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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2019
Dec. 31, 2018
Assets    
Real estate, at cost $ 469,997 $ 455,993
Real estate subject to sales contracts at cost 7,966 3,149
Less accumulated depreciation (90,173) (78,099)
Total real estate 387,790 381,043
Notes and interest receivable (including $105,524 in 2019 and $105,803 in 2018 from related parties) 169,299 140,327
Less allowance for estimated losses (including $13,099 and $14,269 in 2019 and 2018 from related parties) (13,099) (14,269)
Total notes and interest receivable 156,200 126,058
Cash and cash equivalents 51,228 36,428
Restricted cash 32,083 70,187
Investment in VAA 59,148 68,399
Investment in other unconsolidated investees 8,507 7,602
Receivable from related party 85,996 70,377
Other assets 49,689 66,055
Total assets 830,641 826,149
Liabilities:    
Notes and interest payable 254,873 286,968
Bond and interest payable 229,722 158,574
Deferred revenue (including $24,762 in 2019 and $33,904 in 2018 to related parties) 24,762 33,904
Accounts payable and other liabilities (including $11,817 in 2019 and $9,984 in 2018 to related parties) 24,768 25,576
Total liabilities 534,125 505,022
Shareholders' equity:    
Preferred stock, Series A: $2.00 par value, authorized 15,000,000 shares, issued 614 and outstanding 1,800,614 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 82,017 84,885
Retained earnings 163,708 179,666
Total American Realty Investors, Inc. shareholders' equity 239,499 258,325
Non-controlling interest 57,017 62,802
Total shareholders' equity 296,516 321,127
Total liabilities and shareholders' equity $ 830,641 $ 826,149