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CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Assets    
Real estate, at cost $ 449,007 $ 455,993
Real estate subject to sales contracts at cost 3,488 3,149
Real estate held for sale at cost, net of depreciation 14,737  
Less accumulated depreciation (80,755) (78,099)
Total real estate 386,477 381,043
Notes and interest receivable (including $102,031 in 2019 and $105,803 in 2018 from related parties) 138,731 140,327
Less allowance for estimated losses (including $14,269 in 2019 and 2018 from related parties) (14,269) (14,269)
Total notes and interest receivable 124,462 126,058
Cash and cash equivalents 28,163 36,428
Restricted cash 52,964 70,187
Investment in VAA 67,229 68,399
Investment in other unconsolidated investees 7,660 7,602
Receivable from related party 78,348 70,377
Other assets 69,510 66,055
Total assets 814,813 826,149
Liabilities    
Notes and interest payable 293,473 286,968
Bond and interest payable 151,465 158,574
Deferred revenue (including $30,359 in 2019 and $33,904 in 2018 to related parties) 30,359 33,904
Accounts payable and other liabilities (including $10,212 in 2019 and $9,984 in 2018 to related parties) 24,938 25,576
Total liabilities 500,235 505,022
Shareholders' equity:    
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued 1,800,614 and outstanding 614 in 2019 and 2018 (liquidation preference $10 per share), including 1,800,000 shares held by ARL and its subsidiaries in 2019 and 2018. 5 5
Common stock, $0.01 par value, 100,000,000 shares authorized; 16,412,861 shares issued and 15,997,076 outstanding as of 2019 and 2018 , including 140,000 shares held by TCI (consolidated) in 2019 and 2018. 164 164
Treasury stock at cost; 415,785 shares in 2019 and 2018, and 140,000 shares held by TCI (consolidated) as of 2019 and 2018. (6,395) (6,395)
Paid-in capital 84,818 84,885
Retained earnings 173,519 179,666
Total American Realty Investors, Inc. shareholders' equity 252,111 258,325
Non-controlling interest 62,467 62,802
Total shareholders' equity 314,578 321,127
Total liabilities and shareholders' equity $ 814,813 $ 826,149