="arl_UnifiedHousingFoundationIncEchoStationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncEchoStationMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncInwoodontheParkMember" xlink:label="arl_UnifiedHousingFoundationIncInwoodontheParkMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncInwoodontheParkMember" xlink:to="arl_UnifiedHousingFoundationIncInwoodontheParkMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncInwoodontheParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncKensingtonParkMember" xlink:label="arl_UnifiedHousingFoundationIncKensingtonParkMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncKensingtonParkMember" xlink:to="arl_UnifiedHousingFoundationIncKensingtonParkMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncKensingtonParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLakeshoreVillasMember" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillasMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillasMember" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillasMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillasMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLakeshoreVillas1Member" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLimestoneCanyonMember" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyonMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyonMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLimestoneCanyon1Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLimestoneRanchMember" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanchMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanchMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanchMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanchMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncLimestoneRanch1Member" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncParksideCrossingMember" xlink:label="arl_UnifiedHousingFoundationIncParksideCrossingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncParksideCrossingMember" xlink:to="arl_UnifiedHousingFoundationIncParksideCrossingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncParksideCrossingMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncSenderoRidgeMember" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidgeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidgeMember" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidgeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidgeMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncSenderoRidge1Member" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidge1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidge1Member" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidge1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidge1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncTimbersattheParkMember" xlink:label="arl_UnifiedHousingFoundationIncTimbersattheParkMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTimbersattheParkMember" xlink:to="arl_UnifiedHousingFoundationIncTimbersattheParkMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncTimbersattheParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncTivoliMember" xlink:label="arl_UnifiedHousingFoundationIncTivoliMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTivoliMember" xlink:to="arl_UnifiedHousingFoundationIncTivoliMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncTivoliMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember" xlink:label="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember" xlink:to="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationIncMember" xlink:label="arl_UnifiedHousingFoundationIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncMember" xlink:to="arl_UnifiedHousingFoundationIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationIncMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationInc1Member" xlink:label="arl_UnifiedHousingFoundationInc1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc1Member" xlink:to="arl_UnifiedHousingFoundationInc1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_UnifiedHousingFoundationInc1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationInc2Member" xlink:label="arl_UnifiedHousingFoundationInc2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc2Member" xlink:to="arl_UnifiedHousingFoundationInc2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc2Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #3 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnifiedHousingFoundationInc3Member" xlink:label="arl_UnifiedHousingFoundationInc3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc3Member" xlink:to="arl_UnifiedHousingFoundationInc3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc3Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #4 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OtherRelatedPartyNotesMember" xlink:label="arl_OtherRelatedPartyNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotesMember" xlink:to="arl_OtherRelatedPartyNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherRelatedPartyNotesMember_lbl" xml:lang="en-US">Other related party notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OtherRelatedPartyNotes1Member" xlink:label="arl_OtherRelatedPartyNotes1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotes1Member" xlink:to="arl_OtherRelatedPartyNotes1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_OtherRelatedPartyNotes1Member_lbl" xml:lang="en-US">Other related party notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OtherNonRelatedPartyNotesMember" xlink:label="arl_OtherNonRelatedPartyNotesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotesMember" xlink:to="arl_OtherNonRelatedPartyNotesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherNonRelatedPartyNotesMember_lbl" xml:lang="en-US">Other non-related party notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OtherNonRelatedPartyNotes1Member" xlink:label="arl_OtherNonRelatedPartyNotes1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotes1Member" xlink:to="arl_OtherNonRelatedPartyNotes1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_OtherNonRelatedPartyNotes1Member_lbl" xml:lang="en-US">Other non-related party notes [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonperformingFinancingReceivableMember" xlink:label="us-gaap_NonperformingFinancingReceivableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonperformingFinancingReceivableMember" xlink:to="us-gaap_NonperformingFinancingReceivableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonperformingFinancingReceivableMember_lbl" xml:lang="en-US">Non-Performing Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_EquityMethodInvesteeNameMember" xlink:label="arl_EquityMethodInvesteeNameMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeNameMember" xlink:to="arl_EquityMethodInvesteeNameMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvesteeNameMember_lbl" xml:lang="en-US">Gruppa Florentina LLC [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US">Investment, Name [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables6Member" xlink:label="arl_NotesPayableOtherPayables6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables6Member" xlink:to="arl_NotesPayableOtherPayables6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables6Member_lbl" xml:lang="en-US">Apartments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US">Debt Instrument [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables1Member" xlink:label="arl_NotesPayableOtherPayables1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables1Member" xlink:to="arl_NotesPayableOtherPayables1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables1Member_lbl" xml:lang="en-US">Commercial [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables2Member" xlink:label="arl_NotesPayableOtherPayables2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables2Member" xlink:to="arl_NotesPayableOtherPayables2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables2Member_lbl" xml:lang="en-US">Land [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables3Member" xlink:label="arl_NotesPayableOtherPayables3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables3Member" xlink:to="arl_NotesPayableOtherPayables3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables3Member_lbl" xml:lang="en-US">Real Estate Subject to Sales Contract [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables4Member" xlink:label="arl_NotesPayableOtherPayables4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables4Member" xlink:to="arl_NotesPayableOtherPayables4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables4Member_lbl" xml:lang="en-US">Mezzanine Financing [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables5Member" xlink:label="arl_NotesPayableOtherPayables5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables5Member" xlink:to="arl_NotesPayableOtherPayables5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables5Member_lbl" xml:lang="en-US">Other [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesPayableOtherPayablesMember" xlink:label="us-gaap_NotesPayableOtherPayablesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayableOtherPayablesMember" xlink:to="us-gaap_NotesPayableOtherPayablesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayableOtherPayablesMember_lbl" xml:lang="en-US">Total Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables7Member" xlink:label="arl_NotesPayableOtherPayables7Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables7Member" xlink:to="arl_NotesPayableOtherPayables7Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables7Member_lbl" xml:lang="en-US">Mortgage Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables8Member" xlink:label="arl_NotesPayableOtherPayables8Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables8Member" xlink:to="arl_NotesPayableOtherPayables8Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_NotesPayableOtherPayables8Member_lbl" xml:lang="en-US">Mortgage Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_MS" xlink:label="stpr_MS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_MS" xlink:to="stpr_MS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_MS_lbl" xml:lang="en-US">MISSISSIPPI [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables9Member" xlink:label="arl_NotesPayableOtherPayables9Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables9Member" xlink:to="arl_NotesPayableOtherPayables9Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables9Member_lbl" xml:lang="en-US">New Mortgage Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_AR" xlink:label="stpr_AR" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_AR" xlink:to="stpr_AR_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_AR_lbl" xml:lang="en-US">ARKANSAS [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables10Member" xlink:label="arl_NotesPayableOtherPayables10Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables10Member" xlink:to="arl_NotesPayableOtherPayables10Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_NotesPayableOtherPayables10Member_lbl" xml:lang="en-US">New Mortgage Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables11Member" xlink:label="arl_NotesPayableOtherPayables11Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables11Member" xlink:to="arl_NotesPayableOtherPayables11Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables11Member_lbl" xml:lang="en-US">Secured Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_IndependentThirdPartyMember" xlink:label="arl_IndependentThirdPartyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IndependentThirdPartyMember" xlink:to="arl_IndependentThirdPartyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_IndependentThirdPartyMember_lbl" xml:lang="en-US">Independent Third Party [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesPayableOtherPayables12Member" xlink:label="arl_NotesPayableOtherPayables12Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables12Member" xlink:to="arl_NotesPayableOtherPayables12Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables12Member_lbl" xml:lang="en-US">New Secured Notes Payable [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConstructionLoanPayableMember" xlink:label="us-gaap_ConstructionLoanPayableMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionLoanPayableMember" xlink:to="us-gaap_ConstructionLoanPayableMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionLoanPayableMember_lbl" xml:lang="en-US">Construction Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PillarIncomeAssetManagementIncMember" xlink:label="arl_PillarIncomeAssetManagementIncMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PillarIncomeAssetManagementIncMember" xlink:to="arl_PillarIncomeAssetManagementIncMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PillarIncomeAssetManagementIncMember_lbl" xml:lang="en-US">Pillar Income Asset Management, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancialGuaranteeMember" xlink:label="us-gaap_FinancialGuaranteeMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialGuaranteeMember" xlink:to="us-gaap_FinancialGuaranteeMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialGuaranteeMember_lbl" xml:lang="en-US">Note Payable for LK-Four Hickory [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GuaranteeObligationsByNatureAxis" xlink:label="us-gaap_GuaranteeObligationsByNatureAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsByNatureAxis" xlink:to="us-gaap_GuaranteeObligationsByNatureAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsByNatureAxis_lbl" xml:lang="en-US">Guarantor Obligations, Nature [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_ClapperPartiesMember" xlink:label="arl_ClapperPartiesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ClapperPartiesMember" xlink:to="arl_ClapperPartiesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ClapperPartiesMember_lbl" xml:lang="en-US">ART and ART Midwest, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LitigationCaseAxis" xlink:label="us-gaap_LitigationCaseAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseAxis" xlink:to="us-gaap_LitigationCaseAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationCaseAxis_lbl" xml:lang="en-US">Litigation Case [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_CommercialSegmentsMember" xlink:label="arl_CommercialSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CommercialSegmentsMember" xlink:to="arl_CommercialSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_CommercialSegmentsMember_lbl" xml:lang="en-US">Commercial Properties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US">Segments [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_ApartmentsSegmentsMember" xlink:label="arl_ApartmentsSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentsSegmentsMember" xlink:to="arl_ApartmentsSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_ApartmentsSegmentsMember_lbl" xml:lang="en-US">Apartments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_HotelSegmentsMember" xlink:label="arl_HotelSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_HotelSegmentsMember" xlink:to="arl_HotelSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_HotelSegmentsMember_lbl" xml:lang="en-US">Hotels [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_LandSegmentsMember" xlink:label="arl_LandSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsMember" xlink:to="arl_LandSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_LandSegmentsMember_lbl" xml:lang="en-US">Land [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllOtherSegmentsMember" xlink:label="us-gaap_AllOtherSegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllOtherSegmentsMember" xlink:to="us-gaap_AllOtherSegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AllOtherSegmentsMember_lbl" xml:lang="en-US">Other [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConvertiblePreferredStockMember" xlink:label="us-gaap_ConvertiblePreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertiblePreferredStockMember" xlink:to="us-gaap_ConvertiblePreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertiblePreferredStockMember_lbl" xml:lang="en-US">Series A Cumulative Convertible Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementClassOfStockAxis" xlink:label="us-gaap_StatementClassOfStockAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementClassOfStockAxis" xlink:to="us-gaap_StatementClassOfStockAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementClassOfStockAxis_lbl" xml:lang="en-US">Class of Stock [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_Subsidiaries1Member" xlink:label="arl_Subsidiaries1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Subsidiaries1Member" xlink:to="arl_Subsidiaries1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_Subsidiaries1Member_lbl" xml:lang="en-US">ART Edina, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_Subsidiaries2Member" xlink:label="arl_Subsidiaries2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Subsidiaries2Member" xlink:to="arl_Subsidiaries2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_Subsidiaries2Member_lbl" xml:lang="en-US">ART Hotel Equities, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RAIMember" xlink:label="arl_RAIMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RAIMember" xlink:to="arl_RAIMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RAIMember_lbl" xml:lang="en-US">RAI [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_FL" xlink:label="stpr_FL" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_FL" xlink:to="stpr_FL_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_FL_lbl" xml:lang="en-US">FLORIDA [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_EquityMethodInvestee1Member" xlink:label="arl_EquityMethodInvestee1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee1Member" xlink:to="arl_EquityMethodInvestee1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestee1Member_lbl" xml:lang="en-US">Income Opportunity Reality Investors [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BuildingAndBuildingImprovementsMember" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingAndBuildingImprovementsMember" xlink:to="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xml:lang="en-US">Buildings and Improvements [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US">Property, Plant and Equipment, Type [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="us-gaap_MaximumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US">Maximum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US">Range [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US">Minimum [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MachineryAndEquipmentMember" xlink:label="us-gaap_MachineryAndEquipmentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MachineryAndEquipmentMember" xlink:to="us-gaap_MachineryAndEquipmentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MachineryAndEquipmentMember_lbl" xml:lang="en-US">Furniture, Fixtures and Equipment [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_LemanDevelopmentLtdMember" xlink:label="arl_LemanDevelopmentLtdMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LemanDevelopmentLtdMember" xlink:to="arl_LemanDevelopmentLtdMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LemanDevelopmentLtdMember_lbl" xml:lang="en-US">Leman Development, Ltd [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_TracySuttlesMember" xlink:label="arl_TracySuttlesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TracySuttlesMember" xlink:to="arl_TracySuttlesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TracySuttlesMember_lbl" xml:lang="en-US">Tracy Suttles [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AffiliatedEntityMember" xlink:label="us-gaap_AffiliatedEntityMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AffiliatedEntityMember" xlink:to="us-gaap_AffiliatedEntityMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AffiliatedEntityMember_lbl" xml:lang="en-US">Pillar Income Asset Management, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="us-gaap_ParentCompanyMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentCompanyMember" xlink:to="us-gaap_ParentCompanyMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentCompanyMember_lbl" xml:lang="en-US">American Realty Investors, Inc [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_SegmentsMember" xlink:label="arl_SegmentsMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SegmentsMember" xlink:to="arl_SegmentsMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SegmentsMember_lbl" xml:lang="en-US">Total Segments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ApartmentBuildingMember" xlink:label="us-gaap_ApartmentBuildingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ApartmentBuildingMember" xlink:to="us-gaap_ApartmentBuildingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ApartmentBuildingMember_lbl" xml:lang="en-US">Apartments [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WarehouseMember" xlink:label="us-gaap_WarehouseMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WarehouseMember" xlink:to="us-gaap_WarehouseMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WarehouseMember_lbl" xml:lang="en-US">Industrial Warehouse [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetailSiteMember" xlink:label="us-gaap_RetailSiteMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetailSiteMember" xlink:to="us-gaap_RetailSiteMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetailSiteMember_lbl" xml:lang="en-US">Retail Centers [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PortOlpenitzMember" xlink:label="arl_PortOlpenitzMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PortOlpenitzMember" xlink:to="arl_PortOlpenitzMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PortOlpenitzMember_lbl" xml:lang="en-US">Port Olpentiz [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecondMortgageMember" xlink:label="us-gaap_SecondMortgageMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SecondMortgageMember" xlink:to="us-gaap_SecondMortgageMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SecondMortgageMember_lbl" xml:lang="en-US">Junior Mortgage Loans [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:to="us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Description, Loan Category [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_MilanoRestaurantsInternationalCorporationMember" xlink:label="arl_MilanoRestaurantsInternationalCorporationMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MilanoRestaurantsInternationalCorporationMember" xlink:to="arl_MilanoRestaurantsInternationalCorporationMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_MilanoRestaurantsInternationalCorporationMember_lbl" xml:lang="en-US">Milano Restaurants International Corporation [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TradeNamesMember" xlink:label="us-gaap_TradeNamesMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeNamesMember" xlink:to="us-gaap_TradeNamesMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradeNamesMember_lbl" xml:lang="en-US">Me-N-Ed's Pizza Parlor [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US">Indefinite-lived Intangible Assets [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_TradeNames1Member" xlink:label="arl_TradeNames1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TradeNames1Member" xlink:to="arl_TradeNames1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TradeNames1Member_lbl" xml:lang="en-US">Blast 825 Pizza [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_EquityMethodInvestee2Member" xlink:label="arl_EquityMethodInvestee2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee2Member" xlink:to="arl_EquityMethodInvestee2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestee2Member_lbl" xml:lang="en-US">SienaCorp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_EquityMethodInvestee3Member" xlink:label="arl_EquityMethodInvestee3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee3Member" xlink:to="arl_EquityMethodInvestee3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestee3Member_lbl" xml:lang="en-US">Piazza del Pane, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_TradeNames2Member" xlink:label="arl_TradeNames2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TradeNames2Member" xlink:to="arl_TradeNames2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_TradeNames2Member_lbl" xml:lang="en-US">Angelo &amp; Vito's Pizzerias [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_JudicialRulingMember" xlink:label="us-gaap_JudicialRulingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_JudicialRulingMember" xlink:to="us-gaap_JudicialRulingMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_JudicialRulingMember_lbl" xml:lang="en-US">Dynex Capital, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LitigationStatusAxis" xlink:label="us-gaap_LitigationStatusAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationStatusAxis" xlink:to="us-gaap_LitigationStatusAxis_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationStatusAxis_lbl" xml:lang="en-US">Litigation Status [Axis]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_EquityMethodInvestee4Member" xlink:label="arl_EquityMethodInvestee4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee4Member" xlink:to="arl_EquityMethodInvestee4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestee4Member_lbl" xml:lang="en-US">American Reality Trust, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_TN" xlink:label="stpr_TN" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_TN" xlink:to="stpr_TN_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_TN_lbl" xml:lang="en-US">TENNESSEE [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_KS" xlink:label="stpr_KS" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_KS" xlink:to="stpr_KS_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_KS_lbl" xml:lang="en-US">KANSAS [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_OH" xlink:label="stpr_OH" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_OH" xlink:to="stpr_OH_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_OH_lbl" xml:lang="en-US">OHIO [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DocumentAndEntityInformationAbstract" xlink:label="arl_DocumentAndEntityInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DocumentAndEntityInformationAbstract" xlink:to="arl_DocumentAndEntityInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DocumentAndEntityInformationAbstract_lbl" xml:lang="en-US">Document And Entity Information</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Is Entity a Well-known Seasoned Issuer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Is Entity a Voluntary Filer?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Is Entity's Reporting Status Current?</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="us-gaap_StatementOfFinancialPositionAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfFinancialPositionAbstract" xlink:to="us-gaap_StatementOfFinancialPositionAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfFinancialPositionAbstract_lbl" xml:lang="en-US">Statement of Financial Position [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="us-gaap_AssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsAbstract" xlink:to="us-gaap_AssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsAbstract_lbl" xml:lang="en-US">Assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateInvestmentsOther" xlink:label="us-gaap_RealEstateInvestmentsOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentsOther" xlink:to="us-gaap_RealEstateInvestmentsOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentsOther_lbl" xml:lang="en-US">Real estate, at cost</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RealEstateheldForSaleNet" xlink:label="arl_RealEstateheldForSaleNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateheldForSaleNet" xlink:to="arl_RealEstateheldForSaleNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateheldForSaleNet_lbl" xml:lang="en-US">Real estate subject to sales contracts at cost, net of depreciation ($194 for 2015 and $2,300 for 2014)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_lbl" xml:lang="en-US">Less accumulated depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateInvestmentPropertyNet" xlink:label="us-gaap_RealEstateInvestmentPropertyNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_lbl" xml:lang="en-US">Total real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsAndNotesReceivableNetAbstract" xlink:label="us-gaap_AccountsAndNotesReceivableNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsAndNotesReceivableNetAbstract" xlink:to="us-gaap_AccountsAndNotesReceivableNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsAndNotesReceivableNetAbstract_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PerformingNotesAndInterestReceivable" xlink:label="arl_PerformingNotesAndInterestReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PerformingNotesAndInterestReceivable" xlink:to="arl_PerformingNotesAndInterestReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PerformingNotesAndInterestReceivable_lbl" xml:lang="en-US">Performing (including $121,099 in 2015 and $139,466 in 2014 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NonperformingNotesAndInterestReceivable" xlink:label="arl_NonperformingNotesAndInterestReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonperformingNotesAndInterestReceivable" xlink:to="arl_NonperformingNotesAndInterestReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NonperformingNotesAndInterestReceivable_lbl" xml:lang="en-US">Non-performing</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_lbl" xml:lang="en-US">Less allowance for doubtful accounts (including $15,537 in 2015 and 2014 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="us-gaap_MortgageLoansOnRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstate" xlink:to="us-gaap_MortgageLoansOnRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_lbl" xml:lang="en-US">Total notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedCashAndCashEquivalents" xlink:label="us-gaap_RestrictedCashAndCashEquivalents" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndCashEquivalents" xlink:to="us-gaap_RestrictedCashAndCashEquivalents_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndCashEquivalents_lbl" xml:lang="en-US">Restricted cash</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US">Investments in unconsolidated subsidiaries and investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DueFromRelatedParties" xlink:label="us-gaap_DueFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedParties" xlink:to="us-gaap_DueFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueFromRelatedParties_lbl" xml:lang="en-US">Receivable from related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherAssets" xlink:label="us-gaap_OtherAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssets" xlink:to="us-gaap_OtherAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US">Liabilities and Shareholders' Equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="us-gaap_LiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">Liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesAndLoansPayable" xlink:label="us-gaap_NotesAndLoansPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesAndLoansPayable" xlink:to="us-gaap_NotesAndLoansPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesAndLoansPayable_lbl" xml:lang="en-US">Notes and interest payable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NotesRelatedToSubjectToSalesContracts" xlink:label="arl_NotesRelatedToSubjectToSalesContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesRelatedToSubjectToSalesContracts" xlink:to="arl_NotesRelatedToSubjectToSalesContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesRelatedToSubjectToSalesContracts_lbl" xml:lang="en-US">Notes related to subject to sales contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenue" xlink:label="us-gaap_DeferredRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenue_lbl" xml:lang="en-US">Deferred revenue (including $71,603 in 2015 and $72,564 in 2014 from sales to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:to="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_lbl" xml:lang="en-US">Accounts payable and other liabilities (including $7,001 in 2015 and $11,024 in 2014 to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="us-gaap_Liabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total Liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="us-gaap_StockholdersEquityAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityAbstract" xlink:to="us-gaap_StockholdersEquityAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityAbstract_lbl" xml:lang="en-US">Shareholders' equity:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="us-gaap_PreferredStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockValue" xlink:to="us-gaap_PreferredStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockValue_lbl" xml:lang="en-US">Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 and 2,461,252 shares in 2015 and 2014 (liquidation preference $10 per share), including 900,000 shares in 2015 and 2014 held by ARL or subsidiaries.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">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 2015 and 2014, respectively; including 140,000 shares held by TCI (consolidated) in 2015 and 2014.</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US">Treasury stock at cost; 415,785 shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US">Paid-in capital</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Retained earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US">Total American Realty Investors, Inc. shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US">Non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities and shareholders' equity</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="us-gaap_StatementTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementTable" xlink:to="us-gaap_StatementTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementTable_lbl" xml:lang="en-US">Statement [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="us-gaap_StatementLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementLineItems" xlink:to="us-gaap_StatementLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementLineItems_lbl" xml:lang="en-US">Statement [Line Items]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost" xlink:label="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost" xlink:to="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost_lbl" xml:lang="en-US">Depreciation of Real Estate subject to sales contracts at cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PerformingNotesAndInterestReceivable" xlink:to="arl_PerformingNotesAndInterestReceivable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_PerformingNotesAndInterestReceivable_2_lbl" xml:lang="en-US">Performing</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate" xlink:to="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForLoanAndLeaseLossesRealEstate_2_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenue" xlink:to="us-gaap_DeferredRevenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredRevenue_2_lbl" xml:lang="en-US">Deferred revenue from sales to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent" xlink:to="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DueToRelatedPartiesCurrentAndNoncurrent_lbl" xml:lang="en-US">Accounts payable and other liabilities to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Series A Preferred stock, par value (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="us-gaap_PreferredStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesAuthorized" xlink:to="us-gaap_PreferredStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesAuthorized_lbl" xml:lang="en-US">Series A Preferred stock, shares authorized (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="us-gaap_PreferredStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesIssued" xlink:to="us-gaap_PreferredStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesIssued_lbl" xml:lang="en-US">Series A Preferred stock, shares issued (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="us-gaap_PreferredStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockSharesOutstanding" xlink:to="us-gaap_PreferredStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockSharesOutstanding_lbl" xml:lang="en-US">Series A Preferred stock, shares outstanding (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockLiquidationPreference" xlink:label="us-gaap_PreferredStockLiquidationPreference" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockLiquidationPreference" xlink:to="us-gaap_PreferredStockLiquidationPreference_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockLiquidationPreference_lbl" xml:lang="en-US">Series A Preferred stock, liquidation preference (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US">Common stock, par value (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US">Common stock, shares authorized (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_SharesHeldBySubsidiaries" xlink:label="arl_SharesHeldBySubsidiaries" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SharesHeldBySubsidiaries" xlink:to="arl_SharesHeldBySubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_SharesHeldBySubsidiaries_lbl" xml:lang="en-US">Shares held by subsidiaries (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US">Treasury stock, shares (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="us-gaap_IncomeStatementAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementAbstract" xlink:to="us-gaap_IncomeStatementAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementAbstract_lbl" xml:lang="en-US">Income Statement [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateRevenueNetAbstract" xlink:label="us-gaap_RealEstateRevenueNetAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateRevenueNetAbstract" xlink:to="us-gaap_RealEstateRevenueNetAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateRevenueNetAbstract_lbl" xml:lang="en-US">Revenues:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateRevenueNet" xlink:label="us-gaap_RealEstateRevenueNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateRevenueNet_lbl" xml:lang="en-US">Rental and other property revenues (including $211 and $175 for the three months and $591 and $526 for the nine months ended 2015 and 2014, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="us-gaap_CostsAndExpensesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CostsAndExpensesAbstract" xlink:to="us-gaap_CostsAndExpensesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CostsAndExpensesAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_lbl" xml:lang="en-US">Property operating expenses (including $202 and $172 for the three months and $551 and $511 for the nine months ended 2015 and 2014, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationAndAmortization" xlink:label="us-gaap_DepreciationAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GeneralAndAdministrativeExpense" xlink:label="us-gaap_GeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative (including $634 and $926 for the three months and $2,554 and $2,686 for the nine months ended 2015 and 2014, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NetIncomeFeeToRelatedParty1" xlink:label="arl_NetIncomeFeeToRelatedParty1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NetIncomeFeeToRelatedParty1_lbl" xml:lang="en-US">Net income fee to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_AdvisoryFeeToRelatedParty" xlink:label="arl_AdvisoryFeeToRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AdvisoryFeeToRelatedParty_lbl" xml:lang="en-US">Advisory fee to related party</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="us-gaap_OperatingExpenses" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="us-gaap_OperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingIncomeLoss_lbl" xml:lang="en-US">Net operating income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonoperatingIncomeExpenseAbstract" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpenseAbstract" xlink:to="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expenses):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOther" xlink:label="us-gaap_InterestIncomeOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeOther" xlink:to="us-gaap_InterestIncomeOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeOther_lbl" xml:lang="en-US">Interest income (including $3,886 and $4,699 for the three months and $13,190 and $14,692 for the nine months ended 2015 and 2014, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncome" xlink:label="us-gaap_OtherIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherIncome" xlink:to="us-gaap_OtherIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherIncome_lbl" xml:lang="en-US">Other income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US">Mortgage and loan interest (including $982 and $978 for the three months and $2,797 and $2,709 for the nine months ended 2015 and 2014, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_LoanChargesAndPrepaymentPenalties" xlink:label="arl_LoanChargesAndPrepaymentPenalties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LoanChargesAndPrepaymentPenalties" xlink:to="arl_LoanChargesAndPrepaymentPenalties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_LoanChargesAndPrepaymentPenalties_lbl" xml:lang="en-US">Loan charges and prepayment penalties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Earnings from unconsolidated subsidiaries and investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LitigationSettlementAmount" xlink:label="us-gaap_LitigationSettlementAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationSettlementAmount" xlink:to="us-gaap_LitigationSettlementAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationSettlementAmount_lbl" xml:lang="en-US">Litigation settlement (expense)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US">Total other expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_lbl" xml:lang="en-US">Loss before gain on land sales, non-controlling interest, and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_GainOnSaleOfIncomeProducingProperties" xlink:label="arl_GainOnSaleOfIncomeProducingProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainOnSaleOfIncomeProducingProperties" xlink:to="arl_GainOnSaleOfIncomeProducingProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_GainOnSaleOfIncomeProducingProperties_lbl" xml:lang="en-US">Gain on sale of income producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes" xlink:label="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes" xlink:to="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_lbl" xml:lang="en-US">Gain on land sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US">Net income (loss) from continuing operations before taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="us-gaap_IncomeTaxExpenseBenefit" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US">Income tax benefit (expense)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net income (loss) from continuing operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract_lbl" xml:lang="en-US">Discontinued operations:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax_lbl" xml:lang="en-US">Net income (loss) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:label="us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax" xlink:to="us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax_lbl" xml:lang="en-US">Gain on sale of real estate from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:to="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_lbl" xml:lang="en-US">Income tax benefit (expense) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_lbl" xml:lang="en-US">Net income (loss) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="us-gaap_ProfitLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ProfitLoss_lbl" xml:lang="en-US">Net income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossAttributableToNoncontrollingInterest" xlink:label="us-gaap_IncomeLossAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Net income (loss) attributable to non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="us-gaap_NetIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net income attributable to American Realty Investors, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendsIncomeStatementImpact" xlink:to="us-gaap_PreferredStockDividendsIncomeStatementImpact_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact_lbl" xml:lang="en-US">Preferred dividend requirement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US">Net income applicable to common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="us-gaap_EarningsPerShareBasicAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAbstract" xlink:to="us-gaap_EarningsPerShareBasicAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAbstract_lbl" xml:lang="en-US">Earnings per share - basic</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerBasicShare_lbl" xml:lang="en-US">Net income (loss) from continuing operations (in dollars per share)</link:label>
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      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract" xlink:label="arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_2_lbl" xml:lang="en-US">Net income applicable to American Realty Investors, Inc.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xml:lang="en-US">General and administrative</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_InterestExpenseDebt_2_lbl" xml:lang="en-US">Mortgage and loan interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total comprehensive income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive (income) loss attributable to non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Comprehensive income attributable to American Realty Investors, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US">Statement of Cash Flows [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_lbl" xml:lang="en-US">Cash Flow From Operating Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net income applicable to common shares to net cash flow from operating activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnDispositionOfAssets" xlink:label="us-gaap_GainLossOnDispositionOfAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfAssets" xlink:to="us-gaap_GainLossOnDispositionOfAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnDispositionOfAssets_lbl" xml:lang="en-US">Gain on sale of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="us-gaap_GainLossOnSaleOfProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">Gain on sale of income-producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfDeferredCharges" xlink:label="us-gaap_AmortizationOfDeferredCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfDeferredCharges" xlink:to="us-gaap_AmortizationOfDeferredCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfDeferredCharges_lbl" xml:lang="en-US">Amortization of deferred borrowing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions_lbl" xml:lang="en-US">Earnings from unconsolidated subsidiaries and investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingAssetsAbstract_lbl" xml:lang="en-US">Decrease (increase) in assets:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_lbl" xml:lang="en-US">Accrued interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xml:lang="en-US">Other assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_lbl" xml:lang="en-US">Prepaid expense</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInRestrictedCash" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_lbl" xml:lang="en-US">Escrow</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding" xlink:label="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding" xlink:to="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding_lbl" xml:lang="en-US">Earnest money</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:label="us-gaap_IncreaseDecreaseInLeasingReceivables" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:to="us-gaap_IncreaseDecreaseInLeasingReceivables_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInLeasingReceivables_lbl" xml:lang="en-US">Rent receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_lbl" xml:lang="en-US">Related party receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract_lbl" xml:lang="en-US">Increase (decrease) in liabilities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInInterestPayableNet" xlink:to="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInInterestPayableNet_lbl" xml:lang="en-US">Accrued interest payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">Payable to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash used in operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_lbl" xml:lang="en-US">Cash Flow From Investing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable_lbl" xml:lang="en-US">Proceeds from notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireNotesReceivable" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireNotesReceivable" xlink:to="us-gaap_PaymentsToAcquireNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable_lbl" xml:lang="en-US">Origination or advances of notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireLand" xlink:label="us-gaap_PaymentsToAcquireLand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireLand" xlink:to="us-gaap_PaymentsToAcquireLand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireLand_lbl" xml:lang="en-US">Acquisition of land held for development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireOtherRealEstate" xlink:label="us-gaap_PaymentsToAcquireOtherRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireOtherRealEstate" xlink:to="us-gaap_PaymentsToAcquireOtherRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireOtherRealEstate_lbl" xml:lang="en-US">Acquisition of income producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment" xlink:to="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment_lbl" xml:lang="en-US">Proceeds from sale of income-producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfLandHeldForUse" xlink:label="us-gaap_ProceedsFromSaleOfLandHeldForUse" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfLandHeldForUse" xlink:to="us-gaap_ProceedsFromSaleOfLandHeldForUse_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfLandHeldForUse_lbl" xml:lang="en-US">Proceeds from sale of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet" xlink:label="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet" xlink:to="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet_lbl" xml:lang="en-US">Investment in unconsolidated real estate entities</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PaymentForImprovementOfLandHeldForDevelopment" xlink:label="arl_PaymentForImprovementOfLandHeldForDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentForImprovementOfLandHeldForDevelopment" xlink:to="arl_PaymentForImprovementOfLandHeldForDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_PaymentForImprovementOfLandHeldForDevelopment_lbl" xml:lang="en-US">Improvement of land held for development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToDevelopRealEstateAssets" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopRealEstateAssets" xlink:to="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_lbl" xml:lang="en-US">Improvement of income-producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest_lbl" xml:lang="en-US">Sale of non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:to="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireAndDevelopRealEstate_lbl" xml:lang="en-US">Construction and development of new properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash provided by (used in) investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_lbl" xml:lang="en-US">Cash Flow From Financing Activities:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromNotesPayable" xlink:label="us-gaap_ProceedsFromNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromNotesPayable" xlink:to="us-gaap_ProceedsFromNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromNotesPayable_lbl" xml:lang="en-US">Proceeds from notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RecurringAmortizationOfPrincipalOnNotesPayable" xlink:label="arl_RecurringAmortizationOfPrincipalOnNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecurringAmortizationOfPrincipalOnNotesPayable" xlink:to="arl_RecurringAmortizationOfPrincipalOnNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_RecurringAmortizationOfPrincipalOnNotesPayable_lbl" xml:lang="en-US">Recurring amortization of principal on notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromShortTermDebt" xlink:label="us-gaap_ProceedsFromShortTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromShortTermDebt" xlink:to="us-gaap_ProceedsFromShortTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromShortTermDebt_lbl" xml:lang="en-US">Debt assumption by buyer, part of seller proceeds</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfNotesPayable" xlink:label="us-gaap_RepaymentsOfNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfNotesPayable" xlink:to="us-gaap_RepaymentsOfNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfNotesPayable_lbl" xml:lang="en-US">Payments on maturing notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="us-gaap_RepaymentsOfSecuredDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfSecuredDebt" xlink:to="us-gaap_RepaymentsOfSecuredDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfSecuredDebt_lbl" xml:lang="en-US">Stock-secured borrowings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfFinancingCosts" xlink:label="us-gaap_PaymentsOfFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfFinancingCosts_lbl" xml:lang="en-US">Deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToMinorityShareholders" xlink:label="us-gaap_PaymentsToMinorityShareholders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToMinorityShareholders" xlink:to="us-gaap_PaymentsToMinorityShareholders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToMinorityShareholders_lbl" xml:lang="en-US">Distributions to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_lbl" xml:lang="en-US">Preferred stock dividends - Series A</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:to="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_lbl" xml:lang="en-US">Conversion of preferred stock into common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_lbl" xml:lang="en-US">Net cash provided by (used in) financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Net increase (decrease) in cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents, beginning of period</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_lbl" xml:lang="en-US">Cash and cash equivalents, end of period</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US">Supplemental disclosures of cash flow information:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US">Cash paid for interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_lbl" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock" xlink:to="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock_lbl" xml:lang="en-US">ORGANIZATION AND BASIS OF PRESENTATION</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="us-gaap_RealEstateAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAbstract" xlink:to="us-gaap_RealEstateAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAbstract_lbl" xml:lang="en-US">Real Estate [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="us-gaap_RealEstateDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateDisclosureTextBlock" xlink:to="us-gaap_RealEstateDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateDisclosureTextBlock_lbl" xml:lang="en-US">REAL ESTATE ACTIVITY</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReceivablesAbstract" xlink:label="us-gaap_ReceivablesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivablesAbstract" xlink:to="us-gaap_ReceivablesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivablesAbstract_lbl" xml:lang="en-US">Receivables [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesTextBlock" xlink:label="us-gaap_FinancingReceivablesTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancingReceivablesTextBlock" xlink:to="us-gaap_FinancingReceivablesTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancingReceivablesTextBlock_lbl" xml:lang="en-US">NOTES AND INTEREST RECEIVABLE</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract" xlink:to="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract_lbl" xml:lang="en-US">Equity Method Investments and Joint Ventures [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentsDisclosureTextBlock" xlink:to="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentsDisclosureTextBlock_lbl" xml:lang="en-US">INVESTMENT IN UNCONSOLIDATED INVESTEES</link:label>
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      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OrganizationAndBasisOfPresentationPoliciesAbstract" xlink:label="arl_OrganizationAndBasisOfPresentationPoliciesAbstract" />
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      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OperatingSegmentsTableAbstract" xlink:label="arl_OperatingSegmentsTableAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OperatingSegmentsTableAbstract" xlink:to="arl_OperatingSegmentsTableAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OperatingSegmentsTableAbstract_lbl" xml:lang="en-US">Operating Segments Table</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock_lbl" xml:lang="en-US">Schedule of operating segment, including segment assets and expenditures</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" xlink:label="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock_lbl" xml:lang="en-US">Schedule of Segment information to Consolidated Statements of Operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock" xlink:to="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock_lbl" xml:lang="en-US">Schedule of Segment information to Consolidated Balance Sheets</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DiscontinuedOperationsTableAbstract" xlink:label="arl_DiscontinuedOperationsTableAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DiscontinuedOperationsTableAbstract" xlink:to="arl_DiscontinuedOperationsTableAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DiscontinuedOperationsTableAbstract_lbl" xml:lang="en-US">Discontinued Operations Table</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock" xlink:to="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock_lbl" xml:lang="en-US">Schedule of summarizes revenue and expense information for the properties sold and held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US">Percentage of ownership</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US">Ownership interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentUsefulLife" xlink:to="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentUsefulLife_lbl" xml:lang="en-US">Use life of fixed assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xml:lang="en-US">Ownership after acquisition</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfUnitsInRealEstateProperty" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfUnitsInRealEstateProperty" xlink:to="us-gaap_NumberOfUnitsInRealEstateProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty_lbl" xml:lang="en-US">Number of apartment units</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfRealEstateProperties" xlink:label="us-gaap_NumberOfRealEstateProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRealEstateProperties" xlink:to="us-gaap_NumberOfRealEstateProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfRealEstateProperties_lbl" xml:lang="en-US">Number of properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetRentableArea" xlink:label="us-gaap_NetRentableArea" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetRentableArea" xlink:to="us-gaap_NetRentableArea_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetRentableArea_lbl" xml:lang="en-US">Rentable square feet</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AreaOfLand" xlink:label="us-gaap_AreaOfLand" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfLand" xlink:to="us-gaap_AreaOfLand_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfLand_lbl" xml:lang="en-US">Acres of land</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRealEstateProperties" xlink:to="us-gaap_NumberOfRealEstateProperties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NumberOfRealEstateProperties_2_lbl" xml:lang="en-US">Number of income-producing apartment purchase</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfUnitsInRealEstateProperty" xlink:to="us-gaap_NumberOfUnitsInRealEstateProperty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_NumberOfUnitsInRealEstateProperty_2_lbl" xml:lang="en-US">Number of units</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireRealEstate" xlink:label="us-gaap_PaymentsToAcquireRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireRealEstate" xlink:to="us-gaap_PaymentsToAcquireRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireRealEstate_lbl" xml:lang="en-US">Payment to acquire the properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AreaOfRealEstateProperty" xlink:label="us-gaap_AreaOfRealEstateProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfRealEstateProperty" xlink:to="us-gaap_AreaOfRealEstateProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AreaOfRealEstateProperty_lbl" xml:lang="en-US">Area of real estate property</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AreaOfLand" xlink:to="us-gaap_AreaOfLand_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AreaOfLand_2_lbl" xml:lang="en-US">Area of land</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfRealEstate" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRealEstate" xlink:to="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfRealEstate_lbl" xml:lang="en-US">Proceeds from sale of real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:label="us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnSalesOfInvestmentRealEstate" xlink:to="us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnSalesOfInvestmentRealEstate_lbl" xml:lang="en-US">Gain on sale of real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PaymentsToConstructionAndDevelopRealEstateAssets" xlink:label="arl_PaymentsToConstructionAndDevelopRealEstateAssets" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentsToConstructionAndDevelopRealEstateAssets" xlink:to="arl_PaymentsToConstructionAndDevelopRealEstateAssets_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PaymentsToConstructionAndDevelopRealEstateAssets_lbl" xml:lang="en-US">Payment for construction or predevelopment of various apartment complexes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateInventoryCapitalizedInterestCosts" xlink:label="us-gaap_RealEstateInventoryCapitalizedInterestCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInventoryCapitalizedInterestCosts" xlink:to="us-gaap_RealEstateInventoryCapitalizedInterestCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInventoryCapitalizedInterestCosts_lbl" xml:lang="en-US">Capitalized interest costs</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RealEstateActivityDetailsAbstract" xlink:label="arl_RealEstateActivityDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateActivityDetailsAbstract" xlink:to="arl_RealEstateActivityDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateActivityDetailsAbstract_lbl" xml:lang="en-US">Real Estate Activity Details</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentBuildingAndBuildingImprovements" xlink:to="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentBuildingAndBuildingImprovements_lbl" xml:lang="en-US">Apartments</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DevelopmentInProcess" xlink:label="us-gaap_DevelopmentInProcess" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DevelopmentInProcess" xlink:to="us-gaap_DevelopmentInProcess_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DevelopmentInProcess_lbl" xml:lang="en-US">Apartments under construction</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RentalProperties" xlink:label="us-gaap_RentalProperties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RentalProperties" xlink:to="us-gaap_RentalProperties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RentalProperties_lbl" xml:lang="en-US">Commercial properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LandAvailableForDevelopment" xlink:label="us-gaap_LandAvailableForDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandAvailableForDevelopment" xlink:to="us-gaap_LandAvailableForDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LandAvailableForDevelopment_lbl" xml:lang="en-US">Land held for development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="us-gaap_RealEstateHeldforsale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateHeldforsale" xlink:to="us-gaap_RealEstateHeldforsale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateHeldforsale_lbl" xml:lang="en-US">Real estate subject to sales contract</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateInvestmentPropertyAtCost" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_lbl" xml:lang="en-US">Total real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateAccumulatedDepreciation" xlink:label="us-gaap_RealEstateAccumulatedDepreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAccumulatedDepreciation" xlink:to="us-gaap_RealEstateAccumulatedDepreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_lbl" xml:lang="en-US">Less accumulated depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstate" xlink:to="us-gaap_MortgageLoansOnRealEstate_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstate_2_lbl" xml:lang="en-US">Total notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeRelatedParty" xlink:label="us-gaap_InterestIncomeRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeRelatedParty" xlink:to="us-gaap_InterestIncomeRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeRelatedParty_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoanOnRealEstateFinalMaturityDate" xlink:label="us-gaap_MortgageLoanOnRealEstateFinalMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoanOnRealEstateFinalMaturityDate" xlink:to="us-gaap_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoanOnRealEstateFinalMaturityDate_lbl" xml:lang="en-US">Maturity Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty" xlink:label="us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty" xlink:to="us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty_lbl" xml:lang="en-US">Description of property</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DescriptionOfLoansReceivableMaturityDate" xlink:label="arl_DescriptionOfLoansReceivableMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansReceivableMaturityDate" xlink:to="arl_DescriptionOfLoansReceivableMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DescriptionOfLoansReceivableMaturityDate_lbl" xml:lang="en-US">Description of Maturity Date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:label="us-gaap_MortgageLoansOnRealEstateInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateInterestRate" xlink:to="us-gaap_MortgageLoansOnRealEstateInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateInterestRate_lbl" xml:lang="en-US">Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest" xlink:label="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest" xlink:to="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest_lbl" xml:lang="en-US">Description of Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_lbl" xml:lang="en-US">Performing loans, total</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:label="us-gaap_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans" xlink:to="us-gaap_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstatePrincipalAmountOfDelinquentLoans_lbl" xml:lang="en-US">Non-performing loans, total</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:label="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:to="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings_lbl" xml:lang="en-US">Security, description</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestReceivable" xlink:label="us-gaap_InterestReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestReceivable" xlink:to="us-gaap_InterestReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestReceivable_lbl" xml:lang="en-US">Accrued interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1" xlink:label="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1" xlink:to="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_lbl" xml:lang="en-US">Allowance for doubtful accounts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfStores" xlink:label="us-gaap_NumberOfStores" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfStores" xlink:to="us-gaap_NumberOfStores_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfStores_lbl" xml:lang="en-US">Number of stores</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NumberOfGrills" xlink:label="arl_NumberOfGrills" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfGrills" xlink:to="arl_NumberOfGrills_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfGrills_lbl" xml:lang="en-US">Number of grills</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfRestaurants" xlink:label="us-gaap_NumberOfRestaurants" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfRestaurants" xlink:to="us-gaap_NumberOfRestaurants_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfRestaurants_lbl" xml:lang="en-US">Number of restaurants</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NumberOfFranchises" xlink:label="arl_NumberOfFranchises" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfFranchises" xlink:to="arl_NumberOfFranchises_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfFranchises_lbl" xml:lang="en-US">Number of franchises</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_2_lbl" xml:lang="en-US">Total real estate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesReceivableGross" xlink:label="us-gaap_NotesReceivableGross" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableGross" xlink:to="us-gaap_NotesReceivableGross_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableGross_lbl" xml:lang="en-US">Notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NotesPayable" xlink:label="us-gaap_NotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesPayable" xlink:to="us-gaap_NotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesPayable_lbl" xml:lang="en-US">Notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherLiabilities" xlink:label="us-gaap_OtherLiabilities" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilities" xlink:to="us-gaap_OtherLiabilities_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OtherLiabilities_lbl" xml:lang="en-US">Other liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_2_lbl" xml:lang="en-US">Shareholders' equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateRevenueNet" xlink:to="us-gaap_RealEstateRevenueNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateRevenueNet_3_lbl" xml:lang="en-US">Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortization" xlink:to="us-gaap_DepreciationAndAmortization_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DepreciationAndAmortization_2_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_2_lbl" xml:lang="en-US">Operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpense" xlink:label="us-gaap_InterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US">Interest expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_2_lbl" xml:lang="en-US">Income from continuing operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax_2_lbl" xml:lang="en-US">Income from discontinued operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_2_lbl" xml:lang="en-US">Company's proportionate share of earnings</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:label="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment" xlink:to="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFrequencyOfPeriodicPayment_lbl" xml:lang="en-US">Description of frequency payment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="us-gaap_DebtInstrumentMaturityDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDate" xlink:to="us-gaap_DebtInstrumentMaturityDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDate_lbl" xml:lang="en-US">Maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US">Notes Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="us-gaap_RepaymentsOfDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfDebt" xlink:to="us-gaap_RepaymentsOfDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xml:lang="en-US">Repayment of notes payable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RepaymentsOfDebtClosingCost" xlink:label="arl_RepaymentsOfDebtClosingCost" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RepaymentsOfDebtClosingCost" xlink:to="arl_RepaymentsOfDebtClosingCost_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RepaymentsOfDebtClosingCost_lbl" xml:lang="en-US">Repayment of notes payable closing cost</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US">Notes oustanding balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="us-gaap_DebtInstrumentTerm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="us-gaap_DebtInstrumentTerm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US">Notes payable term</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateTerms" xlink:label="us-gaap_DebtInstrumentInterestRateTerms" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateTerms" xlink:to="us-gaap_DebtInstrumentInterestRateTerms_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateTerms_lbl" xml:lang="en-US">Description of interest rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCollateral" xlink:label="us-gaap_DebtInstrumentCollateral" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCollateral" xlink:to="us-gaap_DebtInstrumentCollateral_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCollateral_lbl" xml:lang="en-US">Description of collteral</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentPrincipal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentPeriodicPaymentPrincipal" xlink:to="us-gaap_DebtInstrumentPeriodicPaymentPrincipal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentPeriodicPaymentPrincipal_lbl" xml:lang="en-US">Notes payable principal payment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongTermNotesPayable" xlink:label="us-gaap_LongTermNotesPayable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LongTermNotesPayable_lbl" xml:lang="en-US">Notes Payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPayableCurrentAndNoncurrent" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_2_lbl" xml:lang="en-US">Total Debt</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscount" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscount" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_lbl" xml:lang="en-US">Unamortized deferred borrowing costs</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedParties" xlink:to="us-gaap_DueFromRelatedParties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_DueFromRelatedParties_2_lbl" xml:lang="en-US">Related party receivable, December 31, 2014</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xml:lang="en-US">Cash transfers</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_AdvisoryFeeToRelatedParty_2_lbl" xml:lang="en-US">Advisory fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_NetIncomeFeeToRelatedParty1_2_lbl" xml:lang="en-US">Net income fee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesCommissionsAndFees" xlink:label="us-gaap_SalesCommissionsAndFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesCommissionsAndFees" xlink:to="us-gaap_SalesCommissionsAndFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_SalesCommissionsAndFees_lbl" xml:lang="en-US">Fees and commissions</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DueFromRelatedCostReimbursements" xlink:label="arl_DueFromRelatedCostReimbursements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DueFromRelatedCostReimbursements" xlink:to="arl_DueFromRelatedCostReimbursements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_DueFromRelatedCostReimbursements_lbl" xml:lang="en-US">Cost reimbursements</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_lbl" xml:lang="en-US">Expenses paid by Advisor</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RelatedPartyFinancingMortgagePayments" xlink:label="arl_RelatedPartyFinancingMortgagePayments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyFinancingMortgagePayments" xlink:to="arl_RelatedPartyFinancingMortgagePayments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_RelatedPartyFinancingMortgagePayments_lbl" xml:lang="en-US">Financing (mortgage payments)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RelatedPartySalesPurchasesTransactions" xlink:label="arl_RelatedPartySalesPurchasesTransactions" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartySalesPurchasesTransactions" xlink:to="arl_RelatedPartySalesPurchasesTransactions_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_RelatedPartySalesPurchasesTransactions_lbl" xml:lang="en-US">Sales/purchases transactions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DueFromRelatedParties" xlink:to="us-gaap_DueFromRelatedParties_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_DueFromRelatedParties_3_lbl" xml:lang="en-US">Related party receivable, September 30, 2015</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable" xlink:to="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSegmentReportingInformationBySegmentTable_lbl" xml:lang="en-US">Schedule of Segment Reporting Information, by Segment [Table]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingInformationLineItems" xlink:label="us-gaap_SegmentReportingInformationLineItems" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingInformationLineItems" xlink:to="us-gaap_SegmentReportingInformationLineItems_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentReportingInformationLineItems_lbl" xml:lang="en-US">Segment Reporting Information [Line Items]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_3_lbl" xml:lang="en-US">Property operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_MortgageAndLoanInterestIncludingCharges" xlink:label="arl_MortgageAndLoanInterestIncludingCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MortgageAndLoanInterestIncludingCharges" xlink:to="arl_MortgageAndLoanInterestIncludingCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_MortgageAndLoanInterestIncludingCharges_lbl" xml:lang="en-US">Mortgage and loan interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeOther" xlink:to="us-gaap_InterestIncomeOther_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestIncomeOther_2_lbl" xml:lang="en-US">Interest income</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OperatingIncomeLossSegment" xlink:label="arl_OperatingIncomeLossSegment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OperatingIncomeLossSegment" xlink:to="arl_OperatingIncomeLossSegment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="arl_OperatingIncomeLossSegment_lbl" xml:lang="en-US">Segment operating income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_CapitalExpenditures" xlink:label="arl_CapitalExpenditures" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CapitalExpenditures" xlink:to="arl_CapitalExpenditures_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_CapitalExpenditures_lbl" xml:lang="en-US">Capital expenditures</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_3_lbl" xml:lang="en-US">Real estate assets</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PropertySalesAbstract" xlink:label="arl_PropertySalesAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PropertySalesAbstract" xlink:to="arl_PropertySalesAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PropertySalesAbstract_lbl" xml:lang="en-US">Property Sales</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RealEstateSalesPrice" xlink:label="arl_RealEstateSalesPrice" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateSalesPrice" xlink:to="arl_RealEstateSalesPrice_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateSalesPrice_lbl" xml:lang="en-US">Sales price</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateCostOfRealEstateSold" xlink:label="us-gaap_RealEstateCostOfRealEstateSold" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateCostOfRealEstateSold" xlink:to="us-gaap_RealEstateCostOfRealEstateSold_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateCostOfRealEstateSold_lbl" xml:lang="en-US">Cost of sale</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_RecognizedPriorDeferredGain" xlink:label="arl_RecognizedPriorDeferredGain" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecognizedPriorDeferredGain" xlink:to="arl_RecognizedPriorDeferredGain_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RecognizedPriorDeferredGain_lbl" xml:lang="en-US">Recognized prior deferred gain</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GainLossOnSaleOfProperties_2_lbl" xml:lang="en-US">Gain on sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OperatingIncomeLossSegment" xlink:to="arl_OperatingIncomeLossSegment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OperatingIncomeLossSegment_2_lbl" xml:lang="en-US">Segment operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_OtherNonSegmentItemsOfIncomeExpenseAbstract" xlink:label="arl_OtherNonSegmentItemsOfIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonSegmentItemsOfIncomeExpenseAbstract" xlink:to="arl_OtherNonSegmentItemsOfIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherNonSegmentItemsOfIncomeExpenseAbstract_lbl" xml:lang="en-US">Other non-segment items of income (expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpense_3_lbl" xml:lang="en-US">General and administrative</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="arl_NetIncomeFeeToRelatedParty1_3_lbl" xml:lang="en-US">Net income fee to related party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="arl_AdvisoryFeeToRelatedParty_3_lbl" xml:lang="en-US">Advisory fee to related party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_3_lbl" xml:lang="en-US">Earnings from unconsolidated investees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationSettlementAmount" xlink:to="us-gaap_LitigationSettlementAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LitigationSettlementAmount_2_lbl" xml:lang="en-US">Litigation settlement</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Income tax benefit</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyNet" xlink:to="us-gaap_RealEstateInvestmentPropertyNet_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_4_lbl" xml:lang="en-US">Segment assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_2_lbl" xml:lang="en-US">Investments in unconsolidated investees</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsAndNotesReceivableNet" xlink:label="us-gaap_AccountsAndNotesReceivableNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsAndNotesReceivableNet_lbl" xml:lang="en-US">Notes and interest receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DiscontinuedOperationsDetailsAbstract" xlink:label="arl_DiscontinuedOperationsDetailsAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DiscontinuedOperationsDetailsAbstract" xlink:to="arl_DiscontinuedOperationsDetailsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DiscontinuedOperationsDetailsAbstract_lbl" xml:lang="en-US">Discontinued Operations Details</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract_lbl" xml:lang="en-US">Revenues:</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome_lbl" xml:lang="en-US">Rental and other property revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xml:lang="en-US">Revenues</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DisposalGroupIncludingDiscontinuedOperationAbstract" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xml:lang="en-US">Expenses:</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense" xlink:label="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense" xlink:to="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense_lbl" xml:lang="en-US">Property operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xlink:label="us-gaap_DepreciationAndAmortizationDiscontinuedOperations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xlink:to="us-gaap_DepreciationAndAmortizationDiscontinuedOperations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortizationDiscontinuedOperations_lbl" xml:lang="en-US">Depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense_lbl" xml:lang="en-US">General and administrative</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xml:lang="en-US">Total operating expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract_lbl" xml:lang="en-US">Other income (expense):</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_lbl" xml:lang="en-US">Other income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_lbl" xml:lang="en-US">Mortgage and loan interest</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_lbl" xml:lang="en-US">Litigation settlement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_lbl" xml:lang="en-US">Total other income (expenses)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:to="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax_lbl" xml:lang="en-US">Gain (loss) from discontinued operations before gain on sale of real estate and tax</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:to="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_2_lbl" xml:lang="en-US">Income tax benefit (expense)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_2_lbl" xml:lang="en-US">Income from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:label="us-gaap_GuaranteeObligationsCurrentCarryingValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsCurrentCarryingValue" xlink:to="us-gaap_GuaranteeObligationsCurrentCarryingValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsCurrentCarryingValue_lbl" xml:lang="en-US">Current notes oustanding balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GuaranteeObligationsMaximumExposure" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsMaximumExposure" xlink:to="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xml:lang="en-US">Note payable guarantee</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyDamagesSoughtValue" xlink:label="us-gaap_LossContingencyDamagesSoughtValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDamagesSoughtValue" xlink:to="us-gaap_LossContingencyDamagesSoughtValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyDamagesSoughtValue_lbl" xml:lang="en-US">Damages sought value</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_LossContingencyActualDamagesSoughtValue" xlink:label="arl_LossContingencyActualDamagesSoughtValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyActualDamagesSoughtValue" xlink:to="arl_LossContingencyActualDamagesSoughtValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LossContingencyActualDamagesSoughtValue_lbl" xml:lang="en-US">Actual damages sought value</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_LossContingencyDamagesSoughtInterestValue" xlink:label="arl_LossContingencyDamagesSoughtInterestValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyDamagesSoughtInterestValue" xlink:to="arl_LossContingencyDamagesSoughtInterestValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LossContingencyDamagesSoughtInterestValue_lbl" xml:lang="en-US">Interest damages sought value</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyNameOfPlaintiff" xlink:label="us-gaap_LossContingencyNameOfPlaintiff" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyNameOfPlaintiff" xlink:to="us-gaap_LossContingencyNameOfPlaintiff_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyNameOfPlaintiff_lbl" xml:lang="en-US">Description of plaintiff</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyNameOfDefendant" xlink:label="us-gaap_LossContingencyNameOfDefendant" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyNameOfDefendant" xlink:to="us-gaap_LossContingencyNameOfDefendant_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyNameOfDefendant_lbl" xml:lang="en-US">Description of defendant</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyAllegations" xlink:label="us-gaap_LossContingencyAllegations" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyAllegations" xlink:to="us-gaap_LossContingencyAllegations_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyAllegations_lbl" xml:lang="en-US">Description of allegation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator" xlink:label="us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator" xlink:to="us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator_lbl" xml:lang="en-US">Description of action taken by court</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNet" xlink:label="us-gaap_AssetsNet" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsNet" xlink:to="us-gaap_AssetsNet_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsNet_lbl" xml:lang="en-US">Total assets</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReceivableWithImputedInterestFaceAmount" xlink:label="us-gaap_ReceivableWithImputedInterestFaceAmount" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReceivableWithImputedInterestFaceAmount" xlink:to="us-gaap_ReceivableWithImputedInterestFaceAmount_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReceivableWithImputedInterestFaceAmount_lbl" xml:lang="en-US">Notes receivable from the sale of ART</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyLossInPeriod" xlink:label="us-gaap_LossContingencyLossInPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyLossInPeriod" xlink:to="us-gaap_LossContingencyLossInPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyLossInPeriod_lbl" xml:lang="en-US">Write-off of loans</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_UnfundedLoanCommitment" xlink:label="arl_UnfundedLoanCommitment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnfundedLoanCommitment" xlink:to="arl_UnfundedLoanCommitment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnfundedLoanCommitment_lbl" xml:lang="en-US">Unfunded loan commitment</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LossContingencyDamagesAwardedValue" xlink:label="us-gaap_LossContingencyDamagesAwardedValue" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyDamagesAwardedValue" xlink:to="us-gaap_LossContingencyDamagesAwardedValue_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyDamagesAwardedValue_lbl" xml:lang="en-US">Damages - awarded amount</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DamagesPrejudgementInterest" xlink:label="arl_DamagesPrejudgementInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DamagesPrejudgementInterest" xlink:to="arl_DamagesPrejudgementInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DamagesPrejudgementInterest_lbl" xml:lang="en-US">Damages - pre-judgement interest</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_DamagesTotal" xlink:label="arl_DamagesTotal" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DamagesTotal" xlink:to="arl_DamagesTotal_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DamagesTotal_lbl" xml:lang="en-US">Damages - total</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_AwardedAttorneyFees" xlink:label="arl_AwardedAttorneyFees" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AwardedAttorneyFees" xlink:to="arl_AwardedAttorneyFees_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AwardedAttorneyFees_lbl" xml:lang="en-US">Awarded attorney fees</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PostjudgmentInterestRate" xlink:label="arl_PostjudgmentInterestRate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PostjudgmentInterestRate" xlink:to="arl_PostjudgmentInterestRate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PostjudgmentInterestRate_lbl" xml:lang="en-US">Post-judgment interest rate</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SharesHeldBySubsidiaries" xlink:to="arl_SharesHeldBySubsidiaries_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_SharesHeldBySubsidiaries_2_lbl" xml:lang="en-US">Shares held by subsidiaries</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_PercentageOfAverageDailyClosingPriceOfCommonStock" xlink:label="arl_PercentageOfAverageDailyClosingPriceOfCommonStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PercentageOfAverageDailyClosingPriceOfCommonStock" xlink:to="arl_PercentageOfAverageDailyClosingPriceOfCommonStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PercentageOfAverageDailyClosingPriceOfCommonStock_lbl" xml:lang="en-US">Percentage of the average daily closing price of common stock</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockDividendRatePercentage" xlink:label="us-gaap_PreferredStockDividendRatePercentage" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockDividendRatePercentage" xlink:to="us-gaap_PreferredStockDividendRatePercentage_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendRatePercentage_lbl" xml:lang="en-US">Preferred stock, dividend rate</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NumberOfTradingDays" xlink:label="arl_NumberOfTradingDays" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfTradingDays" xlink:to="arl_NumberOfTradingDays_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfTradingDays_lbl" xml:lang="en-US">Number of trading days</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrentAndNoncurrent" xlink:to="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrentAndNoncurrent_lbl" xml:lang="en-US">Accrued dividends unpaid</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_NumberOfPreferredStockConverted" xlink:label="arl_NumberOfPreferredStockConverted" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfPreferredStockConverted" xlink:to="arl_NumberOfPreferredStockConverted_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NumberOfPreferredStockConverted_lbl" xml:lang="en-US">Number of preferred stock converted</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20150930.xsd#arl_AccumulatedDividendsUnpaidUponConversion" xlink:label="arl_AccumulatedDividendsUnpaidUponConversion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AccumulatedDividendsUnpaidUponConversion" xlink:to="arl_AccumulatedDividendsUnpaidUponConversion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AccumulatedDividendsUnpaidUponConversion_lbl" xml:lang="en-US">Accumulated dividends unpaid upon conversion</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:to="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_2_lbl" xml:lang="en-US">Number of common stock issued for conversion</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US">Stock options outstanding</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesRelatedToSubjectToSalesContracts" xlink:to="arl_NotesRelatedToSubjectToSalesContracts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesRelatedToSubjectToSalesContracts_doc" xml:lang="en-US">Refers to notes related to subject to sales contract.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost" xlink:to="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost_doc" xml:lang="en-US">The cumulative amount of depreciation for real estate property subject to sales contracts.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecurringAmortizationOfPrincipalOnNotesPayable" xlink:to="arl_RecurringAmortizationOfPrincipalOnNotesPayable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RecurringAmortizationOfPrincipalOnNotesPayable_doc" xml:lang="en-US">Refers to recurring amortization of principal notes payable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartiesPolicyTextBlock" xlink:to="arl_RelatedPartiesPolicyTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RelatedPartiesPolicyTextBlock_doc" xml:lang="en-US">Disclosure of policies regarding related parties.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyMember" xlink:to="arl_RelatedPartyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RelatedPartyMember_doc" xml:lang="en-US">RelatedParty [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember" xlink:to="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensvilleMember_doc" xml:lang="en-US">Foundation for Better Housing, Inc. (Overlook at Allensville) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncOverlookatAllensville1Member" xlink:to="arl_FoundationforBetterHousingIncOverlookatAllensville1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FoundationforBetterHousingIncOverlookatAllensville1Member_doc" xml:lang="en-US">Foundation for Better Housing, Inc. (Overlook at Allensville) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncVistaRidgeMember" xlink:to="arl_FoundationforBetterHousingIncVistaRidgeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FoundationforBetterHousingIncVistaRidgeMember_doc" xml:lang="en-US">Foundation for Better Housing, Inc. (Vista Ridge) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncVistaRidge1Member" xlink:to="arl_FoundationforBetterHousingIncVistaRidge1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FoundationforBetterHousingIncVistaRidge1Member_doc" xml:lang="en-US">Foundation for Better Housing, Inc. (Vista Ridge) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_H198LLCLasVegasLandMember" xlink:to="arl_H198LLCLasVegasLandMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_H198LLCLasVegasLandMember_doc" xml:lang="en-US">H198, LLC (Las Vegas Land) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OneRealcoCorporation2Member" xlink:to="arl_OneRealcoCorporation2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OneRealcoCorporation2Member_doc" xml:lang="en-US">One Realco Corporation (1) (2) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealtyAdvisorsManagementIncMember" xlink:to="arl_RealtyAdvisorsManagementIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealtyAdvisorsManagementIncMember_doc" xml:lang="en-US">Realty Advisors Management, Inc. (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember" xlink:to="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncCliffsofElDoradoMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Cliffs of El Dorado) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncEchoStationMember" xlink:to="arl_UnifiedHousingFoundationIncEchoStationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncEchoStationMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Echo Station) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncInwoodontheParkMember" xlink:to="arl_UnifiedHousingFoundationIncInwoodontheParkMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncInwoodontheParkMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Inwood on the Park) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncKensingtonParkMember" xlink:to="arl_UnifiedHousingFoundationIncKensingtonParkMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncKensingtonParkMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Kensington Park) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillasMember" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillasMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillasMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Lakeshore Villas) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member" xlink:to="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLakeshoreVillas1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Lakeshore Villas) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyonMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Canyon) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Canyon) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanchMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanchMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanchMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncParksideCrossingMember" xlink:to="arl_UnifiedHousingFoundationIncParksideCrossingMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncParksideCrossingMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Parkside Crossing) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidgeMember" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidgeMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidgeMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Sendero Ridge) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidge1Member" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidge1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidge1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Sendero Ridge) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTimbersattheParkMember" xlink:to="arl_UnifiedHousingFoundationIncTimbersattheParkMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncTimbersattheParkMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Timbers at the Park) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTivoliMember" xlink:to="arl_UnifiedHousingFoundationIncTivoliMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncTivoliMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Tivoli) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember" xlink:to="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (Trails at White Rock) (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncMember" xlink:to="arl_UnifiedHousingFoundationIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationIncMember_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc1Member" xlink:to="arl_UnifiedHousingFoundationInc1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc1Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc2Member" xlink:to="arl_UnifiedHousingFoundationInc2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc2Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc3Member" xlink:to="arl_UnifiedHousingFoundationInc3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc3Member_doc" xml:lang="en-US">Unified Housing Foundation, Inc. (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotesMember" xlink:to="arl_OtherRelatedPartyNotesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherRelatedPartyNotesMember_doc" xml:lang="en-US">Other related party notes (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotes1Member" xlink:to="arl_OtherRelatedPartyNotes1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherRelatedPartyNotes1Member_doc" xml:lang="en-US">Other related party notes (1) [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotesMember" xlink:to="arl_OtherNonRelatedPartyNotesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherNonRelatedPartyNotesMember_doc" xml:lang="en-US">Other non-related party notes [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotes1Member" xlink:to="arl_OtherNonRelatedPartyNotes1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OtherNonRelatedPartyNotes1Member_doc" xml:lang="en-US">Other non-related party notes [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansReceivableMaturityDate" xlink:to="arl_DescriptionOfLoansReceivableMaturityDate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DescriptionOfLoansReceivableMaturityDate_doc" xml:lang="en-US">Refers to description of maturity date.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest" xlink:to="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest_doc" xml:lang="en-US">Refers to description of interest rate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings" xlink:to="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings_doc" xml:lang="en-US">Refers to description of collateral.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MilanoRestaurantsInternationalCorporationMember" xlink:to="arl_MilanoRestaurantsInternationalCorporationMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MilanoRestaurantsInternationalCorporationMember_doc" xml:lang="en-US">Milano Restaurants International Corporation [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables6Member" xlink:to="arl_NotesPayableOtherPayables6Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables6Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables1Member" xlink:to="arl_NotesPayableOtherPayables1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables1Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables2Member" xlink:to="arl_NotesPayableOtherPayables2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables2Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables3Member" xlink:to="arl_NotesPayableOtherPayables3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables3Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables4Member" xlink:to="arl_NotesPayableOtherPayables4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables4Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables5Member" xlink:to="arl_NotesPayableOtherPayables5Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables5Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables7Member" xlink:to="arl_NotesPayableOtherPayables7Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables7Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables8Member" xlink:to="arl_NotesPayableOtherPayables8Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables8Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables9Member" xlink:to="arl_NotesPayableOtherPayables9Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables9Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables10Member" xlink:to="arl_NotesPayableOtherPayables10Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables10Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables11Member" xlink:to="arl_NotesPayableOtherPayables11Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables11Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IndependentThirdPartyMember" xlink:to="arl_IndependentThirdPartyMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_IndependentThirdPartyMember_doc" xml:lang="en-US">Independent Third Party [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables12Member" xlink:to="arl_NotesPayableOtherPayables12Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables12Member_doc" xml:lang="en-US">A written promise to pay a note to a third party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RepaymentsOfDebtClosingCost" xlink:to="arl_RepaymentsOfDebtClosingCost_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RepaymentsOfDebtClosingCost_doc" xml:lang="en-US">Refers to payment of debt instrument closing cost.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PillarIncomeAssetManagementIncMember" xlink:to="arl_PillarIncomeAssetManagementIncMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PillarIncomeAssetManagementIncMember_doc" xml:lang="en-US">Pillar Income Asset Management Inc [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DueFromRelatedCostReimbursements" xlink:to="arl_DueFromRelatedCostReimbursements_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DueFromRelatedCostReimbursements_doc" xml:lang="en-US">Refers to due from related party payment for cost of reimbursements.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ClapperPartiesMember" xlink:to="arl_ClapperPartiesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ClapperPartiesMember_doc" xml:lang="en-US">Judicial proceeding, alternative dispute resolution or claim. For example, but not limited to, name of case, category of litigation, or other differentiating information.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyActualDamagesSoughtValue" xlink:to="arl_LossContingencyActualDamagesSoughtValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LossContingencyActualDamagesSoughtValue_doc" xml:lang="en-US">The actual value (monetary amount) of the award the plaintiff seeks in the legal matter.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LossContingencyDamagesSoughtInterestValue" xlink:to="arl_LossContingencyDamagesSoughtInterestValue_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LossContingencyDamagesSoughtInterestValue_doc" xml:lang="en-US">The interest value (monetary amount) of the award the plaintiff seeks in the legal matter.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense" xlink:to="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense_doc" xml:lang="en-US">Amount of property operating expense attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_doc" xml:lang="en-US">Amount of litigation settlement expense attributable to disposal group, including, but not limited to, discontinued operation.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CommercialSegmentsMember" xlink:to="arl_CommercialSegmentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_CommercialSegmentsMember_doc" xml:lang="en-US">Commercial Segments [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentsSegmentsMember" xlink:to="arl_ApartmentsSegmentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ApartmentsSegmentsMember_doc" xml:lang="en-US">Apartments Segments [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_HotelSegmentsMember" xlink:to="arl_HotelSegmentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_HotelSegmentsMember_doc" xml:lang="en-US">Hotel Segments [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsMember" xlink:to="arl_LandSegmentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LandSegmentsMember_doc" xml:lang="en-US">Land Segments [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_CapitalExpenditures" xlink:to="arl_CapitalExpenditures_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_CapitalExpenditures_doc" xml:lang="en-US">Refers to capital expenditures as on date</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RecognizedPriorDeferredGain" xlink:to="arl_RecognizedPriorDeferredGain_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RecognizedPriorDeferredGain_doc" xml:lang="en-US">The amount of previously reported deferred gain that was recognized during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Subsidiaries1Member" xlink:to="arl_Subsidiaries1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_Subsidiaries1Member_doc" xml:lang="en-US">Subsidiaries [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RAIMember" xlink:to="arl_RAIMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RAIMember_doc" xml:lang="en-US">An affiliate is a party that, directly or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with the entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfPreferredStockConverted" xlink:to="arl_NumberOfPreferredStockConverted_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfPreferredStockConverted_doc" xml:lang="en-US">Number of preferred stock converted during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AccumulatedDividendsUnpaidUponConversion" xlink:to="arl_AccumulatedDividendsUnpaidUponConversion_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AccumulatedDividendsUnpaidUponConversion_doc" xml:lang="en-US">Refers to accumulated dividend unpaid upon conversion.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LemanDevelopmentLtdMember" xlink:to="arl_LemanDevelopmentLtdMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LemanDevelopmentLtdMember_doc" xml:lang="en-US">Amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TracySuttlesMember" xlink:to="arl_TracySuttlesMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TracySuttlesMember_doc" xml:lang="en-US">Amount due from customers or clients for goods or services that have been delivered or sold in the normal course of business.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PerformingNotesAndInterestReceivable" xlink:to="arl_PerformingNotesAndInterestReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PerformingNotesAndInterestReceivable_doc" xml:lang="en-US">Financing arrangement that represents a contractual right to receive money either on demand or on fixed or determinable dates that are current in regards to payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NonperformingNotesAndInterestReceivable" xlink:to="arl_NonperformingNotesAndInterestReceivable_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NonperformingNotesAndInterestReceivable_doc" xml:lang="en-US">Financing arrangement that represents a contractual right to receive money either on demand or on fixed or determinable dates that are not current in regards to payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NetIncomeFeeToRelatedParty1" xlink:to="arl_NetIncomeFeeToRelatedParty1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NetIncomeFeeToRelatedParty1_doc" xml:lang="en-US">The amount of net income fee to related parties,during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock" xlink:to="arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock_doc" xml:lang="en-US">Tabular disclosure of financial statements, including, but not limited to, the balance sheet and income statement of unconsolidated parent.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee1Member" xlink:to="arl_EquityMethodInvestee1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestee1Member_doc" xml:lang="en-US">Name of investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateheldForSaleNet" xlink:to="arl_RealEstateheldForSaleNet_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateheldForSaleNet_doc" xml:lang="en-US">Carrying amount as of the balance sheet date of investments in land and buildings held for sale, net of accumulated depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentsToConstructionAndDevelopRealEstateAssets" xlink:to="arl_PaymentsToConstructionAndDevelopRealEstateAssets_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PaymentsToConstructionAndDevelopRealEstateAssets_doc" xml:lang="en-US">Payments for predevelopment and construction of real estate assets is the process of adding improvements on or to a parcel of land.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PaymentForImprovementOfLandHeldForDevelopment" xlink:to="arl_PaymentForImprovementOfLandHeldForDevelopment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PaymentForImprovementOfLandHeldForDevelopment_doc" xml:lang="en-US">Payments to develop land is the process of adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements; and are generally classified as cash flow from investing activities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeNameMember" xlink:to="arl_EquityMethodInvesteeNameMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvesteeNameMember_doc" xml:lang="en-US">Name of investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AdvisoryFeeToRelatedParty" xlink:to="arl_AdvisoryFeeToRelatedParty_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AdvisoryFeeToRelatedParty_doc" xml:lang="en-US">The amount of advisory fees to related parties during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyFinancingMortgagePayments" xlink:to="arl_RelatedPartyFinancingMortgagePayments_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RelatedPartyFinancingMortgagePayments_doc" xml:lang="en-US">Refers to due from related party payment for financing mortgage payments.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartySalesPurchasesTransactions" xlink:to="arl_RelatedPartySalesPurchasesTransactions_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RelatedPartySalesPurchasesTransactions_doc" xml:lang="en-US">Sales/purchases during the period with related party.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateSalesPrice" xlink:to="arl_RealEstateSalesPrice_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateSalesPrice_doc" xml:lang="en-US">The selling of price of real estate.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OperatingIncomeLossSegment" xlink:to="arl_OperatingIncomeLossSegment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OperatingIncomeLossSegment_doc" xml:lang="en-US">The net segment result for the period of deducting operating expenses from operating revenues.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SegmentsMember" xlink:to="arl_SegmentsMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SegmentsMember_doc" xml:lang="en-US">Components of an entity that engage in business activities from which they may earn revenue and incur expenses, including transactions with other components of the same entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_SharesHeldBySubsidiaries" xlink:to="arl_SharesHeldBySubsidiaries_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_SharesHeldBySubsidiaries_doc" xml:lang="en-US">The number of shares held by subidiaries.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfTradingDays" xlink:to="arl_NumberOfTradingDays_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfTradingDays_doc" xml:lang="en-US">Number of trading days in computing common stock price upon conversion od convertible preferred stock.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PercentageOfAverageDailyClosingPriceOfCommonStock" xlink:to="arl_PercentageOfAverageDailyClosingPriceOfCommonStock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PercentageOfAverageDailyClosingPriceOfCommonStock_doc" xml:lang="en-US">The percentage of the average daily closing price of common stock computed upon conversion of convertible preferred stock.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PortOlpenitzMember" xlink:to="arl_PortOlpenitzMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PortOlpenitzMember_doc" xml:lang="en-US">Judicial proceeding, alternative dispute resolution or claim. For example, but not limited to, name of case, category of litigation, or other differentiating information.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TradeNames1Member" xlink:to="arl_TradeNames1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TradeNames1Member_doc" xml:lang="en-US">Rights acquired through registration of a business name to gain or protect exclusive use thereof.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee2Member" xlink:to="arl_EquityMethodInvestee2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestee2Member_doc" xml:lang="en-US">Information by name of investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee3Member" xlink:to="arl_EquityMethodInvestee3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestee3Member_doc" xml:lang="en-US">Information by name of investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_TradeNames2Member" xlink:to="arl_TradeNames2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_TradeNames2Member_doc" xml:lang="en-US">Rights acquired through registration of a business name to gain or protect exclusive use thereof.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnfundedLoanCommitment" xlink:to="arl_UnfundedLoanCommitment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnfundedLoanCommitment_doc" xml:lang="en-US">The contractual amount of off-balance sheet lending-related financial instruments (e.g., commitments and guarantees), which represents the maximum possible credit risk should the counterparty draw upon the commitment or the entity be required to fulfill its obligation under the guarantee, and the counterparty subsequently fail to perform according to the terms of the contract.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DamagesPrejudgementInterest" xlink:to="arl_DamagesPrejudgementInterest_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DamagesPrejudgementInterest_doc" xml:lang="en-US">Amount of pre-judgment interest awarded to the plaintiff in the legal matter.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DamagesTotal" xlink:to="arl_DamagesTotal_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DamagesTotal_doc" xml:lang="en-US">Amount of damages awarded to the plaintiff in the legal matter, including interest.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestee4Member" xlink:to="arl_EquityMethodInvestee4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestee4Member_doc" xml:lang="en-US">Name of investment.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PostjudgmentInterestRate" xlink:to="arl_PostjudgmentInterestRate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PostjudgmentInterestRate_doc" xml:lang="en-US">Post-judgement interest rate for awards, under the final judgement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AwardedAttorneyFees" xlink:to="arl_AwardedAttorneyFees_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AwardedAttorneyFees_doc" xml:lang="en-US">Amount of attorneys' fees awarded to the plaintiff in the legal matter.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Subsidiaries2Member" xlink:to="arl_Subsidiaries2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_Subsidiaries2Member_doc" xml:lang="en-US">Entity owned or controlled by another entity.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainOnSaleOfIncomeProducingProperties" xlink:to="arl_GainOnSaleOfIncomeProducingProperties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_GainOnSaleOfIncomeProducingProperties_doc" xml:lang="en-US">Refers to gain on sale of income producing properties during the period.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfGrills" xlink:to="arl_NumberOfGrills_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfGrills_doc" xml:lang="en-US">The number of grill restaurants operated.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NumberOfFranchises" xlink:to="arl_NumberOfFranchises_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NumberOfFranchises_doc" xml:lang="en-US">The number of franchises.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LoanChargesAndPrepaymentPenalties" xlink:to="arl_LoanChargesAndPrepaymentPenalties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_LoanChargesAndPrepaymentPenalties_doc" xml:lang="en-US">Amount of loan charges and prepayment penalties for the periods presented.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MortgageAndLoanInterestIncludingCharges" xlink:to="arl_MortgageAndLoanInterestIncludingCharges_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_MortgageAndLoanInterestIncludingCharges_doc" xml:lang="en-US">Amount of the cost of borrowed funds accounted for as interest expense for debt including loan charges and prepayment penalities.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FoundationforBetterHousingIncVistaRidge1Member" xlink:to="arl_FoundationforBetterHousingIncVistaRidge1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FoundationforBetterHousingIncVistaRidge1Member_3_lbl" xml:lang="en-US">FoundationforBetterHousingIncVistaRidge1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncEchoStationMember" xlink:to="arl_UnifiedHousingFoundationIncEchoStationMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncEchoStationMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncEchoStationMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncInwoodontheParkMember" xlink:to="arl_UnifiedHousingFoundationIncInwoodontheParkMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncInwoodontheParkMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncInwoodontheParkMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncKensingtonParkMember" xlink:to="arl_UnifiedHousingFoundationIncKensingtonParkMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncKensingtonParkMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncKensingtonParkMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyonMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncLimestoneCanyonMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncLimestoneCanyon1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanchMember" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanchMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanchMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncLimestoneRanchMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncLimestoneRanch1Member" xlink:to="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncLimestoneRanch1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncParksideCrossingMember" xlink:to="arl_UnifiedHousingFoundationIncParksideCrossingMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncParksideCrossingMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncParksideCrossingMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member" xlink:to="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidgeMember" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidgeMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidgeMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncSenderoRidgeMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncSenderoRidge1Member" xlink:to="arl_UnifiedHousingFoundationIncSenderoRidge1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidge1Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncSenderoRidge1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTimbersattheParkMember" xlink:to="arl_UnifiedHousingFoundationIncTimbersattheParkMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncTimbersattheParkMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncTimbersattheParkMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTivoliMember" xlink:to="arl_UnifiedHousingFoundationIncTivoliMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncTivoliMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncTivoliMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember" xlink:to="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncTrailsatWhiteRockMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationIncMember" xlink:to="arl_UnifiedHousingFoundationIncMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationIncMember_3_lbl" xml:lang="en-US">UnifiedHousingFoundationIncMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc1Member" xlink:to="arl_UnifiedHousingFoundationInc1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc1Member_3_lbl" xml:lang="en-US">UnifiedHousingFoundationInc1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherRelatedPartyNotes1Member" xlink:to="arl_OtherRelatedPartyNotes1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherRelatedPartyNotes1Member_3_lbl" xml:lang="en-US">OtherRelatedPartyNotes1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OtherNonRelatedPartyNotes1Member" xlink:to="arl_OtherNonRelatedPartyNotes1Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OtherNonRelatedPartyNotes1Member_3_lbl" xml:lang="en-US">OtherNonRelatedPartyNotes1Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables8Member" xlink:to="arl_NotesPayableOtherPayables8Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables8Member_3_lbl" xml:lang="en-US">NotesPayableOtherPayables8Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables10Member" xlink:to="arl_NotesPayableOtherPayables10Member_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables10Member_3_lbl" xml:lang="en-US">NotesPayableOtherPayables10Member</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentsSegmentsMember" xlink:to="arl_ApartmentsSegmentsMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ApartmentsSegmentsMember_3_lbl" xml:lang="en-US">ApartmentsSegmentsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LandSegmentsMember" xlink:to="arl_LandSegmentsMember_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LandSegmentsMember_3_lbl" xml:lang="en-US">LandSegmentsMember</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllOtherSegmentsMember" xlink:to="us-gaap_AllOtherSegmentsMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllOtherSegmentsMember_2_lbl" xml:lang="en-US">Other Segments [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AffiliatedEntityMember" xlink:to="us-gaap_AffiliatedEntityMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AffiliatedEntityMember_2_lbl" xml:lang="en-US">Affiliated Entity [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ApartmentBuildingMember" xlink:to="us-gaap_ApartmentBuildingMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ApartmentBuildingMember_2_lbl" xml:lang="en-US">Apartment Building [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation" xlink:to="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation_2_lbl" xml:lang="en-US">Real Estate Investment Property, Accumulated Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_2_lbl" xml:lang="en-US">Assets [Default Label]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Liabilities_2_lbl" xml:lang="en-US">Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_2_lbl" xml:lang="en-US">Treasury Stock, Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_4_lbl" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_2_lbl" xml:lang="en-US">Liabilities and Equity</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_3_lbl" xml:lang="en-US">Interest Expense, Debt</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_LoanChargesAndPrepaymentPenalties" xlink:to="arl_LoanChargesAndPrepaymentPenalties_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_LoanChargesAndPrepaymentPenalties_3_lbl" xml:lang="en-US">LoanChargesAndPrepaymentPenalties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonoperatingIncomeExpense" xlink:to="us-gaap_NonoperatingIncomeExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_2_lbl" xml:lang="en-US">Nonoperating Income (Expense)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExpenseBenefit" xlink:to="us-gaap_IncomeTaxExpenseBenefit_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_3_lbl" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation" xlink:to="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation_3_lbl" xml:lang="en-US">Discontinued Operation, Tax Effect of Discontinued Operation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Income (Loss) Attributable to Noncontrolling Interest</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsIncomeStatementImpact_2_lbl" xml:lang="en-US">Preferred Stock Dividends, Income Statement Impact</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_2_lbl" xml:lang="en-US">Income (Loss) from Continuing Operations, Per Diluted Share</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDiluted_2_lbl" xml:lang="en-US">Earnings Per Share, Diluted</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_3_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Noncontrolling Interest</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDispositionOfAssets" xlink:to="us-gaap_GainLossOnDispositionOfAssets_2_lbl" xlink:type="arc" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfProperties_3_lbl" xml:lang="en-US">Gain (Loss) on Sale of Properties</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_2_lbl" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet" xlink:to="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet_2_lbl" xml:lang="en-US">Increase (Decrease) in Accrued Interest Receivable, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherOperatingAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_2_lbl" xml:lang="en-US">Increase (Decrease) in Other Operating Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInPrepaidExpense" xlink:to="us-gaap_IncreaseDecreaseInPrepaidExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInPrepaidExpense_2_lbl" xml:lang="en-US">Increase (Decrease) in Prepaid Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInRestrictedCash" xlink:to="us-gaap_IncreaseDecreaseInRestrictedCash_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInRestrictedCash_2_lbl" xml:lang="en-US">Increase (Decrease) in Restricted Cash</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding" xlink:to="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding_2_lbl" xml:lang="en-US">Increase (Decrease) in Earnest Money Deposits Outstanding</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent" xlink:to="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent_2_lbl" xml:lang="en-US">Increase (Decrease) in Due from Related Parties, Current</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireLand_2_lbl" xml:lang="en-US">Payments to Acquire Land</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireOtherRealEstate_2_lbl" xml:lang="en-US">Payments to Acquire Other Real Estate</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PaymentForImprovementOfLandHeldForDevelopment_3_lbl" xml:lang="en-US">PaymentForImprovementOfLandHeldForDevelopment</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToMinorityShareholders_2_lbl" xml:lang="en-US">Payments to Noncontrolling Interests</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock" xlink:to="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock_2_lbl" xml:lang="en-US">Payments of Ordinary Dividends, Preferred Stock and Preference Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock" xlink:to="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock_2_lbl" xml:lang="en-US">Proceeds from Issuance of Convertible Preferred Stock</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_2_lbl" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_lbl" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateInvestmentPropertyAtCost" xlink:to="us-gaap_RealEstateInvestmentPropertyAtCost_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateInvestmentPropertyAtCost_2_lbl" xml:lang="en-US">Real Estate Investment Property, at Cost</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateAccumulatedDepreciation" xlink:to="us-gaap_RealEstateAccumulatedDepreciation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateAccumulatedDepreciation_2_lbl" xml:lang="en-US">SEC Schedule III, Real Estate Accumulated Depreciation</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeRelatedParty" xlink:to="us-gaap_InterestIncomeRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeRelatedParty_2_lbl" xml:lang="en-US">Interest Income, Related Party</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1" xlink:to="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1_2_lbl" xml:lang="en-US">Mortgage Loans on Real Estate, Write-down or Reserve, Amount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilities" xlink:to="us-gaap_OtherLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilities_2_lbl" xml:lang="en-US">Other Liabilities</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpense" xlink:to="us-gaap_InterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpense_2_lbl" xml:lang="en-US">Interest Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_2_lbl" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermNotesPayable" xlink:to="us-gaap_LongTermNotesPayable_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermNotesPayable_2_lbl" xml:lang="en-US">Notes Payable, Noncurrent</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscount" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscount_2_lbl" xml:lang="en-US">Debt Instrument, Unamortized Discount</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalesCommissionsAndFees" xlink:to="us-gaap_SalesCommissionsAndFees_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalesCommissionsAndFees_2_lbl" xml:lang="en-US">Sales Commissions and Fees</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DueFromRelatedCostReimbursements" xlink:to="arl_DueFromRelatedCostReimbursements_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DueFromRelatedCostReimbursements_3_lbl" xml:lang="en-US">DueFromRelatedCostReimbursements</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyFinancingMortgagePayments" xlink:to="arl_RelatedPartyFinancingMortgagePayments_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartyFinancingMortgagePayments_3_lbl" xml:lang="en-US">RelatedPartyFinancingMortgagePayments</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartySalesPurchasesTransactions" xlink:to="arl_RelatedPartySalesPurchasesTransactions_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartySalesPurchasesTransactions_3_lbl" xml:lang="en-US">RelatedPartySalesPurchasesTransactions</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_MortgageAndLoanInterestIncludingCharges" xlink:to="arl_MortgageAndLoanInterestIncludingCharges_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_MortgageAndLoanInterestIncludingCharges_3_lbl" xml:lang="en-US">MortgageAndLoanInterestIncludingCharges</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsAndNotesReceivableNet" xlink:to="us-gaap_AccountsAndNotesReceivableNet_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsAndNotesReceivableNet_2_lbl" xml:lang="en-US">Accounts and Notes Receivable, Net</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract_2_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationRevenueAbstract</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Revenue</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationAbstract_2_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationAbstract</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Operating Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Other Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Interest Expense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense_3_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss_2_lbl" xml:lang="en-US">Disposal Group, Including Discontinued Operation, Operating Income (Loss)</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>arl-20150930_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 4.9b -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Source; Value: P:\EDGARizer\Clients\AMERICAN REALTY INVESTORS INC\XBRL\20150930\ari_093015.xfr; Date: 2015%2D11%2D11T16:27:13Z -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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    <link:roleRef roleURI="http://amrealtytrust.com/role/SubsequentEvents" xlink:href="arl-20150930.xsd#SubsequentEvents" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableTable" xlink:href="arl-20150930.xsd#NotesAndInterestReceivableTable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentInUnconsolidatedInvesteesTable" xlink:href="arl-20150930.xsd#InvestmentInUnconsolidatedInvesteesTable" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsTable" xlink:href="arl-20150930.xsd#RelatedPartyTransactionsTable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegmentsTable" xlink:href="arl-20150930.xsd#OperatingSegmentsTable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/DiscontinuedOperationsTable" xlink:href="arl-20150930.xsd#DiscontinuedOperationsTable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentationDetailsNarrative" xlink:href="arl-20150930.xsd#OrganizationAndBasisOfPresentationDetailsNarrative" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/RealEstateActivityDetails" xlink:href="arl-20150930.xsd#RealEstateActivityDetails" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentInUnconsolidatedInvesteesDetails" xlink:href="arl-20150930.xsd#InvestmentInUnconsolidatedInvesteesDetails" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesPayableDetails" xlink:href="arl-20150930.xsd#NotesPayableDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsDetails" xlink:href="arl-20150930.xsd#RelatedPartyTransactionsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails" xlink:href="arl-20150930.xsd#OperatingSegmentsDetails" xlink:type="simple" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749903925648">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">$ 27,826<span></span>
</td>
<td class="nump">$ 19,326<span></span>
</td>
<td class="nump">$ 75,223<span></span>
</td>
<td class="nump">$ 57,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(14,499)<span></span>
</td>
<td class="num">(10,766)<span></span>
</td>
<td class="num">(37,467)<span></span>
</td>
<td class="num">(30,677)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(6,569)<span></span>
</td>
<td class="num">(4,463)<span></span>
</td>
<td class="num">(16,410)<span></span>
</td>
<td class="num">(13,099)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOther', window );">Interest income</a></td>
<td class="nump">3,950<span></span>
</td>
<td class="nump">5,106<span></span>
</td>
<td class="nump">13,722<span></span>
</td>
<td class="nump">15,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_GainOnSaleOfIncomeProducingProperties', window );">Gain on sale of income producing properties</a></td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes', window );">Gain on land sales</a></td>
<td class="nump">1,958<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">7,861<span></span>
</td>
<td class="nump">634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="num">(1,625)<span></span>
</td>
<td class="num">(1,702)<span></span>
</td>
<td class="nump">7,201<span></span>
</td>
<td class="num">(1,169)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">825,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">825,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 699,763<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="nump">14,826<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember', window );">Commercial Properties [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">8,107<span></span>
</td>
<td class="nump">4,609<span></span>
</td>
<td class="nump">22,172<span></span>
</td>
<td class="nump">14,166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(4,434)<span></span>
</td>
<td class="num">(2,890)<span></span>
</td>
<td class="num">(12,042)<span></span>
</td>
<td class="num">(9,206)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(2,358)<span></span>
</td>
<td class="num">(1,944)<span></span>
</td>
<td class="num">(6,516)<span></span>
</td>
<td class="num">(5,515)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(1,871)<span></span>
</td>
<td class="num">(1,325)<span></span>
</td>
<td class="num">(5,129)<span></span>
</td>
<td class="num">(4,469)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="num">(556)<span></span>
</td>
<td class="num">(1,550)<span></span>
</td>
<td class="num">(1,515)<span></span>
</td>
<td class="num">(5,024)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_CapitalExpenditures', window );">Capital expenditures</a></td>
<td class="nump">1,404<span></span>
</td>
<td class="nump">486<span></span>
</td>
<td class="nump">7,539<span></span>
</td>
<td class="nump">3,476<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">161,876<span></span>
</td>
<td class="nump">129,361<span></span>
</td>
<td class="nump">161,876<span></span>
</td>
<td class="nump">129,361<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateSalesPrice', window );">Sales price</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,582<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19,182<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateCostOfRealEstateSold', window );">Cost of sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(812)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,409)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,773<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember', window );">Apartments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">19,671<span></span>
</td>
<td class="nump">14,704<span></span>
</td>
<td class="nump">52,948<span></span>
</td>
<td class="nump">43,779<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(9,373)<span></span>
</td>
<td class="num">(7,284)<span></span>
</td>
<td class="num">(24,243)<span></span>
</td>
<td class="num">(20,284)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(4,229)<span></span>
</td>
<td class="num">(2,537)<span></span>
</td>
<td class="num">(9,949)<span></span>
</td>
<td class="num">(7,656)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(6,299)<span></span>
</td>
<td class="num">(5,334)<span></span>
</td>
<td class="num">(15,857)<span></span>
</td>
<td class="num">(15,512)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_GainOnSaleOfIncomeProducingProperties', window );">Gain on sale of income producing properties</a></td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="nump">505<span></span>
</td>
<td class="num">(451)<span></span>
</td>
<td class="nump">3,634<span></span>
</td>
<td class="nump">327<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_CapitalExpenditures', window );">Capital expenditures</a></td>
<td class="num">(43)<span></span>
</td>
<td class="nump">38<span></span>
</td>
<td class="nump">438<span></span>
</td>
<td class="nump">137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">496,329<span></span>
</td>
<td class="nump">345,281<span></span>
</td>
<td class="nump">496,329<span></span>
</td>
<td class="nump">345,281<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateSalesPrice', window );">Sales price</a></td>
<td class="nump">11,129<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11,129<span></span>
</td>
<td class="nump">23,131<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateCostOfRealEstateSold', window );">Cost of sale</a></td>
<td class="num">(10,394)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,394)<span></span>
</td>
<td class="num">(17,078)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="nump">6,053<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_LandSegmentsMember', window );">Land [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(422)<span></span>
</td>
<td class="num">(585)<span></span>
</td>
<td class="num">(936)<span></span>
</td>
<td class="num">(1,175)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(1,345)<span></span>
</td>
<td class="num">(1,182)<span></span>
</td>
<td class="num">(3,766)<span></span>
</td>
<td class="num">(3,725)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes', window );">Gain on land sales</a></td>
<td class="nump">1,958<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">7,861<span></span>
</td>
<td class="nump">634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="nump">191<span></span>
</td>
<td class="num">(1,727)<span></span>
</td>
<td class="nump">3,159<span></span>
</td>
<td class="num">(4,266)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_CapitalExpenditures', window );">Capital expenditures</a></td>
<td class="nump">1,461<span></span>
</td>
<td class="nump">1,435<span></span>
</td>
<td class="nump">2,772<span></span>
</td>
<td class="nump">1,586<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">163,867<span></span>
</td>
<td class="nump">165,144<span></span>
</td>
<td class="nump">163,867<span></span>
</td>
<td class="nump">165,144<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateSalesPrice', window );">Sales price</a></td>
<td class="nump">2,851<span></span>
</td>
<td class="nump">4,269<span></span>
</td>
<td class="nump">11,987<span></span>
</td>
<td class="nump">4,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateCostOfRealEstateSold', window );">Cost of sale</a></td>
<td class="num">(1,854)<span></span>
</td>
<td class="num">(4,229)<span></span>
</td>
<td class="num">(6,863)<span></span>
</td>
<td class="num">(4,352)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RecognizedPriorDeferredGain', window );">Recognized prior deferred gain</a></td>
<td class="nump">961<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="nump">1,958<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">7,861<span></span>
</td>
<td class="nump">634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">48<span></span>
</td>
<td class="nump">13<span></span>
</td>
<td class="nump">103<span></span>
</td>
<td class="nump">41<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(270)<span></span>
</td>
<td class="num">(7)<span></span>
</td>
<td class="num">(246)<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">18<span></span>
</td>
<td class="nump">55<span></span>
</td>
<td class="nump">72<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(5,511)<span></span>
</td>
<td class="num">(3,104)<span></span>
</td>
<td class="num">(11,711)<span></span>
</td>
<td class="num">(7,571)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOther', window );">Interest income</a></td>
<td class="nump">3,950<span></span>
</td>
<td class="nump">5,106<span></span>
</td>
<td class="nump">13,722<span></span>
</td>
<td class="nump">15,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="num">(1,765)<span></span>
</td>
<td class="nump">2,026<span></span>
</td>
<td class="nump">1,923<span></span>
</td>
<td class="nump">7,794<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_SegmentsMember', window );">Total Segments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingInformationLineItems', window );"><strong>Segment Reporting Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">27,826<span></span>
</td>
<td class="nump">19,326<span></span>
</td>
<td class="nump">75,223<span></span>
</td>
<td class="nump">57,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(14,499)<span></span>
</td>
<td class="num">(10,766)<span></span>
</td>
<td class="num">(37,467)<span></span>
</td>
<td class="num">(30,677)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(6,569)<span></span>
</td>
<td class="num">(4,463)<span></span>
</td>
<td class="num">(16,410)<span></span>
</td>
<td class="num">(13,099)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_MortgageAndLoanInterestIncludingCharges', window );">Mortgage and loan interest</a></td>
<td class="num">(15,026)<span></span>
</td>
<td class="num">(10,945)<span></span>
</td>
<td class="num">(36,463)<span></span>
</td>
<td class="num">(31,277)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOther', window );">Interest income</a></td>
<td class="nump">3,950<span></span>
</td>
<td class="nump">5,106<span></span>
</td>
<td class="nump">13,722<span></span>
</td>
<td class="nump">15,264<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_GainOnSaleOfIncomeProducingProperties', window );">Gain on sale of income producing properties</a></td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes', window );">Gain on land sales</a></td>
<td class="nump">1,958<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">7,861<span></span>
</td>
<td class="nump">634<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income (loss)</a></td>
<td class="num">(1,625)<span></span>
</td>
<td class="num">(1,702)<span></span>
</td>
<td class="nump">7,201<span></span>
</td>
<td class="num">(1,169)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_CapitalExpenditures', window );">Capital expenditures</a></td>
<td class="nump">2,822<span></span>
</td>
<td class="nump">1,959<span></span>
</td>
<td class="nump">10,749<span></span>
</td>
<td class="nump">5,199<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Real estate assets</a></td>
<td class="nump">822,072<span></span>
</td>
<td class="nump">639,786<span></span>
</td>
<td class="nump">822,072<span></span>
</td>
<td class="nump">639,786<span></span>
</td>
<td class="nump">$ 639,786<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PropertySalesAbstract', window );"><strong>Property Sales</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateSalesPrice', window );">Sales price</a></td>
<td class="nump">13,980<span></span>
</td>
<td class="nump">6,851<span></span>
</td>
<td class="nump">23,116<span></span>
</td>
<td class="nump">47,299<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateCostOfRealEstateSold', window );">Cost of sale</a></td>
<td class="num">(12,248)<span></span>
</td>
<td class="num">(5,041)<span></span>
</td>
<td class="num">(17,257)<span></span>
</td>
<td class="num">(31,839)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RecognizedPriorDeferredGain', window );">Recognized prior deferred gain</a></td>
<td class="nump">961<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,737<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale</a></td>
<td class="nump">$ 2,693<span></span>
</td>
<td class="nump">$ 1,810<span></span>
</td>
<td class="nump">$ 8,596<span></span>
</td>
<td class="nump">$ 15,460<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_CapitalExpenditures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to capital expenditures as on date</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_CapitalExpenditures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_GainOnSaleOfIncomeProducingProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to gain on sale of income producing properties during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_GainOnSaleOfIncomeProducingProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_MortgageAndLoanInterestIncludingCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt including loan charges and prepayment penalities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_MortgageAndLoanInterestIncludingCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_OperatingIncomeLossSegment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net segment result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_OperatingIncomeLossSegment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PropertySalesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PropertySalesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RealEstateSalesPrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The selling of price of real estate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateSalesPrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RecognizedPriorDeferredGain">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of previously reported deferred gain that was recognized during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RecognizedPriorDeferredGain</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of gain (loss) on sale of properties during the reporting period gross of the applicable income taxes realized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 974<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income earned from interest bearing assets not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateCostOfRealEstateSold">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investments sold for entities with a substantial portion of business acquiring and holding investment real estate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule III)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 360<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-28.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateCostOfRealEstateSold</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate revenue from real estate operations during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingInformationLineItems</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>na</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_LandSegmentsMember</td>
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749901826032">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1', window );">Allowance for doubtful accounts</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (17,037)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">115,415<span></span>
</td>
<td class="nump">$ 134,366<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">132,452<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestReceivable', window );">Accrued interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,099<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Foundation for Better Housing, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Nov. 30,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Overlook at Allensville<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,472<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Foundation for Better Housing, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Apr. 30,  2019<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Vista Ridge<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,923<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | H198, LLC [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 31,  2020<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Las Vegas land<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,907<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | One Realco Corporation [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jan. 31,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
<td class="nump">$ 7,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Realty Advisors Management, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2.28%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 20,387<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Cliffs of El Dorado<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,097<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Echo Station<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,481<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Inwood on the Park<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 5,059<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Kensington park<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Lakeshore Villas<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Lakeshore Villas<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 9,096<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Limestone Canyon<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,057<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Limestone Canyon<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,663<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Limestone Ranch<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Limestone Ranch<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 6,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Parkside Crossing<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,936<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Reserve at White Rock Phase I<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,485<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Reserve at White Rock Phase II<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,555<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sendero Ridge<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 5,174<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Sendero Ridge<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 4,812<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Timbers at the Park<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,323<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Tivoli<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 7,966<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2032<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Trails at White Rock<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,815<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #1 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Jun. 30,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,261<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #2 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2017<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #3 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,665<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Unified Housing Foundation, Inc. #4 [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate', window );">Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Dec. 31,  2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateInterestRate', window );">Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 3,657<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Other related party notes [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableMaturityDate', window );">Description of Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest', window );">Description of Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 2,080<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Other related party notes [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableMaturityDate', window );">Description of Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest', window );">Description of Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 1,420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Other non-related party notes [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableMaturityDate', window );">Description of Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest', window );">Description of Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 3,166<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember', window );">Performing Loans [Member] | Other non-related party notes [Member]</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableMaturityDate', window );">Description of Maturity Date</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest', window );">Description of Interest rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Various<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Performing loans, total</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 503<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings', window );">Security, description</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text"><p style="font: 7pt Times New Roman, Times, Serif"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Related party notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">An allowance was taken for estimated losses at full value of note.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to description of collateral.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DescriptionOfLoansAndLeasesReceivableCollateralForSecuredBorrowings</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DescriptionOfLoansReceivableMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to description of maturity date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DescriptionOfLoansReceivableMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to description of interest rate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DescriptionOfLoansReceivableWithFixedRatesOfInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of interest earned but not received. Also called accrued interest or accrued interest receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoanOnRealEstateFinalMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Stated maturity date of the mortgage loan receivable on real estate, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoanOnRealEstateFinalMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the outstanding balance due under the mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identifies the site (such as country, region, state, county or municipality) of the property or properties under mortgage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateGeographicLocationOfProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The stated interest rate on the mortgage loan receivable or the weighted average interest rate on a group of loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of reserve for write-down of a mortgage loan on real estate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateWritedownOrReserveAmount1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancialInstrumentPerformanceStatusAxis=us-gaap_PerformingFinancingReceivableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_FoundationforBetterHousingIncOverlookatAllensvilleMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_FoundationforBetterHousingIncOverlookatAllensvilleMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_FoundationforBetterHousingIncVistaRidgeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_FoundationforBetterHousingIncVistaRidgeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_H198LLCLasVegasLandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_H198LLCLasVegasLandMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OneRealcoCorporation2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OneRealcoCorporation2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RealtyAdvisorsManagementIncMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RealtyAdvisorsManagementIncMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncCliffsofElDoradoMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncCliffsofElDoradoMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncEchoStationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncEchoStationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncInwoodontheParkMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncInwoodontheParkMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncKensingtonParkMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncKensingtonParkMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillasMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillasMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillas1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillas1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneCanyonMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneCanyonMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneCanyon1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749972990656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES PAYABLE (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDebtTableTextBlock', window );">Schedule of Notes And Interest Payable</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of our notes and interest payable as of September 30, 2015 (dollars in thousands):</font>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56,648</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">276</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56,924</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject to sales contract</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,755</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,793</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,939</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">806,910</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,333</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">810,243</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749977882784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome', window );">Rental and other property revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,416<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="nump">$ 5,328<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue', window );">Revenues</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,416<span></span>
</td>
<td class="nump">15<span></span>
</td>
<td class="nump">5,328<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DisposalGroupIncludingDiscontinuedOperationAbstract', window );"><strong>Expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense', window );">Property operating expenses</a></td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">326<span></span>
</td>
<td class="num">(346)<span></span>
</td>
<td class="nump">2,201<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortizationDiscontinuedOperations', window );">Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">155<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">664<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="num">(4)<span></span>
</td>
<td class="nump">65<span></span>
</td>
<td class="nump">99<span></span>
</td>
<td class="nump">378<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense', window );">Total operating expenses</a></td>
<td class="num">(2)<span></span>
</td>
<td class="nump">546<span></span>
</td>
<td class="num">(247)<span></span>
</td>
<td class="nump">3,243<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract', window );"><strong>Other income (expense):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense', window );">Other income</a></td>
<td class="nump">45<span></span>
</td>
<td class="num">(36)<span></span>
</td>
<td class="nump">45<span></span>
</td>
<td class="num">(522)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense', window );">Mortgage and loan interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(357)<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(1,767)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense', window );">Litigation settlement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(250)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Total other income (expenses)</a></td>
<td class="nump">45<span></span>
</td>
<td class="num">(393)<span></span>
</td>
<td class="nump">44<span></span>
</td>
<td class="num">(2,539)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax', window );">Gain (loss) from discontinued operations before gain on sale of real estate and tax</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">477<span></span>
</td>
<td class="nump">306<span></span>
</td>
<td class="num">(454)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax', window );">Gain on sale of real estate from discontinued operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,826<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation', window );">Income tax benefit (expense)</a></td>
<td class="num">(16)<span></span>
</td>
<td class="num">(786)<span></span>
</td>
<td class="num">(107)<span></span>
</td>
<td class="num">(5,030)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity', window );">Income from discontinued operations</a></td>
<td class="nump">$ 31<span></span>
</td>
<td class="nump">$ 1,461<span></span>
</td>
<td class="nump">$ 199<span></span>
</td>
<td class="nump">$ 9,342<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DisposalGroupIncludingDiscontinuedOperationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DisposalGroupIncludingDiscontinuedOperationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of litigation settlement expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DisposalGroupIncludingDiscontinuedOperationLitigationSettlementExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DisposalGroupIncludingDiscontinuedOperationRevenueAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of property operating expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DisposalGroupIncludingDiscontinuedPropertyOperationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortizationDiscontinuedOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deprecation and amortization expense attributable to property, plant and equipment and intangible assets of discontinued operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAndAmortizationDiscontinuedOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of gain (loss) not previously recognized resulting from the disposal of a discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of income (loss) from operations classified as a discontinued operation. Excludes gain (loss) on disposal and provision for gain (loss) until its disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32672-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18498875&amp;loc=d3e38679-109324<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of general and administrative expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872618&amp;loc=d3e7436-122677<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1063-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1060-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationInterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating income (loss) attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of other expense attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of rental income attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationRentalIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue attributable to disposal group, including, but not limited to, discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975525536">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>NOTES PAYABLE (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">$ 787,030<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">3,333<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">790,363<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentUnamortizedDiscount', window );">Unamortized deferred borrowing costs</a></td>
<td class="num">(19,880)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables6Member', window );">Apartments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">476,839<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">2,325<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">479,164<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables1Member', window );">Commercial [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">117,329<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">572<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">117,901<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables2Member', window );">Land [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">56,648<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">276<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">56,924<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables3Member', window );">Real Estate Subject to Sales Contract [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">7,755<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">38<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">7,793<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables4Member', window );">Mezzanine Financing [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">123,400<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">123,400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables5Member', window );">Other [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">24,939<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">122<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">25,061<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_NotesPayableOtherPayablesMember', window );">Total Notes Payable [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">806,910<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">3,333<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Total Debt</a></td>
<td class="nump">$ 810,243<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentUnamortizedDiscount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of debt discount that was originally recognized at the issuance of the instrument that has yet to be amortized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28541-108399<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentUnamortizedDiscount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest payable on debt, including, but not limited to, trade payables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.15(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of notes payable (with maturities initially due after one year or beyond the operating cycle if longer), excluding current portion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables6Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables6Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables5Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables5Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=us-gaap_NotesPayableOtherPayablesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=us-gaap_NotesPayableOtherPayablesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909229680">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>Cash Flow From Operating Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="num">$ (1,787)<span></span>
</td>
<td class="nump">$ 4,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income applicable to common shares to net cash flow from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnDispositionOfAssets', window );">Gain on sale of land</a></td>
<td class="num">(7,861)<span></span>
</td>
<td class="num">(634)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Gain on sale of income-producing properties</a></td>
<td class="num">(735)<span></span>
</td>
<td class="num">(14,826)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">16,410<span></span>
</td>
<td class="nump">13,763<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfDeferredCharges', window );">Amortization of deferred borrowing costs</a></td>
<td class="nump">1,748<span></span>
</td>
<td class="nump">2,415<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions', window );">Earnings from unconsolidated subsidiaries and investees</a></td>
<td class="num">(276)<span></span>
</td>
<td class="nump">54<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract', window );"><strong>Decrease (increase) in assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet', window );">Accrued interest receivable</a></td>
<td class="nump">764<span></span>
</td>
<td class="nump">10,727<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets', window );">Other assets</a></td>
<td class="nump">1,397<span></span>
</td>
<td class="nump">2,002<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidExpense', window );">Prepaid expense</a></td>
<td class="num">(12,953)<span></span>
</td>
<td class="num">(2,318)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInRestrictedCash', window );">Escrow</a></td>
<td class="nump">5,845<span></span>
</td>
<td class="nump">3,556<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding', window );">Earnest money</a></td>
<td class="num">(1,193)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInLeasingReceivables', window );">Rent receivables</a></td>
<td class="num">(1,384)<span></span>
</td>
<td class="num">$ (15)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent', window );">Related party receivables</a></td>
<td class="num">(21,887)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract', window );"><strong>Increase (decrease) in liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInInterestPayableNet', window );">Accrued interest payable</a></td>
<td class="num">$ (242)<span></span>
</td>
<td class="nump">$ 43<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">Payable to related parties</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(8,844)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities', window );">Other liabilities</a></td>
<td class="num">$ (6,030)<span></span>
</td>
<td class="num">(17,294)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash used in operating activities</a></td>
<td class="num">(28,184)<span></span>
</td>
<td class="num">$ (6,457)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract', window );"><strong>Cash Flow From Investing Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCollectionOfNotesReceivable', window );">Proceeds from notes receivable</a></td>
<td class="nump">27,084<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireNotesReceivable', window );">Origination or advances of notes receivable</a></td>
<td class="num">$ (7,655)<span></span>
</td>
<td class="num">$ (20,798)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLand', window );">Acquisition of land held for development</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(3,425)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireOtherRealEstate', window );">Acquisition of income producing properties</a></td>
<td class="num">$ (131,220)<span></span>
</td>
<td class="num">(19,534)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment', window );">Proceeds from sale of income-producing properties</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">41,666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfLandHeldForUse', window );">Proceeds from sale of land</a></td>
<td class="nump">$ 12,364<span></span>
</td>
<td class="nump">6,252<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet', window );">Investment in unconsolidated real estate entities</a></td>
<td class="num">(597)<span></span>
</td>
<td class="num">(402)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PaymentForImprovementOfLandHeldForDevelopment', window );">Improvement of land held for development</a></td>
<td class="num">(2,930)<span></span>
</td>
<td class="num">(1,654)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToDevelopRealEstateAssets', window );">Improvement of income-producing properties</a></td>
<td class="num">(7,945)<span></span>
</td>
<td class="num">(3,625)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest', window );">Sale of non-controlling interest</a></td>
<td class="num">(336)<span></span>
</td>
<td class="num">(289)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAndDevelopRealEstate', window );">Construction and development of new properties</a></td>
<td class="num">(5,110)<span></span>
</td>
<td class="num">(1,026)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used in) investing activities</a></td>
<td class="num">(116,345)<span></span>
</td>
<td class="num">(2,835)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>Cash Flow From Financing Activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromNotesPayable', window );">Proceeds from notes payable</a></td>
<td class="nump">225,950<span></span>
</td>
<td class="nump">110,308<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RecurringAmortizationOfPrincipalOnNotesPayable', window );">Recurring amortization of principal on notes payable</a></td>
<td class="num">(22,202)<span></span>
</td>
<td class="num">$ (14,540)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromShortTermDebt', window );">Debt assumption by buyer, part of seller proceeds</a></td>
<td class="num">(18,495)<span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfNotesPayable', window );">Payments on maturing notes payable</a></td>
<td class="num">$ (33,860)<span></span>
</td>
<td class="num">$ (97,564)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSecuredDebt', window );">Stock-secured borrowings</a></td>
<td class="text"> <span></span>
</td>
<td class="num">(568)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfFinancingCosts', window );">Deferred financing costs</a></td>
<td class="num">$ (8,552)<span></span>
</td>
<td class="num">(5,707)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToMinorityShareholders', window );">Distributions to non-controlling interests</a></td>
<td class="nump">11<span></span>
</td>
<td class="num">(257)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock dividends - Series A</a></td>
<td class="num">(941)<span></span>
</td>
<td class="num">(1,653)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock', window );">Conversion of preferred stock into common stock</a></td>
<td class="nump">2,308<span></span>
</td>
<td class="nump">7,219<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by (used in) financing activities</a></td>
<td class="nump">144,219<span></span>
</td>
<td class="num">(2,762)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
<td class="num">(310)<span></span>
</td>
<td class="num">(12,054)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, beginning of period</a></td>
<td class="nump">12,299<span></span>
</td>
<td class="nump">16,437<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents, end of period</a></td>
<td class="nump">11,989<span></span>
</td>
<td class="nump">4,383<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>Supplemental disclosures of cash flow information:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest</a></td>
<td class="nump">$ 9,193<span></span>
</td>
<td class="nump">$ 28,004<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PaymentForImprovementOfLandHeldForDevelopment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments to develop land is the process of adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements; and are generally classified as cash flow from investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PaymentForImprovementOfLandHeldForDevelopment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RecurringAmortizationOfPrincipalOnNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to recurring amortization of principal notes payable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RecurringAmortizationOfPrincipalOnNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfDeferredCharges">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of amortization of deferred charges applied against earnings during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfDeferredCharges</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 830<br><br><br><br> -SubTopic 230<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnDispositionOfAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of gain (loss) on sale or disposal of property, plant and equipment assets, excluding oil and gas property and timber property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2941-110230<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnDispositionOfAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the undistributed income (or loss) of equity method investments, net of dividends or other distributions received from unconsolidated subsidiaries, certain corporate joint ventures, and certain noncontrolled corporations; such investments are accounted for under the equity method of accounting. This element excludes distributions that constitute a return of investment, which are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestmentsNetOfDividendsOrDistributions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due from borrowers for interest payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedInterestReceivableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate increase (decrease) during the reporting period in the amount due from the following types of related parties: a parent company and its subsidiaries; subsidiaries of a common parent; an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entity's management; an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDueFromRelatedPartiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of deposits given by the reporting entity to a seller which shows that the prospective buyer is serious about purchasing a property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInEarnestMoneyDepositsOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInInterestPayableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in interest payable, which represents the amount owed to note holders, bond holders, and other parties for interest earned on loans or credit extended to the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInInterestPayableNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInLeasingReceivables">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount due from lessees arising from lease agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInLeasingReceivables</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingAssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingAssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOtherOperatingLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in other liabilities used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current liabilities, other noncurrent liabilities, or a combination of other current and noncurrent liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOtherOperatingLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInRestrictedCash">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInRestrictedCash</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in noncontrolling interest from sale of a portion of the parent's controlling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 23<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569655-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncontrollingInterestIncreaseFromSaleOfParentEquityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net cash inflow or outflow from the sale or purchase of and distributions from real estate partnership investment during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3098-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3095-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to preferred shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsPreferredStockAndPreferenceStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for loan and debt issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAndDevelopRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of a piece of land and anything permanently fixed to it, including buildings, structures on it and so forth, and payments to develop real estate assets by adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements. Including real estate intended to generate income for the owner; excluding real estate acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireAndDevelopRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of real estate intended to generate income for the owner; excludes land acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireNotesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among myriad other features and characteristics.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireNotesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireOtherRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of other real estate investments held by the entity for investment purposes not otherwise defined in the taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireOtherRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToDevelopRealEstateAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments to develop real estate assets is the process of adding improvements on or to a parcel of land. Such improvements may include drainage, utilities, subdividing, access, buildings, and any combination of these elements; and are generally classified as cash flow from investing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToDevelopRealEstateAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToMinorityShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow to a noncontrolling interest. Includes, but not limited to, reduction of noncontrolling interest ownership. Excludes dividends paid to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToMinorityShareholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCollectionOfNotesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with principal collections from a borrowing supported by a written promise to pay an obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromCollectionOfNotesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from issuance of preferred stocks identified as being convertible into another form of financial instrument, typically the entity's common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfConvertiblePreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a borrowing supported by a written promise to pay an obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfLandHeldForUse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of land held for use; excludes sales of land held as inventory or investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfLandHeldForUse</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received from the sale of real estate that is held for investment, that is, it is part of an investing activity during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfRealEstateHeldforinvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromShortTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromShortTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfNotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for a borrowing supported by a written promise to pay an obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfNotesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975372736">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="4">1 Months Ended</th>
<th class="th" colspan="1"></th>
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<div>Jul. 20, 2015 </div>
<div>USD ($)</div>
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<th class="th"><div>Feb. 28, 2014</div></th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 31, 2011 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>USD ($) </div>
<div>a</div>
</th>
<th class="th">
<div>Dec. 13, 2013 </div>
<div>a</div>
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<th class="th">
<div>Dec. 31, 2012 </div>
<div>USD ($)</div>
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<th class="th">
<div>Jan. 31, 2012 </div>
<div>USD ($)</div>
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<th class="th">
<div>Dec. 17, 2007 </div>
<div>USD ($)</div>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land | a</a></td>
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<td class="nump">4,000<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationCaseAxis=arl_ClapperPartiesMember', window );">ART and ART Midwest, Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesSoughtValue', window );">Damages sought value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 74,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_LossContingencyActualDamagesSoughtValue', window );">Actual damages sought value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">26,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_LossContingencyDamagesSoughtInterestValue', window );">Interest damages sought value</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 48,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfPlaintiff', window );">Description of plaintiff</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Mr. David Clapper and entities related to Mr. Clapper (collectively, the &#8220;Clapper Parties&#8221;)</p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfDefendant', window );">Description of defendant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.)</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyAllegations', window );">Description of allegation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p><font style="font: 10pt Times New Roman, Times, Serif">The matter originally involved a transaction in 1998 in which ART Midwest,
Inc. was to acquire eight residential apartment complexes from the Clapper Parties.</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator', window );">Description of action taken by court</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p><font style="font: 10pt Times New Roman, Times, Serif">The Court of Appeals affirmed a portion of the judgment in favor of
the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred and remanded the
case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNet', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivableWithImputedInterestFaceAmount', window );">Notes receivable from the sale of ART</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationCaseAxis=arl_PortOlpenitzMember', window );">Port Olpentiz [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfPlaintiff', window );">Description of plaintiff</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">ARL<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfDefendant', window );">Description of defendant</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The lawsuits are against:
1) the former German partner and his company, and 2) against the law firm in Hamburg originally hired to protect ARL&#8217;s investment
in the project</p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyAllegations', window );">Description of allegation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">ARL had filed two lawsuits in Germany to recover funds invested in the project. </p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">420<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyLossInPeriod', window );">Write-off of loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_FinancialGuaranteeMember', window );">Note Payable for LK-Four Hickory [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsCurrentCarryingValue', window );">Current notes oustanding balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 22,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GuaranteeObligationsMaximumExposure', window );">Note payable guarantee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationStatusAxis=us-gaap_JudicialRulingMember', window );">Dynex Capital, Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfPlaintiff', window );">Description of plaintiff</a></td>
<td class="text">ART and TCI<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyNameOfDefendant', window );">Description of defendant</a></td>
<td class="text">Dynex Capital Inc.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator', window );">Description of action taken by court</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Final Judgment entered against Dynex
Commercial, Inc. on July 20, 2015 awarded damages, plus pre-judgment interest. The Company is reviewing the Final Judgment
with counsel to determine the appropriate steps moving forward now that they have obtained this Final Judgment against Dynex
Commercial, Inc.</p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_UnfundedLoanCommitment', window );">Unfunded loan commitment</a></td>
<td class="nump">$ 160,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesAwardedValue', window );">Damages - awarded amount</a></td>
<td class="nump">256<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesPrejudgementInterest', window );">Damages - pre-judgement interest</a></td>
<td class="nump">192<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesTotal', window );">Damages - total</a></td>
<td class="nump">448<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AwardedAttorneyFees', window );">Awarded attorney fees</a></td>
<td class="nump">$ 1,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PostjudgmentInterestRate', window );">Post-judgment interest rate</a></td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationStatusAxis=us-gaap_JudicialRulingMember', window );">Dynex Capital, Inc. [Member] | American Reality Trust, Inc. [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesAwardedValue', window );">Damages - awarded amount</a></td>
<td class="nump">$ 14,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesPrejudgementInterest', window );">Damages - pre-judgement interest</a></td>
<td class="nump">10,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesTotal', window );">Damages - total</a></td>
<td class="nump">24,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationStatusAxis=us-gaap_JudicialRulingMember', window );">Dynex Capital, Inc. [Member] | Transcontinential Realty Investors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesAwardedValue', window );">Damages - awarded amount</a></td>
<td class="nump">11,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesPrejudgementInterest', window );">Damages - pre-judgement interest</a></td>
<td class="nump">8,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DamagesTotal', window );">Damages - total</a></td>
<td class="nump">$ 19,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AwardedAttorneyFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of attorneys' fees awarded to the plaintiff in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AwardedAttorneyFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DamagesPrejudgementInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of pre-judgment interest awarded to the plaintiff in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DamagesPrejudgementInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DamagesTotal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of damages awarded to the plaintiff in the legal matter, including interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DamagesTotal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_LossContingencyActualDamagesSoughtValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The actual value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_LossContingencyActualDamagesSoughtValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_LossContingencyDamagesSoughtInterestValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The interest value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_LossContingencyDamagesSoughtInterestValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PostjudgmentInterestRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Post-judgement interest rate for awards, under the final judgement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PostjudgmentInterestRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_UnfundedLoanCommitment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The contractual amount of off-balance sheet lending-related financial instruments (e.g., commitments and guarantees), which represents the maximum possible credit risk should the counterparty draw upon the commitment or the entity be required to fulfill its obligation under the guarantee, and the counterparty subsequently fail to perform according to the terms of the contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_UnfundedLoanCommitment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of land held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AreaOfLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of net assets (liabilities).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (SX 210.6-09.6,7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606914-122999<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35686370&amp;loc=SL35686385-199418<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.6-05.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e604008-122996<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 09<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 6<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsCurrentCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current carrying amount of the liability for the freestanding or embedded guarantor's obligations under the guarantee or each group of similar guarantees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 460<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6851643&amp;loc=d3e12069-110248<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsCurrentCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsMaximumExposure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 460<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (b)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6851643&amp;loc=d3e12069-110248<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsMaximumExposure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Describes important rulings or decisions made by the judge, arbitrator or mediator in the legal matter that could impact the outcome of the case.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyActionsTakenByCourtArbitratorOrMediator</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyAllegations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Presents an assertion of a fact by a plaintiff in a pleading or complaint, which the plaintiff claims it will prove upon presentation of evidence at the proceeding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyAllegations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesAwardedValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of damages awarded to the plaintiff in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesAwardedValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyDamagesSoughtValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The value (monetary amount) of the award the plaintiff seeks in the legal matter.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyDamagesSoughtValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyLossInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of loss pertaining to the specified contingency that was charged against earnings in the period, including the effects of revisions in previously reported estimates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyLossInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyNameOfDefendant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identifies the named defendant in a lawsuit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyNameOfDefendant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LossContingencyNameOfPlaintiff">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Identifies the plaintiff in the lawsuit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LossContingencyNameOfPlaintiff</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivableWithImputedInterestFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The principal amount of the receivable or note before consideration of the discount or premium.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReceivableWithImputedInterestFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=arl_ClapperPartiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=arl_ClapperPartiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationCaseAxis=arl_PortOlpenitzMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationCaseAxis=arl_PortOlpenitzMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_FinancialGuaranteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GuaranteeObligationsByNatureAxis=us-gaap_FinancialGuaranteeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationStatusAxis=us-gaap_JudicialRulingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationStatusAxis=us-gaap_JudicialRulingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee4Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee4Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909232272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)<br></strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2012</div></th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>ft&#178; </div>
<div>a </div>
<div>Number</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions', window );">Ownership after acquisition</a></td>
<td class="nump">80.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of apartment units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,511<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetRentableArea', window );">Rentable square feet | ft&#178;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Acres of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">20.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember', window );">Buildings and Improvements [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Use life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember', window );">Buildings and Improvements [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Use life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">40 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember', window );">Furniture, Fixtures and Equipment [Member] | Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Use life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember', window );">Furniture, Fixtures and Equipment [Member] | Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentUsefulLife', window );">Use life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">10 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember', window );">Commercial Properties [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember', window );">Apartments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">45<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember', window );">Office Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_WarehouseMember', window );">Industrial Warehouse [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_RetailSiteMember', window );">Retail Centers [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Transcontinential Realty Investors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Ownership interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">80.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Transcontinential Realty Investors [Member] | Income Opportunity Reality Investors [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Ownership interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">81.10%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">86.70%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Acres of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">110<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of land held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AreaOfLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetRentableArea">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net rentable area for properties owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetRentableArea</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfRealEstateProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of real estate properties owned as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfRealEstateProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfUnitsInRealEstateProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of units in a real estate property owned as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfUnitsInRealEstateProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentUsefulLife">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of long lived, physical assets used in the normal conduct of business and not intended for resale, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Examples include, but not limited to, land, buildings, machinery and equipment, office equipment, furniture and fixtures, and computer equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentUsefulLife</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of subsidiary's or equity method investee's stock owned by parent immediately after all stock transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_BuildingAndBuildingImprovementsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentByTypeAxis=us-gaap_MachineryAndEquipmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_CommercialSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_ApartmentsSegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_WarehouseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_WarehouseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_RetailSiteMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_RetailSiteMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749983828608">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DiscontinuedOperationsTableAbstract', window );"><strong>Discontinued Operations Table</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock', window );">Schedule of summarizes revenue and expense information for the properties sold and held for sale</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font: 10pt Times New Roman, Times, Serif">The following
table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td colspan="7"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Nine Months Ended September 30,</b></font></td></tr>
<tr style="vertical-align: bottom">
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    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
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<tr style="vertical-align: bottom">
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 3%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 9%; border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
    <td style="width: 1%; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,416</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">15</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,328</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Expenses:</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    operating expenses</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">326</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(346</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,201</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;Depreciation</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">155</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">664</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;General
    and administrative</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">65</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">99</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Total
    operating expenses</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">546</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other income (expense):</b></font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(36</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">45</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;&#160;&#160;&#160;&#160;Mortgage
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of information 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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721533-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721665-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1474-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721683-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=SL51724579-110230<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721663-107760<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2941-110230<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721659-107760<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721671-107760<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5D<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721677-107760<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749973750272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Apr. 09, 2015</div></th>
<th class="th"><div>Jul. 17, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>May. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000,614<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber', window );">Stock options outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember', window );">Series A Cumulative Convertible Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">900,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PercentageOfAverageDailyClosingPriceOfCommonStock', window );">Percentage of the average daily closing price of common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendRatePercentage', window );">Preferred stock, dividend rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">10.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NumberOfTradingDays', window );">Number of trading days</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">20 days<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember', window );">Series A Cumulative Convertible Preferred Stock [Member] | RAI [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,451,435<span></span>
</td>
<td class="nump">1,100,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrentAndNoncurrent', window );">Accrued dividends unpaid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,100<span></span>
</td>
<td class="nump">$ 8,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NumberOfPreferredStockConverted', window );">Number of preferred stock converted</a></td>
<td class="nump">460,638<span></span>
</td>
<td class="nump">890,797<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AccumulatedDividendsUnpaidUponConversion', window );">Accumulated dividends unpaid upon conversion</a></td>
<td class="nump">$ 2,300<span></span>
</td>
<td class="nump">$ 6,300<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Number of common stock issued for conversion</a></td>
<td class="nump">1,486,741<span></span>
</td>
<td class="nump">2,502,230<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember', window );">Series A Cumulative Convertible Preferred Stock [Member] | ART Edina, Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember', window );">Series A Cumulative Convertible Preferred Stock [Member] | ART Hotel Equities, Inc [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">600,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AccumulatedDividendsUnpaidUponConversion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to accumulated dividend unpaid upon conversion.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AccumulatedDividendsUnpaidUponConversion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NumberOfPreferredStockConverted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of preferred stock converted during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NumberOfPreferredStockConverted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NumberOfTradingDays">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of trading days in computing common stock price upon conversion od convertible preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NumberOfTradingDays</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PercentageOfAverageDailyClosingPriceOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of the average daily closing price of common stock computed upon conversion of convertible preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PercentageOfAverageDailyClosingPriceOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_SharesHeldBySubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares held by subidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_SharesHeldBySubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(5))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockDividendRatePercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage rate used to calculate dividend payments on preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendRatePercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of options outstanding, including both vested and non-vested options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (c)(1)(i)-(ii)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-30)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RAIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RAIMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_Subsidiaries1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=arl_Subsidiaries1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_Subsidiaries2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=arl_Subsidiaries2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

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<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975577824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th">
<div>Sep. 30, 2015 </div>
<div>USD ($) </div>
<div>ft&#178; </div>
<div>a </div>
<div>Number</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">55<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units</a></td>
<td class="nump">7,511<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstate', window );">Payment to acquire the properties | $</a></td>
<td class="nump">$ 67,500<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfRealEstateProperty', window );">Area of real estate property | ft&#178;</a></td>
<td class="nump">2,200,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land | a</a></td>
<td class="nump">4,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PaymentsToConstructionAndDevelopRealEstateAssets', window );">Payment for construction or predevelopment of various apartment complexes | $</a></td>
<td class="nump">$ 5,100<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInventoryCapitalizedInterestCosts', window );">Capitalized interest costs | $</a></td>
<td class="nump">$ 400<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land | a</a></td>
<td class="nump">110<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_FL', window );">FLORIDA [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_TX', window );">TEXAS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfLand', window );">Area of land | a</a></td>
<td class="nump">198<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of real estate | $</a></td>
<td class="nump">$ 12,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate', window );">Gain on sale of real estate | $</a></td>
<td class="nump">$ 5,100<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_TX', window );">TEXAS [Member] | Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units</a></td>
<td class="nump">698<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstate', window );">Payment to acquire the properties | $</a></td>
<td class="nump">$ 11,600<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_TN', window );">TENNESSEE [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_KS', window );">KANSAS [Member] | Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementGeographicalAxis=stpr_OH', window );">OHIO [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units</a></td>
<td class="nump">200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate', window );">Gain on sale of real estate | $</a></td>
<td class="nump">$ 700<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ApartmentBuildingMember', window );">Apartments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units</a></td>
<td class="nump">761<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember', window );">Office Building [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRealEstateProperties', window );">Number of income-producing apartment purchase</a></td>
<td class="nump">5<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember', window );">Office Building [Member] | TEXAS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireRealEstate', window );">Payment to acquire the properties | $</a></td>
<td class="nump">$ 16,800<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AreaOfRealEstateProperty', window );">Area of real estate property | ft&#178;</a></td>
<td class="nump">92,723<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PaymentsToConstructionAndDevelopRealEstateAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Payments for predevelopment and construction of real estate assets is the process of adding improvements on or to a parcel of land.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PaymentsToConstructionAndDevelopRealEstateAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfLand">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of land held.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AreaOfLand</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AreaOfRealEstateProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Area of a real estate property.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AreaOfRealEstateProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainsLossesOnSalesOfInvestmentRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net gain (loss) resulting from sales and other disposals of real estate owned for investment purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.14(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainsLossesOnSalesOfInvestmentRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfRealEstateProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of real estate properties owned as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfRealEstateProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfUnitsInRealEstateProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of units in a real estate property owned as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfUnitsInRealEstateProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of a piece of land, anything permanently fixed to it, including buildings, structures on it and so forth; includes real estate intended to generate income for the owner; excludes real estate acquired for use by the owner.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received for the sale of real estate that is not part of an investing activity during the current period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInventoryCapitalizedInterestCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of interest costs that were capitalized to properties under development during the land development and construction period of a project, and which are included in inventory.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInventoryCapitalizedInterestCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_FL">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_FL</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_TX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_TX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_TN">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_TN</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_KS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_KS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_OH">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_OH</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ApartmentBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ApartmentBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_OfficeBuildingMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<SEQUENCE>24
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749982541760">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateActivityDetailsAbstract', window );"><strong>Real Estate Activity Details</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentBuildingAndBuildingImprovements', window );">Apartments</a></td>
<td class="nump">$ 578,838<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DevelopmentInProcess', window );">Apartments under construction</a></td>
<td class="nump">7,503<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RentalProperties', window );">Commercial properties</a></td>
<td class="nump">218,447<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LandAvailableForDevelopment', window );">Land held for development</a></td>
<td class="nump">156,310<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Real estate subject to sales contract</a></td>
<td class="nump">9,408<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAtCost', window );">Total real estate</a></td>
<td class="nump">970,506<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
<td class="num">(145,295)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Total real estate</a></td>
<td class="nump">$ 825,211<span></span>
</td>
<td class="nump">$ 699,763<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RealEstateActivityDetailsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateActivityDetailsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DevelopmentInProcess">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current amount of expenditures for a real estate project that has not yet been completed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Phase<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49177889<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DevelopmentInProcess</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentBuildingAndBuildingImprovements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentBuildingAndBuildingImprovements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LandAvailableForDevelopment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of land available for development.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LandAvailableForDevelopment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateAccumulatedDepreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation pertaining to real estate investments for entities with a substantial portion of business acquiring and holding investment real estate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 360<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-28.FN4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule III)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateAccumulatedDepreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateHeldforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RentalProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of income producing properties held for rental.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RentalProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<head>
<title></title>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749977908240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract', window );"><strong>Consolidated Statements Of Comprehensive Income</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="num">$ (1,787)<span></span>
</td>
<td class="nump">$ 4,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest', window );">Other comprehensive income (loss)</a></td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest', window );">Total comprehensive income</a></td>
<td class="num">$ (1,787)<span></span>
</td>
<td class="nump">$ 4,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest', window );">Comprehensive (income) loss attributable to non-controlling interest</a></td>
<td class="nump">1,132<span></span>
</td>
<td class="num">(1,170)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income attributable to American Realty Investors, Inc.</a></td>
<td class="num">$ (655)<span></span>
</td>
<td class="nump">$ 3,749<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTax</td>
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<tr>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 21<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4613674-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of other comprehensive income (loss) attributable to noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
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<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981933776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE (Details Narrative) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">$ 115,415<span></span>
</td>
<td class="nump">$ 134,366<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=us-gaap_SecondMortgageMember', window );">Junior Mortgage Loans [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeRelatedParty', window );">Interest income</a></td>
<td class="nump">9,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=us-gaap_SecondMortgageMember', window );">Junior Mortgage Loans [Member] | Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">$ 105,600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income earned from interest-bearing assets owed to the entity by related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=us-gaap_SecondMortgageMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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</body>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975905792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OperatingIncomeLossSegment', window );">Segment operating income</a></td>
<td class="num">$ (1,625)<span></span>
</td>
<td class="num">$ (1,702)<span></span>
</td>
<td class="nump">$ 7,201<span></span>
</td>
<td class="num">$ (1,169)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OtherNonSegmentItemsOfIncomeExpenseAbstract', window );"><strong>Other non-segment items of income (expense)</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="num">(1,417)<span></span>
</td>
<td class="num">(1,590)<span></span>
</td>
<td class="num">(5,215)<span></span>
</td>
<td class="num">(6,770)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NetIncomeFeeToRelatedParty1', window );">Net income fee to related party</a></td>
<td class="num">(232)<span></span>
</td>
<td class="nump">186<span></span>
</td>
<td class="num">(567)<span></span>
</td>
<td class="num">(514)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AdvisoryFeeToRelatedParty', window );">Advisory fee to related party</a></td>
<td class="num">(3,024)<span></span>
</td>
<td class="num">(2,225)<span></span>
</td>
<td class="num">(7,625)<span></span>
</td>
<td class="num">(6,670)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="num">(72)<span></span>
</td>
<td class="nump">1,332<span></span>
</td>
<td class="nump">4,040<span></span>
</td>
<td class="nump">1,738<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Earnings from unconsolidated investees</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">320<span></span>
</td>
<td class="nump">276<span></span>
</td>
<td class="nump">266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationSettlementAmount', window );">Litigation settlement</a></td>
<td class="num">(85)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
<td class="nump">3,666<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax benefit</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">786<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td class="nump">5,030<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Net income (loss) from continuing operations</a></td>
<td class="num">$ (6,358)<span></span>
</td>
<td class="num">$ (2,979)<span></span>
</td>
<td class="num">$ (1,986)<span></span>
</td>
<td class="num">$ (4,423)<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AdvisoryFeeToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of advisory fees to related parties during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AdvisoryFeeToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NetIncomeFeeToRelatedParty1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income fee to related parties,during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NetIncomeFeeToRelatedParty1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_OperatingIncomeLossSegment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net segment result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_OperatingIncomeLossSegment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_OtherNonSegmentItemsOfIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_OtherNonSegmentItemsOfIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationSettlementAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of judgment or settlement awarded to (against) the entity in respect of litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationSettlementAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909073216">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>Assets</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentsOther', window );">Real estate, at cost</a></td>
<td class="nump">$ 961,099<span></span>
</td>
<td class="nump">$ 810,214<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateheldForSaleNet', window );">Real estate subject to sales contracts at cost, net of depreciation ($194 for 2015 and $2,300 for 2014)</a></td>
<td class="nump">9,213<span></span>
</td>
<td class="nump">19,026<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation', window );">Less accumulated depreciation</a></td>
<td class="num">(145,101)<span></span>
</td>
<td class="num">(129,477)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Total real estate</a></td>
<td class="nump">825,211<span></span>
</td>
<td class="nump">699,763<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNetAbstract', window );"><strong>Notes and interest receivable</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PerformingNotesAndInterestReceivable', window );">Performing (including $121,099 in 2015 and $139,466 in 2014 from related parties)</a></td>
<td class="nump">$ 132,452<span></span>
</td>
<td class="nump">149,484<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NonperformingNotesAndInterestReceivable', window );">Non-performing</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">3,161<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate', window );">Less allowance for doubtful accounts (including $15,537 in 2015 and 2014 from related parties)</a></td>
<td class="num">$ (17,037)<span></span>
</td>
<td class="num">(18,279)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">115,415<span></span>
</td>
<td class="nump">134,366<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="nump">11,989<span></span>
</td>
<td class="nump">12,299<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">42,214<span></span>
</td>
<td class="nump">49,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in unconsolidated subsidiaries and investees</a></td>
<td class="nump">5,152<span></span>
</td>
<td class="nump">4,279<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Receivable from related party</a></td>
<td class="nump">43,301<span></span>
</td>
<td class="nump">21,414<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="nump">43,829<span></span>
</td>
<td class="nump">44,111<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,087,111<span></span>
</td>
<td class="nump">965,498<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesAndLoansPayable', window );">Notes and interest payable</a></td>
<td class="nump">782,570<span></span>
</td>
<td class="nump">638,891<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NotesRelatedToSubjectToSalesContracts', window );">Notes related to subject to sales contracts</a></td>
<td class="nump">7,793<span></span>
</td>
<td class="nump">20,168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred revenue (including $71,603 in 2015 and $72,564 in 2014 from sales to related parties)</a></td>
<td class="nump">71,672<span></span>
</td>
<td class="nump">74,409<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndOtherAccruedLiabilities', window );">Accounts payable and other liabilities (including $7,001 in 2015 and $11,024 in 2014 to related parties)</a></td>
<td class="nump">46,412<span></span>
</td>
<td class="nump">52,442<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total Liabilities</a></td>
<td class="nump">908,447<span></span>
</td>
<td class="nump">785,910<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 and 2,461,252 shares in 2015 and 2014 (liquidation preference $10 per share), including 900,000 shares in 2015 and 2014 held by ARL or subsidiaries.</a></td>
<td class="nump">2,205<span></span>
</td>
<td class="nump">3,126<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">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 2015 and 2014, respectively; including 140,000 shares held by TCI (consolidated) in 2015 and 2014.</a></td>
<td class="nump">156<span></span>
</td>
<td class="nump">141<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock at cost; 415,785 shares</a></td>
<td class="num">(6,395)<span></span>
</td>
<td class="num">(6,395)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapital', window );">Paid-in capital</a></td>
<td class="nump">110,136<span></span>
</td>
<td class="nump">108,378<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">18,435<span></span>
</td>
<td class="nump">19,090<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total American Realty Investors, Inc. shareholders' equity</a></td>
<td class="nump">124,537<span></span>
</td>
<td class="nump">124,340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Non-controlling interest</a></td>
<td class="nump">54,127<span></span>
</td>
<td class="nump">55,248<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total shareholders' equity</a></td>
<td class="nump">178,664<span></span>
</td>
<td class="nump">179,588<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 1,087,111<span></span>
</td>
<td class="nump">$ 965,498<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NonperformingNotesAndInterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financing arrangement that represents a contractual right to receive money either on demand or on fixed or determinable dates that are not current in regards to payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NonperformingNotesAndInterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NotesRelatedToSubjectToSalesContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to notes related to subject to sales contract.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NotesRelatedToSubjectToSalesContracts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PerformingNotesAndInterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financing arrangement that represents a contractual right to receive money either on demand or on fixed or determinable dates that are current in regards to payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PerformingNotesAndInterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RealEstateheldForSaleNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, net of accumulated depreciation</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateheldForSaleNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsAndNotesReceivableNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndOtherAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of liabilities incurred and payable to vendors for goods and services received, and other costs not separately disclosed in the balance sheet that are statutory in nature, are incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndOtherAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapital">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Excess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of additional paid-in capital associated with common and preferred stock. For additional paid-in capital associated with only common stock, use the element additional paid in capital, common stock. For additional paid-in capital associated with only preferred stock, use the element additional paid in capital, preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapital</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reserve to cover probable credit losses related to specifically identified fixed maturity real estate loans as well as probable credit losses inherent in the remainder of that loan portfolio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 310<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6873192&amp;loc=d3e21338-158488<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForLoanAndLeaseLossesRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesAndLoansPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, carrying value as of the balance sheet date of all notes and loans payable (with maturities initially due after one year or beyond the operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NotesAndLoansPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of depreciation for real estate property held for investment purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate owned for income production and capital accretion potential, not otherwise specified in the existing taxonomy. Such real estate excludes that which is occupied or used in the business, for entertainment purposes, or held in inventory for specific purposes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentsOther</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amounts of cash and cash equivalent items which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regard to particular deposits; however, time deposits and short-term certificates of deposit are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet. This element is for unclassified presentations; for classified presentations there is a separate and distinct element.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RestrictedCashAndCashEquivalents</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<th class="th"><div>Comprehensive Income (Loss) [Member]</div></th>
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<td class="nump">$ 19,090<span></span>
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<td class="nump">$ 55,248<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="num">(1,787)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(655)<span></span>
</td>
<td class="num">(1,132)<span></span>
</td>
<td class="num">(1,787)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance', window );">Contributions from non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">11<span></span>
</td>
<td class="nump">11<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestDecreaseFromRedemptions', window );">Assumption of non-controlling interests</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(470)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(470)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities', window );">Conversion of preferred stock into common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(921)<span></span>
</td>
<td class="nump">$ 15<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,263<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities', window );">Conversion of preferred stock into common stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,070,956<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPreferredStock', window );">Series A preferred stock dividend ($1.00 per share)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(941)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(941)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance, at the end at Sep. 30, 2015</a></td>
<td class="num">$ (54,827)<span></span>
</td>
<td class="nump">$ 2,205<span></span>
</td>
<td class="nump">$ 156<span></span>
</td>
<td class="num">$ (6,395)<span></span>
</td>
<td class="nump">$ 110,136<span></span>
</td>
<td class="nump">$ 18,435<span></span>
</td>
<td class="nump">$ 54,127<span></span>
</td>
<td class="nump">$ 178,664<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SharesOutstanding', window );">Balance, at the end (in shares) at Sep. 30, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,514,360<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPreferredStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid preferred stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 405<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPreferredStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestDecreaseFromRedemptions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Decrease in noncontrolling interest (for example, but not limited to, redeeming or purchasing the interests of noncontrolling shareholders, issuance of shares (interests) by the non-wholly owned subsidiary to the parent entity for other than cash, and a buyback of shares (interest) by the non-wholly owned subsidiary from the noncontrolling interests).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 23<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569655-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4616395-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestDecreaseFromRedemptions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase in noncontrolling interest from subsidiary issuance of equity interests to noncontrolling interest holders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 23<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569655-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued which are neither cancelled nor held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SharesOutstanding</td>
</tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued during the period as a result of the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-30)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The gross value of stock issued during the period upon the conversion of convertible securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_ComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_ComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_PreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909484080">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Total real estate</a></td>
<td class="nump">$ 825,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 825,211<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 699,763<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="nump">43,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43,829<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,111<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders' equity</a></td>
<td class="nump">124,537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">124,537<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 124,340<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Revenue</a></td>
<td class="nump">27,826<span></span>
</td>
<td class="nump">$ 19,326<span></span>
</td>
<td class="nump">75,223<span></span>
</td>
<td class="nump">$ 57,986<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="num">(6,569)<span></span>
</td>
<td class="num">(4,463)<span></span>
</td>
<td class="num">(16,410)<span></span>
</td>
<td class="num">(13,099)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Operating expenses</a></td>
<td class="nump">25,741<span></span>
</td>
<td class="nump">18,858<span></span>
</td>
<td class="nump">67,284<span></span>
</td>
<td class="nump">57,730<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income from continuing operations</a></td>
<td class="num">(6,374)<span></span>
</td>
<td class="num">(3,765)<span></span>
</td>
<td class="num">(2,093)<span></span>
</td>
<td class="num">(9,453)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">1,461<span></span>
</td>
<td class="nump">199<span></span>
</td>
<td class="nump">9,342<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="num">(6,327)<span></span>
</td>
<td class="num">(1,518)<span></span>
</td>
<td class="num">(1,787)<span></span>
</td>
<td class="nump">4,919<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Company's proportionate share of earnings</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">320<span></span>
</td>
<td class="nump">276<span></span>
</td>
<td class="nump">266<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Total real estate</a></td>
<td class="nump">13,435<span></span>
</td>
<td class="nump">11,014<span></span>
</td>
<td class="nump">13,435<span></span>
</td>
<td class="nump">11,014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesReceivableGross', window );">Notes receivable</a></td>
<td class="nump">8,255<span></span>
</td>
<td class="nump">7,122<span></span>
</td>
<td class="nump">8,255<span></span>
</td>
<td class="nump">7,122<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="nump">29,393<span></span>
</td>
<td class="nump">30,398<span></span>
</td>
<td class="nump">29,393<span></span>
</td>
<td class="nump">30,398<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NotesPayable', window );">Notes payable</a></td>
<td class="num">(10,307)<span></span>
</td>
<td class="num">(10,521)<span></span>
</td>
<td class="num">(10,307)<span></span>
</td>
<td class="num">(10,521)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherLiabilities', window );">Other liabilities</a></td>
<td class="num">(7,173)<span></span>
</td>
<td class="num">(6,386)<span></span>
</td>
<td class="num">(7,173)<span></span>
</td>
<td class="num">(6,386)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Shareholders' equity</a></td>
<td class="num">$ (33,603)<span></span>
</td>
<td class="num">$ (31,627)<span></span>
</td>
<td class="num">(33,603)<span></span>
</td>
<td class="num">(31,627)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">38,428<span></span>
</td>
<td class="nump">36,197<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(863)<span></span>
</td>
<td class="num">(863)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(35,144)<span></span>
</td>
<td class="num">(33,438)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(605)<span></span>
</td>
<td class="num">(661)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Income from continuing operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,816<span></span>
</td>
<td class="nump">$ 1,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income from discontinued operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text"> <span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,816<span></span>
</td>
<td class="nump">$ 1,235<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Company's proportionate share of earnings</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 363<span></span>
</td>
<td class="nump">$ 247<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 7<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NotesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Including the current and noncurrent portions, aggregate carrying amount of all types of notes payable, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 13, 16<br><br><br><br> -Article 9<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount representing an agreement for an unconditional promise by the maker to pay the entity (holder) a definite sum of money at a future date. Such amount may include accrued interest receivable in accordance with the terms of the note. The note also may contain provisions and related items including a discount or premium, payable on demand, secured, or unsecured, interest bearing or noninterest bearing, among a myriad of other features and characteristics. Excludes amounts related to receivables held-for-sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssets</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate carrying amount, as of the balance sheet date, of liabilities not separately disclosed in the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherLiabilities</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate revenue from real estate operations during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateRevenueNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember</td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RealEstateActivityTableAbstract', window );"><strong>Real Estate Activity Table</strong></a></td>
<td class="text">&#160;<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock', window );">Schedule of the real estate owned</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of the real estate owned as of September 30, 2015 (dollars in thousands):</font></p>

<table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 77%"><font style="font: 10pt Times New Roman, Times, Serif">Apartments</font></td>
    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">578,838</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Apartments under construction</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,503</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Commercial properties</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">218,447</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Land held for development</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156,310</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject
    to sales contract</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,408</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">970,506</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less accumulated
    depreciation</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(145,295</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate,
    net of depreciation</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">825,211</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RealEstateActivityTableAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RealEstateActivityTableAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of nonconsolidated investments in real estate including interests in corporations, partnerships and joint ventures. Disclosures may include summarized aggregate financial statements for the real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentFinancialStatementsDisclosureTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<tr>
<td><strong> Period Type:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749904684800">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>NOTES PAYABLE (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>May. 28, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 29, 2015 </div>
<div>USD ($) </div>
<div>Number</div>
</th>
<th class="th">
<div>Apr. 23, 2015 </div>
<div>USD ($) </div>
<div>Number</div>
</th>
<th class="th">
<div>Jan. 28, 2015 </div>
<div>Number</div>
</th>
<th class="th">
<div>Sep. 30, 2015 </div>
<div>USD ($) </div>
<div>Number</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,511<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Notes oustanding balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 790,363<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables7Member', window );">Mortgage Notes Payable [Member] | TEXAS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.24%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Monthly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Aug.  01,  2050<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables8Member', window );">Mortgage Notes Payable [Member] | MISSISSIPPI [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.24%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Monthly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Dec.  01,  2051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables9Member', window );">New Mortgage Notes Payable [Member] | ARKANSAS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">250<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.74%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Monthly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">May  01,  2050<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Notes Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 21,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfDebt', window );">Repayment of notes payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RepaymentsOfDebtClosingCost', window );">Repayment of notes payable closing cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 600<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables10Member', window );">New Mortgage Notes Payable [Member] | TEXAS [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfUnitsInRealEstateProperty', window );">Number of units | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">240<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.28%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Monthly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity date</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Mar. 31,  2051<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Notes Payable</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RepaymentsOfDebtClosingCost', window );">Repayment of notes payable closing cost</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 700<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables11Member', window );">Secured Notes Payable [Member] | Independent Third Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">Monthly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Notes Payable</a></td>
<td class="nump">$ 120,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Notes oustanding balance</a></td>
<td class="nump">$ 84,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Notes payable term</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateTerms', window );">Description of interest rate</a></td>
<td class="text"><p><font style="font: 10pt Times New Roman, Times, Serif">Interest rate of 30 day Libor plus 10.75%</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCollateral', window );">Description of collteral</a></td>
<td class="text"><p><font style="font: 10pt Times New Roman, Times, Serif">The loan is secured by various equity interests in certain residential
apartments.</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables12Member', window );">New Secured Notes Payable [Member] | Independent Third Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">12.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment', window );">Description of frequency payment</a></td>
<td class="text">Quarterly<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Notes oustanding balance</a></td>
<td class="nump">$ 40,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">39,500<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentTerm', window );">Notes payable term</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCollateral', window );">Description of collteral</a></td>
<td class="text"><p><font style="font: 10pt Times New Roman, Times, Serif">The loan is secured by various equity interests in residential apartments
and can be prepaid at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter.</font></p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentPeriodicPaymentPrincipal', window );">Notes payable principal payment</a></td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentAxis=us-gaap_ConstructionLoanPayableMember', window );">Construction Loans [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermDebt', window );">Notes oustanding balance</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,700<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RepaymentsOfDebtClosingCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to payment of debt instrument closing cost.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RepaymentsOfDebtClosingCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 470<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCollateral</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFrequencyOfPeriodicPayment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the frequency of periodic payments (monthly, quarterly, annual).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 470<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFrequencyOfPeriodicPayment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateTerms">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the interest rate as being fixed or variable, and, if variable, identification of the index or rate on which the interest rate is based and the number of points or percentage added to that index or rate to set the rate, and other pertinent information, such as frequency of rate resets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateTerms</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentPeriodicPaymentPrincipal">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the required periodic payments applied to principal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentPeriodicPaymentPrincipal</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentTerm">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period of time between issuance and maturity of debt instrument, in PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentTerm</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfUnitsInRealEstateProperty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of units in a real estate property owned as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfUnitsInRealEstateProperty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow during the period from the repayment of aggregate short-term and long-term debt. Excludes payment of capital lease obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables7Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables7Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_TX">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_TX</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables8Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables8Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_MS">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_MS</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables9Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables9Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementGeographicalAxis=stpr_AR">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementGeographicalAxis=stpr_AR</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables10Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables10Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables11Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables11Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_IndependentThirdPartyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_IndependentThirdPartyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables12Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=arl_NotesPayableOtherPayables12Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=us-gaap_ConstructionLoanPayableMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=us-gaap_ConstructionLoanPayableMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>33
<FILENAME>0001387131-15-003354-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749982458656">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract', window );"><strong>Equity Method Investments and Joint Ventures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsTextBlock', window );">Schedule of investments accounted for via the equity method</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in unconsolidated investees consist of the following:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="5" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percentage
    ownership as of</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
    30, 2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
    30, 2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 58%; text-align: left; padding-left: 0.5in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Gruppa
    Florentina, LLC</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td></tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock', window );">Schedule of the financial position and results of operations - unconsolidated parent</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following is a summary of the financial position and results of operations from our investees (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

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    <td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
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    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate, net of accumulated
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    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,435</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,014</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,255</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,122</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,393</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,398</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Notes payable</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,307</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,521</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,173</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,386</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,603</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,627</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38,428</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">36,197</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(863</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(863</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749973245792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<div>Sep. 30, 2015 </div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909425728">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
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<tr class="ro">
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<td class="nump">18,279<span></span>
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<td class="nump">$ 74,409<span></span>
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<td class="nump">2,000,614<span></span>
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<td class="nump">2,461,252<span></span>
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<td class="nump">$ 0.01<span></span>
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</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized (in shares)</a></td>
<td class="nump">100,000,000<span></span>
</td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued (in shares)</a></td>
<td class="nump">15,930,145<span></span>
</td>
<td class="nump">14,443,404<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding (in shares)</a></td>
<td class="nump">15,514,360<span></span>
</td>
<td class="nump">14,027,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000,614<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares (in shares)</a></td>
<td class="nump">415,785<span></span>
</td>
<td class="nump">415,785<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember', window );">Series A Cumulative Convertible Preferred Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries (in shares)</a></td>
<td class="nump">900,000<span></span>
</td>
<td class="nump">900,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Transcontinential Realty Investors [Member] | Common Stock [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_SharesHeldBySubsidiaries', window );">Shares held by subsidiaries (in shares)</a></td>
<td class="nump">140,000<span></span>
</td>
<td class="nump">140,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost', window );">Depreciation of Real Estate subject to sales contracts at cost</a></td>
<td class="nump">$ 194<span></span>
</td>
<td class="nump">$ 2,300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_PerformingNotesAndInterestReceivable', window );">Performing</a></td>
<td class="nump">121,099<span></span>
</td>
<td class="nump">139,466<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate', window );">Allowance for doubtful accounts</a></td>
<td class="nump">15,537<span></span>
</td>
<td class="nump">15,537<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenue', window );">Deferred revenue from sales to related parties</a></td>
<td class="nump">71,603<span></span>
</td>
<td class="nump">72,564<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent', window );">Accounts payable and other liabilities to related parties</a></td>
<td class="nump">$ 7,001<span></span>
</td>
<td class="nump">$ 11,024<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of depreciation for real estate property subject to sales contracts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DepreciationOfRealEstateSubjectToSalesContractsAtCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_PerformingNotesAndInterestReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Financing arrangement that represents a contractual right to receive money either on demand or on fixed or determinable dates that are current in regards to payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_PerformingNotesAndInterestReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_SharesHeldBySubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares held by subidiaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_SharesHeldBySubsidiaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForLoanAndLeaseLossesRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reserve to cover probable credit losses related to specifically identified fixed maturity real estate loans as well as probable credit losses inherent in the remainder of that loan portfolio.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 310<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6873192&amp;loc=d3e21338-158488<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForLoanAndLeaseLossesRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred revenue as of balance sheet date. Deferred revenue represents collections of cash or other assets related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1 Response)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueToRelatedPartiesCurrentAndNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of obligations due all related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.15(3),(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueToRelatedPartiesCurrentAndNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockLiquidationPreference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share liquidation preference (or restrictions) of nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) that has a preference in involuntary liquidation considerably in excess of the par or stated value of the shares. The liquidation preference is the difference between the preference in liquidation and the par or stated values of the share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(d)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockLiquidationPreference</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28,29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_SubsidiariesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975678464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DISCONTINUED OPERATIONS<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract', window );"><strong>Discontinued Operations and Disposal Groups [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock', window );">DISCONTINUED OPERATIONS</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font-family: Times New Roman, Times, Serif"><b>NOTE
8. DISCONTINUED OPERATIONS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Prior
to January 1, 2015, we applied the provisions of ASC 360, &#147;Property, Plant and Equipment&#148;, which required that long-lived
assets that are to be disposed of by sale be measured at the lesser of (1)&#160;book value or (2)&#160;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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Effective
January 1, 2015, the Company adopted the provisions of ASU 2014-08,&#160;&#148;Reporting Discontinued Operations and Disclosures
of Disposals of Components of an Entity&#148;, which changes the criteria of ASC 360 related to determining which disposals qualify
to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font-family: Times New Roman, Times, Serif">Disposals
representing a strategic shift in operations that have a major effect on a company&#146;s operations and financial results will
be presented as discontinued operations. Companies will be required to expand their disclosures about discontinued operations
to provide more information on the assets, liabilities, income and expenses of the discontinued operations. The new standard was
effective January 1, 2015. Adoption of this standard will result in substantially fewer of the Company&#146;s dispositions meeting
the discontinued operations criteria.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">There
were no sales of income-producing properties in the first nine months of 2015. In 2014, we sold two apartment complexes (both
in Texas), and two commercial properties (one in Louisiana and one in Alaska). The gain on sale of the properties is also included
in discontinued operations for those years. The following table summarizes revenue and expense information for the properties
sold and held for sale (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td style="text-align: right"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font-family: Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: white">
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font-family: Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font-family: Times New Roman, Times, Serif">Our
application of ASC 360 results in the presentation of the net operating results of these qualifying properties sold or held for
sale during 2015 as income from discontinued operations. This does not have an impact on net income available to common shareholders
and only impacts the presentation of these properties within the Consolidated Statements of Operations.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721533-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721665-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=SL51724579-110230<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721663-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2941-110230<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721659-107760<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721671-107760<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5D<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721677-107760<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1474-107760<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721683-107760<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749909631616">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
<th class="th" colspan="1"></th>
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<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Nov. 06, 2015</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMERICAN REALTY INVESTORS INC<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001102238<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ARL<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Sep. 30,  2015<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
<td class="text">Yes<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Smaller Reporting Company<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
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<td class="nump">15,514,360<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q3<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2015<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<td><strong> Balance Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139750171184544">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>COMMITMENTS, CONTINGENCIES, AND LIQUIDITY<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">COMMITMENTS, CONTINGENCIES, AND LIQUIDITY</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>LK-Four
Hickory, LLC</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
conjunction with its sale of Four Hickory in November 2007, the Company agreed to fund amounts to satisfy its commitment to compensate
LK-Four Hickory, LLC for move-in discounts and other concessions to existing tenants at the time of sale.&#160; The Company also
has various agreements with LK-Four Hickory, LLC related to the funding of projection shortfalls, which, to date, they have not
had to provide any additional funding.&#160; In addition, related parties of the Company have active lease agreements with LK-Four
Hickory, LLC, and the Company has since guaranteed amounts related to certain of these leases.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
December 17, 2007, both Limkwang Nevada, Inc., the majority owner of LK-Four Hickory, LLC, and ARL unconditionally guaranteed
the punctual payment when due, whether at stated maturity, by acceleration or hereafter, including all fees and expenses incurred
by the bank on collection of a $28.0 million note payable for LK-Four Hickory, LLC which has a current outstanding balance of
$22.1 million.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company&#146;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold and the Company has additional reserves for estimated
potential amounts it could be liable for if various related parties are not able to meet their obligations to LK-Four Hickory,
LLC. The Company will continue to evaluate these potential estimates and also the likelihood of having to fund any of these and
adjust their reserves accordingly.&#160;&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Liquidity.
</i>&#160;&#160;&#160;&#160;Management believes that ARL will generate excess cash flow from property operations in 2015; such
excess, however, will not be sufficient to discharge all of ARL&#146;s obligations as they became due. Management intends to sell
land and income-producing real estate, refinance real estate and obtain additional borrowings primarily secured by real estate
to meet its liquidity requirements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Partnership
Buyouts</i>.&#160;&#160;&#160;&#160;ARL is the limited partner in various partnerships related to the construction of residential
properties. As permitted in the respective partnership agreements, ARL intends to purchase the interests of the general and any
other limited partners in these partnerships subsequent to the completion of these projects. The amounts paid to buy out the non-affiliated
partners are limited to development fees earned by the non-affiliated partners and are outlined in the respective partnership
agreements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><i>Litigation.
</i>&#160;&#160;&#160;&#160;The ownership of property and provision of services to the public as tenants entails an inherent risk
of liability. Although the Company and its subsidiaries are involved in various items of litigation incidental to and in the ordinary
course of its business, in the opinion of management, the outcome of such litigation will not have a material adverse impact upon
the Company&#146;s financial condition, results of operation or liquidity, unless otherwise noted below.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>ART
and ART Midwest, Inc.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">While
the Company and all entities in which the Company has a direct or indirect equity interest are not parties to or obligated in
any way for the outcome, a formerly owned entity (American Realty Trust, Inc.) and its former subsidiary (ART Midwest, Inc.) have
been engaged since 1999 in litigation with Mr. David Clapper and entities related to Mr. Clapper (collectively, the &#147;Clapper
Parties&#148;). The matter originally involved a transaction in 1998 in which ART Midwest, Inc. was to acquire eight residential
apartment complexes from the Clapper Parties. Through the years, a number of rulings, both for and against American Realty Trust,
Inc. (&#147;ART&#148;) and ART Midwest, Inc., were issued. In October 2011, a ruling was issued under which the Clapper Parties
received a judgment for approximately $74 million, including $26 million in actual damages and $48 million interest. The ruling
was against ART and ART Midwest, Inc., but no other entity. During February 2014, the Court of Appeals affirmed a portion of the
judgment in favor of the Clapper Parties, but also ruled that a double counting of a significant portion of the damages had occurred
and remanded the case back to the trial court to recalculate the damage award, as well as pre and post-judgment interest thereon.
ART was also a significant owner of a partnership interest in the partnership that was awarded the initial damages in this matter.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
2005, ART filed suit against a major national law firm over the initial transaction. That action was initially abated while the
principal case with the Clapper Parties was pending, but the abatement was recently lifted and the action against the law firm
is expected to move forward. The only defendants in the litigation involving the Clapper Parties are ART and ART Midwest, Inc.,
which, together, had total assets and net worth, as of December 31, 2012, of approximately $10 million. In January 2012, the Company
sold all of the issued and outstanding stock of ART to an unrelated party for a promissory note in the amount of $10 million.
At December 31, 2012, the Company fully reserved and valued such note at zero.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Subsequently,
David M. Clapper and two entities related to Mr. Clapper (all, collectively, the &#147;Clapper Parties&#148;) filed a complaint
in the U. S. District Court against the Company, its directors and certain of its officers alleging purported transactions to
the detriment of the Clapper Parties and others by transferring assets, cash and diverting property. Management of the Company
believes&#160;there is no basis for this action against the Company and&#160;intends to vigorously defend itself. The&#160;complaint
does not allege any facts relating to the Company, except that the&#160;Company is a Nevada corporation, with its headquarters/principal
place of business in Dallas, Texas.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Management&#160;believes
that the Company has no liability for any ultimate judgment in the proceeding involving the Clapper Parties; however, Management
of the Company has serious reservations about the current collectability of the $10 million note and, accordingly, has reserved
the&#160;full amount of the note.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Port
Olpenitz</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ARL,
through a foreign subsidiary, was involved in developing a maritime harbor town on the 420 acre site of the former naval base
of Olpenitz in Kappeln, Germany. Disputes with the local partner related to his mismanagement of the project resulted in his being
replaced as the managing partner which was followed by a filing for bankruptcy protection in Germany to completely remove him
from the project. An insolvency manager was placed in control of the project in order to protect the creditors and as of December
31, 2013, had sold the vast majority of assets (almost all land) of the project. The Company no longer has any financial responsibility
for the obligations of the creditors related to the project and has claims filed for loans relating to our investment in the project.
Due to the questionable collectability of these loans from the proceeds of the project, the Company has written off the unreserved
balance of $5.3 million in the project. As of December 13, 2013, ARL had filed two lawsuits in Germany to recover funds invested
in the project. The lawsuits are against: 1) the former German partner and his company, and 2) against the law firm in Hamburg
originally hired to protect ARL&#146;s investment in the project. At this time it is unknown how much can be recovered or how
successful the litigation will be.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Dynex
Capital, Inc.</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">On
July 20, 2015, the 68<sup>th</sup> Judicial District Court in Dallas County, Texas issued its Final Judgment in Cause No. DC-03-00675,
styled Basic Capital Management, Inc., American Realty Trust, Inc., Transcontinental Realty Investors, Inc., Continental Poydras
Corp., Continental Common, Inc. and Continental Baronne, Inc. v. Dynex Commercial, Inc. The case, which was litigated for more
than a decade, had its origin with Dynex Commercial making loans to Continental Poydras Corp., Continental Common, Inc. and Continental
Baronne, Inc. (subsidiaries of Continental Mortgage &#38; Equity Trust (&#147;CMET&#148;), an entity which merged into TCI in
1999 after the original suit was filed). Under the original loan commitment, $160 million in loans were to be made to the entities.
The loans were conditioned on the execution of a commitment between Dynex Commercial and Basic Capital Management, Inc. (&#147;Basic&#148;).</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">An
original trial in 2004, which also included Dynex Capital, Inc. as a defendant, resulted in a jury awarding damages in favor of
Basic for &#147;lost opportunity,&#148; as well as damages in favor of ART and in favor of TCI and its subsidiaries for &#147;increased
costs&#148; and &#147;lost opportunity.&#148; The original Trial Court judge ignored the jury&#146;s findings, however, and entered
a &#147;Judgment Notwithstanding the Verdict&#148; (&#147;JNOV&#148;) in favor of the Dynex entities (the judge held the Plaintiffs
were not entitled to any damages from the Dynex entities). After numerous appeals by all parties, Dynex Capital, Inc. was ultimately
dismissed from the case and the remaining claims against Dynex Commercial were remanded to the Trial Court for a new judgment
consistent with the jury&#146;s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20,
2015.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">The
Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $.256 million in damages, plus pre-judgment
interest of $.192 million for a total amount of $.448 million. The Judgment awarded ART $14.2 million in damages, plus pre-judgment
interest of $10.6 million for a total amount of $24.8 million. The Judgment awarded TCI $11.1 million, plus pre-judgment interest
of $8.4 million for a total amount of $19.5 million. The Judgment also awarded Basic, ART, and TCI post-judgment interest at the
rate of 5% per annum from April 25, 2014 until the date their respective damages are paid. Lastly, the Judgement awarded Basic,
ART, and TCI $1.6 million collectively in attorneys&#146; fees from Dynex Commercial, Inc.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is reviewing the Final Judgment with counsel to determine the appropriate steps moving forward now that they have obtained
this Final Judgment against Dynex Commercial, Inc.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 460<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 440<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749904456912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNetAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues (including $211 and $175 for the three months and $591 and $526 for the nine months ended 2015 and 2014, respectively, from related parties)</a></td>
<td class="nump">$ 27,826<span></span>
</td>
<td class="nump">$ 19,326<span></span>
</td>
<td class="nump">$ 75,223<span></span>
</td>
<td class="nump">$ 57,986<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses (including $202 and $172 for the three months and $551 and $511 for the nine months ended 2015 and 2014, respectively, from related parties)</a></td>
<td class="nump">14,499<span></span>
</td>
<td class="nump">10,766<span></span>
</td>
<td class="nump">37,467<span></span>
</td>
<td class="nump">30,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">6,569<span></span>
</td>
<td class="nump">4,463<span></span>
</td>
<td class="nump">16,410<span></span>
</td>
<td class="nump">13,099<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative (including $634 and $926 for the three months and $2,554 and $2,686 for the nine months ended 2015 and 2014, respectively, from related parties)</a></td>
<td class="nump">1,417<span></span>
</td>
<td class="nump">1,590<span></span>
</td>
<td class="nump">5,215<span></span>
</td>
<td class="nump">6,770<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NetIncomeFeeToRelatedParty1', window );">Net income fee to related party</a></td>
<td class="nump">232<span></span>
</td>
<td class="num">(186)<span></span>
</td>
<td class="nump">567<span></span>
</td>
<td class="nump">514<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AdvisoryFeeToRelatedParty', window );">Advisory fee to related party</a></td>
<td class="nump">3,024<span></span>
</td>
<td class="nump">2,225<span></span>
</td>
<td class="nump">7,625<span></span>
</td>
<td class="nump">6,670<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total operating expenses</a></td>
<td class="nump">25,741<span></span>
</td>
<td class="nump">18,858<span></span>
</td>
<td class="nump">67,284<span></span>
</td>
<td class="nump">57,730<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Net operating income (loss)</a></td>
<td class="nump">2,085<span></span>
</td>
<td class="nump">468<span></span>
</td>
<td class="nump">7,939<span></span>
</td>
<td class="nump">256<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpenseAbstract', window );"><strong>Other income (expenses):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOther', window );">Interest income (including $3,886 and $4,699 for the three months and $13,190 and $14,692 for the nine months ended 2015 and 2014, respectively, from related parties)</a></td>
<td class="nump">3,950<span></span>
</td>
<td class="nump">5,106<span></span>
</td>
<td class="nump">13,722<span></span>
</td>
<td class="nump">15,264<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="num">(72)<span></span>
</td>
<td class="nump">1,332<span></span>
</td>
<td class="nump">4,040<span></span>
</td>
<td class="nump">1,738<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Mortgage and loan interest (including $982 and $978 for the three months and $2,797 and $2,709 for the nine months ended 2015 and 2014, respectively, from related parties)</a></td>
<td class="num">(13,481)<span></span>
</td>
<td class="num">(9,901)<span></span>
</td>
<td class="num">(34,203)<span></span>
</td>
<td class="num">(28,651)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_LoanChargesAndPrepaymentPenalties', window );">Loan charges and prepayment penalties</a></td>
<td class="num">(1,545)<span></span>
</td>
<td class="num">(1,044)<span></span>
</td>
<td class="num">(2,260)<span></span>
</td>
<td class="num">(2,626)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromEquityMethodInvestments', window );">Earnings from unconsolidated subsidiaries and investees</a></td>
<td class="nump">81<span></span>
</td>
<td class="nump">320<span></span>
</td>
<td class="nump">276<span></span>
</td>
<td class="nump">266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LitigationSettlementAmount', window );">Litigation settlement (expense)</a></td>
<td class="num">(85)<span></span>
</td>
<td class="num">(86)<span></span>
</td>
<td class="num">(203)<span></span>
</td>
<td class="nump">3,666<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonoperatingIncomeExpense', window );">Total other expenses</a></td>
<td class="num">(11,152)<span></span>
</td>
<td class="num">(4,273)<span></span>
</td>
<td class="num">(18,628)<span></span>
</td>
<td class="num">(10,343)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before gain on land sales, non-controlling interest, and taxes</a></td>
<td class="num">(9,067)<span></span>
</td>
<td class="num">(3,805)<span></span>
</td>
<td class="num">(10,689)<span></span>
</td>
<td class="num">(10,087)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_GainOnSaleOfIncomeProducingProperties', window );">Gain on sale of income producing properties</a></td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">735<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes', window );">Gain on land sales</a></td>
<td class="nump">1,958<span></span>
</td>
<td class="nump">40<span></span>
</td>
<td class="nump">7,861<span></span>
</td>
<td class="nump">634<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Net income (loss) from continuing operations before taxes</a></td>
<td class="num">(6,374)<span></span>
</td>
<td class="num">(3,765)<span></span>
</td>
<td class="num">(2,093)<span></span>
</td>
<td class="num">(9,453)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax benefit (expense)</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">786<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td class="nump">5,030<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Net income (loss) from continuing operations</a></td>
<td class="num">(6,358)<span></span>
</td>
<td class="num">(2,979)<span></span>
</td>
<td class="num">(1,986)<span></span>
</td>
<td class="num">(4,423)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract', window );"><strong>Discontinued operations:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax', window );">Net income (loss) from discontinued operations</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">477<span></span>
</td>
<td class="nump">306<span></span>
</td>
<td class="num">(454)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax', window );">Gain on sale of real estate from discontinued operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,826<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation', window );">Income tax benefit (expense) from discontinued operations</a></td>
<td class="num">(16)<span></span>
</td>
<td class="num">(786)<span></span>
</td>
<td class="num">(107)<span></span>
</td>
<td class="num">(5,030)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Net income (loss) from discontinued operations</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">1,461<span></span>
</td>
<td class="nump">199<span></span>
</td>
<td class="nump">9,342<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income (loss)</a></td>
<td class="num">(6,327)<span></span>
</td>
<td class="num">(1,518)<span></span>
</td>
<td class="num">(1,787)<span></span>
</td>
<td class="nump">4,919<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossAttributableToNoncontrollingInterest', window );">Net income (loss) attributable to non-controlling interest</a></td>
<td class="nump">1,164<span></span>
</td>
<td class="nump">200<span></span>
</td>
<td class="nump">1,132<span></span>
</td>
<td class="num">(1,170)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income attributable to American Realty Investors, Inc.</a></td>
<td class="num">(5,163)<span></span>
</td>
<td class="num">(1,318)<span></span>
</td>
<td class="num">(655)<span></span>
</td>
<td class="nump">3,749<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockDividendsIncomeStatementImpact', window );">Preferred dividend requirement</a></td>
<td class="num">(275)<span></span>
</td>
<td class="num">(428)<span></span>
</td>
<td class="num">(941)<span></span>
</td>
<td class="num">(1,653)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Net income applicable to common shares</a></td>
<td class="num">$ (5,438)<span></span>
</td>
<td class="num">$ (1,746)<span></span>
</td>
<td class="num">$ (1,596)<span></span>
</td>
<td class="nump">$ 2,096<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAbstract', window );"><strong>Earnings per share - basic</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare', window );">Net income (loss) from continuing operations (in dollars per share)</a></td>
<td class="num">$ (0.35)<span></span>
</td>
<td class="num">$ (0.24)<span></span>
</td>
<td class="num">$ (0.12)<span></span>
</td>
<td class="num">$ (0.59)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare', window );">Net income from discontinued operations (in dollars per share)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">0.11<span></span>
</td>
<td class="nump">0.01<span></span>
</td>
<td class="nump">0.76<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net income applicable to common shares (in dollars per share)</a></td>
<td class="num">$ (0.35)<span></span>
</td>
<td class="num">(0.13)<span></span>
</td>
<td class="num">(0.11)<span></span>
</td>
<td class="nump">0.17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDilutedAbstract', window );"><strong>Earnings per share - diluted</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare', window );">Net income (loss) from continuing operations (in dollars per share)</a></td>
<td class="num">$ (0.35)<span></span>
</td>
<td class="num">(0.24)<span></span>
</td>
<td class="num">(0.12)<span></span>
</td>
<td class="num">(0.59)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare', window );">Net income (loss) from discontinued operations (in dollars per share)</a></td>
<td class="text"> <span></span>
</td>
<td class="nump">0.11<span></span>
</td>
<td class="nump">0.01<span></span>
</td>
<td class="nump">0.76<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Net income applicable to common shares (in dollars per share)</a></td>
<td class="num">$ (0.35)<span></span>
</td>
<td class="num">$ (0.13)<span></span>
</td>
<td class="num">$ (0.11)<span></span>
</td>
<td class="nump">$ 0.17<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesIssuedBasic', window );">Weighted average common shares used in computing earnings per share (in shares)</a></td>
<td class="nump">15,514,360<span></span>
</td>
<td class="nump">13,619,647<span></span>
</td>
<td class="nump">14,975,212<span></span>
</td>
<td class="nump">12,231,146<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average common shares used in computing diluted earnings per share (in shares)</a></td>
<td class="nump">15,514,360<span></span>
</td>
<td class="nump">13,619,646<span></span>
</td>
<td class="nump">14,975,212<span></span>
</td>
<td class="nump">12,231,146<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract', window );"><strong>Amounts attributable to American Realty Investors, Inc.</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperations', window );">Net income (loss) from continuing operations</a></td>
<td class="num">$ (5,194)<span></span>
</td>
<td class="num">$ (2,779)<span></span>
</td>
<td class="num">$ (854)<span></span>
</td>
<td class="num">$ (5,593)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity', window );">Net income (loss) from discontinued operations</a></td>
<td class="nump">31<span></span>
</td>
<td class="nump">1,461<span></span>
</td>
<td class="nump">199<span></span>
</td>
<td class="nump">9,342<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income applicable to American Realty Investors, Inc.</a></td>
<td class="num">$ (5,163)<span></span>
</td>
<td class="num">$ (1,318)<span></span>
</td>
<td class="num">$ (655)<span></span>
</td>
<td class="nump">$ 3,749<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AdvisoryFeeToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of advisory fees to related parties during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AdvisoryFeeToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_GainOnSaleOfIncomeProducingProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to gain on sale of income producing properties during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_GainOnSaleOfIncomeProducingProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_LoanChargesAndPrepaymentPenalties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of loan charges and prepayment penalties for the periods presented.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_LoanChargesAndPrepaymentPenalties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NetIncomeFeeToRelatedParty1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income fee to related parties,during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NetIncomeFeeToRelatedParty1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The current period expense charged against earnings on long-lived, physical assets not used in production, and which are not intended for resale, to allocate or recognize the cost of such assets over their useful lives; or to record the reduction in book value of an intangible asset over the benefit period of such asset; or to reflect consumption during the period of an asset that is not used in production.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of gain (loss) not previously recognized resulting from the disposal of a discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 7<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32672-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18498875&amp;loc=d3e38679-109324<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DiscontinuedOperationTaxEffectOfDiscontinuedOperation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDilutedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of gain (loss) on sale of properties during the reporting period gross of the applicable income taxes realized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 974<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Income (Loss) attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of income (loss) from continuing operations attributable to the parent. Also defined as revenue less expenses and taxes from ongoing operations before extraordinary items but after deduction of those portions of income or loss from continuing operations that are allocable to noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 18<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4613673-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of operating profit and nonoperating income or expense before Income or Loss from equity method investments, income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses and taxes from ongoing operations before extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerBasicShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) from continuing operations per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerBasicShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) derived from continuing operations during the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) from a discontinued operation including the portion attributable to the noncontrolling interest. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 13<br><br><br><br> -Article 7<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of income (loss) from a discontinued operation attributable to the parent. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5C<br><br><br><br> -Subparagraph (b)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721675-107760<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721525-107759<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=SL51721523-107759<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e957-107759<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51716988&amp;loc=d3e1012-107759<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5B<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721673-107760<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per basic share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Per diluted share amount, after tax, of income (loss) from the day-to-day business activities of the discontinued operation and gain (loss) from the disposal of the discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 5<br><br><br><br> -Section E<br><br><br><br> -Paragraph Question 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 9<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income earned from interest bearing assets not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LitigationSettlementAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of judgment or settlement awarded to (against) the entity in respect of litigation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LitigationSettlementAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of income or expense from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonoperatingIncomeExpenseAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonoperatingIncomeExpenseAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<tr>
<td><strong> Period Type:</strong></td>
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</div></td></tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of preferred stock dividends that is an adjustment to net income apportioned to common stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate revenue from real estate operations during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateRevenueNet</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateRevenueNetAbstract</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Period Type:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e2646-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesIssuedBasic</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981978928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesTextBlock', window );">NOTES AND INTEREST RECEIVABLE</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
3. NOTES AND INTEREST RECEIVABLE</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
portion of our assets are invested in mortgage notes receivable, principally secured by real estate. We may originate mortgage
loans in conjunction with providing purchase money financing of property sales. Notes receivable are generally collateralized
by real estate or interests in real estate and guarantees, unless noted otherwise, are so secured. Management intends to service
and hold for investment the mortgage notes in our portfolio. A majority of the notes receivable provide for principal to be paid
at maturity. Below is a summary of our notes receivable (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
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    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturity</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Interest</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Borrower</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Collateral</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5"><font style="font: 10pt Times New Roman, Times, Serif">Performing loans:</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 47%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Foundation for Better Housing,
    Inc. (Overlook at Allensville) <sup>(1)</sup></font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 5%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/19</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/17</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Realty Advisors Management, Inc. <sup>(1)</sup></font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/16</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,387</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Cliffs
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,097</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Echo
    Station<sup>) (1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,481</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Inwood
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,059</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Kensington
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,936</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,096</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,057</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/17</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,261</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,207</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,665</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other related party notes <sup>(1)</sup></font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">503</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
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    <td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 5%"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="width: 95%"><font style="font: 10pt Times New Roman, Times, Serif">Related party note</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><sup>(2)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">An allowance was taken for estimated losses at full value of note</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Junior
Mortgage Loans</b>. We invest in junior mortgage loans, secured by mortgages that are subordinate to one or more prior liens either
on the fee or a leasehold interest in real estate. Recourse on such loans ordinarily includes the real estate on which the loan
is made, other collateral and guarantees.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">At
September 30, 2015, we had junior mortgage loans and accrued interest receivable from related parties, net of allowances, totaling
$105.6 million. We recognized interest income of $9.4 million related to these notes receivables.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has various notes receivable from Unified Housing Foundation, Inc. (&#147;UHF&#148;) and Foundation for Better Housing,
Inc. (&#147;FBH&#148;). UHF and FBH are determined to be related parties due to our reliance upon the performance of the collateral
secured under the notes receivable. Payments are due from surplus cash flow of operations of the properties. A sale or refinance
of any of the properties underlying these notes will be used to repay outstanding interest and principal for the remaining notes
for the specific borrower. These notes are cross-collateralized for the specific borrower, but to the extent cash is received
from a specific UHF or FBH property, it is applied first against any outstanding interest for the related-property note. The allowance
on the UHF notes was a purchase allowance that was netted against the notes when acquired.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for financing receivables. Examples of financing receivables include, but are not limited to, loans, trade accounts receivables, notes receivable, credit cards, and receivables relating to a lessor's right(s) to payment(s) from a lease other than an operating lease that is recognized as assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32702940&amp;loc=SL6953791-111525<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e4975-111524<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981926192">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateDisclosureTextBlock', window );">REAL ESTATE ACTIVITY</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
2. REAL ESTATE ACTIVITY</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of the real estate owned as of September 30, 2015 (dollars in thousands):</font></p>

<table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 77%"><font style="font: 10pt Times New Roman, Times, Serif">Apartments</font></td>
    <td style="width: 10%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">578,838</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Apartments under construction</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,503</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Commercial properties</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">218,447</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Land held for development</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">156,310</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate subject
    to sales contract</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,408</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">970,506</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Less accumulated
    depreciation</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(145,295</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total real estate,
    net of depreciation</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">825,211</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
highlights of our significant real estate transactions for the nine months ended September 30, 2015 are listed below:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i><u>Purchases
</u></i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2015, The Company acquired five income-producing apartment complexes from third parties in
the states of Texas (2), Tennessee (1) and Florida (2), increasing the total number of units by 761, for a combined purchase price
of $67.5 million. In addition, the Company acquired three income-producing apartment complexes from related parties in the states
of Texas (2) and Kansas (1), increasing the total number of units by 698, for a combined purchase price of $11.6 million.&#160;The
Company also purchased a commercial office building in Texas, comprised of 92,723 square feet for $16.8 million.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b><i><u>Sales</u></i></b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">For
the nine months ended September 30, 2015, The Company sold approximately 198 acres of land located in Texas to independent third
parties for a total sales price of $12 million. We recorded a total gain of $5.1 million from the sales.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
addition, one income-producing apartment complex consisting of 200 units located in Ohio was foreclosed upon. The Company recorded
a gain of $0.7 million related to the extinguishment of debt.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, The company has 110 acres of land, at various locations, that were sold to related parties in multiple
transactions. These transactions are treated as &#147;subject to sales contract&#148; on the Consolidated Balance Sheets. Due
to the related party nature of the transactions TCI has deferred the recording of the sales in accordance with ASC 360-20.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
continue to invest in the development of apartment projects. During the nine months ended September 30, 2015, we have expended
$5.1 million related to the construction or predevelopment of various apartment complexes and capitalized $0.4 million of interest
costs.</font></p><span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 360<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph c<br><br><br><br> -Subparagraph Schedule III<br><br><br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph 4<br><br><br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749982021184">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReceivablesAbstract', window );"><strong>Receivables [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of our notes receivable (dollars in thousands):&#160;</font></p>

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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Maturity</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5" style="border-bottom: black 1pt solid"><font style="font: 10pt Times New Roman, Times, Serif"><b>Borrower</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Date</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Rate</b></font></td>
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    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Amount</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Collateral</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td colspan="5"><font style="font: 10pt Times New Roman, Times, Serif">Performing loans:</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/19</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/20</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/17</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3.00</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Realty Advisors Management, Inc. <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/16</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20,387</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Cliffs
    of El Dorado) <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,097</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Echo
    Station<sup>) (1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,481</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Inwood
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,059</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Kensington
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,936</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,000</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Lakeshore
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">9,096</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Limestone
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,485</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,174</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Sendero
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Timbers
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,323</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Tivoli)
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. (Trails
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/32</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,815</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Secured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">06</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/17</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,261</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/17</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,207</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/15</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,665</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">/16</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">12.00</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">%</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,657</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">Unsecured</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,080</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other related party notes <sup>(1)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,420</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other non-related party notes</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various secured interests</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other non-related party notes</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Various</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Various unsecured interests</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td colspan="2" style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
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    <td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1px solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<table cellspacing="0" cellpadding="0" border="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="width: 5%"><font style="font: 10pt Times New Roman, Times, Serif"><sup>(1)</sup></font></td>
    <td style="width: 95%"><font style="font: 10pt Times New Roman, Times, Serif">Related party note</font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><sup>(2)</sup></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">An allowance was taken for estimated losses at full value of note</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReceivablesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3,4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981897776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">EARNINGS PER SHARE</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
10. EARNINGS PER SHARE </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Earnings
Per Share (&#147;EPS&#148;) have been computed pursuant to the provisions of ASC Topic 260, &#147;Earnings Per Share&#148;.
The computation of basic EPS is calculated by dividing net income available to common shareholders from continuing operations,
adjusted for preferred dividends, by the weighted-average number of common shares outstanding during the period. Shares issued
during the period shall be weighted for the portion of the period that they were outstanding.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, we have 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding.
These shares may be converted into common stock at 90% of the average daily closing price of the common stock for the prior 20
trading days. These are considered in the computation of diluted earnings per share if the effect of applying the if-converted
method is dilutive. Of the outstanding 2,000,614 shares of Series A 10.0% cumulative convertible preferred stock, 600,000 shares
were owned by ART Hotel Equities, Inc. and 300,000 shares were owned by ART Edina, Inc. a wholly owned subsidiary of ARL. As of
May 30, 2014, these 900,000 shares were transferred to ARL. Dividends are not paid on the shares owned by ARL subsidiaries.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prior
to July 17, 2014, Realty Advisors, Inc. (&#147;RAI&#148;), a related party, owned 2,451,435 shares of the outstanding Series
A 10.0% convertible preferred stock and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797
shares, including $6.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common
stock. This conversion resulted in the issuance of 2,502,230 new shares of ARL common stock. On April 9, 2015, RAI converted 460,638
shares, including $2.3 million in accumulated dividends unpaid for these shares, into the requisite number of shares of common
stock. This conversion resulted in the issuance of 1,486,741 new shares of ARL common stock. As of September 30, 2015, RAI owns
1,100,000 shares of the outstanding Series A 10.0% convertible preferred stock and has accrued dividends unpaid of $8.3 million.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Prior
to January 1, 2015, the Company had 1,000 shares of stock options outstanding. These options expired unexercised January 1, 2015.
The options are no longer included in the dilutive earnings per share calculation for the current period, but are considered in
the computation for the prior periods if applying the &#147;treasury stock&#148; method is dilutive.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
of September 30, 2015, the Series A convertible preferred stock and stock options were anti-dilutive and thus was not included
in the EPS calculation.</font></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749982456208">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS AND FEES</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
6. RELATED PARTY TRANSACTIONS</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties
as of September 30, 2015 (dollars in thousands):</font></p>

<table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="3" style="vertical-align: bottom; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="vertical-align: bottom; border-bottom: black 1px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pillar</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 77%; vertical-align: bottom; text-align: left; padding-left: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">Related
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    <td style="width: 1%; vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,414</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Cash
    transfers</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
    fees</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,623</font></td>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(568</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,654</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,593</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">809</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
    paid by Advisor</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,843</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,334</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Sales/purchases
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    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
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    party receivable, September 30, 2015</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,301</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-indent: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">During
the ordinary course of business, we have related party transactions that include, but are not limited to, rent income, interest
income, interest expense, general and administrative costs, commissions, management fees and property expenses. In addition, we
have assets and liabilities that include related party amounts. The related party amounts included in assets and liabilities,
and the related party revenues and expenses received/paid are shown on the face of the Consolidated Financial Statements.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph b<br><br><br><br> -Article 3A<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749907768864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsAndJointVenturesAbstract', window );"><strong>Equity Method Investments and Joint Ventures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsDisclosureTextBlock', window );">INVESTMENT IN UNCONSOLIDATED INVESTEES</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
4. INVESTMENT IN UNCONSOLIDATED INVESTEES</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in unconsolidated investees in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at
cost and adjusted for the Company&#146;s proportionate share of their undistributed earnings or losses under the equity method
of accounting.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Investments
in unconsolidated investees consist of the following:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="5" style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Percentage
    ownership as of</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
    30, 2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>September
    30, 2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 58%; text-align: left; padding-left: 0.5in; text-indent: 0px"><font style="font: 10pt Times New Roman, Times, Serif">Gruppa
    Florentina, LLC</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td>
    <td style="width: 2%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 17%; vertical-align: bottom; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">20.00%</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Gruppa
Florentina, LLC is the sole shareholder of Milano Restaurants International Corporation, (&#147;Milano&#148;) which operates
33 pizza parlors under the trade name &#147;Me-N-Ed&#146;s Pizza Parlors&#148; and four pizza parlors operating under the trade
name &#147;Blast 825 Pizza&#148;, located primarily in Central and Northern California. Milano has a 100% ownership interest
in Siena Corp, which operates two grills under the trade names &#147;Me-N-Ed&#146;s Victory Grill&#148; and &#147;Me-N-Ed&#146;s
Coney Island Grill&#148;. Milano has a 100% ownership interest in Piazza del Pane, Inc., which operates two restaurants located
in Central California. Milano also has 23 franchised locations, including two operating, under the trade name Angelo &#38; Vito&#146;s
Pizzerias.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following is a summary of the financial position and results of operations from our investees (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September
    30,</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate, net of accumulated
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    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13,435</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">11,014</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,255</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,122</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other assets</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">29,393</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">30,398</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Notes payable</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,307</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,521</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other liabilities</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,173</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,386</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Shareholders' equity</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(33,603</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(31,627</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 35<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49116238&amp;loc=d3e32847-111569<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 32<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49116238&amp;loc=d3e32787-111569<br><br><br><br></p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139750113473600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES PAYABLE<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">NOTES PAYABLE</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 8pt 0; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
5. NOTES PAYABLE</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">Below
is a summary of our notes and interest payable as of September 30, 2015 (dollars in thousands):&#160;</font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Notes
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Accrued
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 58%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Apartments</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">7,793</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">123,400</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">24,939</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">122</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">25,061</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">806,910</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,333</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">810,243</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Unamortized deferred
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,880</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(19,880</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">Total</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">787,030</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,333</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">790,363</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
segment labeled as &#147;Other&#148; consists of unsecured or stock-secured notes payable.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">With
respect to the additional notes payable due to the acquisition of properties or refinancing of existing mortgages, a summary of
some of the more significant transactions is discussed below:</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
January 28, 2015, the Company modified the existing mortgage on a 200-unit complex located in Texas, to reduce the interest rate.
The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing August 1, 2050.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
January 28, 2015, the Company modified the existing mortgage on a 240-unit complex located in Mississippi, to reduce the interest
rate. The modified note accrues interest at 3.24% and payments of interest and principal are due monthly, maturing December 1,
2051.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
April 23, 2015, the Company refinanced the existing mortgage on a 250-unit complex located in Arkansas, for a new mortgage of
$21.0 million. We paid off the existing mortgage of $15.7 million and $0.6 million in closing costs. The note accrues interest
at 2.74% and payments of interest and principal are due monthly, maturing May 1, 2050.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">On
April 29, 2015, the Company refinanced the existing mortgage on a 240-unit complex located in Texas, for a new mortgage of $15.4
million. We paid $0.7 million in closing costs. The note accrues interest at 3.28% and payments of interest and principal are
due monthly, maturing March 31, 2051.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">On
May 28, 2015, the Company secured additional financing of $120.0 million from an independent third party.&#160; At closing $84.4
million was advanced to the Company. The financing can be used for general corporate purposes, acquisition of multi-family apartment
complexes and to reduce debt. The note has a term of five years at an interest rate of 30 day Libor plus 10.75%.&#160; The note
is interest only, payable monthly, with the principal due at the end of the five years. The loan is secured by various equity
interests in certain residential apartments. The note contains customary restrictions, representations, covenants, corporate and
officer guarantees, events of default and require the Company to meet certain financial covenants. The Company believes it is
in compliance with these financial covenants at September 30, 2015.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif; background-color: white">Simultaneous
with the closing of the above financing, the Company amended its existing financing of $40.0 million from an independent third
party.&#160; The note has a term of five years at an interest rate of 12.0%.&#160; The note is interest only for the first year
with quarterly principal payments due of $0.5 million starting April 1, 2015.&#160; As of September 30, 2015, the outstanding
balance on the loan was $39.5 million. The loan is secured by various equity interests in residential apartments and can be prepaid
at a penalty rate of 4% for year 1 with the penalty declining by 1% each year thereafter. The note contains customary restrictions,
representations, covenants, corporate and officer guarantees, events of default and require the Company to meet certain financial
covenants. The Company believes it is in compliance with these financial covenants at September 30, 2015.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">There
are various land mortgages, secured by the property, that are in the process of a modification or extension to the original note
due to expiration of the loan. We are in constant contact with these lenders, working together in order to modify the terms of
these loans and we anticipate a timely resolution that is similar to the existing agreement or subsequent modification.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
conjunction with the development of various apartment projects and other developments, we drew down $1.7 million in construction
loans during the  nine months ended September 30, 2015.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
properties that we have sold to a related party and have deferred the recognition of the sale are treated as &#147;subject to
sales contract&#148; on the Consolidated Balance Sheets. These properties were sold to a related party in order to help facilitate
an appropriate debt or organizational restructure and may or may not be transferred back to the seller upon resolution.&#160;
These properties have mortgages that are secured by the property and many have corporate guarantees<font style="color: #1f497d">.&#160;
</font>According to the loan documents, the maker is currently in default on these mortgages primarily due to lack of payment
and is actively involved in discussions with every lender in order to settle or cure the default situation.&#160; We have reviewed
each asset and taken impairment to the extent we feel the value of the property was less than our current basis.</font></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981929264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
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<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingDisclosureTextBlock', window );">OPERATING SEGMENTS</a></td>
<td class="text"><p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"><b>NOTE 7. OPERATING SEGMENTS</b></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Our segments are based on our method of internal reporting which classifies our operations by property type. Our property types are grouped into commercial properties, apartments, hotels, land and other operating segments. 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 net operating income and cash flow.</p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">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.</p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">The segment labeled as &#x201C;Other&#x201D; consists of revenue and operating expenses related to the notes receivable and corporate debt.</p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif">Presented below is our reportable segments&#x2019; operating
income for the three and nine months September 30, 2015 and 2014, including segment assets and expenditures (dollars in thousands):</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">For the Three Months Ended</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">September 30, 2015</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Commercial</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Properties</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Apartments</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Hotels</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</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">&#xA0;</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">&#xA0;</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="width: 34%; text-align: left; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,107</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">19,671</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">48</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 7%; text-align: right; font: 10pt Times New Roman, Times, Serif">27,826</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,434</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,373</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(422</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(270</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(14,499</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="font: 10pt Times New Roman, Times, Serif">Depreciation</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,358</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,229</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">18</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,569</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,871</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,299</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,345</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,511</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(15,026</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Interest income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,950</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,950</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on sale of income producing properties</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">735</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">735</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on land sales</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,958</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,958</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; 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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(556</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">505</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">191</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,765</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,625</td>
<td style="padding-bottom: 2.5pt; 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="text-align: left; font: 10pt Times New Roman, Times, Serif">Capital expenditures</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,404</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(43</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,461</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,822</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">161,876</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">496,329</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">163,867</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">822,072</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Property Sales</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Sales price</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,129</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,851</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">13,980</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Cost of sale</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,394</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,854</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,248</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; text-align: left; font: 10pt Times New Roman, Times, Serif">Recognized prior deferred gain</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">961</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">961</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on sale</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">735</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,958</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,693</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">For the Three Months Ended</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">September 30, 2014</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Commercial</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Properties</p>
</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Apartments</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Hotels</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</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">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</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">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,609</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">14,704</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">13</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">19,326</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,890</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,284</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(585</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,766</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="font: 10pt Times New Roman, Times, Serif">Depreciation</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,944</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,537</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">18</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,463</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,325</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,334</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,182</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,104</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,945</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Interest income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,106</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,106</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on land sales</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">40</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; 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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,550</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(451</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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,727</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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,026</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,702</td>
<td style="padding-bottom: 2.5pt; 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="text-align: left; font: 10pt Times New Roman, Times, Serif">Capital expenditures</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">486</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">38</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,435</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,959</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">129,361</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">345,281</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,144</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">639,786</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Property Sales</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Sales price</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,582</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,269</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,851</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Cost of sale</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(812</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">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,229</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">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,041</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; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain (loss) on sale</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,770</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">40</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,810</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
</table>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0 0 8pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars in thousands):</p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p>
<table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>For the Three Months Ended</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2014</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment operating income</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,625</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,702</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">General and administrative</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,417</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,590</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(232</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">186</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,024</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,225</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Other income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(72</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,332</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated investees</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">81</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">320</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Litigation settlement</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(85</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(86</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Income tax benefit</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">16</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">786</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Net income (loss) from continuing operations</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,358</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,979</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
</table>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#xA0;</p>

<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#xA0;</p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif">The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</p>
<table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2014</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment assets</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">822,072</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">639,786</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated investees</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,152</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,137</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">115,415</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">148,207</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Other assets</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">144,472</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130,169</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Total assets</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,087,111</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">922,299</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</p>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif"></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">For the Nine Months Ended</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">September 30, 2015</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Commercial</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Properties</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Apartments</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Hotels</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</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">&#xA0;</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">&#xA0;</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="width: 40%; text-align: left; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">22,172</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">52,948</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">103</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 6%; text-align: right; font: 10pt Times New Roman, Times, Serif">75,223</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,042</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(24,243</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(936</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(246</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(37,467</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="font: 10pt Times New Roman, Times, Serif">Depreciation</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,516</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,949</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">55</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(16,410</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,129</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(15,857</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,766</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,711</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(36,463</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Interest income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">13,722</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">13,722</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on sale of producing properties</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">735</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">735</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on land sales</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,861</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">7,861</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; 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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,515</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,634</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,159</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,923</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,201</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Capital expenditures</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,539</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">438</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,749</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">161,876</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">496,329</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">163,867</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">822,072</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Property Sales</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Sales price</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,129</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">11,987</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">23,116</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Cost of sale</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,394</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,863</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(17,257</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; text-align: left; font: 10pt Times New Roman, Times, Serif">Recognized prior deferred gain</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,737</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,737</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on sale</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">735</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,861</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,596</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">For the Nine Months Ended</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">September 30, 2014</p>
</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Commercial</p>
<p style="margin-bottom: 0; margin-top: 0; font: 10pt Times New Roman, Times, Serif">Properties</p>
</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">Apartments</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Hotels</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Land</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Other</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Total</td>
<td style="padding-bottom: 1pt; text-align: left; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Rental and other property revenues</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">14,166</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">43,779</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">41</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">57,986</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Property operating expenses</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,206</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(20,284</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,175</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(30,677</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="font: 10pt Times New Roman, Times, Serif">Depreciation</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,515</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,656</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">72</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(13,099</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Mortgage and loan interest</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,469</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(15,512</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,725</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,571</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(31,277</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Interest income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,264</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">15,264</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on land sales</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">634</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">634</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; 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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(5,024</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">327</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,266</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">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,794</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,169</td>
<td style="padding-bottom: 2.5pt; 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="text-align: left; font: 10pt Times New Roman, Times, Serif">Capital expenditures</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,476</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">137</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,586</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,199</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">129,361</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">345,281</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,144</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">639,786</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif">Property Sales</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">Sales price</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">19,182</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">23,131</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,986</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;&#xA0;&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">47,299</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">Cost of sale</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(10,409</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">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(17,078</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">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,352</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">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(31,839</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; text-align: left; font: 10pt Times New Roman, Times, Serif">Gain on sale</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,773</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,053</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">634</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;&#xA0;&#xA0;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">15,460</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"></p>

<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#xA0;</p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif">The table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations:</p>
<table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>For the Nine Months Ended</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif"><b>&#xA0;</b></td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>September 30,</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2014</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment operating income (loss)</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">7,201</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">(1,169</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="text-align: left; font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">General and administrative</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,215</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,770</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Net income fee to related party</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(567</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(514</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Advisory fee to related party</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,625</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,670</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: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Other income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,040</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,738</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated investees</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">276</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">266</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Litigation settlement</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(203</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,666</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; padding-left: 24px; text-align: left; font: 10pt Times New Roman, Times, Serif">Income tax benefit</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">107</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,030</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Net income (loss) from continuing operations</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,986</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,423</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
</table>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif"></p>
<p style="margin: 0 0 8pt; font: 10pt Times New Roman, Times, Serif">The table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets:</p>
<table cellpadding="0" cellspacing="0" style="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="7" style="text-align: center; font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td colspan="3" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2014</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 68%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment assets</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">822,072</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">639,786</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated investees</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,152</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,137</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">115,415</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">148,207</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Other assets</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">144,472</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#xA0;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">130,169</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">Total assets</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,087,111</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">922,299</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#xA0;</td>
</tr>
</table>
<p style="margin: 0; font: 10pt Times New Roman, Times, Serif">&#xA0;</p><span></span>
</td>
</tr>
</table>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>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.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749982568400">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Details Narrative) - Number<br></strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MinimumMember', window );">Minimum [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="nump">20.00%<span></span>
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<td class="text">&#160;<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RangeAxis=us-gaap_MaximumMember', window );">Maximum [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="nump">50.00%<span></span>
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<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=arl_MilanoRestaurantsInternationalCorporationMember', window );">Milano Restaurants International Corporation [Member] | Angelo &amp; Vito's Pizzerias [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NumberOfFranchises', window );">Number of franchises</a></td>
<td class="nump">2<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="nump">20.00%<span></span>
</td>
<td class="nump">20.00%<span></span>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member] | Milano Restaurants International Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NumberOfFranchises', window );">Number of franchises</a></td>
<td class="nump">23<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member] | Milano Restaurants International Corporation [Member] | Blast 825 Pizza [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
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<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member] | Milano Restaurants International Corporation [Member] | Me-N-Ed's Pizza Parlor [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfStores', window );">Number of stores</a></td>
<td class="nump">33<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee2Member', window );">SienaCorp [Member] | Milano Restaurants International Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NumberOfGrills', window );">Number of grills</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee3Member', window );">Piazza del Pane, Inc. [Member] | Milano Restaurants International Corporation [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfRestaurants', window );">Number of restaurants</a></td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Percentage of ownership</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NumberOfFranchises">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of franchises.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NumberOfFranchises</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NumberOfGrills">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grill restaurants operated.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NumberOfGrills</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfRestaurants">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of restaurants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfRestaurants</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfStores">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of stores.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfStores</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=arl_MilanoRestaurantsInternationalCorporationMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=arl_MilanoRestaurantsInternationalCorporationMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=arl_TradeNames2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=arl_TradeNames2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=arl_TradeNames1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=arl_TradeNames1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TradeNamesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_TradeNamesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749975703264">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION AND BASIS OF PRESENTATION ( Policies)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_OrganizationAndBasisOfPresentationPoliciesAbstract', window );"><strong>Organization And Basis Of Presentation Policies</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NatureOfOperations', window );">Organization</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Organization</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
used herein, the terms &#147;ARL&#148;, &#147;the Company&#148;, &#147;we&#148;, &#147;our&#148; or &#147;us&#148; refer
to American Realty Investors, Inc., a Nevada corporation, which was formed in 1999.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&#147;NYSE&#148;) under
the symbol (&#147;ARL&#148;). Approximately 86.7% of ARL&#146;s stock is owned by related parties. Subsidiaries of ARL own
approximately 80.9% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&#147;TCI&#148;),
a Nevada corporation, which has its common stock listed and traded on the NYSE under the symbol (&#147;TCI&#148;). Accordingly,
TCI&#146;s financial results are consolidated with those of ARL. In 2012, May Realty Holdings, Inc. (&#147;MRHI&#148;) subsidiaries
acquired more than 80% of ARL stock and as a result, ARL is included in the MRHI consolidated group for federal income tax reporting.
We have no employees.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">TCI,
a subsidiary of ARL, owns approximately 81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&#147;IOT&#148;).&#160;&#160;
IOT&#146;s financial results are consolidated with those of TCI and its subsidiaries.&#160; Shares of IOT are traded on the New
York Stock Exchange Euronext (&#147;NYSE MKT&#148;) under the symbol (&#147;IOT&#148;).&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ARL
invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar
Income Asset Management, Inc. (&#147;Pillar&#148;) is the Company&#146;s external Advisor and Cash Manager. Although the Board
of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day
operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&#160; Pillar&#146;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.&#160; Additionally, Pillar serves
as a consultant to the Board with regard to their decisions in connection with ARL&#146;s business plan and investment policy.&#160;
Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Regis
Realty Prime, LLC (&#147;Regis&#148;) manages our commercial properties and provides brokerage services. ARL engages third-party
companies to lease and manage its apartment properties.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts', window );">Properties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties
</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
own or had interests in a total property portfolio of 55 income-producing properties as of September 30, 2015. The properties
consisted of:</font></p>

<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">10 commercial properties consisting
    of five office buildings, one industrial warehouse, three retail centers and a golf course, comprising in aggregate approximately
    2.2&#160;million rentable square feet;</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">45 apartment communities totaling 7,511
    units, excluding apartments being developed; and</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">4,000 acres of developed and undeveloped
    land.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
join with various third-party development companies to construct residential apartment communities. We are in the predevelopment
process on several residential apartment communities that have not yet begun construction. At September 30, 2015, we had two apartment
projects in development. The third-party developer typically holds a general partner as well as a majority limited partner interest
in a limited partnership formed for the purpose of building a single property, while we generally take a minority limited partner
interest in the limited partnership. We may contribute land to the partnership as part of our equity contribution or we may contribute
the necessary funds to the partnership to acquire the land. We are required to fund all necessary equity contributions while the
third-party developer is responsible for obtaining construction financing, hiring a general contractor and for the overall management,
successful completion and delivery of the project. We generally bear all the economic risks and rewards of ownership in these
partnerships and therefore include these partnerships in our Consolidated Financial Statements. The third-party developer is paid
a developer fee typically equal to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire
the third-party developer&#146;s partnership interests in exchange for any remaining unpaid developer fees.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BasisOfAccountingPolicyPolicyTextBlock', window );">Basis of Presentation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basis
of Presentation </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 (&#147;U.S. GAAP&#148;) 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 nine months
ended September 30, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for
the full fiscal year.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
year-end Consolidated Balance Sheet at December&#160;31, 2014 was derived from the audited Consolidated Financial Statements at
that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements.
For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company&#146;s Annual
Report on Form 10-K for the year ended December&#160;31, 2014. Certain 2014 Consolidated Financial Statement amounts have been
reclassified to conform to the 2015 presentation, including adjustments for discontinued operations.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principles
of Consolidation </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying Consolidated Financial Statements include the accounts of the Company, its 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 (&#147;VIE&#148;), in accordance with the provisions and guidance
of ASC Topic 810, &#147;Consolidation&#148;, 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 (&#147;EITF&#148;)
Issue 04-5, Investor&#146;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner
and the Limited Partners have Certain Rights (&#147;EITF 04-5&#148;). 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 is generally 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&#146;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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&#146; 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity
method.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstatePolicyTextBlock', window );">Real Estate, Depreciation and Impairment</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate, Depreciation and Impairment </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 its real estate assets using the methodology prescribed in ASC
Topic 360 (&#147;ASC 360&#148;), &#147;Property, Plant and Equipment&#148;. Factors considered by management in evaluating
impairment of its 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 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&#146;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.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldForDevelopmentAndSalePolicy', window );">Real Estate Held For Sale</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate Held For Sale </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
periodically classify real estate assets as &#147;held for sale&#148;. 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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. Subsequent to January 1, 2015, Accounting Standards Update
2014-08, &#147;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#148; (&#147;ASU 2014-08&#148;)
substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Adoption
of this standard will result in substantially fewer of the Company&#146;s dispositions meeting the discontinued operations criteria.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizationOfInternalCostsPolicy', window );">Cost Capitalization</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost
Capitalization </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Costs
related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated
Balance Sheets.&#160; We capitalize interest to qualifying assets under development based on average accumulated expenditures
outstanding during the period.&#160; 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.&#160; 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
Value Measurement </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
apply the guidance in ASC Topic 820, &#147;Fair Value Measurements and Disclosures&#148;, 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&#146;s own data.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 0.75in; vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level&#160;1&#160;&#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="font: 10pt Times New Roman, Times, Serif">Unadjusted
    quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td></tr>
<tr>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level
    2 &#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="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.</font></td></tr>
<tr>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level
    3 &#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable
    inputs that are significant to the fair value measurement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
financial instrument&#146;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredChargesPolicyTextBlock', window );">Deferred Costs</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deferred
Costs</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Costs
relating to the financing of properties are deferred and amortized over the life of the related financing agreement.&#160; Amortization
is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40
years.&#160; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&#160;</font></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RelatedPartiesPolicyTextBlock', window );">Related Parties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Related
Parties</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
apply ASC Topic 805, &#147;Business Combinations&#148;, 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.</font></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Newly Issued Accounting Standards</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Newly
Issued Accounting Standards </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
April 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued ASU 2014-08,&#160;&#148;Reporting Discontinued
Operations and Disclosures of Disposals of Components of an Entity&#148;, which changes the criteria for determining which disposals
qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.</font></p><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of policies regarding related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalizationOfInternalCostsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for capitalizing internal costs associated with exploration and production activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 815<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015289&amp;loc=d3e417888-122833<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 932<br><br><br><br> -SubTopic 360<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015634&amp;loc=d3e516343-122869<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 10<br><br><br><br> -Paragraph c<br><br><br><br> -Subparagraph 2<br><br><br><br> -Article 4<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalizationOfInternalCostsPolicy</td>
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<tr>
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<td>us-gaap_</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ConsolidationPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.3A-02)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph k<br><br><br><br> -Article 1<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02, 03<br><br><br><br> -Article 3A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ConsolidationPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredChargesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for deferral and amortization of significant deferred charges.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredChargesPolicyTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueMeasurementPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueMeasurementPolicyPolicyTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NatureOfOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6003-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=SL51803626-108592<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NatureOfOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the preproduction design and development costs it incurs related to long-term supply arrangements, including whether such costs are capitalized or expensed as incurred. The entity also may disclose the aggregate amount of (1) assets recognized for agreements that contractually reimburse the entity for its pre-production design and development costs (2) assets recognized for molds, dies and other tools that the entity owns and (3) assets recognized for molds, dies and other tools that the entity does not own.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011391&amp;loc=d3e105117-122735<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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</tr>
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<td><strong> Balance Type:</strong></td>
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</tr>
<tr>
<td><strong> Period Type:</strong></td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldForDevelopmentAndSalePolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for real estate held for development or sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 360<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6496927&amp;loc=d3e30448-110314<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateHeldForDevelopmentAndSalePolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstatePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for entities that primarily develop and then sell real property at retail or otherwise.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659183&amp;loc=d3e24546-110282<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450852&amp;loc=d3e24871-108386<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstatePolicyTextBlock</td>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139750115348176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Schedule of Related Party Transactions</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
following table reconciles the beginning and ending balances of accounts receivable from and (accounts payable) to related parties
as of September 30, 2015 (dollars in thousands):</font>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="width: 50%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="3" style="vertical-align: bottom; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3" style="vertical-align: bottom; border-bottom: black 1px solid; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Pillar</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 1%; vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 77%; vertical-align: bottom; text-align: left; padding-left: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">Related
    party receivable, December 31, 2014</font></td>
    <td style="width: 1%; vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 18%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">21,414</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Cash
    transfers</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">56,610</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Advisory
    fees</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,623</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Net
    income fee</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(568</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Fees
    and commissions</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,654</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Cost
    reimbursements</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,593</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Interest
    income</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">809</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Expenses
    paid by Advisor</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(8,843</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Financing
    (mortgage payments)</font></td>
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,334</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 1in"><font style="font: 10pt Times New Roman, Times, Serif">Sales/purchases
    transactions</font></td>
    <td style="vertical-align: bottom; padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,917</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="vertical-align: bottom; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: bottom; text-align: left; padding-left: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">Related
    party receivable, September 30, 2015</font></td>
    <td style="vertical-align: bottom; padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,301</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749973999408">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>OPERATING SEGMENTS (Details 2) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Segment assets</a></td>
<td class="nump">$ 825,211<span></span>
</td>
<td class="nump">$ 699,763<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in unconsolidated investees</a></td>
<td class="nump">5,152<span></span>
</td>
<td class="nump">4,279<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="nump">43,829<span></span>
</td>
<td class="nump">44,111<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">1,087,111<span></span>
</td>
<td class="nump">965,498<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementBusinessSegmentsAxis=arl_SegmentsMember', window );">Total Segments [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateInvestmentPropertyNet', window );">Segment assets</a></td>
<td class="nump">822,072<span></span>
</td>
<td class="nump">639,786<span></span>
</td>
<td class="nump">$ 639,786<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in unconsolidated investees</a></td>
<td class="nump">5,152<span></span>
</td>
<td class="nump">4,137<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsAndNotesReceivableNet', window );">Notes and interest receivable</a></td>
<td class="nump">115,415<span></span>
</td>
<td class="nump">148,207<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherAssets', window );">Other assets</a></td>
<td class="nump">144,472<span></span>
</td>
<td class="nump">130,169<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">$ 1,087,111<span></span>
</td>
<td class="nump">$ 922,299<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsAndNotesReceivableNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date, net of allowance for doubtful accounts, of account and note receivables due from other than related parties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsAndNotesReceivableNet</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>debit</td>
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<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total investments in (A) an entity in which the entity has significant influence, but does not have control, (B) subsidiaries that are not required to be consolidated and are accounted for using the equity and or cost method, and (C) an entity in which the reporting entity shares control of the entity with another party or group. Includes long-term advances receivable from a party that is affiliated with the reporting entity by means of direct or indirect ownership.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate carrying amounts, as of the balance sheet date, of assets not separately disclosed in the balance sheet.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateInvestmentPropertyNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementBusinessSegmentsAxis=arl_SegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementBusinessSegmentsAxis=arl_SegmentsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981857152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (Parenthetical) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">$ 27,826<span></span>
</td>
<td class="nump">$ 19,326<span></span>
</td>
<td class="nump">$ 75,223<span></span>
</td>
<td class="nump">$ 57,986<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="nump">14,499<span></span>
</td>
<td class="nump">10,766<span></span>
</td>
<td class="nump">37,467<span></span>
</td>
<td class="nump">30,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">1,417<span></span>
</td>
<td class="nump">1,590<span></span>
</td>
<td class="nump">5,215<span></span>
</td>
<td class="nump">6,770<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Mortgage and loan interest</a></td>
<td class="num">(13,481)<span></span>
</td>
<td class="num">(9,901)<span></span>
</td>
<td class="num">(34,203)<span></span>
</td>
<td class="num">(28,651)<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=arl_RelatedPartyMember', window );">Related Party [Member]</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">211<span></span>
</td>
<td class="nump">175<span></span>
</td>
<td class="nump">591<span></span>
</td>
<td class="nump">526<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="nump">202<span></span>
</td>
<td class="nump">172<span></span>
</td>
<td class="nump">551<span></span>
</td>
<td class="nump">511<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">634<span></span>
</td>
<td class="nump">926<span></span>
</td>
<td class="nump">2,554<span></span>
</td>
<td class="nump">2,686<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
<td class="nump">3,886<span></span>
</td>
<td class="nump">4,699<span></span>
</td>
<td class="nump">13,190<span></span>
</td>
<td class="nump">14,692<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpenseDebt', window );">Mortgage and loan interest</a></td>
<td class="nump">$ 982<span></span>
</td>
<td class="nump">$ 978<span></span>
</td>
<td class="nump">$ 2,797<span></span>
</td>
<td class="nump">$ 2,709<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expense incurred and directly related to generating revenue from leased and rented property or equipment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpenseDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense for debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpenseDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p></div>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749972136752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>ORGANIZATION AND BASIS OF PRESENTATION<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock', window );">ORGANIZATION AND BASIS OF PRESENTATION</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
1. ORGANIZATION AND BASIS OF PRESENTATION </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Organization</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">As
used herein, the terms &#147;ARL&#148;, &#147;the Company&#148;, &#147;we&#148;, &#147;our&#148; or &#147;us&#148; refer to American
Realty Investors, Inc., a Nevada corporation, which was formed in 1999.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company is headquartered in Dallas, Texas and its common stock trades on the New York Stock Exchange (&#147;NYSE&#148;) under
the symbol (&#147;ARL&#148;). Approximately 86.7% of ARL&#146;s stock is owned by related parties. Subsidiaries of ARL own approximately
80.9% of the outstanding shares of common stock of Transcontinental Realty Investors, Inc. (&#147;TCI&#148;), a Nevada corporation,
which has its common stock listed and traded on the NYSE under the symbol (&#147;TCI&#148;). Accordingly, TCI&#146;s financial
results are consolidated with those of ARL. In 2012, May Realty Holdings, Inc. (&#147;MRHI&#148;) subsidiaries acquired more than
80% of ARL stock and as a result, ARL is included in the MRHI consolidated group for federal income tax reporting. We have no
employees.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">TCI,
a subsidiary of ARL, owns approximately 81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&#147;IOT&#148;).&#160;&#160;
IOT&#146;s financial results are consolidated with those of TCI and its subsidiaries.&#160; Shares of IOT are traded on the New
York Stock Exchange Euronext (&#147;NYSE MKT&#148;) under the symbol (&#147;IOT&#148;).&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">ARL
invests in real estate through direct ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar
Income Asset Management, Inc. (&#147;Pillar&#148;) is the Company&#146;s external Advisor and Cash Manager. Although the Board
of Directors is directly responsible for managing the affairs of ARL, and for setting the policies which guide it, the day-to-day
operations of ARL are performed by Pillar, as the contractual Advisor, under the supervision of the Board.&#160; Pillar&#146;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.&#160; Additionally, Pillar serves
as a consultant to the Board with regard to their decisions in connection with ARL&#146;s business plan and investment policy.&#160;
Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Regis
Realty Prime, LLC (&#147;Regis&#148;) manages our commercial properties and provides brokerage services. ARL engages third-party
companies to lease and manage its apartment properties.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties
</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
own or had interests in a total property portfolio of 55 income-producing properties as of September 30, 2015. The properties
consisted of:</font></p>

<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">10 commercial properties consisting
    of five office buildings, one industrial warehouse, three retail centers and a golf course, comprising in aggregate approximately
    2.2&#160;million rentable square feet;</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">45 apartment communities totaling 7,511
    units, excluding apartments being developed; and</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="margin-bottom: 8pt; width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0px">
<tr style="vertical-align: top">
    <td style="width: 24.45pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 24.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#149;</font></td>
    <td style="text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">4,000 acres of developed and undeveloped
    land.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
join with various third-party development companies to construct residential apartment communities. We are in the predevelopment
process on several residential apartment communities that have not yet begun construction. At September 30, 2015, we had two apartment
projects in development. The third-party developer typically holds a general partner as well as a majority limited partner interest
in a limited partnership formed for the purpose of building a single property, while we generally take a minority limited partner
interest in the limited partnership. We may contribute land to the partnership as part of our equity contribution or we may contribute
the necessary funds to the partnership to acquire the land. We are required to fund all necessary equity contributions while the
third-party developer is responsible for obtaining construction financing, hiring a general contractor and for the overall management,
successful completion and delivery of the project. We generally bear all the economic risks and rewards of ownership in these
partnerships and therefore include these partnerships in our Consolidated Financial Statements. The third-party developer is paid
a developer fee typically equal to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire
the third-party developer&#146;s partnership interests in exchange for any remaining unpaid developer fees.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Basis
of Presentation </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 (&#147;U.S. GAAP&#148;) 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 nine months
ended September 30, 2015, are not necessarily indicative of the results that may be expected for other interim periods or for
the full fiscal year.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
year-end Consolidated Balance Sheet at December&#160;31, 2014 was derived from the audited Consolidated Financial Statements at
that date, but does not include all of the information and disclosures required by U.S. GAAP for complete financial statements.
For further information, refer to the Consolidated Financial Statements and notes thereto included in the Company&#146;s Annual
Report on Form 10-K for the year ended December&#160;31, 2014. Certain 2014 Consolidated Financial Statement amounts have been
reclassified to conform to the 2015 presentation, including adjustments for discontinued operations.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Principles
of Consolidation </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
accompanying Consolidated Financial Statements include the accounts of the Company, its 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 (&#147;VIE&#148;), in accordance with the provisions and guidance
of ASC Topic 810, &#147;Consolidation&#148;, 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 (&#147;EITF&#148;)
Issue 04-5, Investor&#146;s Accounting for an Investment in a Limited Partnership when the Investor is the Sole General Partner
and the Limited Partners have Certain Rights (&#147;EITF 04-5&#148;). 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 is generally 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&#146;s financial results. All significant intercompany balances and transactions have been eliminated in consolidation.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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&#146; 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 is included in consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity
method.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate, Depreciation and Impairment </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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 its real estate assets using the methodology prescribed in ASC
Topic 360 (&#147;ASC 360&#148;), &#147;Property, Plant and Equipment&#148;. Factors considered by management in evaluating impairment
of its 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 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&#146;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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Real
Estate Held For Sale </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
periodically classify real estate assets as &#147;held for sale&#148;. 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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. Subsequent to January 1, 2015, Accounting Standards Update
2014-08, &#147;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#148; (&#147;ASU 2014-08&#148;)
substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. Adoption
of this standard will result in substantially fewer of the Company&#146;s dispositions meeting the discontinued operations criteria.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Cost
Capitalization </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Costs
related to planning, developing, leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated
Balance Sheets.&#160; We capitalize interest to qualifying assets under development based on average accumulated expenditures
outstanding during the period.&#160; 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.&#160; 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Fair
Value Measurement </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
apply the guidance in ASC Topic 820, &#147;Fair Value Measurements and Disclosures&#148;, 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&#146;s own data.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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:</font></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr>
    <td style="width: 0.5in"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 0.75in; vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level&#160;1&#160;&#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="font: 10pt Times New Roman, Times, Serif">Unadjusted
    quoted prices for identical and unrestricted assets or liabilities in active markets.</font></td></tr>
<tr>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level
    2 &#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="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.</font></td></tr>
<tr>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="vertical-align: top; padding-bottom: 8pt; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">Level
    3 &#150;</font></td>
    <td style="vertical-align: bottom; padding-bottom: 8pt; padding-left: 5.85pt"><font style="font: 10pt Times New Roman, Times, Serif">Unobservable
    inputs that are significant to the fair value measurement.</font></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">A
financial instrument&#146;s categorization within the valuation hierarchy is based upon the lowest level of input that is significant
to the fair value measurement.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Deferred
Costs</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Costs
relating to the financing of properties are deferred and amortized over the life of the related financing agreement.&#160; Amortization
is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40
years.&#160; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"><b>Related
Parties</b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">We
apply ASC Topic 805, &#147;Business Combinations&#148;, 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.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>Newly
Issued Accounting Standards </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
April 2014, the Financial Accounting Standards Board (&#147;FASB&#148;) issued ASU 2014-08,&#160;&#148;Reporting Discontinued
Operations and Disclosures of Disposals of Components of an Entity&#148;, which changes the criteria for determining which disposals
qualify to be accounted for as discontinued operations and modifies related reporting and disclosure requirements.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">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&#146;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 are applied retroactively for all periods
presented. The new standard was effective January 1, 2015. We adopted ASU 2014-08 as of January 1, 2015 and believe future sales
of our individual operating properties will no longer qualify as discontinued operations. Adoption of this standard has resulted
in substantially fewer of the Company&#146;s dispositions meeting the discontinued operations criteria. See Note 8 below.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
May 2014, Accounting Standards Update (&#147;ASU&#148;) No. 2014-09 (&#147;ASU 2014-09&#148;), &#147;Revenue from Contracts with
Customers,&#148; was issued. This new guidance established a new single comprehensive revenue recognition model and provides for
enhanced disclosures. Under the new policy, the nature, timing and amount of revenue recognized for certain transactions could
differ from those recognized under existing accounting guidance. This new standard 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 the adoption of this guidance has on its financial position and results of operations, if any.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">In
April 2015, the FASB issued ASU 2015-03,&#160;&#148;Simplifying the Presentation of Debt Issuance Costs&#148;&#160;(&#147;ASU
2015-03&#148;).&#160;&#160;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 has adopted this
standard effective June 30, 2015. The accompanying financials have been reclassified to reflect the adoption.</font></p><span></span>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749972415104">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS (Table)<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
</tr>
<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
<tr class="re">
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<tr class="ro">
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">Presented
below is our reportable segments&#146; operating income for the three and nine months September 30, 2015 and 2014, including segment
assets and expenditures (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="2" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,609</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,704</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">13</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">19,326</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,890</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,284</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(585</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,766</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,537</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(4,463</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,325</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,334</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,182</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,104</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(10,945</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,106</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,106</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">40</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,702</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">486</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">38</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,435</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,959</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Real estate assets</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">129,361</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">345,281</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">165,144</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 100%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="3"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom">
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    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Total</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">22,172</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">52,948</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">103</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 6%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">75,223</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(12,042</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(24,243</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(936</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(246</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(37,467</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,516</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,949</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">55</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(16,410</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(5,129</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(15,857</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">2,737</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">735</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
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    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">8,596</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="2" style="vertical-align: bottom; text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>Commercial</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>For
    the Nine Months Ended September 30, 2014</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="2" style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Properties</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: right; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Apartments</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Hotels</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="vertical-align: bottom; border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>Other</b></font></td>
    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="border-bottom: black 1pt solid; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td style="padding-bottom: 1pt; text-align: left; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">14,166</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">43,779</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">41</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">57,986</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(9,206</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
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    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#151;&#160;&#160;</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>


<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock', window );">Schedule of Segment information to Consolidated Statements of Operations</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Statements of Operations (dollars
in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td colspan="7" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>For the Three Months
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<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Segment operating income</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,625</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,702</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Other non-segment items of income (expense)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,417</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(1,590</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left; padding-left: 24px"><font style="font: 10pt Times New Roman, Times, Serif">Net income fee to
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(232</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">186</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    party</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(3,024</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(2,225</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(72</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,332</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    investees</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">81</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">320</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(85</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(86</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">)</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt; text-align: left; padding-left: 24px"><font style="font: 10pt Times New Roman, Times, Serif">Income
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>

<p style="margin-top: 0; margin-bottom: 0"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<tr style="vertical-align: bottom; background-color: white">
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    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,770</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(567</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(514</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(7,625</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(6,670</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">276</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">266</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">(203</font></td>
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    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">3,666</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr style="vertical-align: bottom; background-color: white">
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    from continuing operations</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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</table>


<p style="margin-top: 0; margin-bottom: 0"></p><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock', window );">Schedule of Segment information to Consolidated Balance Sheets</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif">The
table below reconciles the segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"></font></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="7" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Segment assets</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">822,072</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="width: 11%; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">639,786</font></td>
    <td style="width: 1%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Investments in unconsolidated investees</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">5,152</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">4,137</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Notes and interest receivable</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">115,415</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">148,207</font></td>
    <td style="text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
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    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">144,472</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 1pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 1pt solid; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">130,169</font></td>
    <td style="padding-bottom: 1pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Total assets</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">1,087,111</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="padding-bottom: 2.5pt"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">$</font></td>
    <td style="border-bottom: black 2.5pt double; text-align: right"><font style="font: 10pt Times New Roman, Times, Serif">922,299</font></td>
    <td style="padding-bottom: 2.5pt; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td></tr>
</table>

<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

<p style="margin-top: 0; margin-bottom: 0"></p>

<table cellspacing="0" cellpadding="0" style="width: 75%; border-collapse: collapse; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="7" style="text-align: center"><font style="font: 10pt Times New Roman, Times, Serif"><b>As of September 30,</b></font></td></tr>
<tr style="vertical-align: bottom">
    <td><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2015</b></font></td>
    <td style="padding-bottom: 1pt; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>&#160;</b></font></td>
    <td colspan="3" style="border-bottom: black 1pt solid; text-align: center; font-weight: bold"><font style="font: 10pt Times New Roman, Times, Serif"><b>2014</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 72%; text-align: left"><font style="font: 10pt Times New Roman, Times, Serif">Segment assets</font></td>
    <td style="width: 1%"><font style="font: 10pt Times New Roman, Times, Serif">&#160;</font></td>
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<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">9 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
<th class="th"><div>Sep. 30, 2015</div></th>
<th class="th"><div>Sep. 30, 2014</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Related party receivable, December 31, 2014</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 21,414<span></span>
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<td class="text">&#160;<span></span>
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<td class="num">$ (3,024)<span></span>
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<td class="num">$ (2,225)<span></span>
</td>
<td class="num">(7,625)<span></span>
</td>
<td class="num">$ (6,670)<span></span>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NetIncomeFeeToRelatedParty1', window );">Net income fee</a></td>
<td class="num">(232)<span></span>
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<td class="nump">$ 186<span></span>
</td>
<td class="num">(567)<span></span>
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<td class="num">$ (514)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Related party receivable, September 30, 2015</a></td>
<td class="nump">43,301<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">43,301<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_AffiliatedEntityMember', window );">Pillar Income Asset Management, Inc [Member]</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Related party receivable, December 31, 2014</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">21,414<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt', window );">Cash transfers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">56,610<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_AdvisoryFeeToRelatedParty', window );">Advisory fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,623)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_NetIncomeFeeToRelatedParty1', window );">Net income fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(568)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesCommissionsAndFees', window );">Fees and commissions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,654)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_DueFromRelatedCostReimbursements', window );">Cost reimbursements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,593)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeRelatedParty', window );">Interest income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">809<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty', window );">Expenses paid by Advisor</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,843)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RelatedPartyFinancingMortgagePayments', window );">Financing (mortgage payments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(10,334)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_RelatedPartySalesPurchasesTransactions', window );">Sales/purchases transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1,917)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DueFromRelatedParties', window );">Related party receivable, September 30, 2015</a></td>
<td class="nump">$ 43,301<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 43,301<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AdvisoryFeeToRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of advisory fees to related parties during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_AdvisoryFeeToRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DueFromRelatedCostReimbursements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to due from related party payment for cost of reimbursements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_DueFromRelatedCostReimbursements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NetIncomeFeeToRelatedParty1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income fee to related parties,during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_NetIncomeFeeToRelatedParty1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RelatedPartyFinancingMortgagePayments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Refers to due from related party payment for financing mortgage payments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RelatedPartyFinancingMortgagePayments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_RelatedPartySalesPurchasesTransactions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sales/purchases during the period with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">arl_RelatedPartySalesPurchasesTransactions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>arl_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DueFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For an unclassified balance sheet, amounts due from related parties including affiliates, employees, joint ventures, officers and stockholders, immediate families thereof, and pension funds.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DueFromRelatedParties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of interest income earned from interest-bearing assets owed to the entity by related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from long-term debt by a related party. Related parties, include, but are not limited to, affiliates, owners or officers and their immediate families, and pension trusts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Expenses recognized resulting from transactions (excluding transactions that are eliminated in consolidated or combined financial statements) with related party.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesCommissionsAndFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Primarily represents commissions incurred in the period based upon the sale by commissioned employees or third parties of the entity's goods or services, and fees for sales assistance or product enhancements performed by third parties (such as a distributor or value added reseller).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesCommissionsAndFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_AffiliatedEntityMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_AffiliatedEntityMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.3.0.814</span><table class="report" border="0" cellspacing="2" id="idm139749981990000">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">9 Months Ended</th>
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<tr><th class="th"><div>Sep. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">SUBSEQUENT EVENTS</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt"><font style="font: 10pt Times New Roman, Times, Serif"><b>NOTE
11. SUBSEQUENT EVENTS </b></font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
date to which events occurring after September 30, 2015, the date of the most recent balance sheet, have been evaluated for possible
adjustment to the Consolidated Financial Statements or disclosure is November 13, 2015, which is the date on which the Consolidated
Financial Statements were available to be issued.</font></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 8pt; text-align: justify"><font style="font: 10pt Times New Roman, Times, Serif">The
Company has determined that there are no subsequent events to be reported.</font></p><span></span>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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