<SEC-DOCUMENT>0001387131-16-006600.txt : 20160815
<SEC-HEADER>0001387131-16-006600.hdr.sgml : 20160815
<ACCEPTANCE-DATETIME>20160815163854
ACCESSION NUMBER:		0001387131-16-006600
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		60
CONFORMED PERIOD OF REPORT:	20160630
FILED AS OF DATE:		20160815
DATE AS OF CHANGE:		20160815

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:		161833353

	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_063016.htm
<DESCRIPTION>QUARTERLY REPORT
<TEXT>
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<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-size: 14pt;">UNITED STATES</font></p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-size: 14pt;">SECURITIES AND EXCHANGE COMMISSION&nbsp;</font></p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-size: 12pt;">WASHINGTON, D.C. 20549</font></p>
<hr align="CENTER" style="color: black; margin-bottom: 3pt; margin-top: 3pt; width: 25%;" noshade="noshade" size="1">
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-size: 18pt;"><b>FORM 10-Q </b></font></p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<hr align="CENTER" style="color: black; margin-bottom: 3pt; margin-top: 3pt; width: 25%;" noshade="noshade" size="1">
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<td style="width: 30.6pt;"><b>&#x2612;</b></td>
<td><font style="font-size: 12pt;"><b>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </b></font></td>
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<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">For the quarterly period ended June 30, 2016</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">or</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
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<td style="width: 30.6pt;">&#x2610;</td>
<td><font style="font-size: 12pt;">TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</font></td>
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<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">For the transition period from ______ to ______</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">Commission File Number 001-15663</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<hr align="CENTER" style="color: black; margin-bottom: 3pt; margin-top: 3pt; width: 25%;" noshade="noshade" size="1">
<p style="margin: 0pt 0; text-align: center; font: 18pt Times New Roman, Times, Serif;"><font style="font-size: 24pt;"><b>AMERICAN REALTY INVESTORS, INC.</b></font></p>
<p style="margin: 0pt 0; text-align: center; font: 18pt Times New Roman, Times, Serif;"><font style="font-size: 10pt;"><b>(Exact Name of Registrant as Specified in Its Charter)</b></font></p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<hr align="CENTER" style="color: black; margin-bottom: 3pt; margin-top: 3pt; width: 25%;" noshade="noshade" size="1">
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<td style="width: 50%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 50%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
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<tr style="vertical-align: top;">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">Nevada</td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif;">75-2847135</td>
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<tr style="vertical-align: top;">
<td>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(State or Other Jurisdiction of&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">Incorporation or Organization)&nbsp;</p>
</td>
<td>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(I.R.S. Employer&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">Identification No.)&nbsp;</p>
</td>
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<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">1603 Lyndon B. Johnson Freeway, Suite 800, Dallas, Texas 75234&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Address of principal executive offices)&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Zip Code)</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(469) 522-4200</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">(Registrant&#x2019;s telephone number, including area code)</p>
<p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<hr align="CENTER" style="color: black; margin-bottom: 3pt; margin-top: 3pt; width: 25%;" noshade="noshade" size="1">
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;">Indicate by check mark whether the registrant (1)&nbsp;has filed all reports required to be filed by Section&nbsp;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)&nbsp;has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;&#x2612;Yes&nbsp;&nbsp;&nbsp;&nbsp; &#x2610;No</p>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt 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)&nbsp;&nbsp;&nbsp;&nbsp;&#x2612;Yes&nbsp;&nbsp;&nbsp;&nbsp; &#x2610;No.</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt 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:</p>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p>
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<td style="width: 76%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 22%;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2">Large&nbsp;accelerated&nbsp;filer &#x2610;</td>
<td style="vertical-align: bottom;">Accelerated&nbsp;filer</td>
<td style="vertical-align: bottom;">&#x2610;</td>
</tr>
<tr>
<td colspan="2">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2">Non-accelerated&nbsp;filer &nbsp;&nbsp;&#x2610; &nbsp;(Do not check if a smaller reporting company)</td>
<td style="vertical-align: bottom;">Smaller&nbsp;reporting&nbsp;company</td>
<td style="vertical-align: bottom;">&#x2612;</td>
</tr>
</table>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt 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).&nbsp;&nbsp;&nbsp;&nbsp;&#x2610;Yes&nbsp;&nbsp;&nbsp;&nbsp; &#x2612;No.</p>
<p style="margin: 0pt 0; text-indent: 24.5pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt 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.</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 50%;">&nbsp;</td>
<td style="width: 50%;">&nbsp;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: center;">Common Stock, $.01 par value</td>
<td style="text-align: center;">15,514,360</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: center;">(Class)</td>
<td style="text-align: center;">(Outstanding at August 5, 2016)</td>
</tr>
</table>
<p style="margin-bottom: 0; margin-top: 0;">&nbsp;</p>
<div align="LEFT" style="margin-bottom: 12pt; margin-top: 3pt;">
<div style="border-bottom: Black 4pt solid; border-top: Black 1pt solid; width: 100%; font-size: 1pt;">&nbsp;</div>
</div>
<div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<p style="margin: 0pt;">&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin-bottom: 0; margin-top: 0;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>FORM 10-Q</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>TABLE OF CONTENTS</b></p><table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 8%;">&nbsp;</td>
<td style="width: 84%;">&nbsp;</td>
<td style="width: 8%; text-align: right;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.1in;">&nbsp;</td>
<td style="padding-left: 0.1in;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-left: 0.1in; text-align: right;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>PAGE</b>&nbsp;</p>
</td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2"><b><a href="#arl10qa001">PART&nbsp;I. FINANCIAL INFORMATION</a></b></td>
<td style="padding-left: 0.1in; vertical-align: bottom; text-align: right;">&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa002">Item&nbsp;1.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa002">Financial Statements</a></td>
<td style="padding-left: 0.1in; vertical-align: bottom; text-align: right;">&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa003">Consolidated Balance Sheets at June 30, 2016 (unaudited) and December 31, 2015</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>3</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa004">Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015 (unaudited)</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>4</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa005">Consolidated Statement of Shareholders&#x2019; Equity for the six months ended June 30, 2016 (unaudited)</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>5</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa006">Consolidated Statements of Comprehensive Income for the six months ended June 30, 2016 and &nbsp;2015 (unaudited)</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>6</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa007">Consolidated Statements of Cash Flows for the six months ended June 30, 2016 and 2015 (unaudited)</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>7</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="vertical-align: bottom;"><a href="#arl10qa008">Notes to Consolidated Financial Statements</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>8</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa009">Item&nbsp;2.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa009">Management&#x2019;s Discussion and Analysis of Financial Condition and Results of Operations</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>23</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa010">Item&nbsp;3.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa010">Quantitative and Qualitative Disclosures About Market Risks</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>31</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa011">Item&nbsp;4.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa011">Controls and Procedures</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>31</td>
</tr>
<tr>
<td colspan="2">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;" colspan="2"><b><a href="#arl10qa012">PART&nbsp;II. OTHER INFORMATION</a> </b></td>
<td style="padding-left: 0.1in; vertical-align: bottom; text-align: right;">&nbsp;</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa013">Item&nbsp;5.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa013">Unregistered Sales of Equity Securities and Use of Proceeds</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>32</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;"><a href="#arl10qa014">Item&nbsp;6.</a></td>
<td style="vertical-align: bottom;"><a href="#arl10qa014">Exhibits</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>33</td>
</tr>
<tr>
<td colspan="2">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 12pt; vertical-align: top; text-indent: -12pt;" colspan="2"><a href="#arl10qa015">SIGNATURES</a></td>
<td style="padding-bottom: 0.75pt; vertical-align: bottom; text-align: right;" nowrap>34</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">2&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa001"></a>PART I. FINANCIAL INFORMATION</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa002"></a>ITEM&nbsp;1. FINANCIAL STATEMENTS </b></p><p style="margin: 0pt 0 0pt 2in; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa003"></a>AMERICAN REALTY INVESTORS, INC.&nbsp;</b></p><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>CONSOLIDATED BALANCE SHEETS</b></p><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">June 30,<br> 2016</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">December 31,<br> 2015</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">(unaudited)</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="6">(dollars in thousands, except share and <br> par value amounts)</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">Assets</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: #cceeff; vertical-align: bottom;">
<td style="width: 70%; text-align: left;">Real estate, at cost</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">1,012,240</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">954,390</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Real estate subject to sales contracts at cost, net of depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">49,155</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">49,155</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Less accumulated depreciation</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(159,991</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(150,038</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Total real estate</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">901,404</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">853,507</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Notes and interest receivable</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="padding-left: 0.125in; text-align: left;">Performing (including $128,548 in 2016 and $125,915 in 2015 from related parties)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">140,891</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">137,280</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Less allowance for doubtful accounts (including $15,537 in 2016 and 2015 from related parties)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(17,037</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(17,037</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Total notes and interest receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">123,854</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">120,243</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Cash and cash equivalents</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">19,152</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">15,232</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Restricted cash</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">30,188</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">45,711</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Investments in unconsolidated subsidiaries and investees</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,868</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">8,365</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Receivable from related party</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,385</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">28,147</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Other assets</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">44,824</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">46,163</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0.25in; text-align: left;">Total assets</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">1,131,675</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">1,117,368</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">Liabilities and Shareholders&#x2019; Equity</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Liabilities:</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Notes and interest payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">820,921</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">797,962</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Notes related to subject to sales contracts</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">376</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">376</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Notes related to assets subject to sales contract</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,072</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,422</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Deferred revenue (including $70,915 in 2016 and $70,892 in 2015 from sales to related parties)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">91,360</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">91,336</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Accounts payable and other liabilities (including $10,112 in 2016 and $10,013 in 2015 to related parties)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">36,989</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">44,383</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">955,718</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">940,479</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&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: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Shareholders&#x2019; equity:</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: #cceeff; vertical-align: bottom;">
<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>
<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="padding-left: 0.125in; text-align: left;">Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued and outstanding 2,000,614 shares in 2016 and 2015 (liquidation preference $10 per share), including 900,000 shares in 2016 and 2015 held by ARL or subsidiaries.</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,205</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,205</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Common stock, $0.01 par value, authorized 100,000,000 shares; issued 15,930,145 and 14,443,404 shares; outstanding 15,514,360 and 14,027,619 shares in 2016 and 2015, respectively; including 140,000 shares held by TCI (consolidated) in 2016 and 2015.</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">156</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">156</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Treasury stock at cost; 415,785 shares in 2016 and 2015, and 140,000 shares held by TCI (consolidated) as of 2016 and 2015</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,395</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,395</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Paid-in capital</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">109,311</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">109,861</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Retained earnings</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">16,414</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">17,130</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Total American Realty Investors, Inc. shareholders&#x2019; equity</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">121,691</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">122,957</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Non-controlling interest</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">54,266</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">53,932</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left;">Total shareholders&#x2019; equity</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">175,957</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">176,889</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0.25in; text-align: left;">Total liabilities and shareholders&#x2019; equity</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">1,131,675</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">1,117,368</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;">The accompanying notes are an integral part of these consolidated financial statements.</font></p><p style="margin: 0pt 0;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">3&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>AMERICAN REALTY INVESTORS, INC.</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa004"></a>CONSOLIDATED STATEMENTS OF OPERATIONS</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>(unaudited)</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><table style="width: 100%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="6"><b>Three Months Ended June 30,</b></td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="6"><b>Six Months Ended June 30,</b></td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="2"><b>2016</b></td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="2"><b>2015</b></td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="2"><b>2016</b></td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 10pt;" colspan="2"><b>2015</b></td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;" colspan="14">
<p style="margin-bottom: 0; margin-top: 0;">&nbsp;</p>
<p style="margin-bottom: 0; margin-top: 0;">&nbsp;<b>(dollars in thousands, except per share amounts)</b></p>
</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: center; font-size: 10pt;" colspan="14">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: bold 10pt Times New Roman, Times, Serif;">Revenues:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;" colspan="2">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; width: 52%; text-align: left; font: 10pt Times New Roman, Times, Serif;">Rental and other property revenues (including $174 and $173 for the three months and $347 and $343 for the six months ended 2016 and 2015, respectively, from related parties)</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif;">30,834</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif;">24,241</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif;">60,039</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif;">47,397</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font: bold 10pt Times New Roman, Times, Serif;">Expenses:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Property operating expenses (including $231 and $187 for the three months and $441 and $349 for the six months ended 2016 and 2015, respectively, from related parties)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,191</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">11,301</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">30,407</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">22,969</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Depreciation and amortization</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">5,868</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">5,137</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">11,698</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">9,841</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">General and administrative (including $942 and $912 for the three months and $1,860 and $1,920 for the six months ended 2016 and 2015, respectively, from related parties)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">2,412</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,596</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,437</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,798</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; 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;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">54</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">45</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">126</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">335</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Advisory fee to related party</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,687</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,309</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,425</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,601</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Total operating expenses</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">26,212</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">20,388</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">52,093</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">41,544</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net operating income</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,622</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,853</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">7,946</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">5,853</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">Other income (expenses):</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Interest income(including $4,504 and $4,246 for the three months and $10,029 and $9,113 for the six months ended 2016 and 2015, respectively, from related parties)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,788</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,535</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">10,079</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">9,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Other income</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">902</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">14</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,200</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,111</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Mortgage and loan interest (including $1,355 and $920 for the three months and $2,447 and $1,815 for the six months ended 2016 and 2015, respectively, from related parties)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(13,975</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(9,794</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(28,189</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(21,439</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Earnings from unconsolidated subsidiaries and investees</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">129</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">151</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">284</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">196</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Litigation settlement (expense)</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(45</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(117</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Total other expenses</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,156</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(5,139</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(16,626</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(7,477</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;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Loss before gains on sale of income producing properties and land, non-controlling interest, and taxes</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(3,534</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,286</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(8,680</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,624</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; 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;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">5,168</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,925</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; 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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,719</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,027</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,370</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">5,903</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations before taxes</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,353</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,741</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(385</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,279</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Income tax benefit (expense)</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(12</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">1</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">91</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,353</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,729</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(384</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,370</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Discontinued operations:</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from discontinued operations</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(34</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">260</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Income tax benefit (expense) from discontinued operations</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">12</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(91</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from discontinued operations</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(22</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">2</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">169</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">3,353</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,707</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(382</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,539</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income attributable to non-controlling interest</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(864</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(540</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(334</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(32</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;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) attributable to American Realty Investors, Inc.</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">2,489</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,167</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(716</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">4,507</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Preferred dividend requirement</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(53</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(275</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(550</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(665</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;">
<td style="padding-bottom: 2pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) applicable to common shares</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,436</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">892</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">(1,266</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">3,842</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif;">Earnings per share - basic</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income (loss) from continuing operations</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">0.16</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">0.06</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.08</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">0.25</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income from discontinued operations</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.01</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income applicable to common shares</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.16</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.06</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.08</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.26</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; font: bold 10pt Times New Roman, Times, Serif;">Earnings per share - diluted</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income (loss) from continuing operations</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">0.16</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">0.05</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.08</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">0.21</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income (loss) from discontinued operations</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.01</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;Net income applicable to common shares</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.16</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.05</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">(0.08</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">0.22</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing earnings per share</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,367,320</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">14,701,170</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; font: 10pt Times New Roman, Times, Serif;">Weighted average common shares used in computing diluted earnings per share</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">17,844,339</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">15,514,360</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">17,178,190</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
<td style="text-align: right; font-size: 10pt;">&nbsp;</td>
<td style="text-align: left; font-size: 10pt;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: bold 10pt Times New Roman, Times, Serif;">Amounts attributable to American Realty Investors, Inc.</td>
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: right; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from continuing operations</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">2,489</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">1,189</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif;">(718</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">4,338</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income (loss) from discontinued operations</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">(22</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;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">2</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font: 10pt Times New Roman, Times, Serif;">169</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0.125in; text-align: left; font: 10pt Times New Roman, Times, Serif;">Net income applicable to American Realty Investors, Inc.</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">2,489</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">1,167</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">(716</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">)</td>
<td style="padding-bottom: 2pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left; font: 10pt Times New Roman, Times, Serif;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right; font: 10pt Times New Roman, Times, Serif;">4,507</td>
<td style="padding-bottom: 2pt; text-align: left; font: 10pt Times New Roman, Times, Serif;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0 0pt 0.25in; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0 0pt 4.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">The accompanying notes are an integral part of these consolidated financial statements.</p><p style="margin: 0pt 0; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">4&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;</p><table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 100%; text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;" nowrap><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>AMERICAN REALTY INVESTORS, INC. </b></font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;" nowrap><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arl10qa005"></a>CONSOLIDATED STATEMENT OF SHAREHOLDERS&#x2019; EQUITY </b></font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;" nowrap><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>For the Six Months Ended June 30, 2016</b></font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;" nowrap><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(unaudited, dollars in thousands, except share amounts)</b></font></td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;&nbsp;</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="padding-left: 5.4pt; text-align: center; font-weight: bold;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Total</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Preferred</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="6"><font style="font-size: 8pt;"><b>Common Stock</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Treasury</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Paid-in</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Retained</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Non-controlling</b></font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; text-align: center; font-weight: bold;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Equity</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>&nbsp;Comprehensive Loss</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Stock</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Shares</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Amount</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Stock</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Capital</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Earnings</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><font style="font-size: 8pt;"><b>Interest</b></font></td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="2">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 5.4pt; width: 10%; font-weight: bold;"><font style="font-size: 8pt;">Balance, December 31, 2015</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">176,889</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">(56,327</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">2,205</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">15,930,145</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">156</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">(6,395</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">109,861</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">17,130</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="width: 7%; text-align: right;"><font style="font-size: 8pt;">53,932</font></td>
<td style="width: 1%; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 5.4pt; text-align: left;"><font style="font-size: 8pt;">Net income (loss)</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">(382</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">(382</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">(716</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="text-align: right;"><font style="font-size: 8pt;">334</font></td>
<td style="text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 5.4pt; text-align: left;"><font style="font-size: 8pt;">Series A preferred stock dividend ($1.00 per share)</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(550</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">(550</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 8pt;">&#x2014;</font></td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 5.4pt; font-weight: bold;"><font style="font-size: 8pt;">Balance, June 30, 2016</font></td>
<td style="padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">175,957</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">(56,709</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">2,205</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">15,930,145</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">156</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">(6,395</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">)</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">109,311</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">16,414</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt;"><font style="font-size: 8pt;">&nbsp;</font></td>
<td style="border-bottom: Black 2pt double; text-align: left;"><font style="font-size: 8pt;">$</font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 8pt;">54,266</font></td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2pt; text-align: left;"><font style="font-size: 8pt;">&nbsp;</font></td>
</tr>
</table><p style="margin: 0pt 0 0pt 4.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0 0pt 4.65pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0 0pt 4.65pt; text-align: center; font: 10pt Times New Roman, Times, Serif;">The accompanying notes are an integral part of these consolidated financial statements.&nbsp;</p><p style="margin: 0pt 0; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">5&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Calibri, Helvetica, Sans-Serif;">&nbsp;&nbsp;</p><table style="width: 100%; font-size: 10pt; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>AMERICAN REALTY INVESTORS, INC.</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b><a name="arl10qa006"></a>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)&nbsp;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font: 10pt Calibri, Helvetica, Sans-Serif;"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt;"><b>(unaudited)</b></font></td>
</tr>
</table><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;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Six Months Ended June 30,</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="6">(dollars in thousands)</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 74%; text-align: left;">Net income (loss)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(382</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">4,539</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Other comprehensive income (loss)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Total comprehensive income&nbsp;&nbsp;(loss)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(382</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,539</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 24px; text-align: left;">Comprehensive income attributable to non-controlling interest</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(334</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(32</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2pt; text-align: left;">Comprehensive income (loss) attributable to American Realty Investors, Inc.</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">(716</td>
<td style="padding-bottom: 2pt; text-align: left;">)</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">4,507</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin-bottom: 0; margin-top: 0; text-align: center;">&nbsp;</p><p style="margin-bottom: 0; margin-top: 0; text-align: center;">The accompanying notes are an integral part of these consolidated financial statements.&nbsp;</p><p style="margin: 0pt 0;">&nbsp;&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">6&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0;">&nbsp;</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>&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;">&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;" colspan="2">&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;">&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;">&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;" colspan="2">&nbsp;</td>
<td style="font-family: Arial, Helvetica, Sans-Serif;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;" colspan="9">AMERICAN REALTY INVESTORS, INC.</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;" colspan="9"><a name="arl10qa007"></a>CONSOLIDATED STATEMENTS OF CASH FLOWS</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;" colspan="9">(unaudited)</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;" colspan="2">&nbsp;</td>
<td style="padding-bottom: 1pt; font-weight: bold;">&nbsp;</td>
</tr>
</table><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;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="6"><b>TO BE UPDATED</b></td>
<td style="text-align: center;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="6"><b>Six Months Ended June 30,</b></td>
<td style="text-align: center;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><b>2016</b></td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;" colspan="2"><b>2015</b></td>
<td style="text-align: center;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="6"><b>(dollars in thousands)</b></td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;">Cash Flow From Operating Activities:</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: #cceeff; vertical-align: bottom;">
<td style="width: 74%; text-align: left;">Net income</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">(382</td>
<td style="width: 1%; text-align: left;">)</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">4,539</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Adjustments to reconcile net income applicable to common</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: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">shares to net cash flow from operating activities:</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></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="padding-left: 0.5in; text-align: left;">Gain on sale of land</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,370</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,903</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Gain on sale of income-producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(4,925</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Depreciation and amortization</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">10,635</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">9,841</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Amortization of deferred borrowing costs</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,303</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">969</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Earnings from unconsolidated subsidiaries and investees</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(284</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(196</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Decrease (increase) in assets:</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;"></td>
<td style="text-align: left;"></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="padding-left: 0.5in; text-align: left;">Accrued interest receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(549</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">238</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Other assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,016</td>
<td style="text-align: left;"></td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,647</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Prepaid expense</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(716</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(8,663</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in;">Escrow</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">16,105</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,742</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Earnest money</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(259</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,395</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Rent receivables</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(935</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.5in; text-align: left;">Related party receivables</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">21,762</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(15,946</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Increase (decrease) in liabilities:</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="padding-left: 0.5in; text-align: left;">Accrued interest payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(554</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">550</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.5in; text-align: left;">Other liabilities</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(7,370</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(8,569</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.75in; text-align: left;">Net cash provided by (used in) operating activities</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">34,412</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(26,565</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.75in; 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>
<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;">Cash Flow From Investing Activities:</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: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Proceeds from notes receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">3,788</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">16,398</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Origination or advances of notes receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,850</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,655</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Acquisition of income producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(33,857</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(105,729</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Proceeds from sale of income-producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">9,377</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Proceeds from sale of land</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,347</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">9,675</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Investment in unconsolidated real estate entities</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2,497</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">3,176</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Improvement of land held for development</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,722</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,469</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Improvement of income-producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,416</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,542</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Assumption of non-controlling interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(336</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left;">Construction and development of new properties</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(27,966</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(3,176</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.75in; text-align: left;">Net cash used in investing activities</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(50,802</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(95,658</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&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: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;">Cash Flow From Financing Activities:</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="padding-left: 0.25in; text-align: left;">Proceeds from notes payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">78,487</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">203,270</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Recurring amortization of principal on notes payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,250</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(17,316</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Debt assumption by buyer, part of seller proceeds</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(17,016</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Payments on maturing notes payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(49,094</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(33,860</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Deferred financing costs</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,283</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,651</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Contributions from non-controlling interests</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">11</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Preferred stock dividends - Series A</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(550</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(665</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left;">Conversion of preferred stock into common stock</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">2,308</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.75in; text-align: left;">Net cash provided by financing activities</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">20,310</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">129,081</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&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="padding-left: 0in; text-align: left;">Net increase (decrease) in cash and cash equivalents</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">3,920</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,858</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0in; text-align: left;">Cash and cash equivalents, beginning of period</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">15,232</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">12,299</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2pt; padding-left: 0in; text-align: left;">Cash and cash equivalents, end of period</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">19,152</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2pt;">&nbsp;</td>
<td style="border-bottom: Black 2pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; text-align: right;">19,157</td>
<td style="padding-bottom: 2pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0in; text-align: left; font-weight: bold;">Supplemental disclosures of cash flow information:</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0in; text-align: left;">Cash paid for interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">21,124</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">19,755</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
</table><table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="background-color: white; vertical-align: bottom;">
<td style="width: 74%; text-align: right;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 10%; text-align: right;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 1%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 10%; text-align: right;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" colspan="9">The accompanying notes are an integral part of these consolidated financial statements.</td>
</tr>
</table><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">7&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa008"></a>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Organization</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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;).&nbsp; IOT&#x2019;s financial results are consolidated with those of TCI and its subsidiaries.&nbsp; Shares of IOT are traded on the New York Stock Exchange Euronext (&#x201C;NYSE MKT&#x201D;) under the symbol (&#x201C;IOT&#x201D;).&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; 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.&nbsp; 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.&nbsp; Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Properties </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We own or had interests in a total property portfolio of 57 income-producing properties as of June 30, 2016. The properties consisted of:</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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-family: Symbol;">&#xB7;</font></td>
<td style="text-align: justify;">Eight commercial properties consisting of five office buildings and three retail centers comprising in aggregate approximately 2.0&nbsp;million rentable square feet;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font-family: Symbol;">&#xB7;</font></td>
<td style="text-align: justify;">A golf course comprising approximately 96 acres;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font-family: Symbol;">&#xB7;</font></td>
<td style="text-align: justify;">48 apartment communities totaling 8,083 units, excluding apartments being developed; and</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 24.45pt;"></td>
<td style="width: 24.5pt;"><font style="font-family: Symbol;">&#xB7;</font></td>
<td style="text-align: justify;">3,759 acres of developed and undeveloped land.</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 June 30, 2016, we had eight 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">8&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Basis of Presentation </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 six months ended June 30, 2016, are not necessarily indicative of the results that may be expected for other interim periods or for the full fiscal year.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The year-end Consolidated Balance Sheet at December&nbsp;31, 2015 was derived from the audited Consolidated Financial Statements at that date, but does not include all of the information and disclosures required by 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&nbsp;31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Principles of Consolidation </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate, Depreciation and Impairment </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">9&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate Held For Sale </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. Effective 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. Since the Company adopted ASU 2014-08, effective January 1, 2015, we have had no dispositions that met the discontinued operations criteria.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Cost Capitalization </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; We capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period.&nbsp; 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.&nbsp; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Fair Value Measurement </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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:</p><table align="CENTER" style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 8%;">&nbsp;</td>
<td style="width: 92%;">&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;">Level&nbsp;1&nbsp;&#x2013;</td>
<td style="padding-left: 5.85pt; vertical-align: bottom;">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</td>
</tr>
<tr>
<td style="vertical-align: top;">Level 2 &#x2013;</td>
<td style="padding-left: 5.85pt; vertical-align: bottom;">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td>
</tr>
<tr>
<td style="vertical-align: top;">Level 3 &#x2013;</td>
<td style="padding-left: 5.85pt; vertical-align: bottom;">Unobservable inputs that are significant to the fair value measurement.</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Deferred Costs</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; Amortization is reflected as interest expense in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years.&nbsp; Unamortized financing costs are written off when the financing agreement is extinguished before the maturity date.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">10&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Related Parties</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Newly Issued Accounting Pronouncements </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In April 2014, the Financial Accounting Standards Board (&#x201C;FASB&#x201D;) issued ASU 2014-08,&nbsp;&#x201D;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,&#x201D; which changed the criteria for determining whether a disposal qualifies as discontinued operations. Under the new guidance, d<font style="font-family: new times roman,serif;">isposals representing a strategic shift, or change in the entity&#x2019;s strategy, that has, or will have, a major effect on an entity&#x2019;s operations and financial results will be presented as discontinued operations. </font>This guidance applies to a component of an entity or a group of components of an entity classified as held for sale or disposed of by sale or by means other than a sale, such as abandonment. The Company adopted ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations during the six months ending June 30, 2016. <font style="font-family: new times roman,serif;">See Note 8 below. </font></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 of the adoption of ASU 2014-09 on its financial position and results of operations, if any.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In April 2015, the FASB issued ASU 2015-03,&nbsp;&#x201D;Simplifying the Presentation of Debt Issuance Costs&#x201D;&nbsp;(&#x201C;ASU 2015-03&#x201D;).&nbsp;&nbsp;ASU 2015-03 requires debt issuance costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In February 2016, Accounting Standards Update No. 2016-02 (&#x201C;ASU 2016-02&#x201D;), Leases was issued. This guidance establishes a new model for accounting for leases and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 2. REAL ESTATE ACTIVITY</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Below is a summary of the real estate owned as of June 30, 2016 (dollars in thousands):</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 45%; 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: 30%;">Apartments</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">653,451</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Apartments under construction</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">46,196</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Commercial properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">215,932</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Land held for development</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">96,661</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Real estate subject to sales contract</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">49,155</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Total real estate</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,061,395</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Less accumulated depreciation</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(159,991</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;">Total real estate, net of depreciation</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">901,404</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The highlights of our significant real estate transactions for the six months ended June 30, 2016 are discussed below.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">11&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><u>Purchases </u></i></b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">For the six months ended June 30, 2016, the Company acquired one income-producing apartment community for a purchase price of $32.1 million. In addition, TCI acquired three land parcels for future development for a total purchase price of $8.9 million, adding 31.04 acres to the development portfolio.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i><u>Sales</u></i></b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">For the six months ended June 30, 2016, TCI sold a combined 53.1 acres of land located in Forney, Texas and McKinney, Texas to independent third parties for a total sales price of $7.3 million, resulting in an aggregate $3.4 million gain from the land sales. In addition, TCI sold one apartment community located in Irving, Texas to an independent third party for a total sales price of $8.1 million. We recorded a gain of $5.2 million from this sale. The Company also sold an industrial warehouse consisting of approximately 177,805 square feet. The sale resulted in a loss of approximately $0.2 million.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In November 2015, the Company entered into a sales contract with an unrelated party. The contract was for most of the developable land owned by the Company in the Mercer Crossing Development located in Farmers Branch, Texas. In addition, TCI, IOT and Realty Advisors, Inc. (&#x201C;RAI&#x201D;) also sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of sales proceeds to the parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments are completed and the note is collected. The agreement between TCI and the other parties related to this transaction provides for TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties of $16.1 million was paid off. Due to an inadequate down payment from the buyer and the level of seller financing involved, the transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold remains on the books until the criteria for full revenue recognition is met.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As of June 30, 2016, the Company has approximately 91 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We continue to invest in the development of apartment projects. During the six months ended June 30, 2016, we have expended $12.7 million related to the construction or predevelopment of various apartment complexes and capitalized $0.7 million of interest costs.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">12&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 3. NOTES AND INTEREST RECEIVABLE</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 as of June 30, 2016 (dollars in thousands):</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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="padding-left: 10; width: 46%; text-align: center;">&nbsp;</td>
<td style="width: 1%; text-align: center;">&nbsp;</td>
<td style="width: 10%; text-align: center;"><font style="font-size: 10pt;"><b>Maturity</b></font></td>
<td style="width: 1%; text-align: center;">&nbsp;</td>
<td style="width: 10%; text-align: center;"><font style="font-size: 10pt;"><b>Interest</b></font></td>
<td style="width: 2%; text-align: center;">&nbsp;</td>
<td style="width: 1%; text-align: center;">&nbsp;</td>
<td style="width: 10%; text-align: center;">&nbsp;</td>
<td style="width: 1%; text-align: center;">&nbsp;</td>
<td style="width: 2%; text-align: center;">&nbsp;</td>
<td style="width: 1%; text-align: center;">&nbsp;</td>
<td style="width: 15%; text-align: center;">&nbsp;</td>
</tr>
<tr style="vertical-align: top;">
<td style="border-bottom: Black 1pt solid; padding-left: 10; text-align: left;"><font style="font-size: 10pt;"><b>Borrower</b></font></td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 10pt;"><b>Date</b></font></td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 10pt;"><b>Rate</b></font></td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 10pt;"><b>Amount</b></font></td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center;"><font style="font-size: 10pt;"><b>Security</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font-size: 10pt;">Performing loans:</font></td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">H198, LLC (Las Vegas Land)</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">01/20</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">$</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;">5,907</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Leman Development, Ltd <sup>(2)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">N/A</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">0.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,500</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">One Realco Corporation <sup>(1,2)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">01/17</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">3.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">7,000</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Oulan-Chikh Family Trust</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">03/21</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">8.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">174</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Realty Advisors Management, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/16</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2.28%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">20,387</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Cliffs of El Dorado) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,097</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Echo Station) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,481</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Inwood on the Park) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">5,059</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Kensington Park) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">3,933</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,000</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Lakeshore Villas) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">9,100</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Limestone Canyon) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,653</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Limestone Canyon) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">4,640</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,953</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Limestone Ranch) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">6,000</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Parkside Crossing) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,272</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,485</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;" nowrap><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,555</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Sendero Ridge) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">4,491</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Sendero Ridge) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">4,812</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Timbers of Terrell) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,323</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Tivoli) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">7,966</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. (Trails at White Rock) <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/32</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">3,815</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Secured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/17</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,207</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/18</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">3,994</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/18</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">6,407</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/15</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,657</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">12/16</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">2,514</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Unified Housing Foundation, Inc. <sup>(1)</sup></font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">06/19</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">12.00%</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">5,400</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Unsecured</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Other related party notes</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,349</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Various secured interests</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Other related party notes</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">1,420</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td nowrap><font style="font-size: 10pt;">Various unsecured interests</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Other non-related party notes</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">3,466</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Various secured interests</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Other non-related party notes</font></td>
<td>&nbsp;</td>
<td style="text-align: center;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">Various</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;"><font style="font-size: 10pt;">103</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">Various unsecured interests</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Accrued interest</font></td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 1pt solid;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 10pt;">8,770</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td><font style="font-size: 10pt;"><b>Total Performing</b></font></td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td><font style="font-size: 10pt;">$</font></td>
<td style="text-align: right;"><font style="font-size: 10pt;">140,891</font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="padding-left: 10;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 1pt solid;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: top;">
<td style="padding-left: 10;"><font style="font-size: 10pt;">Allowance for estimated losses</font></td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 1pt solid;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;"><font style="font-size: 10pt;">(17,037</font></td>
<td>)</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td><font style="font-size: 10pt;"><b>Total</b></font></td>
<td>&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 2pt double;"><font style="font-size: 10pt;"><b>$</b></font></td>
<td style="border-bottom: Black 2pt double; text-align: right;"><font style="font-size: 10pt;"><b>123,854</b></font></td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0 0pt 0in; font: 10pt Times New Roman, Times, Serif;"><sup>(1) </sup>Related party notes</p><p style="margin: 0pt 0 0pt -0.5in; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;"><sup>(2) </sup>An allowance was taken for estimated losses at full value of note.&nbsp;</p><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We invest in 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">At June 30, 2016, we had mortgage loans and accrued interest receivable from related parties, net of allowances, totaling $123.9 million. We recognized interest income of $5.8 million related to these notes receivables.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">13&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 4. INVESTMENT IN UNCONSOLIDATED INVESTEES</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Investments in unconsolidated investees consist of the following:</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Percentage ownership as of</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold;" colspan="2">June 30, 2016</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right; font-weight: bold;" colspan="2">June 30, 2015</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 36%; text-align: left;">Gruppa Florentina, LLC</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 12%; text-align: right;">20.00</td>
<td style="width: 1%; text-align: left;">%</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 12%; text-align: right;">20.00</td>
<td style="width: 1%; text-align: left;">%</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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):</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;"><u>As of June 30,</u></td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: left; font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: left; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 36%; text-align: left;">Real estate, net of accumulated depreciation</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">13,692</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">12,518</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Notes receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">8,858</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">7,681</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Other assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">30,655</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">30,233</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Notes payable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(10,648</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(10,685</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Other liabilities</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,304</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,500</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Shareholders&#x2019; equity</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(35,253</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(33,247</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
</table><p style="margin: 0;">&nbsp;</p><table style="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="background-color: white; vertical-align: bottom;">
<td style="font-weight: bold;"><u>For the Six Months Ended June 30,</u></td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: left; font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: left; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 36%;">Revenue</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">27,321</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">26,048</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(575</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(575</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(24,841</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(23,609</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Interest expense</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(405</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(404</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;">Net income</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,500</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,460</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Company&#x2019;s proportionate share of earnings</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">300</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">292</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">14&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 5. NOTES PAYABLE</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">Below is a summary of our notes and interest payable as of June 30, 2016 (dollars in thousands):</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-size: 10pt;"><b>Notes Payable</b></font></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-size: 10pt;"><b><font style="font-size: 10pt;"><b>Accrued</b></font><br> Interest</b></font></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-size: 10pt;"><b>Total Debt</b></font></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 42%;">Apartments</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 11%; text-align: right;">546,718</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 11%; text-align: right;">1,503</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 11%; text-align: right;">548,221</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Commercial</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">109,423</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">501</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">109,924</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>Land</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">41,896</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">117</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">42,013</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Real estate held for sale</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">376</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">376</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Real estate subject to sales contract</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,602</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">470</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6,072</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Mezzanine and Medley financing</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">121,900</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(401</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">121,499</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Other</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">17,741</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">572</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">18,313</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>Total</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">843,656</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">2,762</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">846,418</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Unamortized deferred borrowing costs</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(19,049</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(19,049</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Total</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">824,607</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">2,762</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">827,369</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The segment labeled as &#x201C;Other&#x201D; consists of unsecured or stock-secured notes payable.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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:</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">During the year the Company refinanced or modified two loans with a total principal balance of $37.2 million. The transactions provided for lower monthly payments over the term of the loans due to lower interest rates and the extension of maturity dates of the loans.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 loan agreement or subsequent modification.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">In conjunction with the development of various apartment projects and other developments, we drew down $11.4 million in construction loans during the six months ended June 30, 2016.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; These properties have mortgages that are secured by the property and many have corporate guarantees<font style="color: #1f497d;">.&nbsp; </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.&nbsp; We have reviewed each asset and taken impairment to the extent we feel the value of the property was less than our current basis.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">15&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 6. RELATED PARTY TRANSACTIONS</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following table reflects the activity in our net receivable from related party for the six months ended June 30, 2016 (dollars in thousands):</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 50%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 15;">&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2"><font style="font-size: 10pt;"><b>Pillar</b></font></td>
<td style="text-align: left; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 35%;">Related party receivable, December 31, 2015</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 10%; text-align: right;">28,147</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Cash transfers</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,771</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Advisory fees</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,427</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Net income fee</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(127</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Fees and commissions</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,564</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Cost reimbursements</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,769</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Interest income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">814</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Notes receivable purchased</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,356</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Expenses paid by Advisor</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,699</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 15; text-align: left;">Financing (mortgage payments)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,309</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 15; text-align: left;">Sales/purchases transactions</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(7,172</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Related party receivable, June 30, 2016</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">6,385</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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, rental 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 and paid are shown on the face of the Consolidated Financial Statements.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">16&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 7. OPERATING SEGMENTS</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; 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, 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: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; 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: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; 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: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Presented below is our reportable segments&#x2019; operating income for the three months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):</p><table style="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td>&nbsp;</td>
<td style="font-weight: bold;">&nbsp;</td>
<td style="font-weight: bold;" colspan="3"></td>
<td>&nbsp;</td>
<td colspan="3">&nbsp;</td>
<td>&nbsp;</td>
<td colspan="3">&nbsp;</td>
<td>&nbsp;</td>
<td colspan="3">&nbsp;</td>
<td>&nbsp;</td>
<td colspan="3">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><u>For the Three Months Ended June 30, 2016</u></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Commercial<br> Properties</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Apartments</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Land</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Other</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="width: 30%; text-align: left;">Rental and other property revenues</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">8,947</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">21,856</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">30</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">1</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">30,834</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Property operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(4,836</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(10,168</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(169</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(18</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(15,191</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,270</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,616</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">18</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,868</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Mortgage and loan interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,696</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,109</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(841</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,329</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(13,975</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Interest income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,788</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,788</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Gain on sale of income-producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,162</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,168</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Gain on land sales</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,719</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,719</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Segment operating income (loss)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">151</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">7,125</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">739</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(540</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">7,475</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<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>
<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>
<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;"><u>Balance Sheet Data</u></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>
<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>
<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: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Capital expenditures</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">680</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(146</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">727</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,261</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Real estate assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">151,759</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">603,829</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">145,816</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">901,404</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><u>Property Sales</u></td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Sales price</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8,100</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,154</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">11,254</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt;">Cost of sale</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(2,932</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(1,435</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(4,367</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Gain on sale</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,719</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">6,887</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><u>For the Three Months Ended June 30, 2015</u></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Commercial<br> Properties</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Apartments</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Land</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Other</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="width: 30%; text-align: left;">Rental and other property revenues</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">6,974</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">17,258</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">&#x2014;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">9</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">24,241</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Property operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,341</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,829</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(165</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">34</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(11,301</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,230</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,926</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">19</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,137</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Mortgage and loan interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,693</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,376</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,304</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,421</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(9,794</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Interest income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,535</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,535</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Gain on land sales</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">3,027</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">3,027</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Segment operating income (loss)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(290</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,127</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,558</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,176</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">5,571</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<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>
<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>
<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: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><u>Balance Sheet Data</u></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>
<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>
<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;">Capital expenditures</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">2,943</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">224</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">485</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,652</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Real estate assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">162,333</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">473,908</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">165,673</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">801,914</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><u>Property Sales</u></td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td>Sales price</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,878</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,878</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Cost of sale</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(628</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(628</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Recognized prior deferred gain</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,777</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,777</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Gain on sale</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">17&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">Presented below is our reportable segments&#x2019; operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 95%; 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;"><u>For the Six Months Ended June 30, 2016</u></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Commercial <br> Properties</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Apartments</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Land</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Other</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="width: 30%; text-align: left;">Rental and other property revenues</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">16,838</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">43,170</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">30</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">1</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">60,039</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Property operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(9,931</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(19,562</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(916</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">2</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(30,407</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(4,584</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,151</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">37</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(11,698</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Mortgage and loan interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,671</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(12,265</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1,153</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(11,100</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(28,189</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Interest income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">10,079</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">10,079</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Gain (loss) on sale of income producing properties</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">6</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,919</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,925</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Gain on land sales</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">3,370</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">3,370</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Segment operating income (loss)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(1,342</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">9,111</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,331</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(981</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">8,119</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<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>
<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>
<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;"><u>Balance Sheet Data</u></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>
<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>
<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: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Capital expenditures</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">2,080</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">(146</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,498</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,432</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Real estate assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">151,759</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">603,829</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">145,816</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">901,404</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left; font-weight: bold;"><u>Property Sales</u></td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Sales price</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,500</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8,100</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">7,334</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">16,934</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt;">Cost of sale</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(1,743</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(2,932</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(3,964</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(8,639</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Gain on sale</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(243</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,370</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">8,295</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;"><u>For the Six Months Ended June 30, 2015</u></td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Commercial <br> Properties</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Apartments</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Land</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Other</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">Total</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="width: 30%; text-align: left;">Rental and other property revenues</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">14,065</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">33,277</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">&#x2014;</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">55</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 2%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 9%; text-align: right;">47,397</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Property operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(7,608</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(14,871</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(514</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">24</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(22,969</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(4,157</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,721</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">37</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(9,841</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Mortgage and loan interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,259</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(9,559</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(2,421</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(6,200</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(21,439</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Interest income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">9,772</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">9,772</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Gain on land sales</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">5,903</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">5,903</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Segment operating income (loss)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(959</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,126</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">2,968</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">3,688</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">8,823</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="text-align: left;">Capital expenditures</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">6,135</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">481</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,311</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">7,927</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left;">Real estate assets</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">162,333</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">473,908</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">165,673</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">801,914</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="text-align: left; font-weight: bold;">Property Sales</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td>Sales price</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">9,135</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">9,135</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td>Cost of sale</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,009</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,009</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom">
<td style="padding-bottom: 1pt; text-align: left;">Recognized prior deferred gain</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,777</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1,777</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom">
<td style="padding-bottom: 2.5pt; text-align: left;">Gain on sale</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">5,903</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">5,903</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">18&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):</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="text-align: center;">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="3">&nbsp;</td>
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center;" colspan="3">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">Six Months Ended June 30,</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 46%; text-align: left;">Segment operating income</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">8,119</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">8,823</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Other non-segment items of income (expense)</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: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">General and administrative</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,562</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3,798</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Net income fee to related party</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(126</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(335</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Advisory fee to related party</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(5,425</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(4,601</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Other income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">325</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">4,111</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Earnings from unconsolidated investees</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">284</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">196</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Litigation settlement</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(117</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.25in; text-align: left;">Income tax benefit</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">1</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">91</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;">Net income (loss) from continuing operations</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(384</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">4,370</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 70%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">As of June 30,</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 36%; text-align: left;">Segment assets</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">901,404</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 1%; text-align: left;">$</td>
<td style="width: 12%; text-align: right;">801,914</td>
<td style="width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Investments in unconsolidated investees</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">5,868</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">1,299</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Notes and interest receivable</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">123,854</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">125,385</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Other assets</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">100,549</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">148,020</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;">Total assets</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,131,675</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">1,076,618</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">19&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 8. DISCONTINUED OPERATIONS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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) book value or (2) fair value less cost to sell. In addition, it requires that one accounting model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include more disposal transactions.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Effective January 1, 2015, the Company adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing a strategic shift in operations that have a major effect on a company&#x2019;s operations and financial results will be presented as discontinued operations.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">There were no sales of income-producing properties in the first six months of 2016 that met the criteria for discontinued operations. Amounts included in discontinued operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</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;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">
<p style="margin: 0pt 0;">Three Months Ended June 30,</p>
</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="6">
<p style="margin: 0pt 0;">Six Months Ended June 30,</p>
</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2016</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-weight: bold;" colspan="2">2015</td>
<td style="text-align: center; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;">Revenues:</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>
<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: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; width: 40%; text-align: left;">Rental and other property revenues</td>
<td style="padding-bottom: 1pt; width: 3%;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;">$</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; width: 10%; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt; width: 3%;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;">$</td>
<td style="border-bottom: Black 1pt solid; width: 10%; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt; width: 3%;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;">$</td>
<td style="border-bottom: Black 1pt solid; width: 10%; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt; width: 3%;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; width: 1%; text-align: left;">$</td>
<td style="border-bottom: Black 1pt solid; width: 10%; text-align: right;">15</td>
<td style="padding-bottom: 1pt; width: 1%; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">15</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="font-weight: bold;">Expenses:</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>
<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="padding-left: 0.125in; text-align: left;">Property operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">26</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(348</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in;">Depreciation</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">General and administrative</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">7</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">102</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Total operating expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">33</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(3</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(246</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&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>
<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: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-weight: bold;">Other income (expense):</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>
<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="padding-left: 0.125in; text-align: left;">Other income</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left;">Mortgage and loan interest</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.125in; text-align: left;">Litigation settlement</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.25in; text-align: left;">Total other expenses</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(1</td>
<td style="text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right;">&nbsp;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&nbsp;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&nbsp;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">&nbsp;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-left: 0.125in; text-align: left; text-indent: -0.125in;">Income (loss) from discontinued operations before income tax</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">&#x2014;</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">(34</td>
<td style="text-align: left;">)</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: left;">&nbsp;</td>
<td style="text-align: right;">260</td>
<td style="text-align: left;">&nbsp;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&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>
<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: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt; text-align: left;">Income tax benefit (expense)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">12</td>
<td style="padding-bottom: 1pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(1</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
<td style="padding-bottom: 1pt;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: left;">&nbsp;</td>
<td style="border-bottom: Black 1pt solid; text-align: right;">(91</td>
<td style="padding-bottom: 1pt; text-align: left;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; text-align: left;">Income (loss) from discontinued operations</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2pt double; padding-bottom: 2.5pt; text-align: right;">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">(22</td>
<td style="padding-bottom: 2.5pt; text-align: left;">)</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">2</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
<td style="padding-bottom: 2.5pt;">&nbsp;</td>
<td style="border-bottom: Black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: Black 2.5pt double; text-align: right;">169</td>
<td style="padding-bottom: 2.5pt; text-align: left;">&nbsp;</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>LK-Four Hickory, LLC</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. The Company&#x2019;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold, however the Company&#x2019;s guarantee was not extinguished.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><i>Liquidity.</i> &nbsp;&nbsp;&nbsp;&nbsp;Management believes that ARL will generate excess cash flow from property operations in 2016; such excess, however, will not be sufficient to discharge all of ARL&#x2019;s obligations as they become 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.<i>&nbsp;</i></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><i>Partnership Buyouts</i>.&nbsp;&nbsp;&nbsp;&nbsp;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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">20&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><i>Litigation.</i> &nbsp;&nbsp;&nbsp;&nbsp;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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><i>Guarantees. </i>The Company is the primary guarantor on a $60.35 million mezzanine loan between UHF and a lender. In addition, ARI and an officer of the Company are limited recourse guarantors of the loan. As of June 30, 2016 UHF was in compliance with the covenants to the loan agreement.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>ART and ART Midwest, Inc.&nbsp;</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Port Olpenitz</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Dynex Capital, Inc.</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; 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;).</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">21&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">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.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">The Company is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 10. EARNINGS PER SHARE </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">As of June 30, 2016, 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, 900,000 shares are owned by ARL. Dividends are not paid on the shares owned by ARL subsidiaries.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 June 30, 2016, RAI owns 1,100,000 shares of the outstanding Series A 10.0% convertible preferred stock and has accrued dividends unpaid of $9.2 million.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>NOTE 11. SUBSEQUENT EVENTS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The date to which events occurring after June 30, 2016, the date of the most recent balance sheet, have been evaluated for possible adjustment to the Consolidated Financial Statements or disclosure is August 12, 2016, which is the date on which the Consolidated Financial Statements were available to be issued.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The Company has determined that there are no subsequent events to be reported.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 6pt;">
<p style="margin-bottom: 0pt; margin-top: 0pt; text-align: center;">22&nbsp;</p>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa009"></a>ITEM&nbsp;2. MANAGEMENT&#x2019;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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:</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">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);</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">risks associated with the availability and terms of construction and mortgage financing and the use of debt to fund acquisitions and developments;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">demand for apartments and commercial properties in the Company&#x2019;s markets and the effect on occupancy and rental rates;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">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;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">risks associated with the timing and amount of property sales and the resulting gains/losses associated with such sales;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">failure to manage effectively our growth and expansion into new markets or to integrate acquisitions successfully;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">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);</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">risks associated with downturns in the national and local economies, increases in interest rates, and volatility in the securities markets;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">costs of compliance with the Americans with Disabilities Act and other similar laws and regulations;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">potential liability for uninsured losses and environmental contamination;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">risks associated with our dependence on key personnel whose continued service is not guaranteed; and</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">the other risk factors identified in this Form 10-Q, including those described under the caption &#x201C;Risk Factors.&#x201D;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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&nbsp;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&nbsp;31, 2015.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 matters on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
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<td style="width: 100%; text-align: center;">23&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Overview </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. During the six months ended June 30, 2016, we acquired three land parcels for a total of 31.04 acres and an aggregate purchase price of $8.9 million and we sold a combined 53.1 acres of land for a total sales price of $7.3 million. As of June 30, 2016, we owned 8,083 units in 48 residential apartment communities, eight commercial properties comprising approximately 2.0&nbsp;million rentable square feet and a golf course comprising approximately 96 acres. In addition, we owned 3,759 acres of land held for development.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; 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.&nbsp; 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.&nbsp; Pillar also serves as an Advisor and Cash Manager to TCI and IOT.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Critical Accounting Policies </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">24&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Real Estate </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">A variety of costs are incurred in the acquisition, development and leasing of properties.&nbsp; After determination is made to capitalize a cost, it is allocated to the specific component of a project that is benefited.&nbsp; Determination of when a development project is substantially complete and capitalization must cease involves a degree of judgment.&nbsp; 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;.&nbsp; The costs of land and buildings under development include specifically identifiable costs.&nbsp; 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.&nbsp; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. Effective January 1, 2015, ASU 2014-08, &#x201C;Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity&#x201D; substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. The Company adopted ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations during the six months ending June 30, 2016.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Depreciation and Impairment</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">25&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Investments in Unconsolidated Real Estate Ventures </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Recognition of Rental Income </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Revenue Recognition on the Sale of Real Estate </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Non-Performing Notes Receivable </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Interest Recognition on Notes Receivable </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We record interest income as earned in accordance with the terms of the related loan agreements.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Allowance for Estimated Losses </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">26&nbsp;</td>
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</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Fair Value of Financial Instruments </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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:&nbsp;</p><table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 8%;">&nbsp;</td>
<td style="width: 92%;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.125in; vertical-align: top; text-align: right;">Level&nbsp;1&nbsp;&#x2013;</td>
<td style="padding-left: 5.4pt; vertical-align: bottom;">Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.</td>
</tr>
<tr>
<td style="padding-left: 0.125in; vertical-align: top; text-align: right;">Level 2 &#x2013;</td>
<td style="padding-left: 5.4pt; vertical-align: bottom;">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td>
</tr>
<tr>
<td style="padding-left: 0.125in; vertical-align: top; text-align: right;">Level 3 &#x2013;</td>
<td style="padding-left: 5.4pt; vertical-align: bottom;">Unobservable inputs that are significant to the fair value measurement.</td>
</tr>
</table><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Related Parties&nbsp;</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Results of Operations </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp; Our segments consist of apartments, commercial properties, hotels, land and other.&nbsp; 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.&nbsp; The same property portfolio consists of properties that were held by us for the entire period for both years being compared.&nbsp; The acquired property portfolio consists of properties that we acquired but have not been held for the entire period for both periods being compared.&nbsp; Developed properties in the lease-up phase consist of completed projects that are being leased up.&nbsp; As we complete each phase of the project, we lease-up that phase and include those revenues in our continuing operations.&nbsp; 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.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Prior to January 1, 2015, the operating results of real estate assets held for sale and sold were 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. The Company adopted ASU 2014-08, effective January 1, 2015, which substantially changed the criteria for determining whether a disposition qualifies for discontinued operations presentation. As a result, we had no dispositions that met the criteria for discontinued operations during the six months ending June 30, 2016.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following discussion is based on our Consolidated Statements of Operations for the three and six months ended June 30, 2016 and 2015, as included in Part I, Item&nbsp;1. &#x201C;Financial Statements&#x201D; of this report. <font style="font-size: 10pt;">&nbsp;</font>At June 30, 2016 and 2015, we owned or had interests in a portfolio of 57 and 53 income-producing properties, respectively.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">27&nbsp;</td>
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</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b><i>Comparison of the three months ended June 30, 2016 to the same period ended 2015:</i></b></p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;">For the three months ended June 30, 2016, we reported net income applicable to common shares of $2.4 million or $0.16 earnings per diluted share, as compared to net income applicable to common shares of $0.9 million or $0.05 earnings per diluted share for the same period in 2015.</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Revenues</b></p>
<p style="margin: 0pt 0; font: 10pt TimesNewRomanPSMT;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt TimesNewRomanPSMT; text-align: justify">Rental and other property revenues were $30.8 million for the three months ended June 30, 2016. This represents an increase of $6.6 million compared to the prior period revenues of $24.2 million. The change by segment is an increase in the apartment portfolio of approximately $4.6 million and an increase in the commercial portfolio of $2.0 million. &nbsp;During the three months ended June 30, 2016, we recorded $2.5 million rental revenue for six apartment communities purchased since June 30, 2015 and had a decrease in rental revenue of $0.6 million for two apartment communities sold since June 30, 2015, for a net increase of $1.9 million. In addition, we purchased seven apartment communities in the second quarter of 2015, which produced rental revenue of $3.1 million and $1.3 million during the three months ended June 30, 2016 and 2015, respectively, for a net increase of $1.8 million. The $2.0 million increase in revenues for the commercial portfolio was primarily due to the acquisition of a commercial building in Houston, Texas late in the second quarter of 2015.</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Expense</b></p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">Property operating expenses were $15.2 million for the three months ended June 30, 2016. This represents an increase of $3.9 million compared to the prior period operating expenses of $11.3 million. &nbsp;The change by segment is an increase in the apartment portfolio of approximately $2.4 million and an increase in the commercial portfolio of $1.5 million. &nbsp;The primary reason for the increase in property operating expenses for the Company&#x2019;s apartment portfolio was the purchase of six communities with a total of 1,144 units, net of two communities sold with a total of 360 units since June 30, 2015, for a net increase of 784 units.&nbsp; In addition, we purchased seven apartment communities during the second quarter of 2015 which have a total of 1,261 units.&nbsp; Property operating expenses for our commercial portfolio increased $1.5 million primarily due to the acquisition of an office building in Houston, Texas late in the second quarter of 2015.</p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif; text-align: justify">&nbsp;</p>
<p style="text-align: justify;">Depreciation and amortization expense was approximately $5.8 million for the three months ended June 30, 2016 for an increase of $0.7 million as compared to the prior period expense of $5.1 million. &nbsp;The increase is primarily due to the growth in our apartment portfolio over the past 15 months for a net increase of 2,045 units.</p>
<p style="text-align: justify;"><b>Other income (expense)</b></p>
<p style="margin-top: 9.0pt; text-align: justify;">Mortgage and loan interest expense was $14.0 million for the three months ended June 30, 2016. This represents an increase of $4.2 million compared to the prior period expense of $9.8 million. The change by segment was an increase of $2.7 million in the apartment portfolio due to acquisitions and an increase of $1.9 million in the other portfolio primarily due to securing a new mezzanine debt obligation in June 2015.&nbsp; These increases were partially offset by a decrease in the land portfolio of $0.4 million due to the transfer of mortgage obligations related to land sold. &nbsp;&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: TimesNewRomanPSMT;">Gain on sale of income-producing properties was $5.2 million for the three months ended June 30, 2016. During 2016, TCI</font> sold one apartment community located in Irving, Texas to an independent third party for a total sales price of $8.1 million which resulted in a gain of $5.2 million. There were no sales <font style="font-family: TimesNewRomanPSMT;">of income-producing properties during the three months ended June 30, 2015.</font></p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">Gain on land sales was $1.7 million for the three months ended June 30, 2016 compared to $3.0 million for the three months ended June 30, 2015. In the current period we sold 12.2 acres of land for a total sales price of $3.1 million and recorded a gain of $1.7 million. In 2015, we sold 9.7 acres of land for a total sales price of $1.9 million and recorded a gain of $1.2 million. In addition, we recognized a deferred gain of $1.8 million in 2015 on land sold in a prior period.</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><i>Comparison of the six months ended June 30, 2016 to the same period ended 2015:</i></b></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">For the six months ended June 30, 2016, we reported a net loss applicable to common shares of $1.3 million or $0.08 loss per diluted share compared to net income applicable to common shares of $3.8 million or $0.22 loss per diluted share for the same period in 2015.</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</font></p>
<div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">28&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Revenues</b></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;">&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;">Rental and other property revenues were $60.0 million for the six months ended June 30, 2016. This represents an increase of approximately $12.6 million compared to the prior period revenues of $47.4 million. The change by segment is an increase in the apartment portfolio of $9.9 million, and an increase in the commercial portfolio of approximately $2.7 million. During the six months ended June 30, 2016, we recorded $5.2 million rental revenue for six apartment communities we purchased since June 30, 2015 and had a decrease in rental revenue of approximately $1.1 million for two apartment communities sold since June 30, 2015, for a net increase of $4.1 million. In addition, we purchased seven apartment communities in the second quarter of 2015, which produced rental revenue of $7.3 million and $1.3 million during the six months ended June 30, 2016 and 2015, respectively, for a net increase of $6.0 million. The $2.7 million increase in revenues for the commercial portfolio was primarily due to the acquisition of a commercial building in Houston, Texas late in the second quarter of 2015.</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;">&nbsp;&nbsp;</p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Expense</b></font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Property operating expenses were $30.4 million for the six months ended June 30, 2016. This represents an increase of $7.4 million compared to the prior period operating expenses of $23.0 million. The growth in our apartment portfolio resulted in a $4.7 million increase in property operating expenses. The Company added a net 784 units since June 30, 2015 and acquired 1,261 units during the second quarter of 2015.&nbsp; Property operating expenses for our commercial portfolio increased $2.3 million primarily due to the acquisition of an office building in Houston, Texas late in the second quarter of 2015.&nbsp; In addition, we had an increase in property operating expenses for our land portfolio of $0.4 million.&nbsp;</font></p>
<p style="text-align: justify;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Depreciation and amortization expense was $11.7 million for the six months ended June 30, 2016, an increase of $1.9 million, compared to the prior period expense of $9.8 million. We had a $1.5 million increase in the expense for our apartment portfolio due to the net acquisition of 2,045 units over the past 15 months.&nbsp; In addition, there was an increase of $0.4 million in the expense for our commercial portfolio primarily due to the acquisition of a commercial building late in the second quarter of 2015.</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Other income (expense)</b></font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Mortgage and loan interest expense was $28.2 million for the six months ended June 30, 2016. This represents an increase of $6.8 million, as compared to the prior period expense of $21.4 million. The change by segment is an increase in the other portfolio of $4.9 million primarily due to securing a new mezzanine debt obligation in June 2015, an increase in the apartment portfolio of $2.7 million due primarily to acquisitions, and an increase in the commercial portfolio of $0.4 million.&nbsp; These increases were partially offset by a decrease in the land portfolio of approximately $1.2 million due to the transfer of mortgage obligations related to land sold. &nbsp;</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gain on sale of income-producing properties was $4.9 million for the six months ended June 30, 2016. During 2016, the Company sold one apartment community located in Irving, Texas to an independent third party for a total sales price of $8.1 million which resulted in a gain of $5.2 million. We also sold an industrial warehouse in 2016 consisting of approximately 177,805 square feet. This sale resulted in a loss of approximately $0.2 million. There were no sales of income-producing properties during the six months ended June 30, 2015.</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">Gain on land sales was $3.4 million for the six months ended June 30, 2016 compared to $5.9 million for the comparable period in 2015. During 2016, we sold a combined 53.1 acres of land located in Texas to independent third parties for a total sales price of $7.3 million for an aggregate gain of $3.4 million. In the prior period, we sold a combined 43.1 acres of land for a total sales price of $9.1 million and recorded a total gain of $4.1 million. In addition, we recognized a deferred gain of $1.8 million in 2015 on land sold in a prior period.</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt TimesNewRomanPSMT;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;">&nbsp;</font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt;"><b>Liquidity and Capital Resources </b></font></p>
<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Our principal liquidity needs are: </b></p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">fund normal recurring expenses;</td>
</tr>
</table>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">meet debt service and principal repayment obligations including balloon payments on maturing debt;</td>
</tr>
</table>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">fund capital expenditures, including tenant improvements and leasing costs;</td>
</tr>
</table>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">fund development costs not covered under construction loans; and</td>
</tr>
</table>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">fund possible property acquisitions.</td>
</tr>
</table>
<p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p>
<div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">29&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Our principal sources of cash have been and will continue to be: </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">property operations;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">proceeds from land and income-producing property sales;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">collection of mortgage notes receivable;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">collection of receivables from related party companies;</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">refinancing of existing debt; and</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="margin-bottom: 0pt; margin-top: 0pt; 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;">&#x2022;</td>
<td style="text-align: justify;">additional borrowing, including mortgage notes, mezzanine financing and lines of credit.</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Cash Flow Summary </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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&nbsp;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): &nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><table style="width: 70%; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: bottom;">
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="6"><font style="font-size: 10pt;">Six Months Ended June 30,</font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;">&nbsp;</td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;" colspan="3"><font style="font-size: 10pt;">&nbsp;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="2"><font style="font-size: 10pt;">2016</font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;">&nbsp;</td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="2"><font style="font-size: 10pt;">2015</font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;">&nbsp;</td>
<td style="font-size: 9pt; font-weight: bold;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="border-bottom: Black 1pt solid; text-align: center; font-size: 9pt; font-weight: bold;" colspan="2"><font style="font-size: 10pt;">Incr / (Decr)</font></td>
<td style="text-align: center; font-size: 9pt; font-weight: bold;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;" colspan="3"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;" colspan="3"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 12pt;" colspan="3"><font style="font-size: 10pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 35%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">Net cash provided by (used in) operating activities</font></td>
<td style="width: 2%; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">$&nbsp;</font></td>
<td style="width: 8%; text-align: right; font-size: 9pt"><font style="font-size: 10pt;">34,412&nbsp;</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="width: 2%; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">$</font></td>
<td style="width: 8%; text-align: right; font-size: 9pt"><font style="font-size: 10pt;">(26,565</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">)</font></td>
<td style="width: 2%; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="width: 8%; text-align: right; font-size: 9pt"><font style="font-size: 10pt;">60,977</font></td>
<td style="width: 1%; text-align: left; font-size: 9pt"><font style="font-size: 10pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; font-size: 9pt;"><font style="font-size: 10pt;">Net cash provided by (used in) investing activities</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">$&nbsp;</font></td>
<td style="text-align: right; font-size: 9pt">(50,802</td>
<td style="text-align: left; font-size: 9pt; vertical-align: bottom">)<font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 9pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font-size: 10pt;">$</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font-size: 10pt;">(95,658</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font-size: 10pt;">)</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: right; font-size: 12pt;"><font style="font-size: 10pt;">44,856&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; font-size: 9pt;"><font style="font-size: 10pt;">Net cash provided by (used in) financing activities</font></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">$&nbsp;</font></td>
<td style="text-align: right; font-size: 9pt">20,310<font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="font-size: 9pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 9pt;"><font style="font-size: 10pt;">$</font></td>
<td style="text-align: right; font-size: 9pt;"><font style="font-size: 10pt;">129,081</font></td>
<td style="text-align: left; font-size: 9pt;"></td>
<td style="font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: left; font-size: 12pt;"><font style="font-size: 10pt;">&nbsp;</font></td>
<td style="text-align: right; font-size: 12pt"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;(108,771</font></td>
<td style="text-align: left; font-size: 12pt; vertical-align: bottom"><font style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</font><font style="font-size: 10pt">&nbsp;</font></td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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 primary reason for the increase in cash flow from operating activities was
                                                                                      the change in our related party receivables.&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. During the six months ended June 30, 2016, we purchased one apartment community for
                                                                                                                                                                                                                                               $33.9 million and during the same period in 2015 we purchased seven apartment communities and an office building for a total
                                                                                                                                                                                                                                               of $105.8 million. Our
                                                                                                                                                                                                                                               primary
                                                                                                                                                                                                                                               sources of cash
                                                                                                                                                                                                                                               from
                                                                                                                                                                                                                                               investing
                                                                                                                                                                                                                                               activities
                                                                                                                                                                                                                                               are
                                                                                                                                                                                                                                               from
                                                                                                                                                                                                                                               the
                                                                                                                                                                                                                                               proceeds
                                                                                                                                                                                                                                               on
                                                                                                                                                                                                                                               the sale of land and income-producing properties. During the six months ended June 30, 2016, we received aggregate sales
                                                                                                                                                                                                                                               proceeds of $15.1 million from the sale of an apartment community, an industrial warehouse and a combined 53.1 acres of
                                                                                                                                                                                                                                               land.
                                                                                                                                                                                                                                               W<font style="font-family: TimesNewRomanPSMT;">e sold a combined 43.1 acres of land and received aggregate sales proceeds of
                                                                                                                                                                                                                                               $8.3 million during the comparable period of 2015. We did not sale any income-producing properties during the six months
                                                                                                                                                                                                                                               ended June 30, 2015.&nbsp;</font></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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. During the
                                                                                                                                                                                                                                                                                                                                                                                       second
                                                                                                                                                                                                                                                                                                                                                                                       quarter of 2015, the Company secured additional financing of $120.0 million from an independent third party. 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b>Environmental Matters </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">30&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Inflation </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Tax Matters </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">ARL is a member of the May Realty Holdings, Inc. consolidated group for federal income tax reporting. There is a tax sharing and compensating agreement between ARL, IOT and TCI.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; 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 taxable income for federal income tax purposes for the first six months of 2016, taxable income in 2015 and a taxable loss in 2014; therefore, it recorded no provision for income taxes.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">At June 30, 2016, ARL had a net deferred tax asset of $63.5 million due to tax deductions available to the Company in future years. However, as management cannot determine that it is more likely than not that ARL will realize the benefit of the deferred tax assets, a 100% valuation allowance has been established.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa010"></a>ITEM&nbsp;3. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">We may be exposed to interest rate changes primarily as a result of long-term debt used to acquire properties and make loans and other permitted investments.&nbsp; Our management&#x2019;s objectives, with regard to interest rate risks, are to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs.&nbsp; To achieve these objectives, we will borrow primarily at fixed rates or variable rates with the lowest margins available and in some cases, with the ability to convert variable rates to fixed rates.&nbsp; Of our $827.4 million in notes payable at June 30, 2016, $40.4&nbsp;million represented debt subject to variable interest rates.&nbsp;If our variable interest rates increased 100 basis points, we estimate that total annual interest cost, including interest expensed and interest capitalized, would increase by $0.4 million, and would result in a decrease of $0.03 in our earnings per share.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">Our variable rate exposure is mitigated through the ability to secure long-term fixed rate HUD financing on the residential apartment complexes with a weighted average borrowing rate of 3.83% at June 30, 2016.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa011"></a>ITEM&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CONTROLS AND PROCEDURES </b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">31&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa012"></a>PART II. OTHER INFORMATION </b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa013"></a>ITEM&nbsp;5. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">On September&nbsp;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. There were no shares purchased under this program during the second quarter of 2016. As of June 30, 2016, 986,750 shares have been repurchased and 263,250 shares may be repurchased under the program.</p><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">32&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa014"></a>ITEM&nbsp;6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif;">The following exhibits are filed herewith or incorporated by reference as indicated below:&nbsp;</p><table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr>
<td style="width: 7%;">&nbsp;</td>
<td style="width: 3%;">&nbsp;</td>
<td style="width: 90%;">&nbsp;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: Black 1pt solid;" nowrap>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Exhibit</b><br> <b>Number&nbsp;&nbsp;&nbsp;&nbsp; </b></p>
</td>
<td>&nbsp;</td>
<td style="border-bottom: Black 1pt solid;">
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><b>Description of Exhibit</b></p>
</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">3.0&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">Certificate of Restatement of Articles of Incorporation of American Realty Investors, Inc. dated August&nbsp;3,&nbsp;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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">3.1&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">Certificate of Correction of Restated Articles of Incorporation of American Realty Investors, Inc. dated August&nbsp;29,&nbsp;2000 (incorporated by reference to Exhibit 3.1 to Registrant&#x2019;s Quarterly Report on Form 10-Q dated September&nbsp;30,&nbsp;2000).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">3.2&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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&nbsp;23,&nbsp;2003 (incorporated by reference to Exhibit 3.3 to Registrant&#x2019;s Quarterly Report on Form 10-Q for the quarter ended September&nbsp;30,&nbsp;2003).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">3.3&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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&nbsp;30,&nbsp;2003).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">3.4&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">4.1&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">4.2&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">4.3&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">4.4&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;"></td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">4.5&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0 0pt 0pt; text-align: justify; 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).&nbsp;</p>
</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">10.1&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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&nbsp;2,&nbsp;2011).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">10.2&nbsp;&nbsp;&nbsp;</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;">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).</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">31.1*</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;"><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></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">31.2*</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;"><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></td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td style="text-align: justify;">&nbsp;</td>
</tr>
<tr>
<td style="padding-bottom: 0.75pt; vertical-align: top; text-align: right;">32.1*</td>
<td>&nbsp;</td>
<td style="vertical-align: bottom; text-align: justify;"><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></td>
</tr>

<tr style="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td>
    <td style="line-height: 107%">&nbsp;</td></tr>
<TR STYLE="vertical-align: top">
    <td style="width: 11%; line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.INS</FONT></TD>
    <TD STYLE="width: 2%; line-height: 107%">&nbsp;</TD>
    <TD STYLE="width: 87%; line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Instance Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.SCH</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Schema Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.CAL</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Calculation Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.DEF</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Definition Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.LAB</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Label Linkbase Document</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <td style="line-height: 107%; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">101.PRE</FONT></TD>
    <TD STYLE="line-height: 107%">&nbsp;</TD>
    <TD STYLE="line-height: 107%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">XBRL Taxonomy Extension Presentation Linkbase Document</FONT></TD></TR>
</TABLE>


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

<p style="margin-bottom: 0; margin-top: 0">&nbsp;</p><div align="LEFT" style="margin-bottom: 3pt; margin-top: 3pt;">
<div style="border-top: Black 1pt solid; margin-left: 0.25in; width: 10%; font-size: 1pt;">&nbsp;</div>
</div><table style="margin-bottom: 0pt; margin-top: 0pt; width: 100%; font: 10pt Times New Roman, Times, Serif;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top;">
<td style="width: 3%; text-align: right;">&nbsp;</td>
<td style="width: 7%; text-align: left;">*</td>
<td style="width: 90%;">Filed herewith</td>
</tr>
</table><p style="margin-bottom: 0pt; margin-top: 0pt; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">33&nbsp;</td>
</tr>
</table>
</div><div style="margin-bottom: 6pt; margin-top: 6pt; page-break-before: always;"><table style="width: 100%;" cellpadding="0" cellspacing="0"><tr><td style="width: 100%; text-align: center;">&nbsp;</td></tr></table></div><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b>&nbsp;</b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;"><b><a name="arl10qa015"></a>SIGNATURE PAGE </b></p><p style="margin: 0pt 0; text-align: center; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><p style="margin: 0pt 0; text-align: justify; 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.&nbsp;</p><table style="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
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<td style="width: 54%;">&nbsp;</td>
<td style="width: 4%;">&nbsp;</td>
<td style="width: 42%;">&nbsp;</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="padding-left: 0in; vertical-align: bottom;" colspan="2" nowrap>AMERICAN REALTY INVESTORS, INC.</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;">Date: August 12, 2016</td>
<td style="padding-left: 0in; vertical-align: bottom;" nowrap>By:</td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom;">/s/ Daniel J. Moos</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="padding-left: 0.1in; vertical-align: bottom;">&nbsp;</td>
<td style="vertical-align: bottom;">Daniel J. Moos</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="padding-left: 0.1in; vertical-align: bottom;">&nbsp;</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">President and Chief Executive Officer&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><i>(Principal Executive Officer)</i>&nbsp;</p>
</td>
</tr>
<tr>
<td>&nbsp;</td>
<td>&nbsp;</td>
<td>&nbsp;</td>
</tr>
<tr>
<td style="vertical-align: top;">Date: August 12, 2016</td>
<td style="padding-left: 0in; vertical-align: bottom;" nowrap>By:</td>
<td style="border-bottom: Black 1pt solid; vertical-align: bottom;">/s/ Gene S. Bertcher</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="padding-left: 0.1in; vertical-align: bottom;">&nbsp;</td>
<td style="vertical-align: bottom;">Gene S. Bertcher</td>
</tr>
<tr>
<td style="padding-left: 0.1in; vertical-align: top;">&nbsp;</td>
<td style="padding-left: 0.1in; vertical-align: bottom;">&nbsp;</td>
<td style="vertical-align: bottom;">
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;">Executive Vice President and Chief Financial Officer&nbsp;</p>
<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif;"><i>(Principal Financial Officer)</i></p>
</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif;">&nbsp;</p><div style="border-bottom: Black 1pt solid; margin-bottom: 6pt; margin-top: 12pt;">
<table style="width: 100%; font: normal 10pt Times New Roman, Times, Serif; border-collapse: collapse;" cellpadding="0" cellspacing="0">
<tr style="vertical-align: top; text-align: left;">
<td style="width: 100%; text-align: center;">34&nbsp;</td>
</tr>
</table>
</div></body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>ex31-1.htm
<DESCRIPTION>CERTIFICATION OF CHIEF EXECUTIVE 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: 0pt 0; text-align: left"><A HREF="ari-10q_063016.htm">AMERICAN REALTY INVESTORS, INC. 10-Q</A></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">4.</TD><TD STYLE="text-align: justify">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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">5.</TD><TD STYLE="text-align: justify">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):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr>
    <TD STYLE="width: 48%">&nbsp;</td>
    <TD STYLE="width: 2%">&nbsp;</td>
    <TD STYLE="width: 50%">&nbsp;</td></tr>
<tr style="vertical-align: top">
    <TD>Dated: August 12, 2016</td>
    <TD STYLE="padding-left: 0.1in">&nbsp;</td>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Daniel J. Moos</td></tr>
<tr style="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</td>
    <TD STYLE="padding-left: 0.1in">&nbsp;</td>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel J. Moos</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President&nbsp;and&nbsp;Chief&nbsp;Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>(Principal Executive Officer)</i></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></td></tr>
</table>

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

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

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

<!-- 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: 0pt 0; text-align: left"><A HREF="ari-10q_063016.htm">AMERICAN REALTY INVESTORS, INC. 10-Q</A></P>

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

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

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

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">1.</TD><TD STYLE="text-align: justify">I have reviewed this quarterly report on Form 10-Q of American Realty Investors, Inc.;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">2.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">3.</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">4.</TD><TD STYLE="text-align: justify">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:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">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;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(c)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(d)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 24.45pt">5.</TD><TD STYLE="text-align: justify">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):</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(a)</TD><TD STYLE="text-align: justify">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</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 24.45pt"></TD><TD STYLE="width: 24.5pt">(b)</TD><TD STYLE="text-align: justify">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.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: August 12, 2016</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Gene S. Bertcher</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Gene S. Bertcher</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Executive Vice President and Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Principal Financial Officer)</I>&nbsp;</P></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <!-- Field: /Page -->


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

<!-- 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: 0pt 0; text-align: left"><A HREF="ari-10q_063016.htm">AMERICAN REALTY INVESTORS, INC. 10-Q</A></P>

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

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 24.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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 six months ended June 30, 2016, 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>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><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 six months
ended June 30, 2016, 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="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>

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    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Dated: August 12, 2016</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Daniel J. Moos</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD STYLE="padding-left: 0.1in">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Daniel J. Moos</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">President&nbsp;and&nbsp;Chief&nbsp;Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>(Principal Executive Officer)</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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    <TD>Dated: August 12, 2016</TD>
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<TR STYLE="vertical-align: top">
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncCliffsofElDoradoMember" unitRef="USD" id="Foot-01-1" decimals="-3">2097000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncEchoStationMember" unitRef="USD" id="Foot-01-2" decimals="-3">1481000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
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    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLakeshoreVillasMember" unitRef="USD" id="Foot-01-5" decimals="-3">2000000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLakeshoreVillas1Member" unitRef="USD" id="Foot-01-6" decimals="-3">9100000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyonMember" unitRef="USD" id="Foot-01-7" decimals="-3">2653000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneCanyon1Member" unitRef="USD" id="Foot-01-8" decimals="-3">4640000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanchMember" unitRef="USD" id="Foot-01-9" decimals="-3">1953000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncLimestoneRanch1Member" unitRef="USD" id="Foot-01-10" decimals="-3">6000000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncParksideCrossingMember" unitRef="USD" id="Foot-01-11" decimals="-3">2272000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember" unitRef="USD" id="Foot-01-12" decimals="-3">2485000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
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    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncSenderoRidge1Member" unitRef="USD" id="Foot-01-15" decimals="-3">4812000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
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    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationIncTivoliMember" unitRef="USD" id="Foot-01-16" decimals="-3">7966000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
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    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc4Member" unitRef="USD" id="Foot-01-21" decimals="-3">2657000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_UnifiedHousingFoundationInc5Member" unitRef="USD" id="Foot-01-22" decimals="-3">2514000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
    <us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="AsOf2016-06-30_us-gaap_PerformingFinancingReceivableMember_custom_OulanChikhFamilyTrustMember" unitRef="USD" decimals="-3">174000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>
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ORGANIZATION AND BASIS OF PRESENTATION &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Organization&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As used herein, the terms &amp;#147;ARL&amp;#148;,&#13;&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 Realty Investors, Inc., a&#13;Nevada corporation, which was formed in 1999.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company is headquartered in Dallas,&#13;Texas and its common stock trades on the New York Stock Exchange (&amp;#147;NYSE&amp;#148;) under the symbol (&amp;#147;ARL&amp;#148;). Approximately&#13;86.7% of ARL&amp;#146;s stock is owned by related parties. Subsidiaries of ARL own approximately 80.9% of the outstanding shares of&#13;common stock of Transcontinental Realty Investors, Inc. (&amp;#147;TCI&amp;#148;), a Nevada corporation, which has its common stock listed&#13;and traded on the NYSE under the symbol (&amp;#147;TCI&amp;#148;). Accordingly, TCI&amp;#146;s financial results are consolidated with those&#13;of ARL. In 2012, May Realty Holdings, Inc. (&amp;#147;MRHI&amp;#148;) subsidiaries acquired more than 80% of ARL stock and as a result,&#13;ARL is included in the MRHI consolidated group for federal income tax reporting. We have no employees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;TCI, a subsidiary of ARL, owns approximately&#13;81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&amp;#147;IOT&amp;#148;).&amp;#160; IOT&amp;#146;s financial results&#13;are consolidated with those of TCI and its subsidiaries.&amp;#160; Shares of IOT are traded on the New York Stock Exchange Euronext&#13;(&amp;#147;NYSE MKT&amp;#148;) under the symbol (&amp;#147;IOT&amp;#148;).&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;ARL invests in real estate through direct&#13;ownership, leases and partnerships and also invests in mortgage loans on real estate. Pillar Income Asset Management, Inc. (&amp;#147;Pillar&amp;#148;)&#13;is the Company&amp;#146;s external Advisor and Cash Manager. Although the Board of Directors is directly responsible for managing&#13;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&#13;contractual Advisor, under the supervision of the Board.&amp;#160; Pillar&amp;#146;s duties include, but are not limited to: locating,&#13;evaluating and recommending real estate and real estate-related investment opportunities and arranging debt and equity financing&#13;for the Company with third party lenders and investors.&amp;#160; Additionally, Pillar serves as a consultant to the Board with regard&#13;to their decisions in connection with ARL&amp;#146;s business plan and investment policy.&amp;#160; Pillar also serves as an Advisor and&#13;Cash Manager to TCI and IOT.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Regis Realty Prime, LLC (&amp;#147;Regis&amp;#148;)&#13;manages our commercial properties and provides brokerage services. ARL engages third-party companies to lease and manage its apartment&#13;properties.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Properties &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We own or had interests in a total property&#13;portfolio of 57 income-producing properties as of June 30, 2016. The properties consisted of:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;Eight commercial properties consisting of five office buildings and three retail centers comprising&#13;in aggregate approximately 2.0&amp;#160;million rentable square feet;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;A golf course comprising approximately 96 acres;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;48 apartment communities totaling 8,083 units, excluding apartments being developed; and&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;3,759 acres of developed and undeveloped land.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We join with various third-party development&#13;companies to construct residential apartment communities. We are in the predevelopment process on several residential apartment&#13;communities that have not yet begun construction. At June 30, 2016, we had eight apartment projects in development. The third-party&#13;developer typically holds a general partner as well as a majority limited partner interest in a limited partnership formed for&#13;the purpose of building a single property, while we generally take a minority limited partner interest in the limited partnership.&#13;We may contribute land to the partnership as part of our equity contribution or we may contribute the necessary funds to the partnership&#13;to acquire the land. We are required to fund all necessary equity contributions while the third-party developer is responsible&#13;for obtaining construction financing, hiring a general contractor and for the overall management, successful completion and delivery&#13;of the project. We generally bear all the economic risks and rewards of ownership in these partnerships and therefore include&#13;these partnerships in our Consolidated Financial Statements. The third-party developer is paid a developer fee typically equal&#13;to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire the third-party developer&amp;#146;s&#13;partnership interests in exchange for any remaining unpaid developer fees.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Basis of Presentation &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying unaudited Consolidated&#13;Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain&#13;information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles&#13;generally accepted in the United States of America (&amp;#147;U.S. GAAP&amp;#148;) have been condensed or omitted in accordance with&#13;such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from&#13;being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for&#13;a fair presentation have been included. The results of operations for the six months ended June 30, 2016, are not necessarily indicative&#13;of the results that may be expected for other interim periods or for the full fiscal year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The year-end Consolidated Balance Sheet&#13;at December&amp;#160;31, 2015 was derived from the audited Consolidated Financial Statements at that date, but does not include all&#13;of the information and disclosures required by U.S. GAAP for complete financial statements. For further information, refer to the&#13;Consolidated Financial Statements and notes thereto included in the Company&amp;#146;s Annual Report on Form 10-K for the year ended&#13;December&amp;#160;31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Principles of Consolidation &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying Consolidated Financial&#13;Statements include the accounts of the Company, its subsidiaries, generally all of which are wholly-owned, and all entities in&#13;which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as&#13;a Variable Interest Entity (&amp;#147;VIE&amp;#148;), in accordance with the provisions and guidance of ASC Topic 810, &amp;#147;Consolidation&amp;#148;,&#13;whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or&#13;managing member as identified in accordance with Emerging Issues Task Force (&amp;#147;EITF&amp;#148;) Issue 04-5, Investor&amp;#146;s Accounting&#13;for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain&#13;Rights (&amp;#147;EITF 04-5&amp;#148;). VIEs are generally entities that lack sufficient equity to finance their activities without additional&#13;financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to&#13;absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests.&#13;The primary beneficiary is generally the entity that provides financial support and bears a majority of the financial risks, authorizes&#13;certain capital transactions, or makes operating decisions that materially affect the entity&amp;#146;s financial results. All significant&#13;intercompany balances and transactions have been eliminated in consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In determining whether we are the primary&#13;beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics&#13;of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors&amp;#146;&#13;ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business&#13;activities of us and the other investors. Significant judgments related to these determinations include estimates about the current&#13;future fair values and performance of real estate held by these VIEs and general market conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;For entities in which we have less than&#13;a controlling financial interest or entities where we are not deemed to be the primary beneficiary, the entities are accounted&#13;for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in&#13;consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Real Estate, Depreciation and Impairment&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Real estate assets are stated at the lower&#13;of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over&#13;their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings&#13;and improvements: 10-40 years; furniture, fixtures and equipment: 5-10 years). The Company continually evaluates the recoverability&#13;of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360 (&amp;#147;ASC 360&amp;#148;), &amp;#147;Property,&#13;Plant and Equipment&amp;#148;. Factors considered by management in evaluating impairment of its existing real estate assets held for&#13;investment include significant declines in property operating profits, annually recurring property operating losses and other&#13;significant adverse changes in general market conditions that are considered permanent in nature. Under ASC 360, a real estate&#13;asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual&#13;estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated&#13;holding period are in excess of the asset&amp;#146;s net book value at the balance sheet date. If any real estate asset held for investment&#13;is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Real Estate Held For Sale &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We periodically classify real estate assets&#13;as &amp;#147;held for sale.&amp;#148; An asset is classified as held for sale after the approval of our Board of Directors, after an&#13;active program to sell the asset has commenced and if the sale is probable. One of the deciding factors in determining whether&#13;a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year. Upon the&#13;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&#13;value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no&#13;further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying Consolidated&#13;Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation&#13;expense is reinstated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Prior to January 1, 2015, the operating&#13;results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements&#13;of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense,&#13;associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, &amp;#147;Reporting Discontinued Operations&#13;and Disclosures of Disposals of Components of an Entity&amp;#148; (&amp;#147;ASU 2014-08&amp;#148;) substantially changed the criteria for&#13;determining whether a disposition qualifies for discontinued operations presentation. Since the Company adopted ASU 2014-08, effective&#13;January 1, 2015, we have had no dispositions that met the discontinued operations criteria.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Cost Capitalization &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Costs related to planning, developing,&#13;leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.&amp;#160; We&#13;capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period.&amp;#160;&#13;In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use&#13;the weighted average interest rate of non-project specific debt.&amp;#160; We capitalize interest, real estate taxes and certain operating&#13;expenses until building construction is substantially complete and the building is ready for its intended use, but no later than&#13;one year from the cessation of major construction activity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We capitalize leasing costs which include&#13;commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that&#13;may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Fair Value Measurement &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We apply the guidance in ASC Topic 820,&#13;&amp;#147;Fair Value Measurements and Disclosures&amp;#148;, to the valuation of real estate assets. These provisions define fair value&#13;as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants&#13;at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require&#13;disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted&#13;prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the&#13;reporting entity&amp;#146;s own data.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The valuation hierarchy is based upon&#13;the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined&#13;as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 92%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level&amp;#160;1&amp;#160;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level 2 &amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;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.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level 3 &amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;Unobservable inputs that are significant to the fair value measurement.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A financial instrument&amp;#146;s categorization&#13;within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Deferred Costs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Costs relating to the financing of properties&#13;are deferred and amortized over the life of the related financing agreement.&amp;#160; Amortization is reflected as interest expense&#13;in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years.&amp;#160; Unamortized financing&#13;costs are written off when the financing agreement is extinguished before the maturity date.&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Related Parties&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We apply ASC Topic 805, &amp;#147;Business&#13;Combinations&amp;#148;, to evaluate business relationships. Related parties are persons or entities who have one or more of the following&#13;characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit&#13;of persons including principal owners of the entities and members of their immediate families, management personnel of the entity&#13;and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly&#13;influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing&#13;its own separate interests, or affiliates of the entity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Newly Issued Accounting Pronouncements &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In April 2014, the Financial Accounting&#13;Standards Board (&amp;#147;FASB&amp;#148;) issued ASU 2014-08,&amp;#160;&amp;#148;Reporting Discontinued Operations and Disclosures of Disposals&#13;of Components of an Entity,&amp;#148; which changed the criteria for determining whether a disposal qualifies as discontinued operations.&#13;Under the new guidance, d&lt;font style="font-family: new times roman,serif"&gt;isposals representing a strategic shift, or change in&#13;the entity&amp;#146;s strategy, that has, or will have, a major effect on an entity&amp;#146;s operations and financial results will&#13;be presented as discontinued operations. &lt;/font&gt;This guidance applies to a component of an entity or a group of components of&#13;an entity classified as held for sale or disposed of by sale or by means other than a sale, such as abandonment. The Company adopted&#13;ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations&#13;during the six months ending June 30, 2016. &lt;font style="font-family: new times roman,serif"&gt;See Note 8 below. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In May 2014, Accounting Standards Update&#13;(&amp;#147;ASU&amp;#148;) No. 2014-09 (&amp;#147;ASU 2014-09&amp;#148;), &amp;#147;Revenue from Contracts with Customers,&amp;#148; was issued.&#13;This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under&#13;the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized&#13;under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is&#13;effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption&#13;of ASU 2014-09 on its financial position and results of operations, if any.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In April 2015, the FASB issued ASU 2015-03,&amp;#160;&amp;#148;Simplifying&#13;the Presentation of Debt Issuance Costs&amp;#148;&amp;#160;(&amp;#147;ASU 2015-03&amp;#148;).&amp;#160;&amp;#160;ASU 2015-03 requires debt issuance&#13;costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent&#13;with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented&#13;in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In February 2016, Accounting Standards&#13;Update No. 2016-02 (&amp;#147;ASU 2016-02&amp;#148;), Leases was issued. This guidance establishes a new model for accounting for leases&#13;and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company&#13;is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.&amp;#160;&lt;/p&gt;</us-gaap:OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock>
    <us-gaap:PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Properties &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We own or had interests in a total property&#13;portfolio of 57 income-producing properties as of June 30, 2016. The properties consisted of:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;Eight commercial properties consisting of five office buildings and three retail centers comprising&#13;in aggregate approximately 2.0&amp;#160;million rentable square feet;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;A golf course comprising approximately 96 acres;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;48 apartment communities totaling 8,083 units, excluding apartments being developed; and&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"&gt;&lt;tr style="vertical-align: top"&gt;&#13;&lt;td style="width: 24.45pt"&gt;&lt;/td&gt;&lt;td style="width: 24.5pt"&gt;&lt;font style="font-family: Symbol"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;&lt;td style="text-align: justify"&gt;3,759 acres of developed and undeveloped land.&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;&#13;&#13;&lt;p style="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We join with various third-party development&#13;companies to construct residential apartment communities. We are in the predevelopment process on several residential apartment&#13;communities that have not yet begun construction. At June 30, 2016, we had eight apartment projects in development. The third-party&#13;developer typically holds a general partner as well as a majority limited partner interest in a limited partnership formed for&#13;the purpose of building a single property, while we generally take a minority limited partner interest in the limited partnership.&#13;We may contribute land to the partnership as part of our equity contribution or we may contribute the necessary funds to the partnership&#13;to acquire the land. We are required to fund all necessary equity contributions while the third-party developer is responsible&#13;for obtaining construction financing, hiring a general contractor and for the overall management, successful completion and delivery&#13;of the project. We generally bear all the economic risks and rewards of ownership in these partnerships and therefore include&#13;these partnerships in our Consolidated Financial Statements. The third-party developer is paid a developer fee typically equal&#13;to a percentage of the construction costs. When the project reaches stabilized occupancy, we acquire the third-party developer&amp;#146;s&#13;partnership interests in exchange for any remaining unpaid developer fees.&lt;/p&gt;</us-gaap:PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts>
    <us-gaap:BasisOfAccountingPolicyPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Basis of Presentation &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying unaudited Consolidated&#13;Financial Statements have been prepared in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain&#13;information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles&#13;generally accepted in the United States of America (&amp;#147;U.S. GAAP&amp;#148;) have been condensed or omitted in accordance with&#13;such rules and regulations, although management believes the disclosures are adequate to prevent the information presented from&#13;being misleading. In the opinion of management, all adjustments (consisting of normal recurring matters) considered necessary for&#13;a fair presentation have been included. The results of operations for the six months ended June 30, 2016, are not necessarily indicative&#13;of the results that may be expected for other interim periods or for the full fiscal year.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The year-end Consolidated Balance Sheet&#13;at December&amp;#160;31, 2015 was derived from the audited Consolidated Financial Statements at that date, but does not include all&#13;of the information and disclosures required by U.S. GAAP for complete financial statements. For further information, refer to the&#13;Consolidated Financial Statements and notes thereto included in the Company&amp;#146;s Annual Report on Form 10-K for the year ended&#13;December&amp;#160;31, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.&lt;/p&gt;</us-gaap:BasisOfAccountingPolicyPolicyTextBlock>
    <us-gaap:ConsolidationPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Principles of Consolidation &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The accompanying Consolidated Financial&#13;Statements include the accounts of the Company, its subsidiaries, generally all of which are wholly-owned, and all entities in&#13;which we have a controlling interest. Arrangements that are not controlled through voting or similar rights are accounted for as&#13;a Variable Interest Entity (&amp;#147;VIE&amp;#148;), in accordance with the provisions and guidance of ASC Topic 810, &amp;#147;Consolidation&amp;#148;,&#13;whereby we have determined that we are a primary beneficiary of the VIE and meet certain criteria of a sole general partner or&#13;managing member as identified in accordance with Emerging Issues Task Force (&amp;#147;EITF&amp;#148;) Issue 04-5, Investor&amp;#146;s Accounting&#13;for an Investment in a Limited Partnership when the Investor is the Sole General Partner and the Limited Partners have Certain&#13;Rights (&amp;#147;EITF 04-5&amp;#148;). VIEs are generally entities that lack sufficient equity to finance their activities without additional&#13;financial support from other parties or whose equity holders as a group lack adequate decision making ability, the obligation to&#13;absorb expected losses or residual returns of the entity, or have voting rights that are not proportional to their economic interests.&#13;The primary beneficiary is generally the entity that provides financial support and bears a majority of the financial risks, authorizes&#13;certain capital transactions, or makes operating decisions that materially affect the entity&amp;#146;s financial results. All significant&#13;intercompany balances and transactions have been eliminated in consolidation.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In determining whether we are the primary&#13;beneficiary of a VIE, we consider qualitative and quantitative factors, including, but not limited to: the amount and characteristics&#13;of our investment; the obligation or likelihood for us or other investors to provide financial support; our and the other investors&amp;#146;&#13;ability to control or significantly influence key decisions for the VIE; and the similarity with and significance to the business&#13;activities of us and the other investors. Significant judgments related to these determinations include estimates about the current&#13;future fair values and performance of real estate held by these VIEs and general market conditions.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;For entities in which we have less than&#13;a controlling financial interest or entities where we are not deemed to be the primary beneficiary, the entities are accounted&#13;for using the equity method of accounting. Accordingly, our share of the net earnings or losses of these entities is included in&#13;consolidated net income. Our investment in Gruppa Florentina, LLC is accounted for under the equity method.&lt;/p&gt;</us-gaap:ConsolidationPolicyTextBlock>
    <us-gaap:RealEstatePolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Real Estate, Depreciation and Impairment&#13;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Real estate assets are stated at the lower&#13;of depreciated cost or fair value, if deemed impaired. Major replacements and betterments are capitalized and depreciated over&#13;their estimated useful lives. Depreciation is computed on a straight-line basis over the useful lives of the properties (buildings&#13;and improvements: 10-40 years; furniture, fixtures and equipment: 5-10 years). The Company continually evaluates the recoverability&#13;of the carrying value of its real estate assets using the methodology prescribed in ASC Topic 360 (&amp;#147;ASC 360&amp;#148;), &amp;#147;Property,&#13;Plant and Equipment&amp;#148;. Factors considered by management in evaluating impairment of its existing real estate assets held for&#13;investment include significant declines in property operating profits, annually recurring property operating losses and other&#13;significant adverse changes in general market conditions that are considered permanent in nature. Under ASC 360, a real estate&#13;asset held for investment is not considered impaired if the undiscounted, estimated future cash flows of an asset (both the annual&#13;estimated cash flow from future operations and the estimated cash flow from the theoretical sale of the asset) over its estimated&#13;holding period are in excess of the asset&amp;#146;s net book value at the balance sheet date. If any real estate asset held for investment&#13;is considered impaired, a loss is provided to reduce the carrying value of the asset to its estimated fair value.&lt;/p&gt;</us-gaap:RealEstatePolicyTextBlock>
    <us-gaap:RealEstateHeldForDevelopmentAndSalePolicy contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Real Estate Held For Sale &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We periodically classify real estate assets&#13;as &amp;#147;held for sale.&amp;#148; An asset is classified as held for sale after the approval of our Board of Directors, after an&#13;active program to sell the asset has commenced and if the sale is probable. One of the deciding factors in determining whether&#13;a sale is probable is whether the firm purchase commitment is obtained and whether the sale is probable within the year. Upon the&#13;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&#13;value or its estimated fair value, less costs to sell the asset. Subsequent to the classification of assets as held for sale, no&#13;further depreciation expense is recorded. Real estate assets held for sale are stated separately on the accompanying Consolidated&#13;Balance Sheets. Upon a decision that the sale is no longer probable, the asset is classified as an operating asset and depreciation&#13;expense is reinstated.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Prior to January 1, 2015, the operating&#13;results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements&#13;of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense,&#13;associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, &amp;#147;Reporting Discontinued Operations&#13;and Disclosures of Disposals of Components of an Entity&amp;#148; (&amp;#147;ASU 2014-08&amp;#148;) substantially changed the criteria for&#13;determining whether a disposition qualifies for discontinued operations presentation. Since the Company adopted ASU 2014-08, effective&#13;January 1, 2015, we have had no dispositions that met the discontinued operations criteria.&lt;/p&gt;</us-gaap:RealEstateHeldForDevelopmentAndSalePolicy>
    <us-gaap:CapitalizationOfInternalCostsPolicy contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Cost Capitalization &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Costs related to planning, developing,&#13;leasing and constructing a property are capitalized and classified as Real Estate in the Consolidated Balance Sheets.&amp;#160; We&#13;capitalize interest to qualifying assets under development based on average accumulated expenditures outstanding during the period.&amp;#160;&#13;In capitalizing interest to qualifying assets, we first use the interest incurred on specific project debt, if any, and next use&#13;the weighted average interest rate of non-project specific debt.&amp;#160; We capitalize interest, real estate taxes and certain operating&#13;expenses until building construction is substantially complete and the building is ready for its intended use, but no later than&#13;one year from the cessation of major construction activity.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We capitalize leasing costs which include&#13;commissions paid to outside brokers, legal costs incurred to negotiate and document a lease agreement and any internal costs that&#13;may be applicable. We allocate these costs to individual tenant leases and amortize them over the related lease term.&lt;/p&gt;</us-gaap:CapitalizationOfInternalCostsPolicy>
    <us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Fair Value Measurement &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We apply the guidance in ASC Topic 820,&#13;&amp;#147;Fair Value Measurements and Disclosures&amp;#148;, to the valuation of real estate assets. These provisions define fair value&#13;as the price that would be received to sell an asset or paid to transfer a liability in a transaction between market participants&#13;at the measurement date, establish a hierarchy that prioritizes the information used in developing fair value estimates and require&#13;disclosure of fair value measurements by level within the fair value hierarchy. The hierarchy gives the highest priority to quoted&#13;prices in active markets (Level 1 measurements) and the lowest priority to unobservable data (Level 3 measurements), such as the&#13;reporting entity&amp;#146;s own data.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The valuation hierarchy is based upon&#13;the transparency of inputs to the valuation of an asset or liability as of the measurement date and includes three levels defined&#13;as follows:&lt;/p&gt;&#13;&#13;&lt;table cellspacing="0" cellpadding="0" align="center" style="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse"&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="width: 8%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 92%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level&amp;#160;1&amp;#160;&amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;Unadjusted quoted prices for identical and unrestricted assets or liabilities in active markets.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level 2 &amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;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.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr&gt;&#13;    &lt;td style="vertical-align: top"&gt;Level 3 &amp;#150;&lt;/td&gt;&#13;    &lt;td style="vertical-align: bottom; padding-left: 5.85pt"&gt;Unobservable inputs that are significant to the fair value measurement.&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A financial instrument&amp;#146;s categorization&#13;within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.&lt;/p&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
    <us-gaap:DeferredChargesPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Deferred Costs&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Costs relating to the financing of properties&#13;are deferred and amortized over the life of the related financing agreement.&amp;#160; Amortization is reflected as interest expense&#13;in the Consolidated Statements of Operations, with remaining terms ranging from 6 months to 40 years.&amp;#160; Unamortized financing&#13;costs are written off when the financing agreement is extinguished before the maturity date.&lt;/p&gt;</us-gaap:DeferredChargesPolicyTextBlock>
    <arl:RelatedPartiesPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;Related Parties&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We apply ASC Topic 805, &amp;#147;Business&#13;Combinations&amp;#148;, to evaluate business relationships. Related parties are persons or entities who have one or more of the following&#13;characteristics, which include entities for which investments in their equity securities would be required, trust for the benefit&#13;of persons including principal owners of the entities and members of their immediate families, management personnel of the entity&#13;and members of their immediate families and other parties with which the entity may deal if one party controls or can significantly&#13;influence the decision making of the other to an extent that one of the transacting parties might be prevented from fully pursuing&#13;its own separate interests, or affiliates of the entity.&lt;/p&gt;</arl:RelatedPartiesPolicyTextBlock>
    <us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;Newly Issued Accounting Pronouncements &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In April 2014, the Financial Accounting&#13;Standards Board (&amp;#147;FASB&amp;#148;) issued ASU 2014-08,&amp;#160;&amp;#148;Reporting Discontinued Operations and Disclosures of Disposals&#13;of Components of an Entity,&amp;#148; which changed the criteria for determining whether a disposal qualifies as discontinued operations.&#13;Under the new guidance, d&lt;font style="font-family: new times roman,serif"&gt;isposals representing a strategic shift, or change in&#13;the entity&amp;#146;s strategy, that has, or will have, a major effect on an entity&amp;#146;s operations and financial results will&#13;be presented as discontinued operations. &lt;/font&gt;This guidance applies to a component of an entity or a group of components of&#13;an entity classified as held for sale or disposed of by sale or by means other than a sale, such as abandonment. The Company adopted&#13;ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations&#13;during the six months ending June 30, 2016. &lt;font style="font-family: new times roman,serif"&gt;See Note 8 below. &lt;/font&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In May 2014, Accounting Standards Update&#13;(&amp;#147;ASU&amp;#148;) No. 2014-09 (&amp;#147;ASU 2014-09&amp;#148;), &amp;#147;Revenue from Contracts with Customers,&amp;#148; was issued.&#13;This new guidance established a new single comprehensive revenue recognition model and provides for enhanced disclosures. Under&#13;the new policy, the nature, timing and amount of revenue recognized for certain transactions could differ from those recognized&#13;under existing accounting guidance. This new standard does not affect revenue recognized under lease contracts. ASU 2014-09 is&#13;effective for reporting periods beginning after December 15, 2017. The Company is currently evaluating the impact of the adoption&#13;of ASU 2014-09 on its financial position and results of operations, if any.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In April 2015, the FASB issued ASU 2015-03,&amp;#160;&amp;#148;Simplifying&#13;the Presentation of Debt Issuance Costs&amp;#148;&amp;#160;(&amp;#147;ASU 2015-03&amp;#148;).&amp;#160;&amp;#160;ASU 2015-03 requires debt issuance&#13;costs to be presented in the balance sheet as a direct deduction from the carrying value of the associated debt liability, consistent&#13;with the presentation of a debt discount. Prior to the issuance of the standard, debt issuance costs were required to be presented&#13;in the balance sheet as an asset. The Company adopted ASU 2015-03 effective June 30, 2015.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In February 2016, Accounting Standards&#13;Update No. 2016-02 (&amp;#147;ASU 2016-02&amp;#148;), Leases was issued. This guidance establishes a new model for accounting for leases&#13;and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company&#13;is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.&amp;#160;&lt;/p&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
    <us-gaap:RealEstateDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 2. REAL ESTATE ACTIVITY&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Below is a summary of the real estate owned&#13;as of June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; 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: 30%"&gt;Apartments&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;653,451&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Apartments under construction&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;46,196&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Commercial properties&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;215,932&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Land held for development&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;96,661&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Real estate subject to sales contract&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;49,155&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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;Total real estate&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;1,061,395&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Less accumulated depreciation&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(159,991&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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-bottom: 2.5pt"&gt;Total real estate, net of depreciation&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;901,404&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The highlights of our significant real&#13;estate transactions for the six months ended June 30, 2016 are discussed below.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Purchases &lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;For the six months ended June 30, 2016,&#13;the Company acquired one income-producing apartment community for a purchase price of $32.1 million. In addition, TCI acquired&#13;three land parcels for future development for a total purchase price of $8.9 million, adding 31.04 acres to the development portfolio.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;&lt;i&gt;&lt;u&gt;Sales&lt;/u&gt;&lt;/i&gt;&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;For the six months ended June 30, 2016, TCI sold a combined&#13;53.1 acres of land located in Forney, Texas and McKinney, Texas to independent third parties for a total sales price of $7.3 million,&#13;resulting in an aggregate $3.4 million gain from the land sales. In addition, TCI sold one apartment community located in Irving,&#13;Texas to an independent third party for a total sales price of $8.1 million. We recorded a gain of $5.2 million from this sale.&#13;The Company also sold an industrial warehouse consisting of approximately 177,805 square feet. The sale resulted in a loss of approximately&#13;$0.2 million.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In November 2015, the Company entered into&#13;a sales contract with an unrelated party. The contract was for most of the developable land owned by the Company in the Mercer&#13;Crossing Development located in Farmers Branch, Texas. In addition, TCI, IOT and Realty Advisors, Inc. (&amp;#147;RAI&amp;#148;) also&#13;sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of sales proceeds to the&#13;parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments&#13;are completed and the note is collected. The agreement between TCI and the other parties related to this transaction provides for&#13;TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties&#13;of $16.1 million was paid off. Due to an inadequate down payment from the buyer and the level of seller financing involved, the&#13;transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold&#13;remains on the books until the criteria for full revenue recognition is met.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of June 30, 2016, the Company has approximately&#13;91 acres of land, at various locations that were sold to related parties in multiple transactions. These transactions are treated&#13;as &amp;#147;subject to sales contract&amp;#148; on the Consolidated Balance Sheets. Due to the related party nature of the transactions,&#13;TCI has deferred the recording of the sales in accordance with ASC 360-20.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We continue to invest in the development&#13;of apartment projects. During the six months ended June 30, 2016, we have expended $12.7 million related to the construction or&#13;predevelopment of various apartment complexes and capitalized $0.7 million of interest costs.&lt;/p&gt;</us-gaap:RealEstateDisclosureTextBlock>
    <us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Below is a summary of the real estate owned&#13;as of June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="width: 30%"&gt;Apartments&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;653,451&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Apartments under construction&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;46,196&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Commercial properties&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;215,932&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Land held for development&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;96,661&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Real estate subject to sales contract&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;49,155&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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;Total real estate&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;1,061,395&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 1pt"&gt;Less accumulated depreciation&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(159,991&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;Total real estate, net of depreciation&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;901,404&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:RealEstateInvestmentFinancialStatementsDisclosureTextBlock>
    <us-gaap:FinancingReceivablesTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 3. NOTES AND INTEREST RECEIVABLE&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;A portion of our assets are invested in&#13;mortgage notes receivable, principally secured by real estate. We may originate mortgage loans in conjunction with providing purchase&#13;money financing of property sales. Notes receivable are generally collateralized by real estate or interests in real estate and&#13;guarantees, unless noted otherwise, are so secured. Management intends to service and hold for investment the mortgage notes in&#13;our portfolio. A majority of the notes receivable provide for principal to be paid at maturity. Below is a summary of our notes&#13;receivable as of June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&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: top"&gt;&#13;    &lt;td style="width: 46%; text-align: center; padding-left: 10"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Security&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Performing loans:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;H198, LLC (Las Vegas Land)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,907&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Leman Development, Ltd &lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;N/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;One Realco Corporation &lt;sup&gt;(1,2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/17&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;7,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Oulan-Chikh Family Trust&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;03/21&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;8.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;174&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Realty Advisors Management, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/16&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2.28%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;20,387&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Cliffs of El Dorado) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,097&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Echo Station) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,481&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Inwood on the Park) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,059&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Kensington Park) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,933&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Lakeshore Villas) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,000&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Lakeshore Villas) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;9,100&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Limestone Canyon) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,653&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Limestone Canyon) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;4,640&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. (Limestone Ranch) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,953&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. 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(Reserve at White Rock Phase I) &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;12/32&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;2,485&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td nowrap="nowrap" style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Unified Housing Foundation, Inc. &lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;06/19&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,400&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Other related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,349&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Various secured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Other related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,420&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 10pt"&gt;Various unsecured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Other non-related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;3,466&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Various secured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Other non-related party notes&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Various unsecured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Accrued interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;8,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total Performing&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;140,891&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Allowance for estimated losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;(17,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 2pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;123,854&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"&gt;&lt;sup&gt;(1) &lt;/sup&gt;Related party notes&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;sup&gt;(2) &lt;/sup&gt;An allowance&#13;was taken for estimated losses at full value of note.&amp;#160;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;We invest in mortgage loans, secured by&#13;mortgages that are subordinate to one or more prior liens either on the fee or a leasehold interest in real estate. Recourse on&#13;such loans ordinarily includes the real estate on which the loan is made, other collateral and guarantees.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;At June 30, 2016, we had mortgage loans&#13;and accrued interest receivable from related parties, net of allowances, totaling $123.9 million. We recognized interest income&#13;of $5.8 million related to these notes receivables.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company has various notes receivable&#13;from Unified Housing Foundation, Inc. (&amp;#147;UHF&amp;#148;) and Foundation for Better Housing, Inc. (&amp;#147;FBH&amp;#148;). UHF and&#13;FBH are determined to be related parties due to our reliance upon the performance of the collateral secured under the notes receivable.&#13;Payments are due from surplus cash flow of operations of the properties. A sale or refinance of any of the properties underlying&#13;these notes will be used to repay outstanding interest and principal for the remaining notes for the specific borrower. These notes&#13;are cross-collateralized for the specific borrower, but to the extent cash is received from a specific UHF or FBH property, it&#13;is applied first against any outstanding interest for the related-property note. The allowance on the UHF notes was a purchase&#13;allowance that was netted against the notes when acquired.&lt;/p&gt;</us-gaap:FinancingReceivablesTextBlock>
    <us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Below is a summary of our notes&#13;receivable as of June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&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: top"&gt;&#13;    &lt;td style="width: 46%; text-align: center; padding-left: 10"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Maturity&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 10%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 2%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 15%; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid; padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Borrower&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Date&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Rate&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Security&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Performing loans:&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;H198, LLC (Las Vegas Land)&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/20&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;12.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;5,907&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Secured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Leman Development, Ltd &lt;sup&gt;(2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;N/A&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;0.00%&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;1,500&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Unsecured&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;One Realco Corporation &lt;sup&gt;(1,2)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&lt;font style="font-size: 10pt"&gt;01/17&lt;/font&gt;&lt;/td&gt;&#13; 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   &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;Various&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;103&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;Various unsecured interests&lt;/font&gt;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Accrued interest&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;8,770&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total Performing&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;$&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&lt;font style="font-size: 10pt"&gt;140,891&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td style="padding-left: 10"&gt;&lt;font style="font-size: 10pt"&gt;Allowance for estimated losses&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;(17,037&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;)&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: top; background-color: White"&gt;&#13;    &lt;td&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="border-bottom: Black 2pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;$&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td style="text-align: right; border-bottom: Black 2pt double"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;123,854&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"&gt;&lt;sup&gt;(1) &lt;/sup&gt;Related party notes&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;sup&gt;(2) &lt;/sup&gt;An allowance&#13;was taken for estimated losses at full value of note.&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock>
    <us-gaap:EquityMethodInvestmentsDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 4. INVESTMENT IN UNCONSOLIDATED INVESTEES&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Investments in unconsolidated investees&#13;in which we have a 20% to 50% interest or otherwise exercise significant influence are carried at cost and adjusted for the Company&amp;#146;s&#13;proportionate share of their undistributed earnings or losses under the equity method of accounting.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Investments in unconsolidated investees&#13;consist of the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Percentage ownership as of&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;June 30, 2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;June 30, 2015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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: 36%; text-align: left"&gt;Gruppa Florentina, LLC&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;20.00&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;20.00&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Gruppa Florentina, LLC is the sole shareholder&#13;of Milano Restaurants International Corporation, (&amp;#147;Milano&amp;#148;) which operates 33 pizza parlors under the trade name &amp;#147;Me-N-Ed&amp;#146;s&#13;Pizza Parlors&amp;#148; and four pizza parlors operating under the trade name &amp;#147;Blast 825 Pizza,&amp;#148; located primarily in&#13;Central and Northern California. Milano has a 100% ownership interest in Siena Corp, which operates two grills under the trade&#13;names &amp;#147;Me-N-Ed&amp;#146;s Victory Grill&amp;#148; and &amp;#147;Me-N-Ed&amp;#146;s Coney Island Grill.&amp;#148; Milano has a 100% ownership&#13;interest in Piazza del Pane, Inc., which operates two restaurants located in Central California. Milano also has 23 franchised&#13;locations, including two operating, under the trade name Angelo &amp;#38; Vito&amp;#146;s Pizzerias.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following is a summary of the financial&#13;position and results of operations from our investees (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; 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;u&gt;As of June 30,&lt;/u&gt;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 36%; text-align: left"&gt;Real estate, net of accumulated depreciation&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;13,692&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;12,518&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Notes receivable&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;8,858&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;7,681&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Other assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;30,655&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;30,233&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Notes payable&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10,648&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10,685&lt;/td&gt;&lt;td style="text-align: left"&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;Other liabilities&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(7,304&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(6,500&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt"&gt;Shareholders&amp;#146; equity&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(35,253&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(33,247&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;u&gt;For the Six Months Ended June 30,&lt;/u&gt;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 36%"&gt;Revenue&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;$&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;27,321&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;$&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;26,048&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Depreciation&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(575&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(575&lt;/td&gt;&lt;td style="text-align: left"&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;Operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(24,841&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(23,609&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt"&gt;Interest expense&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(405&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(404&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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-bottom: 2.5pt"&gt;Net income&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,500&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,460&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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"&gt;Company&amp;#146;s proportionate share of earnings&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;300&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;292&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsDisclosureTextBlock>
    <us-gaap:EquityMethodInvestmentsTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Investments in unconsolidated investees&#13;consist of the following:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Percentage ownership as of&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;June 30, 2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: right; border-bottom: Black 1pt solid"&gt;June 30, 2015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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: 36%; text-align: left"&gt;Gruppa Florentina, LLC&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;20.00&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;20.00&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;%&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:EquityMethodInvestmentsTextBlock>
    <arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following is a summary of the financial&#13;position and results of operations from our investees (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; 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;u&gt;As of June 30,&lt;/u&gt;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 36%; text-align: left"&gt;Real estate, net of accumulated depreciation&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;13,692&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;12,518&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Notes receivable&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;8,858&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;7,681&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Other assets&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;30,655&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;30,233&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Notes payable&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10,648&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(10,685&lt;/td&gt;&lt;td style="text-align: left"&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;Other liabilities&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(7,304&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(6,500&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt"&gt;Shareholders&amp;#146; equity&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(35,253&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(33,247&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&lt;p style="margin: 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="font-weight: bold"&gt;&lt;u&gt;For the Six Months Ended June 30,&lt;/u&gt;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 36%"&gt;Revenue&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;$&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;27,321&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; width: 1%"&gt;$&lt;/td&gt;&lt;td style="text-align: right; width: 12%"&gt;26,048&lt;/td&gt;&lt;td style="text-align: left; width: 1%"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Depreciation&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(575&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(575&lt;/td&gt;&lt;td style="text-align: left"&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;Operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(24,841&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(23,609&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt"&gt;Interest expense&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(405&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(404&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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-bottom: 2.5pt"&gt;Net income&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,500&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,460&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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"&gt;Company&amp;#146;s proportionate share of earnings&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;300&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;292&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</arl:ScheduleOfFinancialPositionAndResultsOfOperationsUnconsolidatedParentTabletextBlock>
    <us-gaap:DebtDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 5. NOTES PAYABLE&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Below is a summary of our notes and interest payable as of June&#13;30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Notes Payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Accrued&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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: 42%"&gt;Apartments&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;546,718&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;1,503&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;548,221&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Commercial&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;109,423&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;501&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;109,924&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;Land&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;41,896&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;117&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;42,013&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Real estate held for sale&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;376&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;376&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Real estate subject to sales contract&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,602&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;470&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6,072&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Mezzanine and Medley financing&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;121,900&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(401&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;121,499&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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"&gt;Other&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;17,741&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;572&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;18,313&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Total&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;843,656&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2,762&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;846,418&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Unamortized deferred borrowing costs&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(19,049&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(19,049&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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"&gt;Total&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;824,607&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;2,762&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;827,369&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The segment labeled as &amp;#147;Other&amp;#148;&#13;consists of unsecured or stock-secured notes payable.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;With respect to the additional notes payable&#13;due to the acquisition of properties or refinancing of existing mortgages, a summary of some of the more significant transactions&#13;is discussed below:&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During the year the Company refinanced&#13;or modified two loans with a total principal balance of $37.2 million. The transactions provided for lower monthly payments over&#13;the term of the loans due to lower interest rates and the extension of maturity dates of the loans.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;There are various land mortgages, secured&#13;by the property, that are in the process of a modification or extension to the original note due to expiration of the loan. We&#13;are in constant contact with these lenders, working together in order to modify the terms of these loans and we anticipate a timely&#13;resolution that is similar to the existing loan agreement or subsequent modification.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;In conjunction with the development of&#13;various apartment projects and other developments, we drew down $11.4 million in construction loans during the six months ended&#13;June 30, 2016.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The properties that we have sold to a related&#13;party and have deferred the recognition of the sale are treated as &amp;#147;subject to sales contract&amp;#148; on the Consolidated&#13;Balance Sheets. These properties were sold to a related party in order to help facilitate an appropriate debt or organizational&#13;restructure and may or may not be transferred back to the seller upon resolution.&amp;#160; These properties have mortgages that are&#13;secured by the property and many have corporate guarantees&lt;font style="color: #1F497D"&gt;.&amp;#160; &lt;/font&gt;According to the loan documents,&#13;the maker is currently in default on these mortgages primarily due to lack of payment and is actively involved in discussions with&#13;every lender in order to settle or cure the default situation.&amp;#160; We have reviewed each asset and taken impairment to the extent&#13;we feel the value of the property was less than our current basis. &amp;#9;&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
    <us-gaap:ScheduleOfDebtTableTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;Below is a summary of our notes and interest payable as of June&#13;30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Notes Payable&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Accrued&lt;/b&gt;&lt;/font&gt;&lt;br /&gt;&#13;Interest&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Total Debt&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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: 42%"&gt;Apartments&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;546,718&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;1,503&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 11%; text-align: right"&gt;548,221&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Commercial&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;109,423&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;501&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;109,924&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;Land&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;41,896&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;117&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;42,013&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Real estate held for sale&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;376&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;376&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Real estate subject to sales contract&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,602&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;470&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;6,072&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Mezzanine and Medley financing&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;121,900&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(401&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;121,499&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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"&gt;Other&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;17,741&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;572&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;18,313&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;Total&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;843,656&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;2,762&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;$&lt;/td&gt;&lt;td style="text-align: right"&gt;846,418&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: rgb(204,238,255)"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Unamortized deferred borrowing costs&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(19,049&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(19,049&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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"&gt;Total&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;824,607&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;2,762&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;827,369&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDebtTableTextBlock>
    <us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;b&gt;NOTE 6. RELATED PARTY TRANSACTIONS&lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following table reflects the activity&#13;in our net receivable from related party for the six months ended June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 15"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 35%"&gt;Related party receivable, December 31, 2015&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;28,147&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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: 15"&gt;Cash transfers&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,771&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Advisory fees&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,427&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Net income fee&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(127&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Fees and commissions&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,564&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Cost reimbursements&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,769&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Interest income&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;814&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 15"&gt;Notes receivable purchased&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,356&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Expenses paid by Advisor&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3,699&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Financing (mortgage payments)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,309&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt; padding-left: 15"&gt;Sales/purchases transactions&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(7,172&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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;Related party receivable, June 30, 2016&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;6,385&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;During the ordinary course of business,&#13;we have related party transactions that include, but are not limited to, rental income, interest income, interest expense, general&#13;and administrative costs, commissions, management fees, and property expenses. In addition, we have assets and liabilities that&#13;include related party amounts. The related party amounts included in assets and liabilities, and the related party revenues and&#13;expenses received and paid are shown on the face of the Consolidated Financial Statements.&lt;/p&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
    <arl:ScheduleOfRelatedPartyTransactions1TableTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following table reflects the activity&#13;in our net receivable from related party for the six months ended June 30, 2016 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="padding-left: 15"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;font style="font-size: 10pt"&gt;&lt;b&gt;Pillar&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: left"&gt;&amp;#160;&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: 35%"&gt;Related party receivable, December 31, 2015&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right"&gt;28,147&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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: 15"&gt;Cash transfers&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(2,771&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Advisory fees&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,427&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Net income fee&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(127&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Fees and commissions&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,564&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Cost reimbursements&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1,769&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Interest income&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;814&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 15"&gt;Notes receivable purchased&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,356&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Expenses paid by Advisor&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3,699&lt;/td&gt;&lt;td style="text-align: left"&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: 15"&gt;Financing (mortgage payments)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,309&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt; padding-left: 15"&gt;Sales/purchases transactions&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(7,172&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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;Related party receivable, June 30, 2016&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;6,385&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</arl:ScheduleOfRelatedPartyTransactions1TableTextBlock>
    <us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"&gt;The table below reflects the reconciliation&#13;of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June&#13;30, 2016 and 2015 (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="3" style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;Six Months Ended June 30,&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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;Segment operating income&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;8,119&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;8,823&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Other non-segment items of income (expense)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.25in"&gt;General and administrative&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3,562&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3,798&lt;/td&gt;&lt;td style="text-align: left"&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: 0.25in"&gt;Net income fee to related party&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(126&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(335&lt;/td&gt;&lt;td style="text-align: left"&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: 0.25in"&gt;Advisory fee to related party&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(5,425&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(4,601&lt;/td&gt;&lt;td style="text-align: left"&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: 0.25in"&gt;Other income&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;325&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;4,111&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.25in"&gt;Earnings from unconsolidated investees&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;284&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;196&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.25in"&gt;Litigation settlement&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(117&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt; padding-left: 0.25in"&gt;Income tax benefit&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;1&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;91&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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-bottom: 2.5pt"&gt;Net income (loss) from continuing operations&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;(384&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;4,370&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ReconciliationOfRevenueFromSegmentsToConsolidatedTextBlock>
    <us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;The table below reflects the reconciliation of segment information&#13;to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;As of June 30,&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&#13;    &lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&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: 36%; text-align: left"&gt;Segment assets&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;901,404&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left"&gt;$&lt;/td&gt;&lt;td style="width: 12%; text-align: right"&gt;801,914&lt;/td&gt;&lt;td style="width: 1%; text-align: left"&gt;&amp;#160;&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;Investments in unconsolidated investees&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;5,868&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;1,299&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Notes and interest receivable&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;123,854&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;125,385&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Other assets&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;100,549&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;148,020&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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-bottom: 2.5pt"&gt;Total assets&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,131,675&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;1,076,618&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock>
    <us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 8. DISCONTINUED OPERATIONS &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Prior to January 1, 2015, we applied the&#13;provisions of ASC 360, &amp;#147;Property, Plant and Equipment&amp;#148;, which required that long-lived assets that are to be disposed&#13;of by sale be measured at the lesser of (1) book value or (2) fair value less cost to sell. In addition, it requires that one accounting&#13;model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include&#13;more disposal transactions.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Effective January 1, 2015, the Company&#13;adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to&#13;be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing&#13;a strategic shift in operations that have a major effect on a company&amp;#146;s operations and financial results will be presented&#13;as discontinued operations.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;There were no sales of income-producing&#13;properties in the first six months of 2016 that met the criteria for discontinued operations. Amounts included in discontinued&#13;operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following&#13;table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin: 0pt 0"&gt;Three&#13;Months Ended June 30,&lt;/p&gt;&#13;&#13;&#13;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin: 0pt 0"&gt;Six&#13;Months Ended June 30,&lt;/p&gt;&#13;&#13;&#13;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Revenues:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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; padding-bottom: 1pt; padding-left: 0.125in"&gt;Rental and other property revenues&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;15&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;15&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Expenses:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Property operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;26&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(348&lt;/td&gt;&lt;td style="text-align: left"&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-left: 0.125in"&gt;Depreciation&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt; padding-left: 0.125in"&gt;General and administrative&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;7&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;102&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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: 0.25in"&gt;Total operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;33&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(246&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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; text-align: left"&gt;Other income (expense):&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Other income&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Mortgage and loan interest&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt; padding-left: 0.125in"&gt;Litigation settlement&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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: 0.25in"&gt;Total other expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&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;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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; text-indent: -0.125in; padding-left: 0.125in"&gt;Income (loss) from discontinued operations before income tax&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(34&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;260&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Income tax benefit (expense)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;12&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(1&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(91&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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-bottom: 2.5pt"&gt;Income (loss) from discontinued operations&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 2.5pt; border-bottom: Black 2pt double"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;(22&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;2&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;169&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;/table&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Our application of ASC 360 results in the&#13;presentation of the net operating results of these qualifying properties sold or held for sale during 2015 as income from discontinued&#13;operations. This does not have an impact on net income available to common shareholders and only impacts the presentation of these&#13;properties within the Consolidated Statements of Operations.&lt;/p&gt;</us-gaap:DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock>
    <us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The following&#13;table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&lt;/p&gt;&#13;&#13;&lt;table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin: 0pt 0"&gt;Three&#13;Months Ended June 30,&lt;/p&gt;&#13;&#13;&#13;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;&lt;p style="margin: 0pt 0"&gt;Six&#13;Months Ended June 30,&lt;/p&gt;&#13;&#13;&#13;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2016&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"&gt;2015&lt;/td&gt;&lt;td style="font-weight: bold; text-align: center"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom"&gt;&#13;    &lt;td style="font-weight: bold"&gt;Revenues:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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; padding-bottom: 1pt; padding-left: 0.125in"&gt;Rental and other property revenues&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="width: 3%; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="width: 1%; text-align: left; border-bottom: Black 1pt solid"&gt;$&lt;/td&gt;&lt;td style="width: 10%; text-align: right; border-bottom: Black 1pt solid"&gt;15&lt;/td&gt;&lt;td style="width: 1%; text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;15&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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;Expenses:&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Property operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;26&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(348&lt;/td&gt;&lt;td style="text-align: left"&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-left: 0.125in"&gt;Depreciation&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt; padding-left: 0.125in"&gt;General and administrative&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;7&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;102&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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: 0.25in"&gt;Total operating expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;33&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(3&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(246&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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; text-align: left"&gt;Other income (expense):&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Other income&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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: 0.125in"&gt;Mortgage and loan interest&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&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-bottom: 1pt; padding-left: 0.125in"&gt;Litigation settlement&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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: 0.25in"&gt;Total other expenses&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(1&lt;/td&gt;&lt;td style="text-align: left"&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;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&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; text-indent: -0.125in; padding-left: 0.125in"&gt;Income (loss) from discontinued operations before income tax&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;(34&lt;/td&gt;&lt;td style="text-align: left"&gt;)&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;3&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;260&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&#13;&lt;tr style="vertical-align: bottom; background-color: White"&gt;&#13;    &lt;td&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: left"&gt;&amp;#160;&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-bottom: 1pt"&gt;Income tax benefit (expense)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;12&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(1&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 1pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 1pt solid"&gt;&amp;#160;&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 1pt solid"&gt;(91&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 1pt"&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-bottom: 2.5pt"&gt;Income (loss) from discontinued operations&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; padding-bottom: 2.5pt; border-bottom: Black 2pt double"&gt;&amp;#151;&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;(22&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;)&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;2&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;td style="padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&#13;    &lt;td style="text-align: left; border-bottom: Black 2.5pt double"&gt;$&lt;/td&gt;&lt;td style="text-align: right; border-bottom: Black 2.5pt double"&gt;169&lt;/td&gt;&lt;td style="text-align: left; padding-bottom: 2.5pt"&gt;&amp;#160;&lt;/td&gt;&lt;/tr&gt;&lt;/table&gt;</us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock>
    <us-gaap:EarningsPerShareTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 10. EARNINGS PER SHARE &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Earnings Per Share (&amp;#147;EPS&amp;#148;)&#13;have been computed pursuant to the provisions of ASC Topic 260, &amp;#147;Earnings Per Share&amp;#148;. The computation of basic EPS&#13;is calculated by dividing net income available to common shareholders from continuing operations, adjusted for preferred dividends,&#13;by the weighted-average number of common shares outstanding during the period. Shares issued during the period shall be weighted&#13;for the portion of the period that they were outstanding.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;As of June 30, 2016, we have 2,000,614&#13;shares of Series A 10.0% cumulative convertible preferred stock, which are outstanding. These shares may be converted into common&#13;stock at 90% of the average daily closing price of the common stock for the prior 20 trading days. These are considered in the&#13;computation of diluted earnings per share if the effect of applying the if-converted method is dilutive. Of the outstanding 2,000,614&#13;shares of Series A 10.0% cumulative convertible preferred stock, 900,000 shares are owned by ARL. Dividends are not paid on the&#13;shares owned by ARL subsidiaries.&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;Prior to July 17, 2014, Realty Advisors,&#13;Inc. (&amp;#147;RAI&amp;#148;), a related party, owned 2,451,435 shares of the outstanding Series A 10.0% convertible preferred stock&#13;and had accrued dividends unpaid of $15.1 million. On July 17, 2014, RAI converted 890,797 shares, including $6.3 million in accumulated&#13;dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance&#13;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&#13;dividends unpaid for these shares, into the requisite number of shares of common stock. This conversion resulted in the issuance&#13;of 1,486,741 new shares of ARL common stock. As of June 30, 2016, RAI owns 1,100,000 shares of the outstanding Series A 10.0% convertible&#13;preferred stock and has accrued dividends unpaid of $9.2 million.&lt;/p&gt;</us-gaap:EarningsPerShareTextBlock>
    <us-gaap:SubsequentEventsTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&lt;b&gt;NOTE 11. SUBSEQUENT EVENTS &lt;/b&gt;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The date to which events occurring after&#13;June 30, 2016, the date of the most recent balance sheet, have been evaluated for possible adjustment to the Consolidated Financial&#13;Statements or disclosure is August 12, 2016, which is the date on which the Consolidated Financial Statements were available to&#13;be issued.&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"&gt;The Company has determined that there are&#13;no subsequent events to be reported.&lt;/p&gt;</us-gaap:SubsequentEventsTextBlock>
    <us-gaap:SegmentReportingDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE 7. OPERATING SEGMENTS&lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; 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, 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;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; 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;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; 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;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;Presented below is our reportable segments&amp;#x2019; operating income for the three months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="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;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;u&gt;For the Three Months Ended June 30, 2016&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial&lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,947&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;21,856&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30,834&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,836&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,168&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(169&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(15,191&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,270&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,616&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,868&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,696&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,109&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(841&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,329&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(13,975&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,788&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,788&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,162&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,168&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;151&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,125&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;739&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(540&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;#160;&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;7,475&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;680&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(146&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;727&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,261&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;151,759&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;603,829&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;145,816&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;901,404&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,100&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,154&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;11,254&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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; 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(2,932&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,435&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,367&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,168&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;6,887&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Three Months Ended June 30, 2015&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial&lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6,974&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;17,258&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;24,241&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,341&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,829&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(165&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;34&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,301&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,230&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,926&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;19&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,137&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,693&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,376&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,304&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,421&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,794&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,535&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,535&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(290&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,127&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,558&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,176&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;5,571&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;2,943&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;224&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;485&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,652&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;162,333&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;473,908&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,673&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;801,914&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,878&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,878&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(628&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(628&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-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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;Presented below is our reportable segments&amp;#x2019; operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Six Months Ended June 30, 2016&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial &lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;16,838&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;43,170&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;60,039&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,931&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(19,562&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(916&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(30,407&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,584&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,151&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;37&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,698&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,671&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(12,265&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,153&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,100&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(28,189&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;10,079&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;10,079&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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 (loss) on sale of income producing properties&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,919&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,925&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,342&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;9,111&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,331&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(981&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;#160;&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;8,119&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;2,080&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(146&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,498&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,432&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;151,759&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;603,829&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;145,816&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;901,404&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;1,500&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,100&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,334&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;16,934&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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; 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,743&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(2,932&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(3,964&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(8,639&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(243&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,168&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,295&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Six Months Ended June 30, 2015&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial &lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;14,065&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;33,277&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;55&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;47,397&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,608&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(14,871&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;24&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(22,969&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,157&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,721&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;37&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,841&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,259&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,559&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,421&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,200&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(21,439&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,772&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,772&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(959&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,126&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,968&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,688&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,823&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;6,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;481&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,311&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,927&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;162,333&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;473,908&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,673&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;801,914&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,009&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,009&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June 30, 2016 and 2015 (dollars in thousands):&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 80%; 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: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="text-align: center; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;Six Months Ended June 30,&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;2016&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;2015&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 46%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment operating income&lt;/td&gt;&#13;&lt;td style="width: 3%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,119&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 3%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,823&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,562&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,798&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(126&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(335&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,425&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,601&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;325&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,111&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;284&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;196&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(117&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: 0.25in; 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;91&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;(384&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;#160;&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;4,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Balance Sheets (dollars in thousands):&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 70%; 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: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center"&gt;As of June 30,&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;2016&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;2015&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: 36%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;Segment assets&lt;/td&gt;&#13;&lt;td style="width: 3%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;901,404&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 3%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;801,914&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,868&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,299&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;123,854&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;125,385&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;100,549&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;148,020&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;1,131,675&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;1,076,618&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
    <us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;Presented below is our reportable segments&amp;#x2019; operating income for the three months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="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;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td colspan="3" style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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: left; font: bold 10pt Times New Roman, Times, Serif"&gt;&lt;u&gt;For the Three Months Ended June 30, 2016&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial&lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,947&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;21,856&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30,834&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,836&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(10,168&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(169&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(15,191&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,270&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,616&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,868&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,696&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,109&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(841&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,329&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(13,975&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,788&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,788&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,162&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;5,168&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;151&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;7,125&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;739&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(540&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;#160;&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;7,475&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;680&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(146&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;727&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,261&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;151,759&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;603,829&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;145,816&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;901,404&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,100&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,154&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;11,254&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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; 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(2,932&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,435&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(4,367&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,168&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,719&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;6,887&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Three Months Ended June 30, 2015&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial&lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6,974&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;17,258&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;24,241&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,341&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,829&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(165&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;34&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,301&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,230&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,926&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;19&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,137&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,693&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,376&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,304&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,421&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,794&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,535&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,535&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(290&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,127&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,558&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,176&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;5,571&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;2,943&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;224&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;485&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,652&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;162,333&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;473,908&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,673&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;801,914&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,878&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,878&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(628&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(628&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-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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;3,027&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&#13;&#13;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;Presented below is our reportable segments&amp;#x2019; operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Six Months Ended June 30, 2016&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial &lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;16,838&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;43,170&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;30&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;60,039&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,931&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(19,562&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(916&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;2&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(30,407&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,584&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,151&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;37&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,698&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,671&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(12,265&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(1,153&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(11,100&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(28,189&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;10,079&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;10,079&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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 (loss) on sale of income producing properties&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;6&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,919&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;4,925&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,342&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;9,111&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,331&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(981&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;#160;&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;8,119&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Balance Sheet Data&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;2,080&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(146&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,498&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;3,432&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;151,759&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;603,829&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;145,816&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;901,404&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&lt;u&gt;Property Sales&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;1,500&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;8,100&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,334&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;16,934&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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; 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(1,743&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(2,932&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(3,964&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(8,639&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(243&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,168&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,370&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,295&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;table cellpadding="0" cellspacing="0" style="width: 95%; 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;&lt;u&gt;For the Six Months Ended June 30, 2015&lt;/u&gt;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Commercial &lt;br /&gt; Properties&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Land&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Other&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;Total&lt;/td&gt;&#13;&lt;td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="width: 30%; 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;#160;&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: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;14,065&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;33,277&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;55&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 2%; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;47,397&lt;/td&gt;&#13;&lt;td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(7,608&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(14,871&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;24&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(22,969&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(4,157&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,721&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;37&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,841&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(3,259&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(9,559&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(2,421&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(6,200&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(21,439&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,772&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,772&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;(959&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;)&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,126&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;2,968&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;3,688&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;8,823&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;6,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;481&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;1,311&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;7,927&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;162,333&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;473,908&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;165,673&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;801,914&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif"&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;tr style="background-color: rgb(204,238,255); 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;#160;&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;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;$&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;9,135&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,009&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;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="text-align: right; font: 10pt Times New Roman, Times, Serif"&gt;(5,009&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: rgb(204,238,255); 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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;1,777&lt;/td&gt;&#13;&lt;td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;&amp;#x2014;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right"&gt;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"&gt;$&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;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&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;5,903&lt;/td&gt;&#13;&lt;td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/td&gt;&#13;&lt;/tr&gt;&#13;&lt;/table&gt;&lt;p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfSegmentReportingInformationBySegmentTextBlock>
    <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="From2016-01-01to2016-06-30">&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;NOTE 9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY &lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;LK-Four Hickory, LLC&lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;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. The Company&amp;#x2019;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold, however the Company&amp;#x2019;s guarantee was not extinguished.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Liquidity.&lt;/i&gt; &amp;#160;&amp;#160;&amp;#160;&amp;#160;Management believes that ARL will generate excess cash flow from property operations in 2016; such excess, however, will not be sufficient to discharge all of ARL&amp;#x2019;s obligations as they become 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.&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; 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;/p&gt;&#13;&#13;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Litigation.&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 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&amp;#x2019;s financial condition, results of operation or liquidity, unless otherwise noted below.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;i&gt;Guarantees. &lt;/i&gt;The Company is the primary guarantor on a $60.35 million mezzanine loan between UHF and a lender. In addition, ARI and an officer of the Company are limited recourse guarantors of the loan. As of June 30, 2016 UHF was in compliance with the covenants to the loan agreement.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;ART and ART Midwest, Inc.&amp;#160;&lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;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 &amp;#x201C;Clapper Parties&amp;#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. (&amp;#x201C;ART&amp;#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.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;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.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Port Olpenitz&lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;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&amp;#x2019;s investment in the project. At this time it is unknown how much can be recovered or how successful the litigation will be.&lt;/p&gt;&lt;p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&lt;b&gt;Dynex Capital, Inc.&lt;/b&gt;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;On 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, 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 &amp;#38; Equity Trust (&amp;#x201C;CMET&amp;#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. (&amp;#x201C;Basic&amp;#x201D;).&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;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 &amp;#x201C;lost opportunity,&amp;#x201D; as well as damages in favor of ART and in favor of TCI and its subsidiaries for &amp;#x201C;increased costs&amp;#x201D; and &amp;#x201C;lost opportunity.&amp;#x201D; The original Trial Court judge ignored the jury&amp;#x2019;s findings, however, and entered a &amp;#x201C;Judgment Notwithstanding the Verdict&amp;#x201D; (&amp;#x201C;JNOV&amp;#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&amp;#x2019;s findings. The Court entered the new Final Judgment against Dynex Commercial, Inc. on July 20, 2015.&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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&amp;#x2019; fees from Dynex Commercial, Inc.&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;The Company is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc.&lt;/p&gt;&lt;p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"&gt;&amp;#160;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentation" id="OrganizationAndBasisOfPresentation">
	  <link:definition>00000010 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/RealEstateActivity" id="RealEstateActivity">
	  <link:definition>00000011 - Disclosure - REAL ESTATE ACTIVITY</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivable" id="NotesAndInterestReceivable">
	  <link:definition>00000012 - Disclosure - NOTES AND INTEREST RECEIVABLE</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvestees" id="InvestmentsInUnconsolidatedInvestees">
	  <link:definition>00000013 - Disclosure - INVESTMENTS IN UNCONSOLIDATED INVESTEES</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/NotesPayable" id="NotesPayable">
	  <link:definition>00000014 - Disclosure - NOTES PAYABLE</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
	  <link:definition>00000015 - Disclosure - RELATED PARTY TRANSACTIONS</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OperatingSegments" id="OperatingSegments">
	  <link:definition>00000016 - Disclosure - OPERATING SEGMENTS</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	  <link:definition>00000017 - Disclosure - DISCONTINUED OPERATIONS</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/CommitmentsContingenciesAndLiquidity" id="CommitmentsContingenciesAndLiquidity">
	  <link:definition>00000018 - Disclosure - COMMITMENTS, CONTINGENCIES, AND LIQUIDITY</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/EarningsPerShare" id="EarningsPerShare">
	  <link:definition>00000019 - Disclosure - EARNINGS PER SHARE</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/SubsequentEvents" id="SubsequentEvents">
	  <link:definition>00000020 - Disclosure -  SUBSEQUENT EVENTS</link:definition>
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	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentationPolicies" id="OrganizationAndBasisOfPresentationPolicies">
	  <link:definition>00000021 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Policies)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/RealEstateActivityTables" id="RealEstateActivityTables">
	  <link:definition>00000022 - Disclosure - REAL ESTATE ACTIVITY (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableTables" id="NotesAndInterestReceivableTables">
	  <link:definition>00000023 - Disclosure - NOTES AND INTEREST RECEIVABLE (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/InvestmentInUnconsolidatedInvesteesTables" id="InvestmentInUnconsolidatedInvesteesTables">
	  <link:definition>00000024 - Disclosure - INVESTMENT IN UNCONSOLIDATED INVESTEES (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesPayableTables" id="NotesPayableTables">
	  <link:definition>00000025 - Disclosure - NOTES PAYABLE (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsTables" id="RelatedPartyTransactionsTables">
	  <link:definition>00000026 - Disclosure - RELATED PARTY TRANSACTIONS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/OperatingSegmentsTables" id="OperatingSegmentsTables">
	  <link:definition>00000027 - Disclosure - OPERATING SEGMENTS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/DiscontinuedOperationsTables" id="DiscontinuedOperationsTables">
	  <link:definition>00000028 - Disclosure - DISCONTINUED OPERATIONS (Tables)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentationDetailsNarrative" id="OrganizationAndBasisOfPresentationDetailsNarrative">
	  <link:definition>00000029 - Disclosure - ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/RealEstateActivityDetailsNarrative" id="RealEstateActivityDetailsNarrative">
	  <link:definition>00000030 - Disclosure - REAL ESTATE ACTIVITY (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/RealEstateActivityDetails" id="RealEstateActivityDetails">
	  <link:definition>00000031 - Disclosure - REAL ESTATE ACTIVITY (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableDetailsNarrative" id="NotesAndInterestReceivableDetailsNarrative">
	  <link:definition>00000032 - Disclosure - NOTES AND INTEREST RECEIVABLE (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableDetails" id="NotesAndInterestReceivableDetails">
	  <link:definition>00000033 - Disclosure - NOTES AND INTEREST RECEIVABLE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetailsNarrative" id="InvestmentsInUnconsolidatedInvesteesDetailsNarrative">
	  <link:definition>00000034 - Disclosure - INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetails" id="InvestmentsInUnconsolidatedInvesteesDetails">
	  <link:definition>00000035 - Disclosure - INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetails1" id="InvestmentsInUnconsolidatedInvesteesDetails1">
	  <link:definition>00000036 - Disclosure - INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesPayableDetailsNarrative" id="NotesPayableDetailsNarrative">
	  <link:definition>00000037 - Disclosure - NOTES PAYABLE (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
	</link:roleType>
	<link:roleType roleURI="http://amrealtytrust.com/role/NotesPayableDetails" id="NotesPayableDetails">
	  <link:definition>00000038 - Disclosure - NOTES PAYABLE (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsDetails" id="RelatedPartyTransactionsDetails">
	  <link:definition>00000039 - Disclosure - RELATED PARTY TRANSACTIONS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails" id="OperatingSegmentsDetails">
	  <link:definition>00000040 - Disclosure - OPERATING SEGMENTS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails1" id="OperatingSegmentsDetails1">
	  <link:definition>00000041 - Disclosure - OPERATING SEGMENTS (Details 1)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails2" id="OperatingSegmentsDetails2">
	  <link:definition>00000042 - Disclosure - OPERATING SEGMENTS (Details 2)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/DiscontinuedOperationsDetails" id="DiscontinuedOperationsDetails">
	  <link:definition>00000043 - Disclosure - DISCONTINUED OPERATIONS (Details)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/CommitmentsContingenciesAndLiquidityDetailsNarrative" id="CommitmentsContingenciesAndLiquidityDetailsNarrative">
	  <link:definition>00000044 - Disclosure - COMMITMENTS, CONTINGENCIES, AND LIQUIDITY (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:roleType roleURI="http://amrealtytrust.com/role/EarningsPerShareDetailsNarrative" id="EarningsPerShareDetailsNarrative">
	  <link:definition>00000045 - Disclosure - EARNINGS PER SHARE (Details Narrative)</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:linkbaseRef xlink:type="simple" xlink:href="arl-20160630_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Calculation Links" />
	<link:linkbaseRef xlink:type="simple" xlink:href="arl-20160630_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Definition Links" />
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</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>7
<FILENAME>arl-20160630_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:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>9
<FILENAME>arl-20160630_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: Status; Value: 0x00000000 -->
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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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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. (Cliffs of El Dorado) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncEchoStationMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Echo Station) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncInwoodontheParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Inwood on the Park) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncKensingtonParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Kensington Park) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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. (Lakeshore Villas #1) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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. (Lakeshore Villas #2) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyonMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Canyon #1) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneCanyon1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Canyon #2) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanchMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch #1) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncLimestoneRanch1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Limestone Ranch #2) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncParksideCrossingMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Parkside Crossing) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Reserve at White Rock Phase I) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Reserve at White Rock Phase II) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidgeMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Sendero Ridge #1) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncSenderoRidge1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Sendero Ridge #2) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncTimbersattheParkMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Timbers of Terrell) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncTivoliMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Tivoli) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. (Trails at White Rock) [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_UnifiedHousingFoundationInc1Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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. #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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. #3 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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 #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_OtherRelatedPartyNotes1Member_lbl" xml:lang="en-US">Other Related Party Notes #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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 #1 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/label" xlink:label="arl_OtherNonRelatedPartyNotes1Member_lbl" xml:lang="en-US">Other Non-Related Party Notes #2 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockMember" xlink:label="us-gaap_PreferredStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PreferredStockMember" xlink:to="us-gaap_PreferredStockMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockMember_lbl" xml:lang="en-US">Preferred Stock [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiariesMember" xlink:label="us-gaap_SubsidiariesMember" />
      <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="arl-20160630.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 Realty Investors, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" 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="arl-20160630.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="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="arl-20160630.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-20160630.xsd#arl_UnifiedHousingFoundationInc4Member" xlink:label="arl_UnifiedHousingFoundationInc4Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc4Member" xlink:to="arl_UnifiedHousingFoundationInc4Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc4Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #4 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_UnifiedHousingFoundationInc5Member" xlink:label="arl_UnifiedHousingFoundationInc5Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc5Member" xlink:to="arl_UnifiedHousingFoundationInc5Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc5Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #5 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_NotesPayableOtherPayables13Member" xlink:label="arl_NotesPayableOtherPayables13Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables13Member" xlink:to="arl_NotesPayableOtherPayables13Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables13Member_lbl" xml:lang="en-US">Real Estate Held for Sale [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_ApartmentBuildingMember_lbl" xml:lang="en-US">Apartment Buildings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OfficeBuildingMember" xlink:label="us-gaap_OfficeBuildingMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OfficeBuildingMember" xlink:to="us-gaap_OfficeBuildingMember_lbl" xlink:type="arc" />
      <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 Buildings [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CommercialRealEstateMember" xlink:label="us-gaap_CommercialRealEstateMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommercialRealEstateMember" xlink:to="us-gaap_CommercialRealEstateMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommercialRealEstateMember_lbl" xml:lang="en-US">Commercial Properties [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SubsidiaryOfCommonParentMember" xlink:label="us-gaap_SubsidiaryOfCommonParentMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOfCommonParentMember" xlink:to="us-gaap_SubsidiaryOfCommonParentMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryOfCommonParentMember_lbl" xml:lang="en-US">May Realty Holdings Inc Subsidiaries [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd#stpr_TX" xlink:label="stpr_TX" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="stpr_TX" xlink:to="stpr_TX_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="stpr_TX_lbl" xml:lang="en-US">TEXAS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="us-gaap_StatementGeographicalAxis" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementGeographicalAxis" xlink:to="us-gaap_StatementGeographicalAxis_lbl" xlink:type="arc" />
      <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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LandMember" xlink:label="us-gaap_LandMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandMember" xlink:to="us-gaap_LandMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LandMember_lbl" xml:lang="en-US">Land [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="arl-20160630.xsd#arl_OulanChikhFamilyTrustMember" xlink:label="arl_OulanChikhFamilyTrustMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OulanChikhFamilyTrustMember" xlink:to="arl_OulanChikhFamilyTrustMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_OulanChikhFamilyTrustMember_lbl" xml:lang="en-US">Oulan-Chikh Family Trust [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_NotesPayableOtherPayables14Member" xlink:label="arl_NotesPayableOtherPayables14Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables14Member" xlink:to="arl_NotesPayableOtherPayables14Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesPayableOtherPayables14Member_lbl" xml:lang="en-US">Loans Refinanced [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#arl_FinancialGuarantee1Member" xlink:label="arl_FinancialGuarantee1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_FinancialGuarantee1Member" xlink:to="arl_FinancialGuarantee1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_FinancialGuarantee1Member_lbl" xml:lang="en-US">UHF [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_ApartmentCommunityAcquiredMember" xlink:label="arl_ApartmentCommunityAcquiredMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentCommunityAcquiredMember" xlink:to="arl_ApartmentCommunityAcquiredMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ApartmentCommunityAcquiredMember_lbl" xml:lang="en-US">Apartment Community Acquired [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_Land1Member" xlink:label="arl_Land1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Land1Member" xlink:to="arl_Land1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_Land1Member_lbl" xml:lang="en-US">Land Parcel Acquired [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_ApartmentCommunitySoldMember" xlink:label="arl_ApartmentCommunitySoldMember" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentCommunitySoldMember" xlink:to="arl_ApartmentCommunitySoldMember_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ApartmentCommunitySoldMember_lbl" xml:lang="en-US">Apartment Community Sold [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_UnifiedHousingFoundationInc6Member" xlink:label="arl_UnifiedHousingFoundationInc6Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc6Member" xlink:to="arl_UnifiedHousingFoundationInc6Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_UnifiedHousingFoundationInc6Member_lbl" xml:lang="en-US">Unified Housing Foundation, Inc. #6 [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_EquityMethodInvesteeName1Member" xlink:label="arl_EquityMethodInvesteeName1Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeName1Member" xlink:to="arl_EquityMethodInvesteeName1Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvesteeName1Member_lbl" xml:lang="en-US">Milano [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_EquityMethodInvesteeName2Member" xlink:label="arl_EquityMethodInvesteeName2Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeName2Member" xlink:to="arl_EquityMethodInvesteeName2Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvesteeName2Member_lbl" xml:lang="en-US">SienaCorp [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_EquityMethodInvesteeName3Member" xlink:label="arl_EquityMethodInvesteeName3Member" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeName3Member" xlink:to="arl_EquityMethodInvesteeName3Member_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvesteeName3Member_lbl" xml:lang="en-US">Piazza Del Pane, Inc. [Member]</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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="arl-20160630.xsd#arl_EntityCommonStockHeldByNonaffiliates" xlink:label="arl_EntityCommonStockHeldByNonaffiliates" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EntityCommonStockHeldByNonaffiliates" xlink:to="arl_EntityCommonStockHeldByNonaffiliates_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EntityCommonStockHeldByNonaffiliates_lbl" xml:lang="en-US">Entity Common Stock, Shares held by Non-affiliates</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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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 $$128,548 in 2016 and $125,915 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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 estimated losses (including $15,537 in 2016 and 2015 from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#arl_NotesRelatedToAssetsHeldForSale" xlink:label="arl_NotesRelatedToAssetsHeldForSale" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesRelatedToAssetsHeldForSale" xlink:to="arl_NotesRelatedToAssetsHeldForSale_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesRelatedToAssetsHeldForSale_lbl" xml:lang="en-US">Notes related to assets held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_NotesRelatedToAssetsSubjectToSalesContracts" xlink:label="arl_NotesRelatedToAssetsSubjectToSalesContracts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesRelatedToAssetsSubjectToSalesContracts" xlink:to="arl_NotesRelatedToAssetsSubjectToSalesContracts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_NotesRelatedToAssetsSubjectToSalesContracts_lbl" xml:lang="en-US">Notes related to assets subject to sales contracts</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 $70,915 in 2016 and $70,892 in 2015 from sales to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 $10,112 in 2016 and $10,013 in 2015 to related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 shares in 2016 and 2015 (liquidation preference $10 per share), including 900,000 shares in 2016 and 2015 held by ARL or subsidiaries.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 2016 and 2015, respectively; including 140,000 shares held by TCI (consolidated) in 2016 and 2015.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" />
      <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 in 2016 and 2015, and 140,000 shares held by TCI (consolidated) as of 2016 and 2015.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableAndOtherAccruedLiabilities" xlink:to="us-gaap_AccountsPayableAndOtherAccruedLiabilities_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AccountsPayableAndOtherAccruedLiabilities_2_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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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, authorized (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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, issued (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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, outstanding (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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, authorized (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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, issued (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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, outstanding (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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 (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 $174 and $173 for the three months and $347 and $343 for the six months ended 2016 and 2015, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 $231 and $187 for the three months and $441 and $349 for the six months ended 2016 and 2015, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" 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/2016/elts/us-gaap-2016-01-31.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 $942 and $912 for the three months and $1,860 and $1,920 for the six months ended 2016 and 2015, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AssetImpairmentCharges" xlink:label="us-gaap_AssetImpairmentCharges" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetImpairmentCharges" xlink:to="us-gaap_AssetImpairmentCharges_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetImpairmentCharges_lbl" xml:lang="en-US">Provision on impairment of notes receivable and real estate assets</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 (expense):</link:label>
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      <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 $4,504 and $4,246 for the three months and $10,029 and $9,113 for the six months ended 2016 and 2015 respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 $1,355 and $920 for the three months and $2,447 and $1,815 for the six months ended 2016 and 2015, respectively, from related parties)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 gains on sale of income producing properties and land, non-controlling interest, and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 sale of income producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1" xlink:label="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1" xlink:to="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_lbl" xml:lang="en-US">Gain on land sales</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 tax</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 attributable to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 (loss) attributable to American Realty Investors, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 (loss) applicable to common shares</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare_lbl" xml:lang="en-US">Net income from discontinued operations (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="us-gaap_EarningsPerShareBasic" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net income applicable to common shares (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="us-gaap_EarningsPerShareDilutedAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareDilutedAbstract" xlink:to="us-gaap_EarningsPerShareDilutedAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareDilutedAbstract_lbl" xml:lang="en-US">Earnings per share - diluted</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare" xlink:to="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare_lbl" xml:lang="en-US">Net income (loss) from continuing operations (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare" xlink:to="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare_lbl" xml:lang="en-US">Net income (loss) from discontinued operations (in dollars per 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_WeightedAverageNumberOfSharesIssuedBasic_lbl" xml:lang="en-US">Weighted average common shares used in computing earnings per share (in shares)</link:label>
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      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract" xlink:label="arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AmountsAttributableToAmericanRealtyInvestorsIncAbstract_lbl" xml:lang="en-US">Amounts attributable to American Realty Investors, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperations_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/2016/elts/us-gaap-2016-01-31.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/verboseLabel" xlink:label="us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity_lbl" xml:lang="en-US">Net income (loss) from discontinued operations</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" 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" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RealEstateRevenueNet_2_lbl" xml:lang="en-US">Rental and other property revenues</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment" xlink:to="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DirectCostsOfLeasedAndRentedPropertyOrEquipment_2_lbl" xml:lang="en-US">Property operating expenses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GeneralAndAdministrativeExpense" xlink:to="us-gaap_GeneralAndAdministrativeExpense_2_lbl" xlink:type="arc" />
      <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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentIncomeInterest" xlink:to="us-gaap_InvestmentIncomeInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US">Interest income</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_2_lbl" xlink:type="arc" />
      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xml:lang="en-US">Balance, at beginning</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SharesOutstanding" xlink:label="us-gaap_SharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesOutstanding_lbl" xml:lang="en-US">Balance, at beginning (in shares)</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProfitLoss_2_lbl" xml:lang="en-US">Net income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance" xlink:to="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestIncreaseFromSubsidiaryEquityIssuance_lbl" xml:lang="en-US">Contributions from non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US">Distribution to non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalOther_lbl" xml:lang="en-US">Sale of controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_MinorityInterestDecreaseFromRedemptions" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromRedemptions_lbl" xml:lang="en-US">Assumption of non-controlling interests</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodValueConversionOfConvertibleSecurities" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" xlink:label="us-gaap_StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DividendsPreferredStock" xlink:label="us-gaap_DividendsPreferredStock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPreferredStock" xlink:to="us-gaap_DividendsPreferredStock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPreferredStock_lbl" xml:lang="en-US">Series A preferred stock dividend ($1.00 per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StockRepurchasedDuringPeriodValue" xlink:label="us-gaap_StockRepurchasedDuringPeriodValue" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_3_lbl" xml:lang="en-US">Balance, at the end</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesOutstanding" xlink:to="us-gaap_SharesOutstanding_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesOutstanding_2_lbl" xml:lang="en-US">Balance, at the end (in shares)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_PreferredStockDividendsPerShareDeclared" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PreferredStockDividendsPerShareDeclared_lbl" xml:lang="en-US">Series A preferred stock dividend (in dollars per share)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract" xlink:label="arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract_lbl" xml:lang="en-US">Consolidated Statements Of Comprehensive Income Loss</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract_lbl" xml:lang="en-US">Other comprehensive loss</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_lbl" xml:lang="en-US">Unrealized income (loss) on foreign currency translation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Total other comprehensive loss</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTax_lbl" xml:lang="en-US">Total comprehensive income (loss)\</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 attributable to non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US">Comprehensive income (loss) attributable to American Realty Investors, Inc.</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProfitLoss" xlink:to="us-gaap_ProfitLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProfitLoss_3_lbl" xml:lang="en-US">Net income</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1" xlink:to="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_2_lbl" xml:lang="en-US">Gain on sale of land</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes" xlink:to="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_2_lbl" xml:lang="en-US">Gain on sale of income producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_DepreciationDepletionAndAmortization1" xlink:label="arl_DepreciationDepletionAndAmortization1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DepreciationDepletionAndAmortization1" xlink:to="arl_DepreciationDepletionAndAmortization1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="arl_DepreciationDepletionAndAmortization1_lbl" xml:lang="en-US">Depreciation and amortization</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="arl-20160630.xsd#arl_IncomeLossFromEquityMethodInvestments1" xlink:label="arl_IncomeLossFromEquityMethodInvestments1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IncomeLossFromEquityMethodInvestments1" xlink:to="arl_IncomeLossFromEquityMethodInvestments1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_IncomeLossFromEquityMethodInvestments1_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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 provided by (used in) operating activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 receivables</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:to="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_lbl" xml:lang="en-US">Assumption of non-controlling interest</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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>
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      <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 used in investing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RepaymentsOfOtherDebt" xlink:label="us-gaap_RepaymentsOfOtherDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfOtherDebt" xlink:to="us-gaap_RepaymentsOfOtherDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfOtherDebt_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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromMinorityShareholders" xlink:label="us-gaap_ProceedsFromMinorityShareholders" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromMinorityShareholders" xlink:to="us-gaap_ProceedsFromMinorityShareholders_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromMinorityShareholders_lbl" xml:lang="en-US">Contributions from non-controlling interests</link:label>
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      <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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromOtherEquity" xlink:label="us-gaap_ProceedsFromOtherEquity" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromOtherEquity" xlink:to="us-gaap_ProceedsFromOtherEquity_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromOtherEquity_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/2016/elts/us-gaap-2016-01-31.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 financing activities</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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: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/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_2_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_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_3_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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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">INVESTMENTS IN UNCONSOLIDATED INVESTEES</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="us-gaap_DebtDisclosureAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureAbstract" xlink:to="us-gaap_DebtDisclosureAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureAbstract_lbl" xml:lang="en-US">Debt Disclosure [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="us-gaap_DebtDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtDisclosureTextBlock" xlink:to="us-gaap_DebtDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtDisclosureTextBlock_lbl" xml:lang="en-US">NOTES PAYABLE</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US">Related Party Transactions [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US">RELATED PARTY TRANSACTIONS</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="us-gaap_SegmentReportingAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentReportingAbstract" xlink:to="us-gaap_SegmentReportingAbstract_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_BasisOfAccountingPolicyPolicyTextBlock_lbl" xml:lang="en-US">Basis of Presentation</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy" xlink:to="us-gaap_RealEstateHeldForDevelopmentAndSalePolicy_lbl" xlink:type="arc" />
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_CapitalizationOfInternalCostsPolicy" xlink:label="us-gaap_CapitalizationOfInternalCostsPolicy" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementPolicyPolicyTextBlock_lbl" xml:lang="en-US">Fair Value Measurement</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredChargesPolicyTextBlock" xlink:label="us-gaap_DeferredChargesPolicyTextBlock" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartiesPolicyTextBlock" xlink:to="arl_RelatedPartiesPolicyTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartiesPolicyTextBlock_lbl" xml:lang="en-US">Related Parties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_lbl" xml:lang="en-US">Newly Issued Accounting Pronoucements</link:label>
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      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 income-producing properties</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="arl-20160630.xsd#arl_AreaOfLandComprisingGolfCourse" xlink:label="arl_AreaOfLandComprisingGolfCourse" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_AreaOfLandComprisingGolfCourse" xlink:to="arl_AreaOfLandComprisingGolfCourse_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_AreaOfLandComprisingGolfCourse_lbl" xml:lang="en-US">Area of land comprising golf course</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_ProjectsInDevelopment" xlink:label="arl_ProjectsInDevelopment" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProjectsInDevelopment" xlink:to="arl_ProjectsInDevelopment_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_ProjectsInDevelopment_lbl" xml:lang="en-US">Projects in development</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Useful life of fixed assets</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_RemainingAmortizationPeriodForDeferredFinancingCosts" xlink:label="arl_RemainingAmortizationPeriodForDeferredFinancingCosts" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RemainingAmortizationPeriodForDeferredFinancingCosts" xlink:to="arl_RemainingAmortizationPeriodForDeferredFinancingCosts_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RemainingAmortizationPeriodForDeferredFinancingCosts_lbl" xml:lang="en-US">Remaining amortization period for deferred financing costs</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 properties</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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsAndNotesReceivable_lbl" xml:lang="en-US">Subordinated notes receivable received in the transaction</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2009/role/negatedLabel" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_lbl" xml:lang="en-US">Repayments of notes payable to related parties</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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="arl-20160630.xsd#arl_RealEstateHeldforsale1" xlink:label="arl_RealEstateHeldforsale1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RealEstateHeldforsale1" xlink:to="arl_RealEstateHeldforsale1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RealEstateHeldforsale1_lbl" xml:lang="en-US">Real estate held for sale</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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: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/2016/elts/us-gaap-2016-01-31.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="arl-20160630.xsd#arl_PercentageOfMortgageLoansOnRealEstate" xlink:label="arl_PercentageOfMortgageLoansOnRealEstate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PercentageOfMortgageLoansOnRealEstate" xlink:to="arl_PercentageOfMortgageLoansOnRealEstate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PercentageOfMortgageLoansOnRealEstate_lbl" xml:lang="en-US">Percentage on mortgage notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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="arl-20160630.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">Description of Security</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 estimated losses</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MortgageLoansOnRealEstate" xlink:to="us-gaap_MortgageLoansOnRealEstate_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MortgageLoansOnRealEstate_3_lbl" xml:lang="en-US">Total notes receivable</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_EquityMethodInvestmentOwnershipPercentage1" xlink:label="arl_EquityMethodInvestmentOwnershipPercentage1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvestmentOwnershipPercentage1" xlink:to="arl_EquityMethodInvestmentOwnershipPercentage1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_EquityMethodInvestmentOwnershipPercentage1_lbl" xml:lang="en-US">Investee's ownership percentage</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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 franchise</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">Real estate, net of accumulated depreciation</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_Depreciation" xlink:label="us-gaap_Depreciation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Depreciation" xlink:to="us-gaap_Depreciation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_Depreciation_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/2009/role/negatedLabel" 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/2016/elts/us-gaap-2016-01-31.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 (loss) 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 (loss) 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/2016/elts/us-gaap-2016-01-31.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/label" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US">Draw-down of loans</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/2016/elts/us-gaap-2016-01-31.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">Interest payable</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US">Interest rate</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/verboseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_2_lbl" xml:lang="en-US">Interest Rate</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentMaturityDateDescription" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentMaturityDateDescription" xlink:to="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentMaturityDateDescription_lbl" xml:lang="en-US">Description of maturity date</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/verboseLabel" 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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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 outstanding balance</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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 collateral</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrentAndNoncurrent" xlink:to="us-gaap_InterestPayableCurrentAndNoncurrent_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_InterestPayableCurrentAndNoncurrent_2_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/2016/elts/us-gaap-2016-01-31.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, 2015</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfRelatedPartyDebt_2_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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2003/role/label" 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/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:label="us-gaap_OriginationOfNotesReceivableFromRelatedParties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OriginationOfNotesReceivableFromRelatedParties" xlink:to="us-gaap_OriginationOfNotesReceivableFromRelatedParties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OriginationOfNotesReceivableFromRelatedParties_lbl" xml:lang="en-US">Notes receivable purchased</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_RelatedPartyTaxSharing" xlink:label="arl_RelatedPartyTaxSharing" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RelatedPartyTaxSharing" xlink:to="arl_RelatedPartyTaxSharing_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_RelatedPartyTaxSharing_lbl" xml:lang="en-US">Tax sharing</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, June 30, 2016</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes" xlink:to="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes_3_lbl" xml:lang="en-US">Gain (loss) on sale of income producing properties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingIncomeLoss_2_lbl" xml:lang="en-US">Segment operating income (loss)</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/periodEndLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_3_lbl" xml:lang="en-US">Real estate assets</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2003/role/totalLabel" xlink:label="us-gaap_GainLossOnSaleOfProperties_lbl" xml:lang="en-US">Gain (loss) on sale</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingIncomeLoss" xlink:to="us-gaap_OperatingIncomeLoss_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_OperatingIncomeLoss_3_lbl" xml:lang="en-US">Segment operating income</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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="us-gaap_AssetImpairmentCharges" xlink:to="us-gaap_AssetImpairmentCharges_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AssetImpairmentCharges_2_lbl" xml:lang="en-US">Provision on impairment of notes receivable and real estate assets</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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LossOnSaleOfInvestments" xlink:label="us-gaap_LossOnSaleOfInvestments" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossOnSaleOfInvestments" xlink:to="us-gaap_LossOnSaleOfInvestments_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_LossOnSaleOfInvestments_lbl" xml:lang="en-US">Loss on sale of investments</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 joint ventures and 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_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_2_lbl" xlink:type="arc" />
      <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">Gain (loss) from continuing operations</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/verboseLabel" xlink:label="us-gaap_RealEstateInvestmentPropertyNet_4_lbl" xml:lang="en-US">Real estate 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/2016/elts/us-gaap-2016-01-31.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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/verboseLabel" 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/2016/elts/us-gaap-2016-01-31.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 (expense)</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.xsd#arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties" xlink:label="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties" xlink:to="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_lbl" xml:lang="en-US">Loan charges and prepayment penalties</link:label>
      <link:loc xlink:type="locator" xlink:href="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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 expenses</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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">Income (loss) from discontinued operations before gain on sale of real estate and taxes</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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: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 (loss) from discontinued operations</link:label>
      <link:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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="arl-20160630.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:loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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-20160630.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: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="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.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-20160630.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="arl-20160630.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/2016/elts/us-gaap-2016-01-31.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-20160630.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-20160630.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/2016/elts/us-gaap-2016-01-31.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:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_PreferredStockHeldBySubsidiary" xlink:label="arl_PreferredStockHeldBySubsidiary" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_PreferredStockHeldBySubsidiary" xlink:to="arl_PreferredStockHeldBySubsidiary_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_PreferredStockHeldBySubsidiary_lbl" xml:lang="en-US">Preferred stock held by subsidiary</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_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_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_AreaOfLandComprisingGolfCourse" xlink:to="arl_AreaOfLandComprisingGolfCourse_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_AreaOfLandComprisingGolfCourse_doc" xml:lang="en-US">Information related to area of land comprising golf course.</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_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_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_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_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_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_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_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_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_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_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties" xlink:to="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_doc" xml:lang="en-US">It represents as a loan charges and prepayment penalties.</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_EntityCommonStockHeldByNonaffiliates" xlink:to="arl_EntityCommonStockHeldByNonaffiliates_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EntityCommonStockHeldByNonaffiliates_doc" xml:lang="en-US">Indicates the number pf common stock held by non-affiliates of the registrant as stated on cover of related periodic report.</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_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_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_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_IncomeLossFromEquityMethodInvestments1" xlink:to="arl_IncomeLossFromEquityMethodInvestments1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_IncomeLossFromEquityMethodInvestments1_doc" xml:lang="en-US">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.</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_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_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_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_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_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_NotesPayableOtherPayables13Member" xlink:to="arl_NotesPayableOtherPayables13Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables13Member_doc" xml:lang="en-US">Information by type of debt instrument, including, but not limited to, draws against credit facilities.</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_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_NotesRelatedToAssetsHeldForSale" xlink:to="arl_NotesRelatedToAssetsHeldForSale_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesRelatedToAssetsHeldForSale_doc" xml:lang="en-US">Including the current and noncurrent portions, aggregate carrying amount of notes payable related to assets held for sale, as of the balance sheet date, with initial maturities beyond one year or beyond the normal operating cycle, if longer.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesRelatedToAssetsSubjectToSalesContracts" xlink:to="arl_NotesRelatedToAssetsSubjectToSalesContracts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesRelatedToAssetsSubjectToSalesContracts_doc" xml:lang="en-US">Refers to notes related assets to subject to sales contract.</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_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_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_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_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_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_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_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_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_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_PercentageOfMortgageLoansOnRealEstate" xlink:to="arl_PercentageOfMortgageLoansOnRealEstate_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PercentageOfMortgageLoansOnRealEstate_doc" xml:lang="en-US">It represents as a percentage on mortgage notes receivable.</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_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_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_PreferredStockHeldBySubsidiary" xlink:to="arl_PreferredStockHeldBySubsidiary_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_PreferredStockHeldBySubsidiary_doc" xml:lang="en-US">It represents as a preferred stock held by subsidiary.</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_RealEstateHeldforsale1" xlink:to="arl_RealEstateHeldforsale1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RealEstateHeldforsale1_doc" xml:lang="en-US">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.</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_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_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_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_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_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_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_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_RelatedPartyTaxSharing" xlink:to="arl_RelatedPartyTaxSharing_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RelatedPartyTaxSharing_doc" xml:lang="en-US">Tax sharing during the period with related 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_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_ScheduleOfRelatedPartyTransactions1TableTextBlock" xlink:to="arl_ScheduleOfRelatedPartyTransactions1TableTextBlock_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ScheduleOfRelatedPartyTransactions1TableTextBlock_doc" xml:lang="en-US">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.</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:loc xlink:type="locator" xlink:href="arl-20160630.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_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_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_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_UnifiedHousingFoundationInc4Member" xlink:to="arl_UnifiedHousingFoundationInc4Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc4Member_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc5Member" xlink:to="arl_UnifiedHousingFoundationInc5Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc5Member_doc" xml:lang="en-US">Information by type of receivable.</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_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_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_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_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_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_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_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_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_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_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_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_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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1" xlink:to="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1_doc" xml:lang="en-US">This element represents the amount of gain (loss) on sale of properties during the reporting period gross of the applicable income taxes realized.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DepreciationDepletionAndAmortization1" xlink:to="arl_DepreciationDepletionAndAmortization1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_DepreciationDepletionAndAmortization1_doc" xml:lang="en-US">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.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ProjectsInDevelopment" xlink:to="arl_ProjectsInDevelopment_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ProjectsInDevelopment_doc" xml:lang="en-US">The number of projects in development.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_RemainingAmortizationPeriodForDeferredFinancingCosts" xlink:to="arl_RemainingAmortizationPeriodForDeferredFinancingCosts_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_RemainingAmortizationPeriodForDeferredFinancingCosts_doc" xml:lang="en-US">The period remaining for amortization of deferred financing costs, as tied to the term of the related financing agreement.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_OulanChikhFamilyTrustMember" xlink:to="arl_OulanChikhFamilyTrustMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_OulanChikhFamilyTrustMember_doc" xml:lang="en-US">Oulan-Chikh Family Trust [Member].</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_NotesPayableOtherPayables14Member" xlink:to="arl_NotesPayableOtherPayables14Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_NotesPayableOtherPayables14Member_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_FinancialGuarantee1Member" xlink:to="arl_FinancialGuarantee1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_FinancialGuarantee1Member_doc" xml:lang="en-US">An agreement (contract) that requires the guarantor to make payments to the guaranteed party based on another entity's failure to pay specified obligations, such as debt, to a lender.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentCommunityAcquiredMember" xlink:to="arl_ApartmentCommunityAcquiredMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ApartmentCommunityAcquiredMember_doc" xml:lang="en-US">Real estate designated as an apartment community.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Land1Member" xlink:to="arl_Land1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_Land1Member_doc" xml:lang="en-US">Real estate held.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_ApartmentCommunitySoldMember" xlink:to="arl_ApartmentCommunitySoldMember_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_ApartmentCommunitySoldMember_doc" xml:lang="en-US">Real estate designated as an apartment community.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_UnifiedHousingFoundationInc6Member" xlink:to="arl_UnifiedHousingFoundationInc6Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_UnifiedHousingFoundationInc6Member_doc" xml:lang="en-US">Information by type of receivable.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeName1Member" xlink:to="arl_EquityMethodInvesteeName1Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvesteeName1Member_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_EquityMethodInvestmentOwnershipPercentage1" xlink:to="arl_EquityMethodInvestmentOwnershipPercentage1_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvestmentOwnershipPercentage1_doc" xml:lang="en-US">The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_EquityMethodInvesteeName2Member" xlink:to="arl_EquityMethodInvesteeName2Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvesteeName2Member_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_EquityMethodInvesteeName3Member" xlink:to="arl_EquityMethodInvesteeName3Member_doc" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="arl_EquityMethodInvesteeName3Member_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_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_CommercialRealEstateMember" xlink:to="us-gaap_CommercialRealEstateMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommercialRealEstateMember_2_lbl" xml:lang="en-US">Commercial Real Estate [Member]</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LandMember" xlink:to="us-gaap_LandMember_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LandMember_2_lbl" xml:lang="en-US">Land [Member] [Default Label]</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_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenses_3_lbl" xml:lang="en-US">Operating Expenses</link:label>
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      <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>
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      <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: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/2003/role/label" xlink:label="us-gaap_IncomeTaxExpenseBenefit_2_lbl" xml:lang="en-US">Income Tax Expense (Benefit)</link:label>
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      <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" />
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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>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_2_lbl" xlink:type="arc" />
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_DepreciationDepletionAndAmortization1" xlink:to="arl_DepreciationDepletionAndAmortization1_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DepreciationDepletionAndAmortization1_3_lbl" xml:lang="en-US">DepreciationDepletionAndAmortization1</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_IncomeLossFromEquityMethodInvestments1" xlink:to="arl_IncomeLossFromEquityMethodInvestments1_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_IncomeLossFromEquityMethodInvestments1_3_lbl" xml:lang="en-US">IncomeLossFromEquityMethodInvestments1</link:label>
      <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>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInLeasingReceivables" xlink:to="us-gaap_IncreaseDecreaseInLeasingReceivables_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInLeasingReceivables_2_lbl" xml:lang="en-US">Increase (Decrease) in Leasing Receivables</link:label>
      <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>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_2_lbl" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireNotesReceivable_2_lbl" xml:lang="en-US">Payments to Acquire Notes Receivable</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>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet" xlink:to="us-gaap_PaymentsForProceedsFromRealEstatePartnershipInvestmentNet_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="arl_PaymentForImprovementOfLandHeldForDevelopment_3_lbl" xml:lang="en-US">PaymentForImprovementOfLandHeldForDevelopment</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToDevelopRealEstateAssets" xlink:to="us-gaap_PaymentsToDevelopRealEstateAssets_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToDevelopRealEstateAssets_2_lbl" xml:lang="en-US">Payments to Develop Real Estate Assets</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries" xlink:to="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquireAdditionalInterestInSubsidiaries_2_lbl" xml:lang="en-US">Payments to Acquire Additional Interest in Subsidiaries</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquireAndDevelopRealEstate" xlink:to="us-gaap_PaymentsToAcquireAndDevelopRealEstate_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="arl_RecurringAmortizationOfPrincipalOnNotesPayable_3_lbl" xml:lang="en-US">RecurringAmortizationOfPrincipalOnNotesPayable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfOtherDebt" xlink:to="us-gaap_RepaymentsOfOtherDebt_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfOtherDebt_2_lbl" xml:lang="en-US">Repayments of Other Debt</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfNotesPayable_2_lbl" xml:lang="en-US">Repayments of Notes Payable</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsOfFinancingCosts" xlink:to="us-gaap_PaymentsOfFinancingCosts_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsOfFinancingCosts_2_lbl" xml:lang="en-US">Payments of Financing Costs</link:label>
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      <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_Depreciation" xlink:to="us-gaap_Depreciation_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Depreciation_2_lbl" xml:lang="en-US">Depreciation [Default Label]</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_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_2_lbl" xml:lang="en-US">Debt Instrument, Face Amount</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="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty" xlink:to="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty_2_lbl" xml:lang="en-US">Related Party Transaction, Expenses from Transactions with Related Party</link:label>
      <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_GainLossOnSaleOfProperties" xlink:to="us-gaap_GainLossOnSaleOfProperties_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfProperties_2_lbl" xml:lang="en-US">Gain (Loss) on Sale of Properties</link:label>
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossOnSaleOfInvestments" xlink:to="us-gaap_LossOnSaleOfInvestments_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossOnSaleOfInvestments_2_lbl" xml:lang="en-US">Loss on Sale of Investments</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="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract" xlink:to="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract_2_lbl" xml:lang="en-US">DisposalGroupIncludingDiscontinuedOperationOperatingIncomeExpenseAbstract</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_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties" xlink:to="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_DisposalGroupIncludingLoanChargesAndPrepaymentPenalties_3_lbl" xml:lang="en-US">DisposalGroupIncludingLoanChargesAndPrepaymentPenalties</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:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="arl_Subsidiaries2Member" xlink:to="arl_Subsidiaries2Member_2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="arl_Subsidiaries2Member_2_lbl" xml:lang="en-US">Subsidiaries2Member</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>10
<FILENAME>arl-20160630_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: 4.14a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: http://www.novaworks.co -->
    <!-- Field: Doc-Info; Name: Source; Value: P:\EDGARizer\Clients\AMERICAN REALTY INVESTORS INC\XBRL\20160630\ari_063016.xfr; Date: 2016%2D08%2D15T18:47:12Z -->
    <!-- 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/ConsolidatedBalanceSheets" xlink:href="arl-20160630.xsd#ConsolidatedBalanceSheets" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedBalanceSheetsParenthetical" xlink:href="arl-20160630.xsd#ConsolidatedBalanceSheetsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfOperations" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfOperations" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfOperationsParenthetical" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfOperationsParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfShareholdersEquity" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfShareholdersEquity" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfShareholdersEquityParenthetical" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfShareholdersEquityParenthetical" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfComprehensiveIncomeLoss" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfComprehensiveIncomeLoss" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/ConsolidatedStatementsOfCashFlows" xlink:href="arl-20160630.xsd#ConsolidatedStatementsOfCashFlows" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentation" xlink:href="arl-20160630.xsd#OrganizationAndBasisOfPresentation" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RealEstateActivity" xlink:href="arl-20160630.xsd#RealEstateActivity" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivable" xlink:href="arl-20160630.xsd#NotesAndInterestReceivable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvestees" xlink:href="arl-20160630.xsd#InvestmentsInUnconsolidatedInvestees" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesPayable" xlink:href="arl-20160630.xsd#NotesPayable" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RelatedPartyTransactions" xlink:href="arl-20160630.xsd#RelatedPartyTransactions" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegments" xlink:href="arl-20160630.xsd#OperatingSegments" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/DiscontinuedOperations" xlink:href="arl-20160630.xsd#DiscontinuedOperations" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/CommitmentsContingenciesAndLiquidity" xlink:href="arl-20160630.xsd#CommitmentsContingenciesAndLiquidity" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/EarningsPerShare" xlink:href="arl-20160630.xsd#EarningsPerShare" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/SubsequentEvents" xlink:href="arl-20160630.xsd#SubsequentEvents" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentationPolicies" xlink:href="arl-20160630.xsd#OrganizationAndBasisOfPresentationPolicies" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RealEstateActivityTables" xlink:href="arl-20160630.xsd#RealEstateActivityTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableTables" xlink:href="arl-20160630.xsd#NotesAndInterestReceivableTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentInUnconsolidatedInvesteesTables" xlink:href="arl-20160630.xsd#InvestmentInUnconsolidatedInvesteesTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesPayableTables" xlink:href="arl-20160630.xsd#NotesPayableTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsTables" xlink:href="arl-20160630.xsd#RelatedPartyTransactionsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegmentsTables" xlink:href="arl-20160630.xsd#OperatingSegmentsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/DiscontinuedOperationsTables" xlink:href="arl-20160630.xsd#DiscontinuedOperationsTables" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OrganizationAndBasisOfPresentationDetailsNarrative" xlink:href="arl-20160630.xsd#OrganizationAndBasisOfPresentationDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RealEstateActivityDetailsNarrative" xlink:href="arl-20160630.xsd#RealEstateActivityDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RealEstateActivityDetails" xlink:href="arl-20160630.xsd#RealEstateActivityDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableDetailsNarrative" xlink:href="arl-20160630.xsd#NotesAndInterestReceivableDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesAndInterestReceivableDetails" xlink:href="arl-20160630.xsd#NotesAndInterestReceivableDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetailsNarrative" xlink:href="arl-20160630.xsd#InvestmentsInUnconsolidatedInvesteesDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetails" xlink:href="arl-20160630.xsd#InvestmentsInUnconsolidatedInvesteesDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/InvestmentsInUnconsolidatedInvesteesDetails1" xlink:href="arl-20160630.xsd#InvestmentsInUnconsolidatedInvesteesDetails1" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesPayableDetailsNarrative" xlink:href="arl-20160630.xsd#NotesPayableDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/NotesPayableDetails" xlink:href="arl-20160630.xsd#NotesPayableDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/RelatedPartyTransactionsDetails" xlink:href="arl-20160630.xsd#RelatedPartyTransactionsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails" xlink:href="arl-20160630.xsd#OperatingSegmentsDetails" xlink:type="simple" />
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    <link:roleRef roleURI="http://amrealtytrust.com/role/OperatingSegmentsDetails2" xlink:href="arl-20160630.xsd#OperatingSegmentsDetails2" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/DiscontinuedOperationsDetails" xlink:href="arl-20160630.xsd#DiscontinuedOperationsDetails" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/CommitmentsContingenciesAndLiquidityDetailsNarrative" xlink:href="arl-20160630.xsd#CommitmentsContingenciesAndLiquidityDetailsNarrative" xlink:type="simple" />
    <link:roleRef roleURI="http://amrealtytrust.com/role/EarningsPerShareDetailsNarrative" xlink:href="arl-20160630.xsd#EarningsPerShareDetailsNarrative" xlink:type="simple" />
    <link:presentationLink xlink:type="extended" xlink:role="http://amrealtytrust.com/role/DocumentAndEntityInformation" xlink:title="00000001 - Document - Document and Entity Information">
      <link:loc xlink:type="locator" xlink:href="arl-20160630.xsd#arl_DocumentAndEntityInformationAbstract" xlink:label="loc_arlDocumentAndEntityInformationAbstract" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_deiEntityRegistrantName" />
      <link:presentationArc order="0" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_arlDocumentAndEntityInformationAbstract" xlink:to="loc_deiEntityRegistrantName" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_deiEntityCentralIndexKey" />
      <link:presentationArc order="10" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_arlDocumentAndEntityInformationAbstract" xlink:to="loc_deiEntityCentralIndexKey" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_deiDocumentType" />
      <link:presentationArc order="20" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_arlDocumentAndEntityInformationAbstract" xlink:to="loc_deiDocumentType" xlink:type="arc" />
      <link:loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_deiTradingSymbol" />
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6742466560">
<tr>
<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">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Aug. 05, 2016</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_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity 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_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">AMERICAN REALTY INVESTORS INC<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_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001102238<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_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<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_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ARL<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_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 30,  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_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<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_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<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_dei_EntityWellKnownSeasonedIssuer', window );">Is Entity a Well-known Seasoned Issuer?</a></td>
<td class="text">No<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_dei_EntityVoluntaryFilers', window );">Is Entity a Voluntary Filer?</a></td>
<td class="text">No<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_dei_EntityCurrentReportingStatus', window );">Is Entity's Reporting Status Current?</a></td>
<td class="text">Yes<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_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Smaller Reporting Company<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_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,514,360<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_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q2<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_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2016<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_DocumentAndEntityInformationAbstract</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>
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<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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</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_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</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_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</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>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</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_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</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_dei_EntityCurrentReportingStatus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<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>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</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_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher SEC<br> -Name Regulation 12B<br> -Number 240<br> -Section 12b<br> -Subsection 1<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;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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_dei_EntityVoluntaryFilers">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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>
<td style="white-space:nowrap;">dei_EntityVoluntaryFilers</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_EntityWellKnownSeasonedIssuer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:yesNoItemType</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_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</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>12
<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">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
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<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6742938320">
<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>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_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">$ 1,012,240<span></span>
</td>
<td class="nump">$ 954,390<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</a></td>
<td class="nump">49,155<span></span>
</td>
<td class="nump">49,155<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">(159,991)<span></span>
</td>
<td class="num">(150,038)<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">901,404<span></span>
</td>
<td class="nump">853,507<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 $$128,548 in 2016 and $125,915 from related parties)</a></td>
<td class="nump">140,891<span></span>
</td>
<td class="nump">137,280<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 );">Less allowance for estimated losses (including $15,537 in 2016 and 2015 from related parties)</a></td>
<td class="num">(17,037)<span></span>
</td>
<td class="num">(17,037)<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_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">123,854<span></span>
</td>
<td class="nump">120,243<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</a></td>
<td class="nump">19,152<span></span>
</td>
<td class="nump">15,232<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_RestrictedCashAndCashEquivalents', window );">Restricted cash</a></td>
<td class="nump">30,188<span></span>
</td>
<td class="nump">45,711<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 subsidiaries and investees</a></td>
<td class="nump">5,868<span></span>
</td>
<td class="nump">8,365<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_DueFromRelatedParties', window );">Receivable from related party</a></td>
<td class="nump">6,385<span></span>
</td>
<td class="nump">28,147<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">44,824<span></span>
</td>
<td class="nump">46,163<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_Assets', window );">Total assets</a></td>
<td class="nump">1,131,675<span></span>
</td>
<td class="nump">1,117,368<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_LiabilitiesAbstract', window );"><strong>Liabilities:</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_NotesAndLoansPayable', window );">Notes and interest payable</a></td>
<td class="nump">820,921<span></span>
</td>
<td class="nump">797,962<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_NotesRelatedToAssetsHeldForSale', window );">Notes related to assets held for sale</a></td>
<td class="nump">376<span></span>
</td>
<td class="nump">376<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_NotesRelatedToAssetsSubjectToSalesContracts', window );">Notes related to assets subject to sales contracts</a></td>
<td class="nump">6,072<span></span>
</td>
<td class="nump">6,422<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 $70,915 in 2016 and $70,892 in 2015 from sales to related parties)</a></td>
<td class="nump">91,360<span></span>
</td>
<td class="nump">91,336<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 $10,112 in 2016 and $10,013 in 2015 to related parties)</a></td>
<td class="nump">36,989<span></span>
</td>
<td class="nump">44,383<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">955,718<span></span>
</td>
<td class="nump">940,479<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 shares in 2016 and 2015 (liquidation preference $10 per share), including 900,000 shares in 2016 and 2015 held by ARL or subsidiaries.</a></td>
<td class="nump">2,205<span></span>
</td>
<td class="nump">2,205<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 2016 and 2015, respectively; including 140,000 shares held by TCI (consolidated) in 2016 and 2015.</a></td>
<td class="nump">156<span></span>
</td>
<td class="nump">156<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 in 2016 and 2015, and 140,000 shares held by TCI (consolidated) as of 2016 and 2015.</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">109,311<span></span>
</td>
<td class="nump">109,861<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">16,414<span></span>
</td>
<td class="nump">17,130<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">121,691<span></span>
</td>
<td class="nump">122,957<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">54,266<span></span>
</td>
<td class="nump">53,932<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">175,957<span></span>
</td>
<td class="nump">176,889<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">$ 1,131,675<span></span>
</td>
<td class="nump">$ 1,117,368<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_NotesRelatedToAssetsHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 notes payable related to assets held for sale, 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>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_NotesRelatedToAssetsHeldForSale</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_NotesRelatedToAssetsSubjectToSalesContracts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 assets 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_NotesRelatedToAssetsSubjectToSalesContracts</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>Amount of liabilities incurred and payable to vendors for goods and services received, and accrued liabilities classified as 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 310<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6873192&amp;loc=d3e21338-158488<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.10(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19-26)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(25))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(32))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.31)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>Amount of assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_RealEstateInvestmentsOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>
</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_RestrictedCashAndCashEquivalents">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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>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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(23)(a)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30)(a)(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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>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_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_StockholdersEquityAbstract</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<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_TreasuryStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<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_TreasuryStockValue</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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6743729712">
<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>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</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_PerformingNotesAndInterestReceivable', window );">Performing</a></td>
<td class="nump">$ 140,891<span></span>
</td>
<td class="nump">$ 137,280<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">17,037<span></span>
</td>
<td class="nump">17,037<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">91,360<span></span>
</td>
<td class="nump">91,336<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_AccountsPayableAndOtherAccruedLiabilities', window );">Accounts payable and other liabilities to related parties</a></td>
<td class="nump">$ 36,989<span></span>
</td>
<td class="nump">$ 44,383<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_PreferredStockParOrStatedValuePerShare', window );">Series A Preferred stock, par value (in dollars per share)</a></td>
<td class="nump">$ 2.00<span></span>
</td>
<td class="nump">$ 2.00<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_PreferredStockSharesAuthorized', window );">Series A Preferred stock, authorized (in shares)</a></td>
<td class="nump">15,000,000<span></span>
</td>
<td class="nump">15,000,000<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_PreferredStockSharesIssued', window );">Series A Preferred stock, issued (in shares)</a></td>
<td class="nump">2,000,614<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_PreferredStockSharesOutstanding', window );">Series A Preferred stock, outstanding (in shares)</a></td>
<td class="nump">2,000,614<span></span>
</td>
<td class="nump">2,000,614<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_PreferredStockLiquidationPreference', window );">Series A Preferred stock, liquidation preference (in dollars per share)</a></td>
<td class="nump">$ 10<span></span>
</td>
<td class="nump">$ 10<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_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<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_CommonStockSharesAuthorized', window );">Common stock, 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="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_CommonStockSharesIssued', window );">Common stock, 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="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_CommonStockSharesOutstanding', window );">Common stock, 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="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">2,000,614<span></span>
</td>
<td class="nump">2,000,614<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_TreasuryStockShares', window );">Treasury stock (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="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="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="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="nump">140,000<span></span>
</td>
<td class="nump">140,000<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 (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_PerformingNotesAndInterestReceivable', window );">Performing</a></td>
<td class="nump">$ 128,548<span></span>
</td>
<td class="nump">$ 125,915<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 );">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="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 from sales to related parties</a></td>
<td class="nump">70,915<span></span>
</td>
<td class="nump">70,892<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 to related parties</a></td>
<td class="nump">$ 10,112<span></span>
</td>
<td class="nump">$ 10,013<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<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_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>Amount of liabilities incurred and payable to vendors for goods and services received, and accrued liabilities classified as 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 310<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6873192&amp;loc=d3e21338-158488<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 605<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SAB Topic 13.A.4(a).Q1)<br> -URI http://asc.fasb.org/extlink&amp;oid=65893310&amp;loc=d3e214044-122780<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21484-112644<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(d)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(d)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(28))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29,30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<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>
</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>
</table>
</div>
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</html>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6743209536">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_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 $174 and $173 for the three months and $347 and $343 for the six months ended 2016 and 2015, respectively, from related parties)</a></td>
<td class="nump">$ 30,834<span></span>
</td>
<td class="nump">$ 24,241<span></span>
</td>
<td class="nump">$ 60,039<span></span>
</td>
<td class="nump">$ 47,397<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 $231 and $187 for the three months and $441 and $349 for the six months ended 2016 and 2015, respectively, from related parties)</a></td>
<td class="nump">15,191<span></span>
</td>
<td class="nump">11,301<span></span>
</td>
<td class="nump">30,407<span></span>
</td>
<td class="nump">22,969<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_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">5,868<span></span>
</td>
<td class="nump">5,137<span></span>
</td>
<td class="nump">11,698<span></span>
</td>
<td class="nump">9,841<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 $942 and $912 for the three months and $1,860 and $1,920 for the six months ended 2016 and 2015, respectively, from related parties)</a></td>
<td class="nump">2,412<span></span>
</td>
<td class="nump">1,596<span></span>
</td>
<td class="nump">4,437<span></span>
</td>
<td class="nump">3,798<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">54<span></span>
</td>
<td class="nump">45<span></span>
</td>
<td class="nump">126<span></span>
</td>
<td class="nump">335<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">2,687<span></span>
</td>
<td class="nump">2,309<span></span>
</td>
<td class="nump">5,425<span></span>
</td>
<td class="nump">4,601<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">26,212<span></span>
</td>
<td class="nump">20,388<span></span>
</td>
<td class="nump">52,093<span></span>
</td>
<td class="nump">41,544<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</a></td>
<td class="nump">4,622<span></span>
</td>
<td class="nump">3,853<span></span>
</td>
<td class="nump">7,946<span></span>
</td>
<td class="nump">5,853<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 (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_InterestIncomeOther', window );">Interest income (including $4,504 and $4,246 for the three months and $10,029 and $9,113 for the six months ended 2016 and 2015 respectively, from related parties)</a></td>
<td class="nump">4,788<span></span>
</td>
<td class="nump">4,535<span></span>
</td>
<td class="nump">10,079<span></span>
</td>
<td class="nump">9,772<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="nump">902<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">1,200<span></span>
</td>
<td class="nump">4,111<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 $1,355 and $920 for the three months and $2,447 and $1,815 for the six months ended 2016 and 2015, respectively, from related parties)</a></td>
<td class="num">(13,975)<span></span>
</td>
<td class="num">(9,794)<span></span>
</td>
<td class="num">(28,189)<span></span>
</td>
<td class="num">(21,439)<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 );">Earnings from unconsolidated subsidiaries and investees</a></td>
<td class="nump">129<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="nump">196<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_LitigationSettlementAmount', window );">Litigation settlement (expense)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(117)<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_NonoperatingIncomeExpense', window );">Total other expenses</a></td>
<td class="num">(8,156)<span></span>
</td>
<td class="num">(5,139)<span></span>
</td>
<td class="num">(16,626)<span></span>
</td>
<td class="num">(7,477)<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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Loss before gains on sale of income producing properties and land, non-controlling interest, and taxes</a></td>
<td class="num">(3,534)<span></span>
</td>
<td class="num">(1,286)<span></span>
</td>
<td class="num">(8,680)<span></span>
</td>
<td class="num">(1,624)<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 sale of income producing properties</a></td>
<td class="nump">5,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,925<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1', window );">Gain on land sales</a></td>
<td class="nump">1,719<span></span>
</td>
<td class="nump">3,027<span></span>
</td>
<td class="nump">3,370<span></span>
</td>
<td class="nump">5,903<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_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments', window );">Net income (loss) from continuing operations before tax</a></td>
<td class="nump">3,353<span></span>
</td>
<td class="nump">1,741<span></span>
</td>
<td class="num">(385)<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_IncomeTaxExpenseBenefit', window );">Income tax benefit (expense)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">91<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="nump">3,353<span></span>
</td>
<td class="nump">1,729<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="nump">4,370<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_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="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_DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax', window );">Net income (loss) from discontinued operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(34)<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">260<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="text">&#160;<span></span>
</td>
<td class="nump">12<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(91)<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="text">&#160;<span></span>
</td>
<td class="num">(22)<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">169<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="nump">3,353<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
<td class="num">(382)<span></span>
</td>
<td class="nump">4,539<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 attributable to non-controlling interests</a></td>
<td class="num">(864)<span></span>
</td>
<td class="num">(540)<span></span>
</td>
<td class="num">(334)<span></span>
</td>
<td class="num">(32)<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 (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="nump">2,489<span></span>
</td>
<td class="nump">1,167<span></span>
</td>
<td class="num">(716)<span></span>
</td>
<td class="nump">4,507<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">(53)<span></span>
</td>
<td class="num">(275)<span></span>
</td>
<td class="num">(550)<span></span>
</td>
<td class="num">(665)<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 (loss) applicable to common shares</a></td>
<td class="nump">$ 2,436<span></span>
</td>
<td class="nump">$ 892<span></span>
</td>
<td class="num">$ (1,266)<span></span>
</td>
<td class="nump">$ 3,842<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="nump">$ 0.16<span></span>
</td>
<td class="nump">$ 0.06<span></span>
</td>
<td class="num">$ (0.08)<span></span>
</td>
<td class="nump">$ 0.25<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.01<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="nump">0.16<span></span>
</td>
<td class="nump">0.06<span></span>
</td>
<td class="num">(0.08)<span></span>
</td>
<td class="nump">0.26<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="nump">0.16<span></span>
</td>
<td class="nump">0.05<span></span>
</td>
<td class="num">(0.08)<span></span>
</td>
<td class="nump">0.21<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">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.01<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="nump">$ 0.16<span></span>
</td>
<td class="nump">$ 0.05<span></span>
</td>
<td class="num">$ (0.08)<span></span>
</td>
<td class="nump">$ 0.22<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">15,367,320<span></span>
</td>
<td class="nump">15,514,360<span></span>
</td>
<td class="nump">14,701,170<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_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">17,844,339<span></span>
</td>
<td class="nump">15,514,360<span></span>
</td>
<td class="nump">17,178,190<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="nump">$ 2,489<span></span>
</td>
<td class="nump">$ 1,189<span></span>
</td>
<td class="num">$ (718)<span></span>
</td>
<td class="nump">$ 4,338<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="text">&#160;<span></span>
</td>
<td class="num">(22)<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">169<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 applicable to American Realty Investors, Inc.</a></td>
<td class="nump">$ 2,489<span></span>
</td>
<td class="nump">$ 1,167<span></span>
</td>
<td class="num">$ (716)<span></span>
</td>
<td class="nump">$ 4,507<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1</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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32672-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65896914&amp;loc=d3e38679-109324<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 974<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.19)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 after tax of income (loss) from continuing operations 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.13)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 18<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4613673-111683<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>Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 940<br> -SubTopic 20<br> -Section 25<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68072869&amp;loc=d3e41242-110953<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(15))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(8))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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>Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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>Amount after tax of income (loss) from continuing operations including 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20187-122688<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-03(13))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20187-122688<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(14))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(23))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(19))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section S99<br> -Paragraph 5<br> -Subparagraph (SAB Topic 5.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355146-122828<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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 classified as 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(18))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 11<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1377-109256<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>
</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>Amount of revenue and income classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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_PreferredStockDividendsIncomeStatementImpact">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockDividendsIncomeStatementImpact</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_RealEstateRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RealEstateRevenueNetAbstract</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_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1505-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<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>
</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_WeightedAverageNumberOfSharesIssuedBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1448-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e2646-109256<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>
</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>
</div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>15
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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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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6742660176">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_RealEstateRevenueNet', window );">Rental and other property revenues</a></td>
<td class="nump">$ 30,834<span></span>
</td>
<td class="nump">$ 24,241<span></span>
</td>
<td class="nump">$ 60,039<span></span>
</td>
<td class="nump">$ 47,397<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">15,191<span></span>
</td>
<td class="nump">11,301<span></span>
</td>
<td class="nump">30,407<span></span>
</td>
<td class="nump">22,969<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">2,412<span></span>
</td>
<td class="nump">1,596<span></span>
</td>
<td class="nump">4,437<span></span>
</td>
<td class="nump">3,798<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">(13,975)<span></span>
</td>
<td class="num">(9,794)<span></span>
</td>
<td class="num">(28,189)<span></span>
</td>
<td class="num">(21,439)<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">174<span></span>
</td>
<td class="nump">173<span></span>
</td>
<td class="nump">347<span></span>
</td>
<td class="nump">343<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">231<span></span>
</td>
<td class="nump">187<span></span>
</td>
<td class="nump">441<span></span>
</td>
<td class="nump">349<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">942<span></span>
</td>
<td class="nump">912<span></span>
</td>
<td class="nump">1,860<span></span>
</td>
<td class="nump">1,920<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">4,504<span></span>
</td>
<td class="nump">4,246<span></span>
</td>
<td class="nump">10,029<span></span>
</td>
<td class="nump">9,113<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">$ 1,355<span></span>
</td>
<td class="nump">$ 920<span></span>
</td>
<td class="nump">$ 2,447<span></span>
</td>
<td class="nump">$ 1,815<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>
<tr><td><div class="body" style="padding: 2px;">
<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>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.7(b))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_InvestmentIncomeInterest</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R6.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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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6743748192">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) - 6 months ended Jun. 30, 2016 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Comprehensive Loss [Member]</div></th>
<th class="th"><div>Preferred Stock [Member]</div></th>
<th class="th"><div>Common Stock [Member]</div></th>
<th class="th"><div>Treasury Stock [Member]</div></th>
<th class="th"><div>Paid-In Capital [Member]</div></th>
<th class="th"><div>Retained Earnings [Member]</div></th>
<th class="th"><div>Non-controlling Interest [Member]</div></th>
</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 beginning at Dec. 31, 2015</a></td>
<td class="nump">$ 176,889<span></span>
</td>
<td class="num">$ (56,327)<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">$ 109,861<span></span>
</td>
<td class="nump">$ 17,130<span></span>
</td>
<td class="nump">$ 53,932<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 beginning (in shares) at Dec. 31, 2015</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">15,930,145<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_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</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>
<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_ProfitLoss', window );">Net income (loss)</a></td>
<td class="num">(382)<span></span>
</td>
<td class="num">(382)<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">(716)<span></span>
</td>
<td class="nump">334<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 ($1.00 per share)</a></td>
<td class="num">(550)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(550)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance, at the end at Jun. 30, 2016</a></td>
<td class="nump">$ 175,957<span></span>
</td>
<td class="num">$ (56,709)<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">$ 109,311<span></span>
</td>
<td class="nump">$ 16,414<span></span>
</td>
<td class="nump">$ 54,266<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 Jun. 30, 2016</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">15,930,145<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>
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<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 405<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<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>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>
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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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
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<td>instant</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4I<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4590271-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 16<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568740-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4568447-111683<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>
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<td><strong> Name:</strong></td>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6593091600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (unaudited) (Parenthetical)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th">
<div>Jun. 30, 2016 </div>
<div>$ / shares</div>
</th></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>
</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_PreferredStockDividendsPerShareDeclared', window );">Series A preferred stock dividend (in dollars per share)</a></td>
<td class="nump">$ 1.00<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>Aggregate dividends declared during the period for each share of preferred stock outstanding.</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><strong> Period Type:</strong></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_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember</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></div>
</div></td></tr>
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<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6743002240">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_ConsolidatedStatementsOfComprehensiveIncomeUnauditedAbstract', window );"><strong>Consolidated Statements Of Comprehensive Income Loss</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 (loss)</a></td>
<td class="num">$ (382)<span></span>
</td>
<td class="nump">$ 4,539<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_OtherComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract', window );"><strong>Other comprehensive loss</strong></a></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_ComprehensiveIncomeNetOfTax', window );">Total comprehensive income (loss)\</a></td>
<td class="num">(382)<span></span>
</td>
<td class="nump">4,539<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 attributable to non-controlling interest</a></td>
<td class="num">(334)<span></span>
</td>
<td class="num">(32)<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 );">Comprehensive income (loss) attributable to American Realty Investors, Inc.</a></td>
<td class="num">$ (716)<span></span>
</td>
<td class="nump">$ 4,507<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 );">- 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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Other Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Comprehensive Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 220<br> -SubTopic 10<br> -Section 45<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=66004124&amp;loc=d3e557-108580<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Net Income<br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<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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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 21<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4613674-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 20<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569643-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<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>
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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>
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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>duration</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<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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<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>
<td>credit</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_OtherComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstract</td>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6742684608">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_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">$ (382)<span></span>
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</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_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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1', window );">Gain on sale of land</a></td>
<td class="num">(3,370)<span></span>
</td>
<td class="num">(5,903)<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 sale of income producing properties</a></td>
<td class="num">(4,925)<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_DepreciationDepletionAndAmortization1', window );">Depreciation and amortization</a></td>
<td class="nump">10,635<span></span>
</td>
<td class="nump">9,841<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">2,303<span></span>
</td>
<td class="nump">969<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_IncomeLossFromEquityMethodInvestments1', window );">Earnings from unconsolidated subsidiaries and investees</a></td>
<td class="num">(284)<span></span>
</td>
<td class="num">(196)<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="num">(549)<span></span>
</td>
<td class="nump">238<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">2,016<span></span>
</td>
<td class="nump">2,647<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">(716)<span></span>
</td>
<td class="num">(8,663)<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">16,105<span></span>
</td>
<td class="num">(3,742)<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">(259)<span></span>
</td>
<td class="num">(1,395)<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_IncreaseDecreaseInLeasingReceivables', window );">Rent receivables</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(935)<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="nump">21,762<span></span>
</td>
<td class="num">(15,946)<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">(554)<span></span>
</td>
<td class="nump">550<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_IncreaseDecreaseInOtherOperatingLiabilities', window );">Other liabilities</a></td>
<td class="num">(7,370)<span></span>
</td>
<td class="num">(8,569)<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_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by (used in) operating activities</a></td>
<td class="nump">34,412<span></span>
</td>
<td class="num">(26,565)<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_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="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_ProceedsFromCollectionOfNotesReceivable', window );">Proceeds from notes receivables</a></td>
<td class="nump">3,788<span></span>
</td>
<td class="nump">16,398<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_PaymentsToAcquireNotesReceivable', window );">Origination or advances of notes receivables</a></td>
<td class="num">(6,850)<span></span>
</td>
<td class="num">(7,655)<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">(33,857)<span></span>
</td>
<td class="num">(105,729)<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="nump">9,377<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_ProceedsFromSaleOfLandHeldForUse', window );">Proceeds from sale of land</a></td>
<td class="nump">6,347<span></span>
</td>
<td class="nump">9,675<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="nump">2,497<span></span>
</td>
<td class="nump">3,176<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">(1,722)<span></span>
</td>
<td class="num">(1,469)<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">(2,416)<span></span>
</td>
<td class="num">(6,542)<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_PaymentsToAcquireAdditionalInterestInSubsidiaries', window );">Assumption of non-controlling interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(336)<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">(27,966)<span></span>
</td>
<td class="num">(3,176)<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 used in investing activities</a></td>
<td class="num">(50,802)<span></span>
</td>
<td class="num">(95,658)<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">78,487<span></span>
</td>
<td class="nump">203,270<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">(7,250)<span></span>
</td>
<td class="num">(17,316)<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_RepaymentsOfOtherDebt', window );">Debt assumption by buyer, part of seller proceeds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(17,016)<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">(49,094)<span></span>
</td>
<td class="num">(33,860)<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_PaymentsOfFinancingCosts', window );">Deferred financing costs</a></td>
<td class="num">(1,283)<span></span>
</td>
<td class="num">(7,651)<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_ProceedsFromMinorityShareholders', window );">Contributions from non-controlling interests</a></td>
<td class="text">&#160;<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_PaymentsOfDividendsPreferredStockAndPreferenceStock', window );">Preferred stock dividends - Series A</a></td>
<td class="num">(550)<span></span>
</td>
<td class="num">(665)<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_ProceedsFromOtherEquity', window );">Conversion of preferred stock into common stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,308<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_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash provided by financing activities</a></td>
<td class="nump">20,310<span></span>
</td>
<td class="nump">129,081<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_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net increase (decrease) in cash and cash equivalents</a></td>
<td class="nump">3,920<span></span>
</td>
<td class="nump">6,858<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, beginning of period</a></td>
<td class="nump">15,232<span></span>
</td>
<td class="nump">12,299<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, end of period</a></td>
<td class="nump">19,152<span></span>
</td>
<td class="nump">19,157<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_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="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_InterestPaid', window );">Cash paid for interest</a></td>
<td class="nump">$ 21,124<span></span>
</td>
<td class="nump">$ 19,755<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_DepreciationDepletionAndAmortization1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_DepreciationDepletionAndAmortization1</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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1</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_IncomeLossFromEquityMethodInvestments1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_IncomeLossFromEquityMethodInvestments1</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash<br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3044-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Cash Equivalents<br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 830<br> -SubTopic 230<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 974<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>Amount of increase (decrease) in operating assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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>Amount of increase (decrease) in operating liabilities classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -Subparagraph (e)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3574-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 24<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3521-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3536-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3098-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3095-108585<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 15<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3291-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_PaymentsToAcquireAdditionalInterestInSubsidiaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 noncontrolling 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_PaymentsToAcquireAdditionalInterestInSubsidiaries</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<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_ProceedsFromMinorityShareholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 from a noncontrolling interest. Includes, but is not limited to, purchase of additional shares or other increase in noncontrolling interest 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<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_ProceedsFromMinorityShareholders</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_ProceedsFromOtherEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 from the issuance of equity classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<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_ProceedsFromOtherEquity</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<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;">
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<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">6 Months Ended</th>
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<tr><th class="th"><div>Jun. 30, 2016</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_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
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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_OrganizationConsolidationBasisOfPresentationBusinessDescriptionAndAccountingPoliciesTextBlock', window );">ORGANIZATION AND BASIS OF PRESENTATION</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION </b></p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">TCI, a subsidiary of ARL, owns approximately
81.1% of the common stock of Income Opportunity Realty Investors, Inc. (&#147;IOT&#148;).&#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;</p>

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own or had interests in a total property
portfolio of 57 income-producing properties as of June 30, 2016. The properties consisted of:</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">Eight commercial properties consisting of five office buildings and three retail centers comprising
in aggregate approximately 2.0&#160;million rentable square feet;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">A golf course comprising approximately 96 acres;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">48 apartment communities totaling 8,083 units, excluding apartments being developed; and</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">3,759 acres of developed and undeveloped land.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 June 30, 2016, we had eight 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.</p>



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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 six months ended June 30, 2016, are not necessarily indicative
of the results that may be expected for other interim periods or for the full fiscal year.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The year-end Consolidated Balance Sheet
at December&#160;31, 2015 was derived from the audited Consolidated Financial Statements at that date, but does not include all
of the information and disclosures required by 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, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.</p>

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

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

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

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

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

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

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

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

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

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

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

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



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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to January 1, 2015, the operating
results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements
of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense,
associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, &#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. Since the Company adopted ASU 2014-08, effective
January 1, 2015, we have had no dispositions that met the discontinued operations criteria.</p>

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

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

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

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

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

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

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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">A financial instrument&#146;s categorization
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

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



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

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

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 changed the criteria for determining whether a disposal qualifies as discontinued operations.
Under the new guidance, d<font style="font-family: new times roman,serif">isposals representing a strategic shift, or change in
the entity&#146;s strategy, that has, or will have, a major effect on an entity&#146;s operations and financial results will
be presented as discontinued operations. </font>This guidance applies to a component of an entity or a group of components of
an entity classified as held for sale or disposed of by sale or by means other than a sale, such as abandonment. The Company adopted
ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations
during the six months ending June 30, 2016. <font style="font-family: new times roman,serif">See Note 8 below. </font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 of the adoption
of ASU 2014-09 on its financial position and results of operations, if any.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 adopted ASU 2015-03 effective June 30, 2015.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, Accounting Standards
Update No. 2016-02 (&#147;ASU 2016-02&#148;), Leases was issued. This guidance establishes a new model for accounting for leases
and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company
is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.&#160;</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 the general note to the financial statements for the reporting entity which may include, descriptions of the basis of presentation, business description, significant accounting policies, consolidations, reclassifications, new pronouncements not yet adopted and changes in accounting principles.</p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6887417136">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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>
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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_RealEstateDisclosureTextBlock', window );">REAL ESTATE ACTIVITY</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 2. REAL ESTATE ACTIVITY</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is a summary of the real estate owned
as of June 30, 2016 (dollars in thousands):</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 45%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 30%">Apartments</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">653,451</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Apartments under construction</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">46,196</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Commercial properties</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">215,932</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Land held for development</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">96,661</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Real estate subject to sales contract</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">49,155</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total real estate</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">1,061,395</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Less accumulated depreciation</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(159,991</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total real estate, net of depreciation</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">901,404</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The highlights of our significant real
estate transactions for the six months ended June 30, 2016 are discussed below.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">For the six months ended June 30, 2016,
the Company acquired one income-producing apartment community for a purchase price of $32.1 million. In addition, TCI acquired
three land parcels for future development for a total purchase price of $8.9 million, adding 31.04 acres to the development portfolio.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the six months ended June 30, 2016, TCI sold a combined
53.1 acres of land located in Forney, Texas and McKinney, Texas to independent third parties for a total sales price of $7.3 million,
resulting in an aggregate $3.4 million gain from the land sales. In addition, TCI sold one apartment community located in Irving,
Texas to an independent third party for a total sales price of $8.1 million. We recorded a gain of $5.2 million from this sale.
The Company also sold an industrial warehouse consisting of approximately 177,805 square feet. The sale resulted in a loss of approximately
$0.2 million.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In November 2015, the Company entered into
a sales contract with an unrelated party. The contract was for most of the developable land owned by the Company in the Mercer
Crossing Development located in Farmers Branch, Texas. In addition, TCI, IOT and Realty Advisors, Inc. (&#147;RAI&#148;) also
sold land in this transaction. Total consideration for the sale was $75 million. The ultimate allocation of sales proceeds to the
parties involved is yet to be determined and will be completed when the final use of the land, certain development commitments
are completed and the note is collected. The agreement between TCI and the other parties related to this transaction provides for
TCI to hold the subordinated note from the buyer in the amount of $50 million. At the closing, the note payable to related parties
of $16.1 million was paid off. Due to an inadequate down payment from the buyer and the level of seller financing involved, the
transaction is being accounted for under the deposit method. Under the deposit method, no revenue is recognized and the asset sold
remains on the books until the criteria for full revenue recognition is met.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2016, the Company has approximately
91 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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We continue to invest in the development
of apartment projects. During the six months ended June 30, 2016, we have expended $12.7 million related to the construction or
predevelopment of various apartment complexes and capitalized $0.7 million of interest costs.</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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-06(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e604059-122996<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(1)(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04(c)(Schedule III))<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10)(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 235<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-24)<br> -URI http://asc.fasb.org/extlink&amp;oid=34714203&amp;loc=d3e608456-123001<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6733401216">
<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">6 Months Ended</th>
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<tr><th class="th"><div>Jun. 30, 2016</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>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 3. NOTES AND INTEREST RECEIVABLE</b></p>

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

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Payments are due from surplus cash flow of operations of the properties. A sale or refinance of any of the properties underlying
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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
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 55<br> -Paragraph 14<br> -URI http://asc.fasb.org/extlink&amp;oid=32702940&amp;loc=SL6953791-111525<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66008989&amp;loc=d3e4975-111524<br></p></div>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS IN UNCONSOLIDATED INVESTEES<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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

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

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

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="font-weight: bold"><u>As of June 30,</u></td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2016</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2015</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%; text-align: left">Real estate, net of accumulated depreciation</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">13,692</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">12,518</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Notes receivable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,858</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,681</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,655</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,233</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Notes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,648</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(10,685</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Other liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(7,304</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,500</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(35,253</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(33,247</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
</table>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold"><u>For the Six Months Ended June 30,</u></td><td style="font-weight: bold">&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 36%">Revenue</td><td style="width: 3%">&#160;</td>
    <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 12%">27,321</td><td style="text-align: left; width: 1%">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="text-align: left; width: 1%">$</td><td style="text-align: right; width: 12%">26,048</td><td style="text-align: left; width: 1%">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Depreciation</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(575</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(575</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Operating expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(24,841</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(23,609</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Interest expense</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(405</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(404</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Net income</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">1,500</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">1,460</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6887305760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES PAYABLE<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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: 0pt 0; text-align: justify"><b>NOTE 5. NOTES PAYABLE</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a summary of our notes and interest payable as of June
30, 2016 (dollars in thousands):</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Notes Payable</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b><font style="font-size: 10pt"><b>Accrued</b></font><br />
Interest</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Total Debt</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%">Apartments</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">546,718</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">1,503</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">548,221</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Commercial</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">109,423</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">501</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">109,924</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Land</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,896</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">117</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,013</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Real estate held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">376</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">376</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Real estate subject to sales contract</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">6,072</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Mezzanine and Medley financing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">121,900</td><td style="text-align: left">&#160;</td><td>&#160;</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">
    <td>Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">843,656</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,762</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">846,418</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(19,049</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#151;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(19,049</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">824,607</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the year the Company refinanced
or modified two loans with a total principal balance of $37.2 million. The transactions provided for lower monthly payments over
the term of the loans due to lower interest rates and the extension of maturity dates of the loans.</p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In conjunction with the development of
various apartment projects and other developments, we drew down $11.4 million in construction loans during the six months ended
June 30, 2016.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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. &#9;</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 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>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.19,20,22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6881967360">
<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">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</div></th></tr>
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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_RelatedPartyTransactionsDisclosureTextBlock', window );">RELATED PARTY TRANSACTIONS</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>NOTE 6. RELATED PARTY TRANSACTIONS</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reflects the activity
in our net receivable from related party for the six months ended June 30, 2016 (dollars in thousands):</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
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    <td style="padding-left: 15">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Pillar</b></font></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
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    <td style="width: 35%">Related party receivable, December 31, 2015</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,147</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Cash transfers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,771</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Advisory fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Net income fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Fees and commissions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,564</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Cost reimbursements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,769</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">814</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Notes receivable purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,356</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Expenses paid by Advisor</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,699</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Financing (mortgage payments)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,309</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 15">Sales/purchases transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(7,172</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Related party receivable, June 30, 2016</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">6,385</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the ordinary course of business,
we have related party transactions that include, but are not limited to, rental 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 and paid are shown on the face of the Consolidated Financial Statements.</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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08(k))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 5<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6887305760">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</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_SegmentReportingAbstract', window );"><strong>Segment Reporting [Abstract]</strong></a></td>
<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_SegmentReportingDisclosureTextBlock', window );">OPERATING SEGMENTS</a></td>
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<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>For the Three Months Ended June 30, 2016</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial<br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,947</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">21,856</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">1</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30,834</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,836</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,168</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(169</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(15,191</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,270</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,616</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,868</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,696</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,109</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(841</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,329</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(13,975</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,788</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,788</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,162</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,168</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</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">151</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,125</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">739</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(540</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,475</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">680</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(146</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">727</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,261</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">151,759</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">603,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,816</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">901,404</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,154</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">11,254</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,932</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,435</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,367</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,887</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Three Months Ended June 30, 2015</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial<br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">6,974</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">17,258</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">9</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">24,241</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,341</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">34</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,301</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,230</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,926</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">19</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,137</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,693</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,376</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,304</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,421</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,794</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,535</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,535</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(290</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,127</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,558</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,176</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,571</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,943</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">224</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">485</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,652</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">162,333</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">473,908</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,673</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">801,914</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,878</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">1,878</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(628</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(628</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif">&#160;</p>

<p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif"></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The table below reflects the reconciliation of segment information to the corresponding amounts in the Consolidated Statements of Operations for the three months ended June 30, 2016 and 2015 (dollars in thousands):</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Presented below is our reportable segments&#x2019; operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Six Months Ended June 30, 2016</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial <br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">16,838</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">43,170</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">1</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">60,039</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,931</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(19,562</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(916</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(30,407</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
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<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,584</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,151</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,698</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,671</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,265</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,153</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(28,189</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,079</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,079</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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 (loss) on sale of income producing properties</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,919</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,925</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</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">(1,342</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,111</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,331</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(981</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,119</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,080</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(146</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,498</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,432</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">151,759</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">603,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,816</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">901,404</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,500</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,334</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">16,934</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,743</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,932</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,964</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,639</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(243</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,295</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Six Months Ended June 30, 2015</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial <br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">14,065</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">33,277</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">55</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">47,397</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,608</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(14,871</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">24</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(22,969</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,157</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,721</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,841</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,259</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,559</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,421</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,200</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(21,439</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(959</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,126</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,968</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,688</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,823</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">481</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,311</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,927</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">162,333</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">473,908</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,673</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">801,914</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">9,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,009</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,009</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Six Months Ended June 30,</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 46%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment operating income</td>
<td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,119</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,823</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif">General and administrative</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,562</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,798</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: 0.25in; 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(126</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(335</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
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<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 0.25in; 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,425</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,601</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: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif">Other income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">325</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,111</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif">Earnings from unconsolidated investees</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">284</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">196</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-left: 0.25in; text-align: left; font: 10pt Times New Roman, Times, Serif">Litigation settlement</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(117</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: 0.25in; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">91</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(384</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">4,370</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
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<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">As of June 30,</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: center; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2016</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2015</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 36%; text-align: left; font: 10pt Times New Roman, Times, Serif">Segment assets</td>
<td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">901,404</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 3%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 12%; text-align: right; font: 10pt Times New Roman, Times, Serif">801,914</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,868</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,299</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">123,854</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">125,385</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">100,549</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">148,020</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,131,675</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,076,618</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
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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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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingDisclosureTextBlock">
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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>
<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 34<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8981-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 41<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9038-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 33<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8971-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 12<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8595-108599<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8380-108599<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 32<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8933-108599<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 26<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8844-108599<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 35<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8984-108599<br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 40<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9031-108599<br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 42<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e9054-108599<br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8538-108599<br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 29<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8864-108599<br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 31<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8924-108599<br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8906-108599<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6881967360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DISCONTINUED OPERATIONS<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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: 0pt 0"><b>NOTE 8. DISCONTINUED OPERATIONS </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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) book value or (2) fair value less cost to sell. In addition, it requires that one accounting
model be used for long-lived assets to be disposed of by sale and broadens the presentation of discontinued operations to include
more disposal transactions.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Effective January 1, 2015, the Company
adopted the provisions of ASU 2014-08, which changed the criteria of ASC 360 related to determining which disposals qualify to
be accounted for as discontinued operations and modified related reporting and disclosure requirements. Disposals representing
a strategic shift in operations that have a major effect on a company&#146;s operations and financial results will be presented
as discontinued operations.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">There were no sales of income-producing
properties in the first six months of 2016 that met the criteria for discontinued operations. Amounts included in discontinued
operations represent the residual amounts from sales classified as discontinued operations prior to January 1, 2015. The following
table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):</p>

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

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



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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin: 0pt 0">Three
Months Ended June 30,</p>


</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin: 0pt 0">Six
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</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</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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<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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<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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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><span></span>
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<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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6887305760">
<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">6 Months Ended</th>
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<tr><th class="th"><div>Jun. 30, 2016</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_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
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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_CommitmentsAndContingenciesDisclosureTextBlock', window );">COMMITMENTS, CONTINGENCIES, AND LIQUIDITY</a></td>
<td class="text"><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>NOTE 9. COMMITMENTS, CONTINGENCIES, AND LIQUIDITY </b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>LK-Four Hickory, LLC</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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. The Company&#x2019;s investment in LK-Four Hickory, LLC at January 17, 2012 was sold, however the Company&#x2019;s guarantee was not extinguished.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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 2016; such excess, however, will not be sufficient to discharge all of ARL&#x2019;s obligations as they become 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.<i>&#160;</i></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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.</p>

<p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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&#x2019;s financial condition, results of operation or liquidity, unless otherwise noted below.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><i>Guarantees. </i>The Company is the primary guarantor on a $60.35 million mezzanine loan between UHF and a lender. In addition, ARI and an officer of the Company are limited recourse guarantors of the loan. As of June 30, 2016 UHF was in compliance with the covenants to the loan agreement.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>ART and ART Midwest, Inc.&#160;</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif"><b>Port Olpenitz</b></p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; text-align: justify; 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.</p><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><b>Dynex Capital, Inc.</b></p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; 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;).</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; 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.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Final Judgment entered against Dynex Commercial, Inc. on July 20, 2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">The Company is working with counsel to identify assets and collect on the Final Judgment against Dynex Commercial, Inc., as well as explore possible additional claims, if any, against Dynex Capital, Inc.</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><span></span>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6733429200">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>EARNINGS PER SHARE<br></strong></div></th>
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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.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of June 30, 2016, 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, 900,000 shares are owned by ARL. Dividends are not paid on the
shares owned by ARL subsidiaries.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 June 30, 2016, RAI owns 1,100,000 shares of the outstanding Series A 10.0% convertible
preferred stock and has accrued dividends unpaid of $9.2 million.</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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1278-109256<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64863997&amp;loc=d3e1252-109256<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 260<br> -SubTopic 10<br> -Section 55<br> -Paragraph 52<br> -URI http://asc.fasb.org/extlink&amp;oid=65016374&amp;loc=d3e4984-109258<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.21)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6878929520">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>SUBSEQUENT EVENTS<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>NOTE 11. SUBSEQUENT EVENTS </b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The date to which events occurring after
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be issued.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company has determined that there are
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<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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6730725024">
<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">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</div></th></tr>
<tr class="re">
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<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_PropertyPlantAndEquipmentPreproductionDesignAndDevelopmentCosts', window );">Properties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Properties </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We own or had interests in a total property
portfolio of 57 income-producing properties as of June 30, 2016. The properties consisted of:</p>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">Eight commercial properties consisting of five office buildings and three retail centers comprising
in aggregate approximately 2.0&#160;million rentable square feet;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">A golf course comprising approximately 96 acres;</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">48 apartment communities totaling 8,083 units, excluding apartments being developed; and</td></tr></table>

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

<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 24.45pt"></td><td style="width: 24.5pt"><font style="font-family: Symbol">&#183;</font></td><td style="text-align: justify">3,759 acres of developed and undeveloped land.</td></tr></table>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 June 30, 2016, we had eight 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.</p><span></span>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 six months ended June 30, 2016, are not necessarily indicative
of the results that may be expected for other interim periods or for the full fiscal year.</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The year-end Consolidated Balance Sheet
at December&#160;31, 2015 was derived from the audited Consolidated Financial Statements at that date, but does not include all
of the information and disclosures required by 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, 2015. Certain 2015 Consolidated Financial Statement amounts have been reclassified to conform to the 2016 presentation.</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_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Principles of Consolidation </b></p>

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

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

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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_RealEstatePolicyTextBlock', window );">Real estate, Depreciation and Impairment</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Real Estate, Depreciation and Impairment
</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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_RealEstateHeldForDevelopmentAndSalePolicy', window );">Real Estate Held for Sale</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Real Estate Held For Sale </b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Prior to January 1, 2015, the operating
results of real estate assets held for sale and sold are reported as discontinued operations in the accompanying Consolidated Statements
of Operations. Income from discontinued operations includes the revenues and expenses, including depreciation and interest expense,
associated with the assets. Effective January 1, 2015, Accounting Standards Update 2014-08, &#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. Since the Company adopted ASU 2014-08, effective
January 1, 2015, we have had no dispositions that met the discontinued operations criteria.</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_CapitalizationOfInternalCostsPolicy', window );">Cost Capitalization</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Cost Capitalization </b></p>

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

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

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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_FairValueMeasurementPolicyPolicyTextBlock', window );">Fair Value Measurement</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Fair Value Measurement </b></p>

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

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

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

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

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    <td style="vertical-align: bottom; padding-left: 5.85pt">Quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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_DeferredChargesPolicyTextBlock', window );">Deferred Costs</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Deferred Costs</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</p><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_RelatedPartiesPolicyTextBlock', window );">Related Parties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Related Parties</b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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.</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_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Newly Issued Accounting Pronoucements</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Newly Issued Accounting Pronouncements </b></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 changed the criteria for determining whether a disposal qualifies as discontinued operations.
Under the new guidance, d<font style="font-family: new times roman,serif">isposals representing a strategic shift, or change in
the entity&#146;s strategy, that has, or will have, a major effect on an entity&#146;s operations and financial results will
be presented as discontinued operations. </font>This guidance applies to a component of an entity or a group of components of
an entity classified as held for sale or disposed of by sale or by means other than a sale, such as abandonment. The Company adopted
ASU 2014-08 effective January 1, 2015, and as a result, had no dispositions that met the criteria for discontinued operations
during the six months ending June 30, 2016. <font style="font-family: new times roman,serif">See Note 8 below. </font></p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 of the adoption
of ASU 2014-09 on its financial position and results of operations, if any.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 adopted ASU 2015-03 effective June 30, 2015.&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In February 2016, Accounting Standards
Update No. 2016-02 (&#147;ASU 2016-02&#148;), Leases was issued. This guidance establishes a new model for accounting for leases
and provides for enhanced disclosures. ASU 2016-02 is effective for reporting periods beginning after December 15, 2018. The Company
is currently evaluating the impact the adoption of this guidance, if any, on its financial position and results of operations.&#160;</p><span></span>
</td>
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</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>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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.17)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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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<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>
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<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>
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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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<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 340<br> -SubTopic 10<br> -Section S99<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=27011391&amp;loc=d3e105117-122735<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section 35<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6496927&amp;loc=d3e30448-110314<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<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>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=68058157&amp;loc=d3e18780-107790<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 10<br> -Section 05<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=68075621&amp;loc=d3e24546-110282<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 15<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=6450852&amp;loc=d3e24871-108386<br></p></div>
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<tr>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6592927536">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>REAL ESTATE ACTIVITY (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Jun. 30, 2016</div></th></tr>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">653,451</td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Land held for development</td><td>&#160;</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>
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<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">
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6630972720">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES AND INTEREST RECEIVABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
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<tr><th class="th"><div>Jun. 30, 2016</div></th></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<tr style="vertical-align: top; background-color: White">
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<tr style="vertical-align: top; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0in"><sup>(1) </sup>Related party notes</p>

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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">
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<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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3,4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6734165936">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENT IN UNCONSOLIDATED INVESTEES (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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: 0pt 0; text-align: justify">Investments in unconsolidated investees
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage ownership as of</td>
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<tr style="vertical-align: bottom">
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    <td style="width: 36%; text-align: left">Gruppa Florentina, LLC</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">20.00</td><td style="width: 1%; text-align: left">%</td><td style="width: 3%">&#160;</td>
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<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 financial position and results of operations from our investees</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following is a summary of the financial
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
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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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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="margin: 0">&#160;</p>

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<tr style="vertical-align: bottom; background-color: White">
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    <td style="width: 36%">Revenue</td><td style="width: 3%">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of financial statements, including, but not limited to, the balance sheet and income statement of unconsolidated parent.</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>
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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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<td>xbrli:stringItemType</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>Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<br></p></div>
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<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<FILENAME>R25.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6880294160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES PAYABLE (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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_ScheduleOfDebtTableTextBlock', window );">Schedule of Notes And Interest Payable</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is a summary of our notes and interest payable as of June
30, 2016 (dollars in thousands):</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Notes Payable</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b><font style="font-size: 10pt"><b>Accrued</b></font><br />
Interest</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Total Debt</b></font></td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 42%">Apartments</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">546,718</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">1,503</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">548,221</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Commercial</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">109,423</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">501</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">109,924</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Land</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">41,896</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">117</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">42,013</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Real estate held for sale</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">376</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">376</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Real estate subject to sales contract</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,602</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">470</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">6,072</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mezzanine and Medley financing</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">121,900</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(401</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">121,499</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">17,741</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">572</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">18,313</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td>Total</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">843,656</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">2,762</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">846,418</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1pt">Unamortized deferred borrowing costs</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(19,049</td><td style="text-align: left; padding-bottom: 1pt">)</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#151;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(19,049</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">824,607</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">2,762</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">827,369</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr></table><span></span>
</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>
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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_DebtDisclosureAbstract</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>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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfDebtTableTextBlock</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R26.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6733486064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>RELATED PARTY TRANSACTIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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 custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_arl_ScheduleOfRelatedPartyTransactions1TableTextBlock', window );">Schedule of accounts receivable from and accounts payable to related parties</a></td>
<td class="text"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The following table reflects the activity
in our net receivable from related party for the six months ended June 30, 2016 (dollars in thousands):</p>

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

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="padding-left: 15">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><font style="font-size: 10pt"><b>Pillar</b></font></td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 35%">Related party receivable, December 31, 2015</td><td style="width: 3%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,147</td><td style="width: 1%; text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Cash transfers</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,771</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Advisory fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,427</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Net income fee</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(127</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Fees and commissions</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,564</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Cost reimbursements</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1,769</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Interest income</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">814</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Notes receivable purchased</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,356</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 15">Expenses paid by Advisor</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,699</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 15">Financing (mortgage payments)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,309</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt; padding-left: 15">Sales/purchases transactions</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">(7,172</td><td style="text-align: left; padding-bottom: 1pt">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Related party receivable, June 30, 2016</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">6,385</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr></table><span></span>
</td>
</tr>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6878225872">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>OPERATING SEGMENTS (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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_SegmentReportingAbstract', window );"><strong>Segment Reporting [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_ScheduleOfSegmentReportingInformationBySegmentTextBlock', window );">Schedule of operating income of each operating segment and each segment's assets</a></td>
<td class="text"><p style="margin: 0pt 0; text-align: justify; font: 10pt Times New Roman, Times, Serif">Presented below is our reportable segments&#x2019; operating income for the three months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):</p><table cellpadding="0" cellspacing="0" style="width: 95%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="3" style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>For the Three Months Ended June 30, 2016</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
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<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
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<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">8,947</td>
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<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">21,856</td>
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<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30</td>
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<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">1</td>
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<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30,834</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,836</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(10,168</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(169</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(18</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(15,191</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,270</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,616</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,868</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,696</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,109</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(841</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,329</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(13,975</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
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<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Interest income</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,788</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,788</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,162</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">5,168</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
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<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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">&#160;</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">151</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,125</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">739</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(540</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">7,475</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">680</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(146</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">727</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,261</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">151,759</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">603,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,816</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">901,404</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,154</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">11,254</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,932</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,435</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(4,367</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,719</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">6,887</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Three Months Ended June 30, 2015</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial<br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">6,974</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">17,258</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">9</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">24,241</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,341</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(165</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">34</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,301</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,230</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,926</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">19</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,137</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,693</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,376</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,304</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,421</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,794</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,535</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,535</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(290</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,127</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,558</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,176</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,571</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,943</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">224</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">485</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,652</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">162,333</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">473,908</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,673</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">801,914</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: bold 10pt Times New Roman, Times, Serif"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,878</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">1,878</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(628</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(628</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="padding-bottom: 1pt; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,027</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p>

<p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Presented below is our reportable segments&#x2019; operating income for the six months ended June 30, 2016 and 2015, including capital expenditures and segment assets (dollars in thousands):&#160;</p><p style="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Six Months Ended June 30, 2016</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial <br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">16,838</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">43,170</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">30</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">1</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">60,039</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,931</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(19,562</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(916</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(30,407</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,584</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,151</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,698</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,671</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(12,265</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(1,153</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(11,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(28,189</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,079</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">10,079</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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 (loss) on sale of income producing properties</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,919</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">4,925</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</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">(1,342</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">9,111</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,331</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">(981</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,119</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<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"><u>Balance Sheet Data</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">2,080</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(146</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,498</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">3,432</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">151,759</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">603,829</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">145,816</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">901,404</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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"><u>Property Sales</u></td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,500</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">8,100</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,334</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">16,934</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; 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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,743</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,932</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(3,964</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(8,639</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(243</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,168</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,370</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,295</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
</table><p style="margin: 0pt 0; text-indent: 0.5in; font: 10pt Times New Roman, Times, Serif">&#160;</p><table cellpadding="0" cellspacing="0" style="width: 95%; 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"><u>For the Six Months Ended June 30, 2015</u></td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Commercial <br /> Properties</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</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="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Land</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Other</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
<td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Total</td>
<td style="text-align: center; font: bold 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="width: 30%; 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">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">14,065</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">33,277</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">55</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 2%; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="width: 9%; text-align: right; font: 10pt Times New Roman, Times, Serif">47,397</td>
<td style="width: 1%; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(7,608</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(14,871</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">24</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(22,969</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(4,157</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,721</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">37</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,841</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(3,259</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(9,559</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(2,421</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(6,200</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(21,439</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">)</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,772</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</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">(959</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">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,126</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">2,968</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,688</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">8,823</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">6,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">481</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">1,311</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">7,927</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">Real estate assets</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">162,333</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">473,908</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">165,673</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">801,914</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
</tr>
<tr style="background-color: rgb(204,238,255); 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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">9,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">$</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</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">9,135</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">(5,009</td>
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<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: right; font: 10pt Times New Roman, Times, Serif">&#x2014;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&#160;</td>
<td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,777</td>
<td style="padding-bottom: 1pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<tr style="background-color: White; vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
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<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</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;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">5,903</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif">&#160;</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td>
<td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">&#x2014;</td>
<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</td>
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<td style="padding-bottom: 2.5pt; text-align: left; font: 10pt Times New Roman, Times, Serif">&#160;</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_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: 0pt 0; text-indent: 0.5in">The table below reflects the reconciliation
of segment information to the corresponding amounts in the Consolidated Statements of Operations for the six months ended June
30, 2016 and 2015 (dollars in thousands):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.5in; text-indent: 0.5in"></p>

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 80%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td colspan="3" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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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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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,562</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,798</td><td style="text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(126</td><td style="text-align: left">)</td><td>&#160;</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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<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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<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>
</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: 0pt 0">The table below reflects the reconciliation of segment information
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 70%; font: 10pt Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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<tr style="vertical-align: bottom">
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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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<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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<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 30<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8906-108599<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 25<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8813-108599<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 21<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8721-108599<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 350<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=35741047&amp;loc=d3e13816-109267<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 280<br> -SubTopic 10<br> -Section 50<br> -Paragraph 22<br> -URI http://asc.fasb.org/extlink&amp;oid=68060357&amp;loc=d3e8736-108599<br></p></div>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6733355888">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>DISCONTINUED OPERATIONS (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2016</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_DiscontinuedOperationsAndDisposalGroupsAbstract', window );"><strong>Discontinued Operations and Disposal Groups [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_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock', window );">Schedule of 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: 0pt 0; text-align: justify">The following
table summarizes revenue and expense information for the properties sold and held for sale (dollars in thousands):</p>

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

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



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

<table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
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    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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Months Ended June 30,</p>


</td><td style="font-weight: bold; text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
    <td colspan="6" style="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><p style="margin: 0pt 0">Six
Months Ended June 30,</p>


</td><td style="font-weight: bold; text-align: center">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; text-align: center">&#160;</td>
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    <td style="padding-left: 0.125in">Depreciation</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#151;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#151;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#151;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#151;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td></tr>
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    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1pt">Income tax benefit (expense)</td><td style="padding-bottom: 1pt">&#160;</td>
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    <td style="text-align: left; border-bottom: Black 1pt solid">&#160;</td><td style="text-align: right; border-bottom: Black 1pt solid">12</td><td style="text-align: left; padding-bottom: 1pt">&#160;</td><td style="padding-bottom: 1pt">&#160;</td>
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<tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; padding-bottom: 2.5pt; border-bottom: Black 2pt double">&#151;</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">(22</td><td style="text-align: left; padding-bottom: 2.5pt">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">2</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left; border-bottom: Black 2.5pt double">$</td><td style="text-align: right; border-bottom: Black 2.5pt double">169</td><td style="text-align: left; padding-bottom: 2.5pt">&#160;</td></tr></table><span></span>
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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>
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<td style="white-space:nowrap;">us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock</td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6730375056">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Sep. 30, 2012</div></th>
<th class="th">
<div>Jun. 30, 2016 </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 properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57<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">2,000,000<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_AreaOfLandComprisingGolfCourse', window );">Area of land comprising golf course | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">96<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">808<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">3,759<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="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_RemainingAmortizationPeriodForDeferredFinancingCosts', window );">Remaining amortization period for deferred financing costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">6 months<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="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="text">&#160;<span></span>
</td>
<td class="nump">50.00%<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_RemainingAmortizationPeriodForDeferredFinancingCosts', window );">Remaining amortization period for deferred financing costs</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_BuildingAndBuildingImprovementsMember', window );">Buildings And Improvements [Member] | Minimum [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_PropertyPlantAndEquipmentUsefulLife', window );">Useful 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>
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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_PropertyPlantAndEquipmentUsefulLife', window );">Useful life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">40 years<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_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>
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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_PropertyPlantAndEquipmentUsefulLife', window );">Useful life of fixed assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">5 years<span></span>
</td>
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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_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>
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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_PropertyPlantAndEquipmentUsefulLife', window );">Useful 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_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_CommercialRealEstateMember', 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 income-producing properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8<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 Buildings [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 income-producing properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5<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_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>
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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_NumberOfRealEstateProperties', window );">Number of income-producing 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_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ApartmentBuildingMember', window );">Apartment Buildings [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 income-producing properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">48<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_StatementEquityComponentsAxis=us-gaap_SubsidiaryOfCommonParentMember', window );">May Realty Holdings Inc Subsidiaries [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_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions', window );">Ownership after acquisition</a></td>
<td class="nump">80.00%<span></span>
</td>
<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=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 Realty Investors, Inc. [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_AreaOfLand', window );">Acres of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">91<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_arl_AreaOfLandComprisingGolfCourse">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Information related to area of land comprising golf course.</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_AreaOfLandComprisingGolfCourse</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: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_arl_RemainingAmortizationPeriodForDeferredFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 period remaining for amortization of deferred financing costs, as tied to the term of the related financing agreement.</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_RemainingAmortizationPeriodForDeferredFinancingCosts</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_CommercialRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_CommercialRealEstateMember</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_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>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ApartmentBuildingMember</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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<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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_SubsidiariesMember</td>
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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 );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvestee1Member</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>
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<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>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>R30.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6895588080">
<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">1 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Nov. 30, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($) </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 properties | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">57<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="nump">3,759<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_PaymentsToConstructionAndDevelopRealEstateAssets', window );">Payment for construction or predevelopment of various apartment complexes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 12,700<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_RealEstateInventoryCapitalizedInterestCosts', window );">Capitalized interest costs</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 7,700<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_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 " 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="nump">91<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] | Apartment Community Acquired [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_NumberOfRealEstateProperties', window );">Number of income-producing properties | Number</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<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 properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 32,100<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_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Transcontinential Realty Investors [Member] | Land Parcel Acquired [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 income-producing properties | Number</a></td>
<td class="text">&#160;<span></span>
</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_PaymentsToAcquireRealEstate', window );">Payment to acquire properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,900<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="text">&#160;<span></span>
</td>
<td class="nump">31.04<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] | TEXAS | 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 income-producing properties | Number</a></td>
<td class="text">&#160;<span></span>
</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_GainsLossesOnSalesOfInvestmentRealEstate', window );">Gain on sale of real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (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_AreaOfRealEstateProperty', window );">Area of real estate property | ft&#178;</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">177,805<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] | TEXAS | Land [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_AreaOfLand', window );">Area of land | a</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">53.1<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_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of real estate</a></td>
<td class="nump">$ 75,000<span></span>
</td>
<td class="nump">$ 7,300<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="text">&#160;<span></span>
</td>
<td class="nump">$ 3,400<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_IncreaseDecreaseInAccountsAndNotesReceivable', window );">Subordinated notes receivable received in the transaction</a></td>
<td class="nump">50,000<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_ProceedsFromRepaymentsOfRelatedPartyDebt', window );">Repayments of notes payable to related parties</a></td>
<td class="nump">$ 16,100<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_dei_LegalEntityAxis=us-gaap_SubsidiariesMember', window );">Transcontinential Realty Investors [Member] | TEXAS | Apartment Community Sold [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 income-producing properties | Number</a></td>
<td class="text">&#160;<span></span>
</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_ProceedsFromSaleOfRealEstate', window );">Proceeds from sale of real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 8,100<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_GainsLossesOnSalesOfInvestmentRealEstate', window );">Gain on sale of real estate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,200<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.14(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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_IncreaseDecreaseInAccountsAndNotesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 of the sum of amounts due within one year (or one business cycle) from customers for the credit sale of goods and services; and from note holders for outstanding 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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_IncreaseDecreaseInAccountsAndNotesReceivable</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 12<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3179-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<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_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_PropertyPlantAndEquipmentByTypeAxis=arl_ApartmentCommunityAcquiredMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=arl_ApartmentCommunityAcquiredMember</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=arl_Land1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=arl_Land1Member</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_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_PropertyPlantAndEquipmentByTypeAxis=us-gaap_LandMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_LandMember</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=arl_ApartmentCommunitySoldMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=arl_ApartmentCommunitySoldMember</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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<DESCRIPTION>IDEA: XBRL DOCUMENT
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<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6901097440">
<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>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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>
<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">$ 653,451<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">46,196<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">215,932<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">96,661<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_RealEstateHeldforsale', window );">Real estate subject to sales contract</a></td>
<td class="nump">49,155<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">1,061,395<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">(159,991)<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">$ 901,404<span></span>
</td>
<td class="nump">$ 853,507<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.10)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Phase<br> -URI http://asc.fasb.org/extlink&amp;oid=49177889<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.(a),1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_RealEstateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_RealEstateAbstract</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28.FN4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule III)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>
</body>
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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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6880518640">
<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">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">$ 123,854<span></span>
</td>
<td class="nump">$ 120,243<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_MortgageLoansOnRealEstate', window );">Total notes and interest receivable</a></td>
<td class="nump">123,900<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="nump">$ 5,800<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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R33.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6746891024">
<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">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 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_MortgageLoansOnRealEstateWritedownOrReserveAmount1', window );">Allowance for estimated losses</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 receivable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">123,854<span></span>
</td>
<td class="nump">$ 120,243<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">140,891<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">$ 8,770<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 );">Description of Security</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] | Leman Development, Ltd [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_MortgageLoansOnRealEstateInterestRate', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.00%<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">$ 1,500<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 );">Description of Security</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] | 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 );">Description of Security</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] | Oulan-Chikh Family Trust [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">Mar. 31,  2021<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">8.00%<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">$ 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 );">Description of Security</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] | 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="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,  2016<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">2.28%<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>[2]</sup></td>
<td class="nump">$ 20,387<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 );">Description of Security</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. (Cliffs of El Dorado) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,097<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 );">Description of Security</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. (Echo Station) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 1,481<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 );">Description of Security</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. (Inwood on the Park) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 5,059<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 );">Description of Security</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. (Kensington Park) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 3,933<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 );">Description of Security</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. (Lakeshore Villas #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="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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,000<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 );">Description of Security</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. (Lakeshore Villas #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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 9,100<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 );">Description of Security</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. (Limestone Canyon #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="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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,653<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 );">Description of Security</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. (Limestone Canyon #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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 4,640<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 );">Description of Security</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. (Limestone Ranch #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="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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 1,953<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 );">Description of Security</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. (Limestone Ranch #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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 6,000<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 );">Description of Security</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. (Parkside Crossing) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,272<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 );">Description of Security</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. (Reserve at White Rock Phase I) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,485<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 );">Description of Security</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. (Reserve at White Rock Phase II) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 2,555<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 );">Description of Security</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. (Sendero Ridge #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="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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 4,491<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 );">Description of Security</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. (Sendero Ridge #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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 4,812<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 );">Description of Security</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. (Timbers of Terrell) [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,  2032<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_MortgageLoansOnRealEstateGeographicLocationOfProperty', window );">Description of property</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">Timbers of Terrell<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></sup></td>
<td class="nump">$ 1,323<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 );">Description of Security</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. (Tivoli) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 7,966<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 );">Description of Security</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. (Trails at White Rock) [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,  2032<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_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="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>[2]</sup></td>
<td class="nump">$ 3,815<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 );">Description of Security</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="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>[2]</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 );">Description of Security</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="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,  2018<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>[2]</sup></td>
<td class="nump">$ 3,994<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 );">Description of Security</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="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,  2018<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>[2]</sup></td>
<td class="nump">$ 6,407<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 );">Description of Security</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="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>[2]</sup></td>
<td class="nump">$ 2,657<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 );">Description of Security</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. #5 [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>[2]</sup></td>
<td class="nump">$ 2,514<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 );">Description of Security</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. #6 [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,  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_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>[2]</sup></td>
<td class="nump">$ 5,400<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 );">Description of Security</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 #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="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">$ 1,349<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 );">Description of Security</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 #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 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">$ 1,420<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 );">Description of Security</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 #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="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">$ 3,466<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 );">Description of Security</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 #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 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">$ 103<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 );">Description of Security</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">An allowance was taken for estimated losses at full value of note.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top; width: 12pt;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Related party notes</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.8)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.6)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 948<br> -SubTopic 310<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-29.7)<br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<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>
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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>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_H198LLCLasVegasLandMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_LemanDevelopmentLtdMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OneRealcoCorporation2Member</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OulanChikhFamilyTrustMember</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_RealtyAdvisorsManagementIncMember</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncCliffsofElDoradoMember</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>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncEchoStationMember</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>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncInwoodontheParkMember</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>
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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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncKensingtonParkMember</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>
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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;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillasMember</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>
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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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLakeshoreVillas1Member</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>
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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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneCanyonMember</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>
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</table></div>
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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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneCanyon1Member</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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</table></div>
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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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneRanchMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncLimestoneRanch1Member</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>na</td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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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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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncParksideCrossingMember</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>na</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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseIMember</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>na</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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncReserveatWhiteRockPhaseII1Member</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>na</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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncSenderoRidgeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncSenderoRidgeMember</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>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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncSenderoRidge1Member</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>
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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_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncTimbersattheParkMember</td>
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<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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncTivoliMember</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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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationIncTrailsatWhiteRockMember</td>
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<td><strong> Data 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;">
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc1Member</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>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc2Member</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>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>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc3Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc4Member</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>
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<tr><td><div class="body" style="padding: 2px;">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc5Member</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_UnifiedHousingFoundationInc6Member</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 );">- 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_OtherRelatedPartyNotesMember</td>
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<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OtherRelatedPartyNotes1Member</td>
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsNotesLoansAndFinancingReceivableByReceivableTypeAxis=arl_OtherNonRelatedPartyNotesMember</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R34.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6735711440">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details Narrative) - Number<br></strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</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>
</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">20.00%<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_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=arl_EquityMethodInvesteeNameMember', window );">Gruppa Florentina LLC [Member] | Milano [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_EquityMethodInvestmentOwnershipPercentage1', window );">Investee's ownership percentage</a></td>
<td class="nump">100.00%<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_NumberOfStores', window );">Number of stores</a></td>
<td class="nump">37<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_NumberOfRestaurants', window );">Number of restaurants franchise</a></td>
<td class="nump">23<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] | SienaCorp [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_EquityMethodInvestmentOwnershipPercentage1', window );">Investee's ownership percentage</a></td>
<td class="nump">100.00%<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_NumberOfStores', window );">Number of stores</a></td>
<td class="nump">2<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] | Piazza Del Pane, Inc. [Member]</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_EquityMethodInvestmentOwnershipPercentage1', window );">Investee's ownership percentage</a></td>
<td class="nump">100.00%<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_NumberOfStores', window );">Number of stores</a></td>
<td class="nump">2<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_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="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="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_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="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>
</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_EquityMethodInvestmentOwnershipPercentage1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_EquityMethodInvestmentOwnershipPercentage1</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_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_dei_LegalEntityAxis=arl_EquityMethodInvesteeName1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityMethodInvesteeName1Member</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_EquityMethodInvesteeName2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityMethodInvesteeName2Member</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_EquityMethodInvesteeName3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_EquityMethodInvesteeName3Member</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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6725534368">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details)<br></strong></div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
</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>
</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">20.00%<span></span>
</td>
<td class="nump">20.00%<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -Subparagraph (a)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=66011266&amp;loc=d3e33918-111571<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_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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R36.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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							e.nextSibling.style.display='block';
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</head>
<body>
<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6731089728">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>INVESTMENTS IN UNCONSOLIDATED INVESTEES (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="2">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 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_RealEstateInvestmentPropertyNet', window );">Real estate, net of accumulated depreciation</a></td>
<td class="nump">$ 901,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 901,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 853,507<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">44,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">44,824<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">46,163<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">121,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">121,691<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 122,957<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">30,834<span></span>
</td>
<td class="nump">$ 24,241<span></span>
</td>
<td class="nump">60,039<span></span>
</td>
<td class="nump">$ 47,397<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_OperatingExpenses', window );">Operating expenses</a></td>
<td class="num">(26,212)<span></span>
</td>
<td class="num">(20,388)<span></span>
</td>
<td class="num">(52,093)<span></span>
</td>
<td class="num">(41,544)<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 (loss) from continuing operations</a></td>
<td class="nump">3,353<span></span>
</td>
<td class="nump">1,741<span></span>
</td>
<td class="num">(385)<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_IncomeLossFromDiscontinuedOperationsNetOfTax', window );">Income (loss) from discontinued operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22)<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">169<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="nump">3,353<span></span>
</td>
<td class="nump">1,707<span></span>
</td>
<td class="num">(382)<span></span>
</td>
<td class="nump">4,539<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="nump">129<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="nump">196<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="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, net of accumulated depreciation</a></td>
<td class="nump">13,692<span></span>
</td>
<td class="nump">12,518<span></span>
</td>
<td class="nump">13,692<span></span>
</td>
<td class="nump">12,518<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_NotesReceivableGross', window );">Notes receivable</a></td>
<td class="nump">8,858<span></span>
</td>
<td class="nump">7,681<span></span>
</td>
<td class="nump">8,858<span></span>
</td>
<td class="nump">7,681<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">30,655<span></span>
</td>
<td class="nump">30,233<span></span>
</td>
<td class="nump">30,655<span></span>
</td>
<td class="nump">30,233<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_NotesPayable', window );">Notes payable</a></td>
<td class="num">(10,648)<span></span>
</td>
<td class="num">(10,685)<span></span>
</td>
<td class="num">(10,648)<span></span>
</td>
<td class="num">(10,685)<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_OtherLiabilities', window );">Other liabilities</a></td>
<td class="num">(7,304)<span></span>
</td>
<td class="num">(6,500)<span></span>
</td>
<td class="num">(7,304)<span></span>
</td>
<td class="num">(6,500)<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_StockholdersEquity', window );">Shareholders' equity</a></td>
<td class="num">$ (35,253)<span></span>
</td>
<td class="num">$ (33,247)<span></span>
</td>
<td class="num">(35,253)<span></span>
</td>
<td class="num">(33,247)<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 );">Revenue</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">27,321<span></span>
</td>
<td class="nump">26,048<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_Depreciation', window );">Depreciation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(575)<span></span>
</td>
<td class="num">(575)<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_OperatingExpenses', window );">Operating expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(24,841)<span></span>
</td>
<td class="num">(23,609)<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_InterestExpense', window );">Interest expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(405)<span></span>
</td>
<td class="num">(404)<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,500<span></span>
</td>
<td class="nump">1,460<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="nump">$ 292<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_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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_Depreciation</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>Amount of income (loss) from continuing operations before deduction of income tax expense (benefit) and income (loss) attributable to noncontrolling interest, and addition of income (loss) from equity method 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(21))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28555-108399<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04.9)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_NotesPayable</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_NotesReceivableGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.10(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_NotesReceivableGross</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_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_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>Amount of assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_OtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15)<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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>
</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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4K<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591552-111686<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (c)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 55<br> -Paragraph 4J<br> -URI http://asc.fasb.org/extlink&amp;oid=65897068&amp;loc=SL4591551-111686<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1A<br> -Subparagraph (a)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64809438&amp;loc=SL4573702-111684<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(30))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 310<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SAB Topic 4.E)<br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(31))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(29))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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_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>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6900992864">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>NOTES PAYABLE (Details Narrative)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($) </div>
<div>Number</div>
</th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">$ 824,607<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="nump">808<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 );">Interest payable</a></td>
<td class="nump">$ 2,762<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 outstanding balance</a></td>
<td class="nump">827,369<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_NotesPayableOtherPayables14Member', window );">Loans Refinanced [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">37,200<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>
</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_ProceedsFromIssuanceOfLongTermDebt', window );">Draw-down of loans</a></td>
<td class="nump">$ 11,400<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_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_ProceedsFromIssuanceOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 debt initially having maturity 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 14<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3255-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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_ProceedsFromIssuanceOfLongTermDebt</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_DebtInstrumentAxis=arl_NotesPayableOtherPayables14Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NotesPayableOtherPayables14Member</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>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R38.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6895560752">
<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>Jun. 30, 2016 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongTermNotesPayable', window );">Notes Payable</a></td>
<td class="nump">$ 824,607<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">2,762<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">827,369<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">(19,049)<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">546,718<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">1,503<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">548,221<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">109,423<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_InterestPayableCurrentAndNoncurrent', window );">Accrued Interest</a></td>
<td class="nump">501<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">109,924<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_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">41,896<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">117<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">42,013<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_NotesPayableOtherPayables13Member', window );">Real Estate Held for Sale [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">376<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">376<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="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">5,602<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">470<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">6,072<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="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">121,900<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="num">(401)<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">121,499<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">17,741<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">572<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">18,313<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">843,656<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">2,762<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">$ 846,418<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>Amount, after accumulated amortization, of debt discount.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 1A<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28541-108399<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 55<br> -Paragraph 8<br> -URI http://asc.fasb.org/extlink&amp;oid=64930739&amp;loc=d3e28878-108400<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.15(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.15(a))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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>Amount, after unamortized (discount) premium and debt issuance costs, of long-term debt. 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(16))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(22))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.22)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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_NotesPayableOtherPayables13Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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_NotesPayableOtherPayables13Member</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>49
<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">
							function toggleNextSibling (e) {
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6742942400">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_DueFromRelatedParties', window );">Related party receivable, December 31, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 28,147<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="num">$ (2,687)<span></span>
</td>
<td class="num">$ (2,309)<span></span>
</td>
<td class="num">(5,425)<span></span>
</td>
<td class="num">$ (4,601)<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="num">(54)<span></span>
</td>
<td class="num">$ (45)<span></span>
</td>
<td class="num">(126)<span></span>
</td>
<td class="num">$ (335)<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, June 30, 2016</a></td>
<td class="nump">6,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,385<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_RelatedPartyTransactionsByRelatedPartyAxis=us-gaap_AffiliatedEntityMember', window );">Pillar Income Asset Management, 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>
</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, December 31, 2015</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">28,147<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_ProceedsFromRepaymentsOfRelatedPartyDebt', window );">Cash transfers</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,771)<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">(5,427)<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">(127)<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">(1,564)<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">(1,769)<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">814<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_OriginationOfNotesReceivableFromRelatedParties', window );">Notes receivable purchased</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,356)<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_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">(3,699)<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_RelatedPartyFinancingMortgagePayments', window );">Financing (mortgage payments)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,309<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_RelatedPartySalesPurchasesTransactions', window );">Sales/purchases transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(7,172)<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_DueFromRelatedParties', window );">Related party receivable, June 30, 2016</a></td>
<td class="nump">$ 6,385<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 6,385<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (d)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.3)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(k)(1))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03.10(3))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_OriginationOfNotesReceivableFromRelatedParties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 loan, supported by a promissory note, granted to related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Investing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 13<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3213-108585<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_OriginationOfNotesReceivableFromRelatedParties</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Financing Activities<br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 850<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R40.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6746990640">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_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>
</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">$ 30,834<span></span>
</td>
<td class="nump">$ 24,241<span></span>
</td>
<td class="nump">$ 60,039<span></span>
</td>
<td class="nump">$ 47,397<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">(15,191)<span></span>
</td>
<td class="num">(11,301)<span></span>
</td>
<td class="num">(30,407)<span></span>
</td>
<td class="num">(22,969)<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">4,788<span></span>
</td>
<td class="nump">4,535<span></span>
</td>
<td class="nump">10,079<span></span>
</td>
<td class="nump">9,772<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 (loss) on sale of income producing properties</a></td>
<td class="nump">5,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,925<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1', window );">Gain on land sales</a></td>
<td class="nump">1,719<span></span>
</td>
<td class="nump">3,027<span></span>
</td>
<td class="nump">3,370<span></span>
</td>
<td class="nump">5,903<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="nump">4,622<span></span>
</td>
<td class="nump">3,853<span></span>
</td>
<td class="nump">7,946<span></span>
</td>
<td class="nump">5,853<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">901,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">901,404<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>
</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>
</tr>
<tr 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">8,947<span></span>
</td>
<td class="nump">6,974<span></span>
</td>
<td class="nump">16,838<span></span>
</td>
<td class="nump">14,065<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">(4,836)<span></span>
</td>
<td class="num">(3,341)<span></span>
</td>
<td class="num">(9,931)<span></span>
</td>
<td class="num">(7,608)<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_Depreciation', window );">Depreciation</a></td>
<td class="num">(2,270)<span></span>
</td>
<td class="num">(2,230)<span></span>
</td>
<td class="num">(4,584)<span></span>
</td>
<td class="num">(4,157)<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">(1,696)<span></span>
</td>
<td class="num">(1,693)<span></span>
</td>
<td class="num">(3,671)<span></span>
</td>
<td class="num">(3,259)<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 (loss) on sale of income producing properties</a></td>
<td class="nump">6<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="nump">151<span></span>
</td>
<td class="num">(290)<span></span>
</td>
<td class="num">(1,342)<span></span>
</td>
<td class="num">(959)<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">680<span></span>
</td>
<td class="nump">2,943<span></span>
</td>
<td class="nump">2,080<span></span>
</td>
<td class="nump">6,135<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">151,759<span></span>
</td>
<td class="nump">162,333<span></span>
</td>
<td class="nump">151,759<span></span>
</td>
<td class="nump">162,333<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>
</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="text">&#160;<span></span>
</td>
<td class="nump">1,500<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="text">&#160;<span></span>
</td>
<td class="num">(1,743)<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 (loss) on sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(243)<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>
</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>
</tr>
<tr 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">21,856<span></span>
</td>
<td class="nump">17,258<span></span>
</td>
<td class="nump">43,170<span></span>
</td>
<td class="nump">33,277<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">(10,168)<span></span>
</td>
<td class="num">(7,829)<span></span>
</td>
<td class="num">(19,562)<span></span>
</td>
<td class="num">(14,871)<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_Depreciation', window );">Depreciation</a></td>
<td class="num">(3,616)<span></span>
</td>
<td class="num">(2,926)<span></span>
</td>
<td class="num">(7,151)<span></span>
</td>
<td class="num">(5,721)<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">(6,109)<span></span>
</td>
<td class="num">(3,376)<span></span>
</td>
<td class="num">(12,265)<span></span>
</td>
<td class="num">(9,559)<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 (loss) on sale of income producing properties</a></td>
<td class="nump">5,162<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,919<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="nump">7,125<span></span>
</td>
<td class="nump">3,127<span></span>
</td>
<td class="nump">9,111<span></span>
</td>
<td class="nump">3,126<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">(146)<span></span>
</td>
<td class="nump">224<span></span>
</td>
<td class="num">(146)<span></span>
</td>
<td class="nump">481<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">603,829<span></span>
</td>
<td class="nump">473,908<span></span>
</td>
<td class="nump">603,829<span></span>
</td>
<td class="nump">473,908<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>
</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">8,100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,100<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">(2,932)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2,932)<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 (loss) on sale</a></td>
<td class="nump">5,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,168<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>
</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>
</tr>
<tr 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">30<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">30<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">(169)<span></span>
</td>
<td class="num">(165)<span></span>
</td>
<td class="num">(916)<span></span>
</td>
<td class="num">(514)<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">(841)<span></span>
</td>
<td class="num">(1,304)<span></span>
</td>
<td class="num">(1,153)<span></span>
</td>
<td class="num">(2,421)<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1', window );">Gain on land sales</a></td>
<td class="nump">1,719<span></span>
</td>
<td class="nump">3,027<span></span>
</td>
<td class="nump">3,370<span></span>
</td>
<td class="nump">5,903<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="nump">739<span></span>
</td>
<td class="nump">1,558<span></span>
</td>
<td class="nump">1,331<span></span>
</td>
<td class="nump">2,968<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">727<span></span>
</td>
<td class="nump">485<span></span>
</td>
<td class="nump">1,498<span></span>
</td>
<td class="nump">1,311<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">145,816<span></span>
</td>
<td class="nump">165,673<span></span>
</td>
<td class="nump">145,816<span></span>
</td>
<td class="nump">165,673<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>
</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">3,154<span></span>
</td>
<td class="nump">1,878<span></span>
</td>
<td class="nump">7,334<span></span>
</td>
<td class="nump">9,135<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">(1,435)<span></span>
</td>
<td class="num">(628)<span></span>
</td>
<td class="num">(3,964)<span></span>
</td>
<td class="num">(5,009)<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="text">&#160;<span></span>
</td>
<td class="nump">1,777<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,777<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 (loss) on sale</a></td>
<td class="nump">1,719<span></span>
</td>
<td class="nump">3,027<span></span>
</td>
<td class="nump">3,370<span></span>
</td>
<td class="nump">5,903<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>
</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>
</tr>
<tr 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">1<span></span>
</td>
<td class="nump">9<span></span>
</td>
<td class="nump">1<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_DirectCostsOfLeasedAndRentedPropertyOrEquipment', window );">Property operating expenses</a></td>
<td class="num">(18)<span></span>
</td>
<td class="nump">34<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="nump">24<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_Depreciation', window );">Depreciation</a></td>
<td class="nump">18<span></span>
</td>
<td class="nump">19<span></span>
</td>
<td class="nump">37<span></span>
</td>
<td class="nump">37<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">(5,329)<span></span>
</td>
<td class="num">(3,421)<span></span>
</td>
<td class="num">(11,100)<span></span>
</td>
<td class="num">(6,200)<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_InterestIncomeOther', window );">Interest income</a></td>
<td class="nump">4,788<span></span>
</td>
<td class="nump">4,535<span></span>
</td>
<td class="nump">10,079<span></span>
</td>
<td class="nump">9,772<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="num">(540)<span></span>
</td>
<td class="nump">1,176<span></span>
</td>
<td class="num">(981)<span></span>
</td>
<td class="nump">3,688<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>
</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>
</tr>
<tr 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">30,834<span></span>
</td>
<td class="nump">24,241<span></span>
</td>
<td class="nump">60,039<span></span>
</td>
<td class="nump">47,397<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">(15,191)<span></span>
</td>
<td class="num">(11,301)<span></span>
</td>
<td class="num">(30,407)<span></span>
</td>
<td class="num">(22,969)<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_Depreciation', window );">Depreciation</a></td>
<td class="num">(5,868)<span></span>
</td>
<td class="num">(5,137)<span></span>
</td>
<td class="num">(11,698)<span></span>
</td>
<td class="num">(9,841)<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">(13,975)<span></span>
</td>
<td class="num">(9,794)<span></span>
</td>
<td class="num">(28,189)<span></span>
</td>
<td class="num">(21,439)<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">4,788<span></span>
</td>
<td class="nump">4,535<span></span>
</td>
<td class="nump">10,079<span></span>
</td>
<td class="nump">9,772<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 (loss) on sale of income producing properties</a></td>
<td class="nump">5,168<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4,925<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1', window );">Gain on land sales</a></td>
<td class="nump">1,719<span></span>
</td>
<td class="nump">3,027<span></span>
</td>
<td class="nump">3,370<span></span>
</td>
<td class="nump">5,903<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_OperatingIncomeLoss', window );">Segment operating income (loss)</a></td>
<td class="nump">7,475<span></span>
</td>
<td class="nump">5,571<span></span>
</td>
<td class="nump">8,119<span></span>
</td>
<td class="nump">8,823<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">1,261<span></span>
</td>
<td class="nump">3,652<span></span>
</td>
<td class="nump">3,432<span></span>
</td>
<td class="nump">7,927<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">901,404<span></span>
</td>
<td class="nump">801,914<span></span>
</td>
<td class="nump">901,404<span></span>
</td>
<td class="nump">801,914<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>
</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">11,254<span></span>
</td>
<td class="nump">1,878<span></span>
</td>
<td class="nump">16,934<span></span>
</td>
<td class="nump">9,135<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">(4,367)<span></span>
</td>
<td class="num">(628)<span></span>
</td>
<td class="num">(8,639)<span></span>
</td>
<td class="num">(5,009)<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="text">&#160;<span></span>
</td>
<td class="nump">1,777<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,777<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 (loss) on sale</a></td>
<td class="nump">$ 6,887<span></span>
</td>
<td class="nump">$ 3,027<span></span>
</td>
<td class="nump">$ 8,295<span></span>
</td>
<td class="nump">$ 5,903<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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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>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_GainLossOnSaleOfPropertiesBeforeApplicableIncomeTaxes1</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_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_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></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 expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 360<br> -SubTopic 10<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<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_Depreciation</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.2(c))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 974<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-15.(a)(1)(ii)<br> -URI http://asc.fasb.org/extlink&amp;oid=6875705&amp;loc=d3e641549-123027<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 classified as 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>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><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_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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 10<br> -Section S99<br> -Paragraph 6<br> -Subparagraph (SX 210.5-04.(c) Schedule III)<br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 970<br> -SubTopic 360<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.12-28.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.1(e))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>
</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_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_StatementBusinessSegmentsAxis=arl_LandSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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>
</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_StatementBusinessSegmentsAxis=us-gaap_AllOtherSegmentsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=us-gaap_AllOtherSegmentsMember</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_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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</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6901186464">
<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">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_OperatingIncomeLoss', window );">Segment operating income</a></td>
<td class="nump">$ 4,622<span></span>
</td>
<td class="nump">$ 3,853<span></span>
</td>
<td class="nump">$ 7,946<span></span>
</td>
<td class="nump">$ 5,853<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_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="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="num">(2,412)<span></span>
</td>
<td class="num">(1,596)<span></span>
</td>
<td class="num">(4,437)<span></span>
</td>
<td class="num">(3,798)<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_NetIncomeFeeToRelatedParty1', window );">Net income fee to related party</a></td>
<td class="num">(54)<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="num">(126)<span></span>
</td>
<td class="num">(335)<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_AdvisoryFeeToRelatedParty', window );">Advisory fee to related party</a></td>
<td class="num">(2,687)<span></span>
</td>
<td class="num">(2,309)<span></span>
</td>
<td class="num">(5,425)<span></span>
</td>
<td class="num">(4,601)<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_OtherIncome', window );">Other income</a></td>
<td class="nump">902<span></span>
</td>
<td class="nump">14<span></span>
</td>
<td class="nump">1,200<span></span>
</td>
<td class="nump">4,111<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_IncomeLossFromEquityMethodInvestments', window );">Earnings from unconsolidated joint ventures and investees</a></td>
<td class="nump">129<span></span>
</td>
<td class="nump">151<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="nump">196<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_LitigationSettlementAmount', window );">Litigation settlement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(45)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(117)<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="text">&#160;<span></span>
</td>
<td class="num">(12)<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">91<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_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Gain (loss) from continuing operations</a></td>
<td class="nump">3,353<span></span>
</td>
<td class="nump">1,729<span></span>
</td>
<td class="num">(384)<span></span>
</td>
<td class="nump">4,370<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>
</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 );">Segment operating income</a></td>
<td class="nump">$ 7,475<span></span>
</td>
<td class="nump">$ 5,571<span></span>
</td>
<td class="nump">8,119<span></span>
</td>
<td class="nump">8,823<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(3,562)<span></span>
</td>
<td class="num">(3,798)<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(126)<span></span>
</td>
<td class="num">(335)<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,425)<span></span>
</td>
<td class="num">(4,601)<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">325<span></span>
</td>
<td class="nump">4,111<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 joint ventures and investees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">284<span></span>
</td>
<td class="nump">196<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="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(117)<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 (expense)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="nump">91<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_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest', window );">Gain (loss) from continuing operations</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (384)<span></span>
</td>
<td class="nump">$ 4,370<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<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>Amount after tax of income (loss) from continuing operations including 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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 225<br> -SubTopic 10<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.5-03(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=63488584&amp;loc=d3e20235-122688<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 230<br> -SubTopic 10<br> -Section 45<br> -Paragraph 28<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=66902209&amp;loc=d3e3602-108585<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 323<br> -SubTopic 10<br> -Section 45<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=66022249&amp;loc=d3e33749-111570<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-04(13)(f))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a),(b)<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32639-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 235<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.4-08.(h))<br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Glossary Income Tax Expense (or Benefit)<br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<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>
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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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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<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>
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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>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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</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>
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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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<td>credit</td>
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<td>duration</td>
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<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>Amount of revenue and income classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 225<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-04.4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<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>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
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<td>duration</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_SegmentsMember</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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<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<span style="display: none;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6732497312">
<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>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</div></th>
<th class="th"><div>Jun. 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_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>
</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">$ 901,404<span></span>
</td>
<td class="nump">$ 853,507<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_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures', window );">Investments in unconsolidated investees</a></td>
<td class="nump">5,868<span></span>
</td>
<td class="nump">8,365<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">44,824<span></span>
</td>
<td class="nump">46,163<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_Assets', window );">Total assets</a></td>
<td class="nump">1,131,675<span></span>
</td>
<td class="nump">$ 1,117,368<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="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>
</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">901,404<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 801,914<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">5,868<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,299<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_AccountsAndNotesReceivableNet', window );">Notes and interest receivable</a></td>
<td class="nump">123,854<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">125,385<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">100,549<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">148,020<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">$ 1,131,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,076,618<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.3-4)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>
</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>
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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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(12))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(11))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
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<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.12)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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>Amount of assets classified as other.</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(10))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(17))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03.1(d))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<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_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>
</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_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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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
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<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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6732528448">
<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="1">3 Months Ended</th>
<th class="th" colspan="2">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Jun. 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_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>
</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="text">&#160;<span></span>
</td>
<td class="nump">$ 15<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="text">&#160;<span></span>
</td>
<td class="nump">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_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>
</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">$ 26<span></span>
</td>
<td class="num">$ (3)<span></span>
</td>
<td class="num">(348)<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_DisposalGroupIncludingDiscontinuedOperationGeneralAndAdministrativeExpense', window );">General and administrative</a></td>
<td class="nump">7<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">102<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_DisposalGroupIncludingDiscontinuedOperationOperatingExpense', window );">Total operating expenses</a></td>
<td class="nump">33<span></span>
</td>
<td class="num">(3)<span></span>
</td>
<td class="num">(246)<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_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>
</tr>
<tr 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="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<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_DisposalGroupIncludingDiscontinuedOperationOperatingIncomeLoss', window );">Total other expenses</a></td>
<td class="num">(1)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(1)<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_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax', window );">Income (loss) from discontinued operations before gain on sale of real estate and taxes</a></td>
<td class="num">(34)<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="nump">260<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="nump">12<span></span>
</td>
<td class="num">(1)<span></span>
</td>
<td class="num">(91)<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 (loss) from discontinued operations</a></td>
<td class="num">$ (22)<span></span>
</td>
<td class="nump">$ 2<span></span>
</td>
<td class="nump">$ 169<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_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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 10<br> -Section 50<br> -Paragraph 10<br> -URI http://asc.fasb.org/extlink&amp;oid=65882285&amp;loc=d3e32672-109319<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 740<br> -SubTopic 20<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=65896914&amp;loc=d3e38679-109324<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section S99<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=26872618&amp;loc=d3e7436-122677<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 7<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1063-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 6<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1060-107759<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5C<br> -Subparagraph (b)(2)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721675-107760<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3B<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721525-107759<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3A<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=SL51721523-107759<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e957-107759<br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 45<br> -Paragraph 4<br> -URI http://asc.fasb.org/extlink&amp;oid=65878427&amp;loc=d3e1012-107759<br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -Subparagraph (b)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=d3e1361-107760<br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 20<br> -Section 50<br> -Paragraph 5B<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=64827811&amp;loc=SL51721673-107760<br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 810<br> -SubTopic 10<br> -Section 45<br> -Paragraph 19<br> -URI http://asc.fasb.org/extlink&amp;oid=68079674&amp;loc=SL4569616-111683<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>
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<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>
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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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<th class="th" colspan="1"></th>
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<tr>
<th class="th">
<div>Jul. 20, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th"><div>Feb. 28, 2014</div></th>
<th class="th">
<div>Dec. 31, 2013 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Oct. 31, 2011 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2016 </div>
<div>USD ($) </div>
<div>a</div>
</th>
<th class="th">
<div>Dec. 13, 2013 </div>
<div>a</div>
</th>
<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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<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>
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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>
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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>
</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_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>
</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>
</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>
</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">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>
</tr>
<tr 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"><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>
</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>
</tr>
<tr 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_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>
</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_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>
</tr>
<tr 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 style="font: 10pt Times New Roman,serif; margin: 0pt 0">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.</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="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>
</tr>
<tr 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>
</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">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>
</tr>
<tr 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">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>
</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>
</tr>
<tr 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>
</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>
</tr>
<tr 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_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="nump">$ 28,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</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_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>
</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=arl_FinancialGuarantee1Member', window );">UHF [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>
</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="nump">$ 60,350<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]</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>
</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>
</tr>
<tr 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>
</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_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>
</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_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>
</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,serif; margin: 0">The Final Judgment entered against Dynex Commercial, Inc. on July 20,
2015 awarded Basic $0.256 million in damages, plus pre-judgment interest of $0.192 million for a total amount of $0.448 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 $1.6 million collectively in attorneys&#146; fees from Dynex
Commercial, Inc.</p><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LossContingencyDamagesAwardedValue', window );">Damages - awarded amount</a></td>
<td class="nump">$ 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>
</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_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>
</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_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>
</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_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>
</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>
</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>
</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>
</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>
</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>
</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>
</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>
</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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(6))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606914-122999<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 210<br> -Section S99<br> -Paragraph 2<br> -Subparagraph (SX 210.6-05(4))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488278&amp;loc=d3e604008-122996<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 205<br> -SubTopic 30<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=64830158&amp;loc=SL35686385-199418<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 946<br> -SubTopic 225<br> -Section S99<br> -Paragraph 3<br> -Subparagraph (SX 210.6-09(7))<br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606914-122999<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (c)<br> -URI http://asc.fasb.org/extlink&amp;oid=6851643&amp;loc=d3e12069-110248<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 460<br> -SubTopic 10<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (b)(1)<br> -URI http://asc.fasb.org/extlink&amp;oid=6851643&amp;loc=d3e12069-110248<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 4<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 9<br> -Subparagraph (a)<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14557-108349<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 450<br> -SubTopic 20<br> -Section 50<br> -Paragraph 1<br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 835<br> -SubTopic 30<br> -Section 45<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=64930785&amp;loc=d3e28551-108399<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_GuaranteeObligationsByNatureAxis=arl_FinancialGuarantee1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.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=arl_FinancialGuarantee1Member</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>
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</html>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R45.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;">v3.5.0.2</span><table class="report" border="0" cellspacing="2" id="idp6901211600">
<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">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Apr. 09, 2015</div></th>
<th class="th"><div>Jul. 17, 2014</div></th>
<th class="th"><div>Jun. 30, 2016</div></th>
<th class="th"><div>Dec. 31, 2015</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="nump">2,000,614<span></span>
</td>
<td class="nump">2,000,614<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>
</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">900,000<span></span>
</td>
<td class="nump">900,000<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>
</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>
</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_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>
</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>
</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="nump">2,451,435<span></span>
</td>
<td class="nump">1,100,000<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_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">$ 9,200<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_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>
</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_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>
</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 );">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>
</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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 944<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.7-03(a)(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(24))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02(20))<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 942<br> -SubTopic 210<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.9-03(15)(5))<br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<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_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> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.3-04)<br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 210<br> -SubTopic 10<br> -Section S99<br> -Paragraph 1<br> -Subparagraph (SX 210.5-02.29-30)<br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 2<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher FASB<br> -Name Accounting Standards Codification<br> -Topic 505<br> -SubTopic 10<br> -Section 50<br> -Paragraph 3<br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<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>
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<tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</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">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementClassOfStockAxis=us-gaap_ConvertiblePreferredStockMember</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>na</td>
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<td><strong> Balance Type:</strong></td>
<td></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_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>
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<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>
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<td><strong> Balance Type:</strong></td>
<td></td>
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<td><strong> Period Type:</strong></td>
<td></td>
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<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>56
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
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/**
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
