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CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands
Sep. 30, 2019
Dec. 31, 2018
Assets    
Real estate, at cost $ 464,452 $ 455,993
Real estate subject to sales contracts at cost 1,626 3,149
Less accumulated depreciation (86,088) (78,099)
Total real estate 379,990 381,043
Notes and interest receivable (including $120,334 in 2019 and $105,803 in 2018 from related parties) 172,468 140,327
Less allowance for estimated losses (including $14,269 in 2019 and 2018 from related parties) (14,269) (14,269)
Total notes and interest receivable 158,199 126,058
Cash and cash equivalents 63,075 36,428
Restricted cash 36,865 70,187
Investment in VAA 64,962 68,399
Investment in other unconsolidated investees 7,947 7,602
Receivable from related parties 71,147 70,377
Other assets 50,177 66,055
Total assets 832,362 826,149
Liabilities:    
Notes and interest payable 250,725 286,968
Bond and interest payable 223,433 158,574
Deferred revenue (including $28,847 in 2019 and $33,904 in 2018 to related parties) 28,847 33,904
Accounts payable and other liabilities (including $11,589 in 2019 and $9,984 in 2018 to related parties) 30,896 25,576
Total liabilities 533,901 505,022
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 82,018 84,885
Retained earnings 163,170 179,666
Total American Realty Investors, Inc. shareholders' equity 238,962 258,325
Non-controlling interest 59,499 62,802
Total shareholders' equity 298,461 321,127
Total liabilities and shareholders' equity $ 832,362 $ 826,149